|By Marketwired .||
|January 7, 2014 05:00 AM EST||
TORONTO, ONTARIO -- (Marketwired) -- 01/07/14 --
-- Record annual gold production of 134,600 ounces in 2013 (952,700 tonnes at average grade of 4.6 grams per tonne) at top end of Company's guidance of 120,000 - 135,000 ounces. -- Record quarterly gold production of 51,700 ounces in fourth quarter 2013 from processing 321,800 tonnes at average grade of 5.2 grams per tonne. -- December 2013 production totaled 17,500 ounces from processing 109,000 tonnes at average grade of 5.2 grams per tonne. -- Company achieves net free cash flow in fourth quarter 2013, cash and bullion at December 31, 2013 of approximately $34.0 million. -- Company targeting to grow production to 160,000 - 180,000 ounces of gold in 2014.
Lake Shore Gold Corp. (TSX: LSG)(NYSE MKT: LSG) ("Lake Shore Gold" or the "Company") today announced record results for both the full year and fourth quarter 2013. For the full year, production in 2013 was a record 134,600 ounces, an increase of 57% from the 85,800 ounces produced in 2012 and at the top end of the Company's guidance of 120,000 - 135,000 ounces. A total of 952,700 tonnes was processed in 2013 at an average grade of 4.6 grams per tonne. Mill recoveries for the year averaged 95.8%. Gold poured in 2013 totaled 129,600 ounces with gold sales of 135,550 ounces at an average price of US$1,377 per ounce.
For the fourth quarter of 2013, the Company reported production of 51,700 ounces of gold, more than double the 23,700 ounces produced in the same quarter in 2012 and 68% greater than the previous quarterly record of 30,800 ounces in the second quarter of 2013. Mill throughput during the fourth quarter totaled 321,800 tonnes (3,500 tonnes per day) at an average grade of 5.2 grams per tonne with average mill recoveries of 96.3%. Total gold poured for the fourth quarter of 2013 was 51,400 ounces, while gold sales totaled 49,600 ounces at an average price of US$1,261 per ounce.
Production during December 2013 totaled 17,500 ounces, which resulted from processing 109,000 tonnes (3,520 tonnes per day) at an average grade of 5.2 grams per tonne. Gold poured during the month totaled 17,000 ounces.
Tony Makuch, President and CEO of Lake Shore Gold, commented: "We achieved a major milestone in the fourth quarter of 2013, posting our first ever quarter of net free cash flow. Cash and bullion at December 31, 2013 totaled approximately $34.0 million compared to $15.2 million at the end of September. After several years of effective development, construction and investment, it is extremely gratifying to see our operations meeting our targets and generating cash. Our strong performance in the fourth quarter included record production, mill throughput that exceeded target levels and average grades that remained over 5.0 grams per tonne to the end of the year. Full-year production of 134,600 ounces was also a record and achieved the top of our production guidance. Entering 2014, we expect to produce 160,000 - 180,000 ounces of gold, further reduce debt levels and continue to generate net free cash flow assuming current gold prices."
--------------------------------------------------------------------------- Twelve Three Months Ended Months Ended -------------------------- ----------------- Dec. 31, Sept. 30, Dec. 31, Dec. 31, Sept. 30, 2013 2013 2012 2013 2012 --------------------------------------------- Tonnes milled 321,800 202,300 181,600 952,700 719,300 Recovery (%) 96.3 95.2 96.0 95.8 96.3 Grade (grams/tonne) 5.2 4.7 4,2 4.6 3.9 Gold Ounces Production 51,700 28,900 23,700 134,600 85,800 Poured 51,400 25,900 24,000 129,600 85,200 Sales 49,600 32,300 19,900 135,550 83,800 Gold price (US$/ounce) 1,261 1,324 1,719 1,377 1,666 ---------------------------------------------------------------------------
Details of the Company's financial performance, including capital and operating costs, will be included in its fourth quarter and full-year 2013 financial results to be released in March 2014.
Mine development and operating activities at the Company's Timmins assets are conducted under the supervision of Dan Gagnon, Senior Vice-President, Operations. Mr. Gagnon is a qualified person ("QP") as defined by National Instrument 43-101 and has reviewed and approved the information included in this news release. Mr. Gagnon is an employee of Lake Shore Gold.
