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Shanta Gold Limited (SHG)

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Thursday 09 January, 2014

Shanta Gold Limited

Q4 2013 Production Update

RNS Number : 2288X
Shanta Gold Limited
09 January 2014
 



Shanta Gold Limited

 ("Shanta Gold" or the "Company")

 

Q4 2013 Production Update

 

Shanta Gold, the East Africa focused gold production and exploration company, is pleased to announce its preliminary production results for the quarter ended 31 December 2013 (the "Quarter") as well as its 2013 full year production at its New Luika Gold Mine.

 

A detailed production report and operational update for the Quarter will be released later this month, together with the formal production guidance for 2014.


2013 Production Summary


Q1 Actual

Q2 Actual

Q3 Actual

Q4 Estimate

2013 Estimated Total

Tonnes ore milled

71,518

88,966

114,130

117,278

391,892

Tonnes per day

795

967

1,241

1,275

1,074

Recovery (%)

87.8

85.2

91.3

85.9

87,9

Grade (g/t)

7.15

5.75

5.95

6.3

6.23

Gold production (ounces)*

11,140

14,439

18,894

19,581

64,054

            

                 *After a full metal accounting review, there have been some changes to production numbers previously declared.

 

Gold production for the Quarter was 19,581 ounces, an increase of 3.64 % on the previous quarter, giving total full year production of 64,054 ounces, which is marginally above the production guidance of 63,000 ounces.

 

Throughput in the processing plant increased and has stabilised at the target 1,275 tonnes per day; consequently consistent gold production of just over 6,500 ounces per month was achieved in Q4.

 

Mike Houston, CEO, commented:

 

"I am very pleased with the level and consistency of production that we have achieved thus far at New Luika and am confident that we have a good platform for further throughput and production increases in the year ahead.

 

A key focus remains extending the life of mine at New Luika and, following the drilling programme completed in Q4 2013, we look forward to providing the market with further details alongside a resource update later this month."

 

Enquiries:

 

Shanta Gold Limited Tel:            +255 (0) 22 2601 829
Mike Houston, CEO
Patrick Maseva-Shayawabaya, CFO

 

Nominated Adviser and Broker
Liberum Capital Limited Tel:        + 44 (0)20 3100 2000
Richard Crawley/Tom Fyson / Ryan De Franck

Financial Public Relations
FTI Consulting Tel:                       +44 (0)20 7269 7100
Oliver Winters / Sara Powell

 

About Shanta Gold Limited

 

Shanta Gold is an East African focused gold producing company. It currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licences over a number of additional properties. The Company's flagship New Luika Gold Mine commenced production in 2012 and produced 64,000 ounces in 2013. The Company is admitted to trading on AIM and has approximately 462 million shares in issue. For further information visit the Company's website: www.shantagold.com.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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