TORONTO – Lake Shore Gold Corp
. has issued 6.9 million flow-through common shares at a price of $1.45 per share to raise gross proceeds of slightly more than $10.0 million. The fund raised will be used for Canadian exploration expenses as defined in the federal income tax act.
Lake Shore is the owner and operator of the Timmins West complex west of Timmins, ON, and the nearby Bell Creek mine and mill east of the town. The company boasted record production of 184,600 oz of gold in 2014.
Both Timmins West and Bell Creek have expansion potential. The company is exploring the 144 Gap deposit and its related zones for what might be a another gold producer at Timmins West. A maiden resource for 144 Gap is due in Q1 2016. Current resources at Bell Creek extend to the 1,165 level although mineralization has been drilled to below the 1625 level.
Lake Shore recently completed the acquisition of Temex Resources, giving Lake Shore access to the Croxall gold property contiguous to its eastern border.
Additional details are available at LSGold.com