Lake Shore Gold's 2008 report

 Lake Shore Gold Corp. has reported financial and operating results for 2008 and key projects for 2009.
Key operating highlights for the year included commencing development of the Timmins Mine project shaft and ramp and advancing work on schedule to complete the project's advanced exploration program by the end of 2009. Refurbishing the 100 per cent owned Bell Creek Mill to a capacity of 800 tonnes per day and announcing exploration results from a number of its properties.
Project spending in 2008 totalled $56.3 million, $7.3 million below the $63.6 million budget, mainly reflecting unused contingency. Exploration expenditures totalled $15.7 million compared to a budget of $11.4 million, with higher than budgeted spending reflecting exploration success throughout the year.
At December 31, 2008, cash resources were $85.3 million. On March 5, 2009, the Company completed a bought deal financing involving the issuance of 30,615,871 common shares at a price of $1.55 per share and 6,616,185 flow-through shares at a price of $2.00 per share for proceeds of $57.6 million (net of underwriter commissions). Anthony (Tony) Makuch, president and CEO of Lake Shore Gold, commented that "For Lake Shore Gold, 2008 was a very successful and exciting year as we took a number of critical steps in our transition from an exploration company to an emerging gold producer.”
"Looking to 2009, the Timmins ramp has now been driven 640 metres and we expect to begin processing development ore by the end of this month and to reach the 200 metre vertical level by the end of the year. We also remain on track to complete the shaft to the 710-metre level, complete our initial bulk sample and conduct underground diamond drilling by year end, to be followed by pre-production development. We continue to target 30,000 ounces of gold in 2009 from development ore mined through our advanced exploration program at the Timmins Mine."