Lake Shore Gold Reports Record Production for 2014

Lake Shore Gold Corp. (TSX:LSG,NYSEMKT:LSG) announced that in 2014 it set a new gold production record, putting out 185,600 ounces. The company’s target range for the year was 160,000 to 185,000 ounces.

Q4 production came to 43,200 ounces, while gold sales came in at 41,200 ounces at an average selling price of US$1,200 per ounce.

As quoted in the press release:

During Q4/14, the Company continued to improve its financial position. On December 31, 2014, it repaid the remaining $20.0 million owing on a standby line of credit, bringing total debt repayments in 2014 to approximately $45.0 million, exceeding the Company’s debt reduction target for the year of $20.0 to $25.0 million. Following the repayment, cash and bullion at the end of 2014 totaled approximately $60.0 million, which compared to cash and bullion of $34.0 million when the year began.

On December 3, 2014, the Company completed a $15.1 million flow-through financing. The proceeds from this financing will be used to fund exploration expenditures during 2015 at the 144 Gap Zone relating to surface and underground drilling, as well as drifting into the Zone from mine infrastructure at Thunder Creek.

Click here to read the full Lake Shore Gold Corp. (TSX:LSG,NYSEMKT:LSG) press release.