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Shanta meets yearly production target

Shanta meets yearly production target

Photo by Duane Daws

9th January 2014

By: Natasha Odendaal

Creamer Media Senior Deputy Editor

  

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JOHANNESBURG (miningweekly.com) – London-listed Shanta Gold on Thursday said its production guidance for the year had been met, with fourth-quarter output estimated to be higher than the three preceding quarters during 2013.

The East Africa-focused gold production and exploration company delivered 64 054 oz of gold during 2013 – ahead of the targeted 63 000 oz.

“I am very pleased with the level and consistency of production that we have achieved, thus far, at New Luika and am confident that we have a good platform for further throughput and production increases in the year ahead,” Shanta CEO Mike Houston said in a statement.

Gold production for the quarter to December increased 3.64% from 18 894 oz in the third quarter to 19 581 oz during the fourth quarter. The year’s first- and second-quarter production reached 11 140 oz and 14 439 oz respectively.

Houston commented that throughput in the processing plant had increased, stabilising at 1 275 t/d, and enabled the company to achieve a monthly output of 6 500 oz during the quarter under review.

“A key focus remains extending the life of mine at New Luika and, following the drilling programme completed in the fourth quarter of 2013, we look forward to providing the market with further details alongside a resource update later this month,” he added.

Shanta planned to release a detailed fourth-quarter production report and operational update, as well as a 2014 production guidance, later this month.

Liberum Capital noted that the company's detailed production report would include an updated resource statement, which would outline the results from the successful drilling programme along strike extensions and deeper high-grade intersections that had been undertaken during 2013.

Edited by Tracy Klückow
Creamer Media Contributing Editor

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