Lake Shore Gold Reports Record Production in 2015 First Quarter
Lake Shore Gold Corp. (TSX:LSG) announced the results from its 2015 first quarter, which show it produced 53,000 ounces of gold, a new production record. The number represents a 19 percent increase from 2014 first quarter, which saw 44,600 ounces produced.
Lake Shore Gold Corp. (TSX:LSG) announced the results from its 2015 first quarter, which show it produced 53,000 ounces of gold, a new production record. The number represents a 19 percent increase from 2014 first quarter, which saw 44,600 ounces produced.
As quoted in the press release:
Mill throughput during Q1 2015 totaled 299,900 tonnes at an average grade of 5.7 grams per tonne with average mill recoveries of 96.7 percent. Gold poured in Q1 2015 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 percent 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.
Click here to read the full Lake Shore Gold Corp. (TSX:LSG) press release.