Lake Shore Gold Reports 'Solid' Production for 2015

Lake Shore Gold Corp. (TSX:LSG,NYSEMKT:LSG) announced its production results for the fourth quarter of 2015, as well as the year as a whole.
In 2016, the company is aiming for total output of 170,000 to 180,000 ounces of gold, including 160,000 to 170,000 ounces of commercial production and 10,000 to 15,000 ounces of non-commercial production.
Highlights of the release are as follows:

• 2015 gold production:
  • 183,300 ounces sold
  • 179,600 ounces poured
  • 178,700 ounces recovered
• Q4/15 gold production:
  • 42,000 ounces sold
  • 42,800 ounces poured
  • 42,500 ounces recovered
• 2016 guidance includes:
  • Production of 170,000 -180,000 ounces
  • Cash operating cost⁽¹⁾ per ounce sold better than US$650
  • All-in sustaining cost⁽²⁾ per ounce sold below US$950
  • Production costs, including royalties, of $125.0 – $130.0 million

Tony Makuch, president and CEO of Lake Shore, commented:

2015 was another solid year for our company with strong production, record mill throughput and unit costs that compare favourably to target levels. Preliminary estimates for cash operating costs and all-in sustaining costs will be released around the middle of the month. In addition, we achieved considerable exploration success at our 144 Gap Zone, acquired Temex Resources Corp., fully repaid our senior secured debt and grew our cash positon to $100 million. Looking at Q4/15, we achieved record quarterly mill throughput, including an average of 4,270 tonnes per day in the month of December. The impact of record throughput was offset by a lower than expected average grade, mainly reflecting the underperformance of a large stope mined during the quarter.

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