9 Jan 2014 07:00
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 829Mike Houston, CEOPatrick Maseva-Shayawabaya, CFO
Nominated Adviser and BrokerLiberum Capital Limited Tel: + 44 (0)20 3100 2000Richard Crawley/Tom Fyson / Ryan De Franck
Financial Public RelationsFTI Consulting Tel: +44 (0)20 7269 7100Oliver 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.
SHG.L (SHG)