Shanta Gold Limited Commencement of Gold Production at New Luika (3156K)
August 20 2012 - 2:00AM
UK Regulatory
TIDMSHG
RNS Number : 3156K
Shanta Gold Limited
20 August 2012
Shanta Gold Limited
("Shanta Gold" or the "Company")
Shanta Commences Gold Production at New Luika
Shanta Gold, the East African focused gold mining company, is
pleased to announce that the operation of the gold production plant
at New Luika Gold Mine ("New Luika") in south western Tanzania has
commenced.
Highlights
-- Final stages of process including hot commissioning, loading
of carbon and cyanide into leach tanks now completed
-- First gold pour on track to occur before end of August
2012
-- 13,000-17,500 ounces of gold expected to be produced in Q4
2012
Following the successful wet commissioning of the New Luika gold
plant in June 2012, Shanta Gold announces that the remainder of the
stages to gold production have been successfully completed. These
include the hot commissioning of the plant, treatment of ore and
leaching of gold in the carbon in leach circuit. First dore bars
are expected by the end of August which is one month ahead of
guidance.
Walton Imrie, Chairman of Shanta Gold, commented: "We are
delighted to have achieved the historic milestone of gold
production at New Luika, which establishes Shanta Gold as the
newest emerging gold producer in Tanzania. Full commissioning of
the plant has taken place without any major issues, which speaks to
the quality and the efforts of the operational team at the mine.
With gold production now beginning, we are also pleased to
reiterate our production guidance for Q4 2012 of 13,000 to 17,500
ounces of gold which will also mark our transition to becoming a
cash generative company. Looking to the future Shanta Gold is now
well placed to grow through increasing production at New Luika
which is underpinned by the recent increase in high grade resources
at the mine. The GBG JV affords the possibility of other exciting,
high grade, low capital intensity projects in the Lupa
Goldfields."
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
FTI Consulting Tel: +44 (0)20 7269 7100
Billy Clegg / Oliver Winters
About Shanta Gold Limited
Shanta Gold is a Tanzania focused gold mining company. 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 has commenced
production and will achieve first gold pour 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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