Dec 4 2013
Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company") today announced that the Company produced 16,700 ounces of gold during November 2013 from processing 102,600 tonnes (3,420 tonnes per day) at an average grade of 5.3 grams per tonne. Year-to-date production to the end of November totaled 117,100 ounces of gold, with the Company well positioned to meet its guidance for 2013.
Based on strong production results in the first two months of the fourth quarter of 2013, the Company expects its cost performance in the fourth quarter to improve from the US$701 per ounce of cash operating costs and US$1,027 per ounce of all-in sustaining costs previously reported for the third quarter of the year. With increased production and lower costs, the Company is generating net free cash flow, with cash and bullion at November 30, 2013 totaling approximately $26.0 million versus $15.2 million at September 30, 2013.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We are firing on all cylinders with both throughput levels and grades meeting and exceeding target levels. In fact, since completing mill commissioning in the third quarter, monthly throughput levels have consistently been greater than the mill's nameplate capacity. Very importantly, we are generating net free cash flow, which means cash flow after all requirements, including our operating, corporate and exploration costs, growth and sustaining capital, as well as interest expense and debt servicing."
Qualified Person
Mine development and operating activities at the Company's Timmins assets are conducted under the supervision of Dan Gagnon, Senior Vice-President, Operations. Mr. Gagnon is a qualified person ("QP") as defined by National Instrument 43-101 and has reviewed and approved the information included in this news release. Mr. Gagnon is an employee of Lake Shore Gold.
About Lake Shore Gold
Lake Shore Gold is a gold mining company that is in production and pursuing rapid growth through the successful exploration, development and operation of three wholly owned, multi-million ounce gold complexes in the Timmins Gold Camp. The Company is in commercial production at both the Timmins West and Bell Creek mines, with material being delivered for processing to the Bell Creek Mill. In addition to current operations, the Company also has a number of highly prospective projects and exploration targets, all located in and around the Timmins Camp. The Company's common shares trade on the TSX and NYSE MKT under the symbol LSG.
Source: http://www.lsgold.com