Lake Shore Gold Reports Record Production and Lower Operating Costs in Second Quarter 2013, Commissioning of Mill Expansion Progressing
08/12/2013 TORONTO, ONTARIO -- (Marketwired -- August 12, 2013) --
Lake Shore Gold Corp. (TSX:LSG) (NYSE MKT:LSG) ("Lake Shore Gold" or the "Company") today announced financial and operating results for the second quarter of 2013.
Key highlights of the results include:
Record gold poured of 31,800 ounces in the second quarter of 2013, with record gold production of 30,800 ounces and gold sales totaling 27,600 ounces at an average sale price of US$1,409 ($1,441) per ounce.
Cash operating cost per ounce(1) sold during the second quarter of 2013 averaged US$908, including US$28 per ounce related to royalties.
Excluding inventory movements involving higher cost ounces from previous periods, cash operating cost per ounce(1) sold averaged US$798 during the second quarter of 2013 before royalties.
Total all-in sustaining cost ("AISC")(2) during the second quarter and first six months of 2013 of US$1,257 and
US$1,398, respectively.
Capital investment during first six months of 2013 totaling $66 million, representing close to three-quarters of target capital investment for the year.
Excellent progress advancing mill expansion towards completion, with commissioning starting near end of July and new crushing/grinding circuit now operational and ramping to 3,000 tonnes per day.
Earnings from mine operations for the second quarter and the first six months of 2013 of $1.8 million and $5.7 million respectively, compared to $3.2 million and $4.5 million, respectively, in same periods in 2012.
Year-to-date increase reflects 36% growth in commercial sales, which more than offset impact of lower gold prices.
2013 guidance maintained, including production of between 120,000 and 135,000 ounces of gold, cash operating cost per ounce(1) sold in a range of US$800 - US$875 and capital investment of approximately $90 million.