- Gold production for first quarter 2013 of 23,200 ounces, an increase of 40% from the first quarter 2012
- Average mill throughput for first quarter 2013 increased 25% from a year earlier to 2,200 tonnes per day, 2,500 tonnes per day in March
- Grades for first quarter 2013 rose 12% from first quarter 2012 and averaged 3.8 grams per tonne, with average grade in March of 4.0 grams per tonne
- Company on track for full-year 2013 production of 120,000 to 135,000 ounces of gold.
-- (Marketwire -- ) - (TSX:LSG)(NYSE MKT:LSG) ("Lake Shore Gold" or the "Company") today announced details of the Company's operating results for the first quarter of 2013. A total of 23,200 ounces of gold was produced, an increase of 40% from the first quarter of 2012. Mill throughput during the first quarter of 2013 totaled 197,640 tonnes at an average grade of 3.8 grams per tonne with average mill recoveries of 95.6%. Total gold poured for the first quarter of 2013 totaled 20,530 ounces, while gold sales totaled 26,100 ounces at an average price of per ounce.
On , the Company announced that it expected to produce between 20,500 and 23,000 ounces during the first quarter of 2013. Production for the quarter of 23,200 ounces exceeded the top end of the expected range reflecting average mill throughput of 2,500 tonnes per day in March, in line with the mill's current capacity, and an average grade for the month of 4.0 grams per tonne.
|
Q1/13 |
Q1/12 |
Q4/12 |
| Tonnes milled |
197,640 |
160,510 |
181,580 |
| Tonnes per day |
2,200 |
1,760 |
1,970 |
|
|
|
|
| Average recovery (%) |
95.6 |
95.1 |
96.0 |
| Average grade (grams per tonne) |
3.8 |
3.4 |
4.2 |
|
|
|
|
| Gold Ounces |
|
|
|
|
Production |
23,200 |
16,680 |
23,740 |
|
poured |
20,530 |
16,180 |
24,040 |
|
sales |
26,100 |
18,470 |
19,940 |
|
|
|
|
| Gold price (US$ per ounce) |
1,630 |
1,690 |
1,720 |
, President and CEO of , commented: "We had a strong finish to the first quarter of 2013 with average throughput in March at 100% of capacity and an average grade for the month of 4.0 grams per tonne. For the full quarter, average daily throughput increased 25% from the first quarter of last year, our average grade rose 12% and production ounces were 40% higher. Throughput during the first quarter averaged 2,200 tonnes per day mainly due to the impact of very cold winter conditions and unplanned maintenance in the crushing circuit during February. The average grade for the quarter of 3.8 grams per tonne compared to an expected level of between 3.9 and 4.1 grams per tonne. At the end of the first quarter, we had 23,000 tonnes in stockpile that we had planned to mill during the quarter, but will now be processed later in the year.
"Also during the quarter, we continued to make progress with the capital development program at our and the expansion of our milling facility to a capacity of 3,000 tonnes per day. Work at the mill during the first quarter focused on the crushing and grinding circuit, including construction of the truck dump, jaw crusher and ore bin, and the installation of the SAG mill. Work remaining for completion is largely related to installation of electrical and piping infrastructure for these areas with the increase in milling capacity to 3,000 tonnes per day scheduled for completion in June."
Details of the Company's financial performance, including capital and operating costs, will be included in its first quarter financial results to be released on , with the Company's annual meeting of shareholders to be held on at .