Canadian Mining Journal

News

GOLD: Lake Shore fattens treasury after record 2014 production

ONTARIO – Gold production in 2014 set a new record – 185,600 oz – for Toronto's Lake Shore Gold. That amount topped the guidance number that was set at between 160,000 and 180,000 oz last year.


ONTARIO – Gold production in 2014 set a new record – 185,600 oz – for Toronto’s Lake Shore Gold. That amount topped the guidance number that was set at between 160,000 and 180,000 oz last year.

The company said that mill throughput in 2014 was 1.25 million tonnes at an average grade of 4.8 g/t Au. Of the 186,500 oz that were poured, 183,300 oz were sold at an average price of US$1,269 per ounce.

Cash from gold sales allowed Lake Shore to pay down debt by about C$45.0 million last year, and the company also set aside C$60.0 million in cash and bullion.

President and CEO Tony Makuch expects the strong operating performance to continue. Production for 2015 is targeted at between 170,000 and 180,000 oz at all-in sustaining costs of US$950 to US$1,000 per ounce.

Exploration this year will be focused on the 144 Gap discovery. Click here to learn more about it.