Lake Shore Gold Announces Strong Q2 Results

Lake Shore Gold (TSX:LSG) announced strong second quarter results, producing a total of 24,426 ounces of gold.

As quoted in the press release:

• Gold production for second quarter 2012 of 24,426 ounces with 183,215 tonnes milled at average grade of 4.3 grams per tonne (“gpt”)
• Gold poured during second quarter of 24,298 ounces, while gold sales totaled 24,915 ounces at an average gold price of US$1,605 per ounce
• Continued strong mill performance including average mill throughput of 2,013 tonnes per day (“tpd”) and average recoveries of 96.8%
• Company remains on track to achieve target of 85,000 to 100,000 ounces of gold poured in 2012 and to exit year positioned for strong production growth in 2013
• Exploration success during second quarter included major extensions of high-grade core at Gold River Project and expansion of Fenn-Gib mineralization in multiple directions, as well as identification of new exploration targets at both projects
• Cash resources, bullion inventory and Sprott credit facility provide Company with total capital resources of approximately $120 million.

President and CEO of Lake Shore Gold, Tony Makuch, commented:

So far in 2012 we have met or exceeded our quarterly production targets and are well positioned to achieve our full-year guidance. The second quarter was a very solid production quarter with improved average grades, strong throughput levels and excellent mill recoveries. Equally important, with the progress we are making with our development program, we are setting ourselves up for strong production growth in both 2013 and 2014.

Click here to read the full press release