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July 3, 2014
14:15 EDTLSGLake Shore Gold sees FY14 gold production of 160K-180K ounces
Lake Shore Gold announced record quarterly and six-month production in Q2 and the first half of 2014. A total of 52.3K ounces of gold was produced in Q2. The company both poured and sold 53.5K ounces of gold during Q2, with an average selling price of $1,289 per ounce. The company's cash and bullion totaled approximately $53M at June 30. In the first half of 2014, the company produced 96.9K ounces of gold. Gold poured during the first half of 2014 totaled 99.2K ounces, while the company sold 96.5K ounces of gold at an average selling price of $1,291 per ounce. Based on results in the first half of 2014, the company now expects to achieve the top end of its 2014 production guidance of 160K to 180K ounces of gold. CEO Tony Makuch commented, "We have also repaid approximately $17M of debt so far in 2014, including a $10M prepayment on our standby line of credit on June 4. Supported by our growing financial strength, we have resumed drilling at our mines to grow reserves and resources and extend mine life. We are also advancing work at a number of our key growth projects, and will soon commence drilling at our 144 property, a very exciting exploration target located adjacent to our Thunder Creek deposit."
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