Lake Shore Gold Corp. has announced strong production growth for the first three quarters of 2013. Gold production for Q3 totaled 45,600 ounces, an increase of 58 per cent over the same period last year. Mill throughput for the quarter totaled 320,800 tonnes (approximately 3,490 tonnes per day) at an average grade of 4.6 grams per tonne with average mill recoveries of 96.7 per cent.
For the first nine months of 2014, the company achieved record production of 142,500 ounces, a 72 per cent increase from the 82,900 ounces produced during the same period last year.
Total mill throughput for the nine months was 914,400 tonnes (approximately 3,350 tonnes per day) at an average grade of 5.0 grams per tonne with average mill recoveries of 96.6 per cent.
Based on results to the end of September, the company is on track to produce at least 180,000 ounces of gold in 2014.
"Our number one priority for growing value is continuing to generate strong quarterly results and building on our track record of effective execution and operating performance,” said Tony Makuch, president and CEO of Lake Shore Gold. “Our solid production numbers so far this year have contributed to very competitive unit operating costs and to a rapid increase in our cash position, with cash and bullion at September 30, 2014 totaling approximately $67.0 million. At the same time that we have grown our cash, we have also repaid approximately $20.0 million of debt, which has further contributed to increased balance sheet strength.
"In addition to continued strong operating results, we are working to grow value by drilling to extend mine life at our operations and by advancing our projects and exploration properties. We recently announced encouraging drill results at Bell Creek, which highlighted the significant potential to add to the mine's reserve base. We have also been doing metallurgical work at both Fenn-Gib and Gold River, and have recently resumed surface drilling at our 144 property, a high-potential exploration target adjacent to the Timmins West Mine's Thunder Creek Deposit."
