5 Nov 2012 07:00
5 November 2012
Shanta Gold Limited
("Shanta Gold" or the "Company")
Appointment of Non-executive Director Confirmed and Update on Ramp Up at New Luika
Shanta Gold, the East African focussed gold company, is pleased to confirm the appointment of Luke Leslie as a non-Executive Director and to provide a brief update on the progress of the ramp up of New Luika Gold Mine.
Highlights
·; Appointment of Luke Leslie, Head of Metal and Mining Private Equity at Origo Partners, to the Board announced on 17 October is confirmed
·; Appointment of Jonathan Leslie, a very experienced mining industry executive, as Strategic Adviser with board observation rights, also announced on 17 October, is confirmed
·; Additional crusher unit secured for New Luika Gold Mine at a cost of $650,000; with commissioning expected to take place in December
·; Q4 2012 production forecast of c6,000oz reaffirmed as ramp up issues continue to be addressed as gold on carbon normalised and 'locked up' gold recovered
Mike Houston, CEO of Shanta Gold, commented:
"We are delighted to confirm the appointments announced on 17th October of Luke Leslie as a non-Executive Director of Shanta Gold and Jonathan Leslie as Strategic Adviser. These appointments provide the Company with additional experience of both mining and mining transactions and I look forward to Shanta Gold receiving the considerable benefit of their input and advice.
Since the completion of the recent equity financing, the ramp up of New Luika Gold Mine has proceeded with the anticipated improvements in the plant as operatingissues continue to be addressed. Pleasingly, gold on carbon is now at close to expected levels translating into a material lift in gold sales. Subject to Management being able to input targeted ore through the current crushing circuit, we expect to achieve the production guidance of c6,000oz for Q4 2012
A pleasing development has been the Company's ability to secure a suitable tertiary crusher which can be fitted to the current circuit and commissioned with minimal disruption to production.
With the upgraded 3 stage crushing circuit due to be in production by year end, we reiterate production guidance of c70, 000oz for 2013.
In order to take a prudent approach to the Company's cash and with in excess of five months run of mine ore stockpiled, the Company has decided to 'park up' the opencast fleet for two months to coincide with the imminent high period of the rainy season."
Notes
A list of Mr Lesile's current and past directorships held within the last five years is set out below:
Current
Trafigura-Origo Ltd
Origo Resource International Ltd
Resource Investment Capital Ltd
China Commodities Absolute Return Ltd
Kincora Copper Ltd
Reb Gold Ltd
Mongol Resource Corporation LLC
Moly World Ltd
Origo Partners MGL LLC
Solongo Express JSC
Past
Huremintiin Hyar LLC
Gobi Coal and Energy Ltd
Nadmin LLC
Kincora Group Ltd
On appointment, Luke Alexander Leslie (age 31) holds 2,276,109 shares in the Company.
No further information is required for disclosure in respect of Rule 17 or Schedule 2 paragraph (g) of the AIM Rules for Companies.
Enquiries:
Shanta Gold Limited | Tel: +255 (0) 22 2601 829 |
Mike Houston / Edward Johnstone | |
Nominated Adviser and Broker | |
Liberum Capital Limited | Tel: + 44 (0)20 3100 2000 |
Michael Rawlinson / Clayton Bush / Christopher Kololian | |
Financial Public Relations | |
FTI Consulting | Tel: +44 (0)20 7269 7100 |
Billy Clegg / Oliver Winters |
About Shanta Gold Limited
Shanta Gold is an East African focused gold mining 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 and achieved first gold pour in August 2012. The Company is admitted to trading on AIM and has approximately 407 million shares in issue.
For further information visit the Company's website: www.shantagold.com.