Lake Shore’s Q3 output falls on lower grades
TORONTO (miningweekly.com) – Ontario-focused miner Lake Shore Gold experienced an 11% decline in third-quarter precious-metal output from its two operating mines in the Timmins gold camp, as a 13% drop in consolidated grades offset higher mill throughput.
The TSX- and NYSE-listed company on Wednesday reported gold output for the three months ended September of 40 600 oz, down on the 45 600 oz produced in the same quarter a year earlier.
Despite a slight gain in throughput at the Bell Creek mill, where ores from the Timmins West and Bell Creek mines were being processed, the average head grade of 4 g/t, compared with 4.6 g/t a year earlier, resulted in all-in sustaining costs rising nearly 8% to $924/oz year-on-year.
“Our production in the third quarter is expected to be our lowest quarterly production of the year and reflected a lower average grade than in the previous two quarters, as well as the impact of development work during the quarter. Looking ahead to the fourth quarter, we expect to see both grades and mill throughput increase from third-quarter levels, which will position us to end the year [on a strong note],” president and CEO Tony Makuch remarked.
For the nine months ended September, Lake Shore produced 136 200 oz of gold, about 4% less than the comparable period of 2014.
However, Lake Shore, which recently acquired Temex Resources for its attractive Whitney project, close to the Bell Creek mine, advised that it was on track to achieve its full-year 2015 production guidance of at least 180 000 oz.
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