29 Jun 2012 18:16
29 June 2012
Shanta Gold Limited
("Shanta Gold" or the "Company")
Final Results for the year ended 31 December 2011
Shanta Gold, the near term gold producer with operations in Tanzania, announces its final results for the year ended 31 December 2011.
Period Highlights
·; Commencement of construction of New Luika Gold Mine
·; Ore mining commenced in November 2011
·; Environmental and Social Impact assessment approval and award of mining license for Singida project
·; Joint venture and exploration agreement signed with Great Basin Gold
·; Completion of successful placing to raise £15 million to fund development of New Luika mine
·; Appointment of Edward Johnstone as Chief Financial Officer
Post Period Highlights
·; US$65 million fundraising to support move into production
·; Successful wet commissioning of New Luika Plant with first gold production expected in Q3 2012
·; Stockpiles expected to contain over 22,000 ounces of gold ready for processing
·; Completion of drilling programme at New Luika to be incorporated in an enlarged resource statement scheduled for Q3 2012
Walton Imrie, Chairman of Shanta Gold, commented:
"2011 has seen Shanta reach a number of major milestones on its way to becoming a gold producer. The construction of the New Luika Gold Mine and the commencement of mining of ore coupled with the ongoing, highly promising drill results means the Company is well positioned as it approaches its first gold pour.
"Shanta has continued to make significant strides in the first half of 2012 and I am confident that near-term, low cost production at New Luika will generate robust cash flows which will enable the Company to develop and advance its pipeline of development and exploration projects."
Annual Report
The published accounts will be available on the Company's website from today and will be sent to all shareholders by tomorrow, 30 June 2012. The published accounts can also be accessed via the following link:
http://www.rns-pdf.londonstockexchange.com/rns/5772G_-2012-6-29.pdf
Enquiries:
Shanta Gold Limited | Tel: +255 (0) 22 2601 829 |
Walton Imrie / Gareth Taylor | |
Nominated Adviser and Broker | |
Liberum Capital Limited | Tel: + 44 (0)20 3100 2000 |
Michael Rawlinson / Clayton Bush / Christopher Kololian | |
Financial Public Relations | |
Tavistock Communications | Tel: +44 (0) 20 7920 3150 |
Emily Fenton / Mike Bartlett |
About Shanta Gold Limited
Shanta Gold is a Tanzania focussed gold explorer and mine developer. It currently has defined ore resources on the New Luika, Singida and Mgusu projects and holds exploration licences over a number of additional properties. The New Luika Gold Mine is currently under construction and is expecting first production in Q3 2012. The Company is admitted to trading on AIM and has approximately 319 million shares in issue.
For further information visit the Company's website: www.shantagold.com.