Lake Shore Gold Achieves 2012 Production Target, Raises Production Figures, Lowers Costs in 2013; Shares Rise Nearly 5%

By Midnight Trader,  January 11, 2013, 11:25:03 AM EDT

Lake Shore Gold Corp. (LSG.TO) has released operating results for the full year and fourth quarter 2012 and announced production and cost guidance for 2013.

Highlights

Gold production in 2012 of 85,782 ounces (719,298 tonnes @ 3.9 grams per tonne), with gold poured from 2012 production of 85,184 ounces, in line with Company guidance

Gold production in fourth quarter 2012 totaling 23,738 ounces (181,575 tonnes @ 4.2 grams per tonne), with gold poured of 24,041 ounces

Key 2012 mine development and expansion objectives achieved with mining and milling capacity increased 25% to 2,500 tonnes per day (on track to reach 3,000 tonnes per day during second quarter 2013)

Targets for 2013 include: strong production growth to between 120,000 and 135,000 ounces of gold, cash costs between US$800 and US$875 per ounce (including royalties), project spending of approximately $80 million and exploration spending of $10 million (largely related to in-mine drilling)

Cash and bullion inventory at December 31, 2012 of approximately $61 million.

Shares are up 4 cents to 86 cents late morning.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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