logo-loader

Shanta Gold has ‘sound base’ to achieve 2013 production target

Last updated: 01:31 14 Jan 2013 EST, First published: 02:31 14 Jan 2013 EST

no_picture_pai

 

Shanta Gold (LON:SHG) is making progress toward achieving its operational and commercial goals, chief executive Mike Houston said today.

The emerging gold miner this morning reported production of 5,748 ounces from the New Luika mine, in Tanzania, during the fourth quarter and it also said there was a further 1,917 ounces of ‘gold on carbon’.

Shanta told investors that plant improvements completed this month will provide the capacity to achieve its production target for 2013.

The company says that initial processing plant recovery issues are now largely resolved and a consistent mill feed will enhance efficiencies further.

“It is still early days but the commissioning of the recently upgraded three-stage crushing circuit has gone satisfactorily and will result in a more consistent feed to the mills and in addition allow the company to build up a stockpile of crushed ore which will assist in alleviating potential downstream plant outages,” Houston said in a statement.

“While the ramp up will continue during the first few months of this year the changes put in place by the company to date, together with our strengthened financial position, has provided a sound base to meet the 2013 production target of 70,000oz+."

 

Morning Report: Touchstone Exploration reports significant discovery at...

Headlines from the Proactive UK newsroom. Touchstone Exploration (LON:TXP) has made what it says is a significant crude oil discovery on the Ortoire exploration block, onshore Trinidad. Logs from the Cascadura-1 well indicate 1,037 feet of oil pay, which far exceeds pre-drill expectations...

on 16/12/19