TSX:LSG.DB - Post by User
Post by
razzsson May 10, 2012 9:54pm
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Post# 19897538
Article after today's new release
Article after today's new release Good news from West Timmins gives Lake Shore Gold 8% bump
Lake Shore Gold (TSX:LSG) added 8.2% on Thursday after announcing positive financial and operating results for the first quarter.
By early afternoon the miner was trading up 7c at
.92 on the Toronto big board, at its highest for the day. The mining sector was generally flat on the day with the TSX S&P Global Mining index up 0.25%
The counter is still showing steep losses for 2012 – it is down 31% year to date.
Lake Shore Gold announced a month ago it entered into an agreement with Sprott Resource Lending Partnership for a credit facility totaling up to $70 million to complete a mill expansion to 3,000 tonnes per day at West Timmins.
The company is in commercial production at the Timmins Mine, has commenced pre-production development at the adjacent Thunder Creek deposit, and is advancing an underground advanced exploration program at its Bell Creek Mine.
In February Lake Shore announced Franco-Nevada will pay $35 million for a 2.2% net smelter royalty from and spend $15 million to acquire 10.05 million Lake Shore common shares at $1.49 per share.
All told the company will spend $160 million on capital projects this year