As it sits on the cusp of commercial production at its flagship Timmins Mine, Lake Shore Gold Corp. has updated the markets on its financial operating results for the second quarter of 2010.
With $69.9 million in cash and cash equivalents in hand at June 30, Lake Shore Gold has seen big spending through the first half of the year, including $11 million in exploration and $60.8 million in project spending.
Another $55 million is project spending is expected for the second half of the year, along with an additional $31 million in exploration spending.
Existing projects include the expansion of its Bell Creek Mill, where the first phase of an expansion to a capacity of 2,000 tonnes per day has already begun in anticipation of commissioning in October.
Various levels of production have been achieved at the Timmins Mine, with commercial production expected in the fourth quarter of 2010.
The 200 Level access ramp was successfully extended from the Timmins Mine to the the nearby Thunder Creek Deposit near the end of June. The 650 Level access ramp, also being extended from the Timmins Mine, is expected to reach Thunder Creek in October.
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