About Lake Shore Gold
Lake Shore Gold is a gold mining company that is in production and is generating net free cash flow from its wholly owned operations in the Timmins Gold Camp. The Company is in production at both the Timmins West and Bell Creek mines, with material being delivered for processing to the Bell Creek Mill. In addition to current operations, the Company also has a number of highly prospective projects and exploration targets, all located in and around the Timmins Camp. The Company's common shares trade on the TSX and NYSE MKT under the symbol LSG.
Certain statements in this press release relating to the Company's expected production levels, production growth, exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements". The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on SEDAR at www.sedar.com, or the Company's most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.
Lake Shore Gold Corp.
President & CEO
Lake Shore Gold Corp.
Vice-President, Investor Relations
(416) 703-7764 (FAX)
Customer experience has become a competitive differentiator for companies, and it’s imperative that brands seamlessly connect the customer journey across all platforms. With the continued explosion of IoT, join us for a look at how to build a winning digital foundation in the connected era – today and in the future. In his session at @ThingsExpo, Chris Nguyen, Group Product Marketing Manager at Adobe, will discuss how to successfully leverage mobile, rapidly deploy content, capture real-time d...
May. 24, 2016 01:45 PM EDT Reads: 1,339
IoT generates lots of temporal data. But how do you unlock its value? How do you coordinate the diverse moving parts that must come together when developing your IoT product? What are the key challenges addressed by Data as a Service? How does cloud computing underlie and connect the notions of Digital and DevOps What is the impact of the API economy? What is the business imperative for Cognitive Computing? Get all these questions and hundreds more like them answered at the 18th Cloud Expo...
May. 24, 2016 01:45 PM EDT Reads: 2,033
Enterprise networks are complex. Moreover, they were designed and deployed to meet a specific set of business requirements at a specific point in time. But, the adoption of cloud services, new business applications and intensifying security policies, among other factors, require IT organizations to continuously deploy configuration changes. Therefore, enterprises are looking for better ways to automate the management of their networks while still leveraging existing capabilities, optimizing perf...
May. 24, 2016 01:45 PM EDT Reads: 839
In his session at 18th Cloud Expo, Bruce Swann, Senior Product Marketing Manager at Adobe, will discuss how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects). Bruce Swann has more than 15 years of experience working with digital marketing disciplines like web analytics, social med...
May. 24, 2016 01:30 PM EDT Reads: 942
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 24, 2016 01:30 PM EDT Reads: 1,715
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 24, 2016 01:15 PM EDT Reads: 630
The essence of data analysis involves setting up data pipelines that consist of several operations that are chained together – starting from data collection, data quality checks, data integration, data analysis and data visualization (including the setting up of interaction paths in that visualization). In our opinion, the challenges stem from the technology diversity at each stage of the data pipeline as well as the lack of process around the analysis.
May. 24, 2016 01:00 PM EDT Reads: 820
Many banks and financial institutions are experimenting with containers in development environments, but when will they move into production? Containers are seen as the key to achieving the ultimate in information technology flexibility and agility. Containers work on both public and private clouds, and make it easy to build and deploy applications. The challenge for regulated industries is the cost and complexity of container security compliance. VM security compliance is already challenging, ...
May. 24, 2016 12:45 PM EDT Reads: 811
@DevOpsSummit taking place June 7-9, 2016 at Javits Center, New York City, and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
May. 24, 2016 12:00 PM EDT Reads: 3,231
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, will explore the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences betwee...
May. 24, 2016 11:00 AM EDT Reads: 1,423
SYS-CON Events announced today that ContentMX, the marketing technology and services company with a singular mission to increase engagement and drive more conversations for enterprise, channel and SMB technology marketers, has been named “Sponsor & Exhibitor Lounge Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York City, New York. “CloudExpo is a great opportunity to start a conversation with new prospects, but what happens after the...
May. 24, 2016 10:30 AM EDT Reads: 672
SYS-CON Events announced today that 24Notion has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. 24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to con...
May. 24, 2016 09:30 AM EDT Reads: 1,668
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 24, 2016 09:00 AM EDT Reads: 1,203
SYS-CON Events announced today the Docker Meets Kubernetes – Intro into the Kubernetes World, being held June 9, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Register for 'Docker Meets Kubernetes Workshop' Here! This workshop led by Sebastian Scheele, co-founder of Loodse, introduces participants to Kubernetes (container orchestration). Through a combination of instructor-led presentations, demonstrations, and hands-on labs, participants learn ...
May. 24, 2016 09:00 AM EDT Reads: 1,780
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
May. 24, 2016 09:00 AM EDT Reads: 1,971