Lake Shore Gold Reports Full Year and Fourth Quarter 2015 Production Results, Company Releases 2016 Guidance
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 01/08/16 -- Lake Shore Gold Corp. (TSX: LSG)(NYSE MKT: LSG) -
Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company") today announced production results for the full year and fourth quarter of 2015. Production results for full-year 2015 include 183,300 ounces sold at an average selling price of US$1,164 ($1,481) per ounce, 179,600 ounces poured and 178,700 ounces recovered. The Company achieved record annual mill throughput in 2015, processing 1,307,200 tonnes at an average grade of 4.4 grams per tonne ("gpt") and average recoveries of 96.6%. The Company''s cash and bullion at December 31, 2015 totaled approximately $100.0 million.
Production results for the fourth quarter of 2015 ("Q4/15") include 42,000 ounces sold at an average selling price of US$1,100 ($1,473) per ounce, 42,800 ounces poured and 42,500 ounces recovered, Mill throughput in Q4/15 was a quarterly record, totaling 355,600 tonnes, with an average grade of 3.9 gpt and average recoveries of 96.4%.
Tony Makuch, President and CEO of Lake Shore Gold, 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.
"Turning to 2016, we will release an initial resource at the 144 Gap Zone during the first quarter. 144 will remain an important priority, with our plan to develop into the eastern portion of the 144 Gap Zone and to extract pre-production ounces during the second half of the year. Total production in 2016 is targeted at 170,000 to 180,000 ounces of gold, to include 160,000 to 170,000 ounces of commercial production and 10,000 to 15,000 ounces of non-commercial production from the 144 Gap Zone. Our unit costs for 2016, based on commercial ounces sold, are expected to be similar to levels in 2015, with our guidance for cash operating costs and all-in sustaining costs remaining unchanged at better than US$650 per ounce sold and below US$950 per ounce sold, respectively. The 2016 unit-cost guidance reflects estimated total production costs, including royalties, of $125.0 - $130.0 million."
Qualified Person
Scientific and technical information contained in this press release related to mine engineering and production has been reviewed and approved by Natasha Vaz, P.Eng., Vice-President, Technical Services, who is an employee of Lake Shore Gold Corp., and a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
Scientific and technical information related to resources, exploration drilling and all matters involving mine production geology contained in this press release, or source material for this press release, was reviewed and approved by Eric Kallio, P.Geo., Senior Vice-President, Exploration. Mr. Kallio is an employee of Lake Shore Gold Corp., and is a "qualified person" as defined by NI 43-101.
About Lake Shore Gold
Lake Shore Gold is a Canadian-based gold producer with operations based in the Timmins Gold Camp of Northern Ontario. The Company produces gold from two mines, Timmins West and Bell Creek, with material being delivered for processing to the Bell Creek Mill. In addition to current mining and milling 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.
Footnotes
FORWARD-LOOKING STATEMENTS
Certain statements in this press release relating to the Company''s expected production levels, production growth, unit costs, exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management''s best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company''s most recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted at , or the Company''s most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.
Contacts:
Lake Shore Gold Corp.
Tony Makuch
President & CEO
(416) 703-6298
Lake Shore Gold Corp.
Mark Utting
Vice-President, Investor Relations
(416) 703-6298
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Datum: 08.01.2016 - 05:00 Uhr
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News-ID 1407822
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