Lake Shore Gold (TSX: LSG.TO)(AMEX: LSG) announced strong second quarter results Wednesday with a total of 24,426 ounces of processed gold near the top of the Company\'s target range of 20,000 to 25,000 ounces. Total gold poured for the quarter totaled 24,298 ounces, while gold sales totaled 24,915 ounces at an average price of US$1,605 per ounce, it said in a release.
For the first six months of 2012, 343,724 tonnes were processed at an average grade of 3.87 gpt for 41,106 ounces of processed gold. Gold poured totaled 40,479 ounces with gold sales of 43,389 ounces at an average price of US$1,641 per ounce. The Company remains on track to achieve its full-year 2012 production target of 85,000 to 100,000 ounces of gold poured from the Timmins West and Bell Creek mines.
\"So far in 2012 we have met or exceeded our quarterly production targets and are well positioned to achieve our full-year guidance. The second quarter was a very solid production quarter with improved average grades, strong throughput levels and excellent mill recoveries. Equally important, with the progress we are making with our development program, we are setting ourselves up for strong production growth in both 2013 and 2014,â says Tony Makuch, President and CEO of Lake Shore Gold.
The company also announced plans to reduce its capital expenditures in 2012 by $15 to $20 million.
Lake Shore Gold is a Canadian-based gold-mining company with projects located in Timmins, Ontario.
By Daniela Cambone of Kitco News