Lake Shore Gold Reports Record Quarterly Production
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/07/15 -- Lake Shore Gold Corp. (TSX: LSG)(NYSE MKT: LSG) -
Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company") today announced record quarterly production in the first quarter of 2015 ("Q1/15"). A total of 53,000 ounces of gold was produced, a 19% increase from the 44,600 ounces produced in the first quarter of 2014 ("Q1/14"). Mill throughput during Q1/15 totaled 299,900 tonnes at an average grade of 5.7 grams per tonne with average mill recoveries of 96.7%. Gold poured in Q1/15 totaled 52,000 ounces, while gold sales were 52,600 ounces at an average price of US$1,219 ($1,504) per ounce.
In addition to record production, other key highlights in Q1/15 include: a $15.5 million increase in cash and bullion,(1) to $77.0 million; $4.3 million of debt repayments, with two monthly payments remaining on the Company's senior secured debt; a 29% increase in ore reserves; and, the release of encouraging exploration results from the 144 Gap Zone, including tripling the zone's strike length and identifying a high-grade core.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We had a very successful first quarter highlighted by strong production results, considerable growth in our cash position and further debt reduction. We also announced a significant increase in reserves and continued to advance the 144 Gap Zone. Our average grade for the quarter was the highest since we declared commercial production and reflected a combination of mine sequencing and improvements in grade control.
"Looking ahead, we are maintaining our current guidance for 2015 while we assess the outlook for the remainder of the year. Our 2015 guidance includes production of 170,000 to 180,000 ounces of gold, cash operating costs(2) of US$650 to US$700 per ounce sold, all-in sustaining costs(3) of US$950 to US$1,000 per ounce sold and total production costs of approximately $125.0 million. We will be releasing our preliminary cost estimates for Q1/15 over the next week and expect our average cash operating costs and all-in sustaining costs for the quarter to be better than our full-year targets."
Qualified Person
Scientific and technical information contained in this press release related to mine engineering and production has been reviewed and approved by Natasha Vaz, P.Eng., Vice-President, Technical Services, who is an employee of Lake Shore Gold Corp., and a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Scientific and technical information related to resources, exploration drilling and all matters involving mine production geology contained in this press release, or source material for this press release, was reviewed and approved by Eric Kallio, P.Geo., Senior Vice-President, Exploration. Mr. Kallio is an employee of Lake Shore Gold Corp., and is a "qualified person" as defined by NI 43-101.
About Lake Shore Gold
Lake Shore Gold is a Canadian-based gold producer with operations based in the Timmins Gold Camp of Northern Ontario. The Company produces gold from two mines, Timmins West and Bell Creek, with material being delivered for processing to the Bell Creek Mill. In addition to current mining and milling operations, the Company also has a number of highly prospective projects and exploration targets, all located in and around the Timmins Camp. The Company's common shares trade on the TSX and NYSE MKT under the symbol LSG.
Footnotes
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the Company's expected production levels, production growth, exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted at , or the Company's most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.
Contacts:
Lake Shore Gold Corp.
Tony Makuch
President & CEO
(416) 703-6298
Lake Shore Gold Corp.
Mark Utting
Vice-President, Investor Relations
(416) 703-6298
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Datum: 07.04.2015 - 10:00 Uhr
Sprache: Deutsch
News-ID 383730
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Mining & Metals
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