TSX:LSG.DB - Post by User
Post by
razzsson Mar 04, 2011 10:16am
583 Views
Post# 18231424
Still in the news!
Still in the news!UPDATE 2-Lake Shore encouraged by Thunder Creek drilling
* Says results indicate high-grade gold sections
* Shares up 6.8 pct in early trade in Toronto
(Adds background, details on share price move)
TORONTO, March 4 (Reuters) - Lake Shore Gold Corp
said on Friday the latest drill results from its Thunder Creek
project, located adjacent to its Timmins mine in northern
Ontario, are promising.
The latest drill results indicate very wide intersections
with high-grade gold sections from multiple directions, the
company said. The announcement sent its shares up 6.8 percent
to C$4.23 in early trade on the Toronto Stock Exchange.
"(The) results are very exciting as they provide
confirmation that we are dealing with a very special gold
deposit at Thunder Creek, which is already meeting and
exceeding our original expectations in terms of size and
grades," Chief Executive Tony Makuch said in a statement.
Earlier this year, the Canadian gold miner said it would
nearly triple production in 2011, driven mainly by its Timmins
mine. The company also said it plans to increase its
exploration spending for the year.
Shares of Lake Shore Gold, which has a market
capitalization of C$1.6 billion, have already risen more than
60 percent in the last 12 months.