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Lake Shore Gold reports 2Q results

Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the second quarter and first half of 2009. Project spending in the first half of 2009, including exploration expenditures of $5.9 million, totaled $40.
Northern Ontario Business Staff

  

 

Lake Shore Gold Corp. (TSX:LSG) today reported financial and operating results for the second quarter and first half of 2009.

Project spending in the first half of 2009, including exploration expenditures of $5.9 million, totaled $40.5 million (excluding non-cash charges and changes in working capital). Cash and cash equivalents at March 31, 2009 totaled $93.8 million, excluding approximately $5.1 million in reclamation bonds. On Mar. 5, the company completed a bought deal equity financing involving the issuance of 30,615,871 common shares at a price of $1.55 per share and 6,616,185 flow-through common shares at a price of $2.00 per share for net proceeds of $57 million.
During the second quarter, Lakeshore sunk the Timmins shaft to record depths, limited processing at the Bell Creek Mill, mainly related to testing the circuit.
Deliveries from Timmins Mine to the Bell Creek Mill are expected to increase in the third quarter as bulk sampling commences.