Barrick’s quarterly gold and copper output edges higher
Barrick Gold's second-quarter gold output edged up by almost 0.9% from the previous three months.
Lake Shore Gold Corp. (TSX:LSG)(NYSE Amex:LSG)(NYSE MKT:LSG) announced Thursday results from its fourth quarter and year as whole for 2012 as well as gave a preview for 2013.
“For the full year, we achieved our production guidance, producing 85,782 ounces and pouring 85,184 ounces,” said Chief Executive Officer Tony Makuch in a written statement. “Equally important, we met our key mine development and mill expansion objectives, including increasing both our mining and milling capacity by 25% to 2,500 tonnes per day.”
Makuch also said the company was well positioned for the coming year for significantly higher production, with output targeted at between 120,000 to 135,000 ounces of gold.
Highlights from 2012
- Gold production in 2012 of 85,782 ounces (719,298 tonnes @ 3.9 grams per tonne), with gold poured from 2012 production of 85,184 ounces, in line with Company guidance
- Gold production in fourth quarter 2012 totaling 23,738 ounces (181,575 tonnes @ 4.2 grams per tonne), with gold poured of 24,041 ounces
- Key 2012 mine development and expansion objectives achieved with mining and milling capacity increased 25% to 2,500 tonnes per day (on track to reach 3,000 tonnes per day during second quarter 2013)
- Targets for 2013 include: strong production growth to between 120,000 and 135,000 ounces of gold, cash costs between US$800 and US$875 per ounce (including royalties), project spending of approximately $80 million and exploration spending of $10 million (largely related to in-mine drilling)
- Cash and bullion inventory at December 31, 2012 of approximately $61 million.
Lake Shore Gold operates three wholly owned, multi-million ounce gold complexes in the Timmins Gold Camp and is also in production at the Timmins West and Bell Creek mines.
