Published on: 1/10/2014 11:23:16 AM Print | Font Sizes:  Normal Text Large Text

Fourth quarter surge means record year for Timmins miner


By: Northern Ontario Business staff

Lake Shore Gold reported a record year at its Timmins mines in 2013.
Lake Shore Gold reported a record year at its Timmins mines in 2013.

Lake Shore Gold reported a record year at its Timmins mines in 2013.

In a Jan. 7 release, the Toronto-based miner said gold production at year’s end was up 57 per cent over 2012 with 134,600 ounces produced, near the top peg of the company’s 2012 guidance of between 120,000 and 135,000 ounces. The average grade was 4.6 grams per tonne.

During the fourth quarter, 23,700 ounces were produced, an increase of 68 per cent over the same period in 2012.

Company president Tony Makuch said the strong fourth quarter numbers represent a milestone in posting Lake Shore Gold’s first ever quarter of net free cash flow. Cash and bullion at Dec. 31 totalled $34 million compared to $15.2 million at the end of September.

“After several years of effective development, construction and investment, it is extremely gratifying to see our operations meeting our targets and generating cash,” said Makuch.
The guidance plan for 2014 is to produce between 160,000 and 180,000 ounces of gold.

Lake Shore Gold operates two mines, Timmins West and Bell Creek, with material processed at its Bell Creek Mill.

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