Lake Shore Gold’s Q3 output boosted by mill upgrade
TORONTO (miningweekly.com) – Dual-listed gold miner Lake Shore Gold on Wednesday reported a 35% year-on-year increase in gold output as a mill expansion boosted production in the quarter ended September 30.
The company, which owns three multimillion-ounce gold complexes in the century-old Timmins Gold Camp, in Northern Ontario, produced 28 300 oz of the yellow metal during the period, and poured 25 900 oz.
Lake Shore reported total gold sales of 32 300 oz, almost 60% more than in the same period last year, at an average price of $1 324/oz, which was 20% lower.
Mill throughput totalled 202 300 t at an average grade of 4.6 g/t with average mill recoveries of 95.2%.
Of the 202 300 t processed, 148 400 t grading 4.9 g/t was from the Timmins West mine, 42 600 t grading 4.2 g/t was from Bell Creek and 11 300 t grading 1.6 g/t was from low-grade material mined in previous years that was processed during the commissioning of the mill expansion.
The mill expansion, which increased milling capacity by 50% from 2 000 t/d to more than 3 000 t/d, had resulted in throughput during September exceeding target levels, averaging 3 370 t/d.
"We are well positioned for a strong finish to 2013 and to achieve our key targets for the year. A great deal of hard work and significant capital investment has gone into advancing Lake Shore Gold to the point we have now reached. We are looking forward to reaping the benefits of what has been accomplished,” CEO Tony Makuch said.
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