Shanta Gold Q1 update: higher production & improved margins

by Ina King (Potgieter)

Tanzanian mining powerhouse, Shanta Gold, recently announced that its New Luika gold mine produced 20 416 oz of gold in the quarter ended March 31, improving the company’s margins and keeping it on track to meet its 2017 guidance.

“Shanta Gold had a promising start to the financial year with more ounces produced, at a greater margin than planned, ensuring the company is on track to meet its 2017 guidance of 80 000 oz to 85 000 oz at an all-in sustaining cost of $800/oz to $850/oz,” comments Toby Bradbury, CEO, Shanta.

First quarter progress for New Luika:

• Quarterly gold sales of 23 252 oz at an average price of $1 249/oz (this is above the average price of $1 219/oz for the same period)
• The ROM stockpile at 67 000 t of ore grading 2.1 g/t, this is blended with the high-grade underground ore
• Shanta sold forward 25 000 oz to October at an average price of $1 292/oz
• Underground production at New Luika remains on track to reach commercial production during the second quarter of this year

However, owing to the move underground, the mining company projects Q2 gold production to be its lowest for 2017 as it moves through the ramp-up process of the underground production. Bradbury added that the forthcoming release of a maiden resource for the Nkuluwisi prospect close to New Luika “further underpins shareholder value”. The drilling assay results to inform a maiden resource for the prospect are expected in the second quarter.

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