Lake Shore estimates $630-(U.S.)-per-oz-sold cost in Q1
2014-04-10 18:43 ET - News Release
Mr. Tony Makuch reports
LAKE SHORE GOLD REPORTS CASH OPERATING COSTS OF US$630 PER OUNCE FOR FIRST QUARTER 2014, BETTER THAN FULL-YEAR 2014 GUIDANCE
Lake Shore Gold Corp. has released its preliminary cash operating costs and all-in sustaining costs for the first quarter of 2014. Final numbers for these measures will be available on May 7, 2014 when the Company releases its full first quarter 2014 financial results. Preliminary cash operating cost(1) per ounce sold for the first quarter of 2014 is approximately US$630 (including US$33 per ounce for royalties), better than the Company's guidance for full-year 2014 of US$675 - US$775. AISC(2) per ounce sold for the first quarter of 2014 is expected to be approximately US$970 per ounce, in the low end of the Company's target range for the year of between US$950 and US$1,050 per ounce. Total cash production costs for the first quarter of 2014 are estimated at approximately $30.0 million.
Based on the preliminary estimates, cash operating cost per ounce for the first quarter of 2014 improved by 36% from the first quarter of 2013, while AISC improved by 37%. The cost estimates follow the release on April 3, 2014 of the Company's first quarter 2014 production results, which totaled 44,600 ounces, an increase of 92% from the first quarter of 2013.