LONDON (Alliance News) - Shanta Gold Ltd on Tuesday said its gold production at the New Luika Mine in Tanzania hit a record in the third quarter, with gold sales also sharply higher and its production guidance maintained.
Shanta said gold production from New Luika in the three months to the end of September hit 24,552 ounces, up from 14,664 in the second quarter. Gold sales rose to 26,254 ounces from 11,590 ounces in the second quarter, at an average price of USD1,175 per ounce, down from USD1,222.
Shanta said it remains on track to achieve its cost targets for the year and said its production guidance of 72,000 to 77,000 ounces from New Luika remains intact.
"Both the production and cost performance for the quarter further derisks our AISC and production guidance for 2015. The operating platform we have established at NLGM underpins the value accretive base case mine plan, the underground feasibility study and updated reserves statement released to the market last month," said Toby Bradbury, Shanta's chief executive.
Shares in Shanta were up 12% to 6.3 pence on Tuesday, one of the best performers in the AIM All-Share.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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