LONDON (Alliance News) - Shanta Gold Ltd raised its gold production guidance for the full-year as it saw production rise in the second quarter to end-June.
The company guided gold production between 80,000 and 83,000 ounces for the full-year, up from its previous guidance of 80,000 ounces. It maintained its all-in sustaining cost guidance of USD900 to USD1,000.
Gold production during the quarter was 21,940 ounces, up 8% from 20,254 ounces in the first quarter. Sales were 22,400 ounces, at an average price of USD1,307 per ounces.
The company posted a cash cost per ounce of USD755, down from USD767 in the first quarter, and an all in sustaining cost of USD959, up from USD965 per ounce.
Forward sales from July 2014 to March 2015 are 30,000 ounces at an average price of USD1,319, it said.
Shanta's elution/electro-winning plan, which it commissioned in May, is operating well it said. Gold recoveries improved to 86% in June, it said, and silver recoveries increased significantly.
The installation of a crushing and screening circuit is on-going, Shanta said, and commissioning is scheduled for the end of August.
Shares in Shanta Gold were trading up 4.5% at 14.50 pence Monday morning.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Copyright 2014 Alliance News Limited. All Rights Reserved.
