Old News July 14 2015 1ST Quarter,2nd Quarter estimate Lake Shore Gold Announces First Half and Second Quarter 2015 Preliminary Cost Estimates 14 Jul 2015 - Marketwire - Canada
TORONTO, ONTARIO--(Marketwired - July 14, 2015) - Lake Shore Gold Corp. (TSX:LSG)(NYSE MKT:LSG) -
-- Preliminary cash operating cost per ounce sold of US$551 in H1/15, US$597 in Q2/15 -- Preliminary all-in sustaining cost ("AISC") per ounce sold of US$810 in H1/15, US$879 in Q2/15 -- Preliminary total production costs in H1/15 of approximately $67.0 million, $34.0 million in Q2/15
Lake Shore Gold Corp. ("Lake Shore Gold" or the "Company") today announced preliminary cash operating cost(1) and AISC(2) per ounce sold for the first half ("H1/15") and second quarter ("Q2/15") of 2015. Final numbers for these measures will be available when the Company issues its H1/15 and Q2/15 financial and operating results on July 30, 2015. Cash operating cost per ounce sold in H1/15 is estimated at approximately US$551 (including US$26 per ounce for royalties) compared to US$588 reported in the first half of 2014 ("H1/14"). AISC per ounce sold in H1/15 is estimated at US$810 versus US$862 in H1/14. Total production costs in H1/15 are estimated at approximately $67.0 million versus full-year 2015 guidance of $125 million. All financial numbers are in Canadian dollars unless otherwise indicated.
Based on estimated unit costs in H1/15, the Company announced on July 8, 2015 that it was revising its unit cost guidance for full-year 2015. Cash operating cost per ounce sold is now targeted to be below US$650, which compares to the previous guidance of between $650 and US$700. The target for full-year AISC per ounce sold has been revised to better than US$950 from between US$950 and US$1,000 previously.
For Q2/15, preliminary cost estimates include cash operating costs of US$597 per ounce sold (including US$24 per ounce for royalties) and AISC per ounce sold of US$879. Both unit cost measures were in line with the Company's revised guidance for full-year 2015. Total production costs for Q2/15 are estimated at approximately $34.0 million.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "Our unit cost performance in both H1/15 and Q2/15 was very strong, with cash operating costs and AISC for both periods comparing very favourably to our revised full-year guidance. While a weaker Canadian dollar definitely helped us, another key factor driving our performance was the continued effectiveness of our people in finding ways to improve efficiency and produce ounces at low unit costs. Low-cost production continues to be a key driver of our success and of our strong competitive position within the gold mining industry."