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Lake Shore Gold Corp. (TSX:LSG,AMEX:LSG,NYSE:LSG) announced that it anticipates strong operating results to be reflected when they issue their Q2 2013 production release in early July.
Lake Shore Gold Corp. (TSX:LSG,AMEX:LSG,NYSE:LSG) announced that it anticipates strong operating results to be reflected when they issue their Q2 2013 production release in early July.
As quoted in the press release:
Production for the second quarter is expected to total over 29,000 ounces at an average grade exceeding 4.0 grams per tonne. Quarter to date, mill throughput has averaged approximately 2,500 tonnes per day, gold produced is approximately 27,000 ounces and gold poured is over 25,000 ounces. Cash operating costs per ounce, to be released with the Company’s full financial and operating results in early August, are expected to show significant improvement from the first quarter of 2013. The Company’s mill expansion is nearing completion, with commissioning to commence in late July and the expanded processing capacity of 3,000 tonnes per day to be achieved by early September 2013.
Lakeshore’s President and CEO, Tony Makuch, said:
We decided to update the market at this time, given that we are seeing a disconnect between the excellent progress we are making with our operations and projects and recent movements in our share price. Looking at our performance, our grades are coming up, our costs are coming down, our mill is operating extremely well and, over the next couple of months, our capital investments will drop dramatically. By September, our mill expansion will be complete and we will be operating at 3,000 tonnes per day. At that time, Lake Shore Gold will make the jump from being a net investor of capital to being a company that generates net free cash flow at the current gold price.
To view the whole press release, click here.
