Lake Shore Gold Reports Strong First Quarter Production

Lake Shore Gold Corp. (TSX:LSG, AMEX:LSG, NYSE:LSG) announced their financial and operating results for Q1 2013.

As quoted in the press release:

First Quarter 2013 Highlights

Produced 23,200 ounces of gold in first quarter 2013 (197,640 tonnes at 3.8 grams per tonne), an increase of 39% from the 16,680 ounces (160,510 tonnes at 3.4 grams per tonne) produced in first quarter 2012.

Timmins West Mine – 18,700 ounces (161,410 tonnes @ 3.7 grams per tonne)

Bell Creek Mine – 4,500 ounces (36,230 tonnes @ 4.2 grams per tonne)Poured 20,530 ounces of gold in first quarter 2013, an increase of 27% compared to 16,180 ounces for first quarter 2012.Sold 26,100 ounces in first quarter 2013 at an average price of US$1,630 per ounce compared to 18,470 ounces at an average price of US$1,690 per ounce in first quarter 2012.

Lake Shore Gold Corp’s President and CEO, Tony Makuch, said:

Overall, we had a solid quarter and achieved strong production growth from the same period in 2012. In particular, we finished the quarter strong with throughput in March averaging the new capacity of 2,500 tonnes per day. Our grade for the quarter was 3.8 grams per tonne and averaged 4.0 grams per tonne in March, which compared to a target level for the quarter of 3.9 to 4.1 grams per tonne. Exiting the first quarter, we continued to have a solid balance sheet, with cash and cash equivalents of $51.9 million.

To view the whole press release, click here.