PRESS RELEASE: MAY 20, 2008 - 08:40 ET Lake Shore Gold Provides 2008/2009 Budget Plan TORONTO, ONTARIO--(Marketwire - May 20, 2008) - Lake Shore Gold Corp. (TSX:LSG) ("Lake Shore Gold" or "the Company") today provided a project update and outlook for 2008 and 2009, which envisions initial deliveries of ore from its Timmins West property to the Company's 100%-owned Bell Creek mill by early in 2009 and a steady ramp up in production which could reach approximately 200,000 ounces of gold by 2011. Lake Shore Gold's Board of Directors has approved a project budget for 2008 totaling $75.0 million ($15.0 million incurred in the first quarter of 2008) and gave preliminary approval for a 2009 budget totaling $78.5 million, excluding corporate costs. Through the expenditures planned to the end of next year, and subject to favourable advanced exploration and other results, specific milestones expected to be achieved include: - Refurbishing of the Bell Creek mill by the fourth quarter of 2008, with capacity of 800 tonnes per day, to be increased to 1,500 tonnes per day as ore production increases; - Developing a ramp at the Timmins West property with a goal of delivering development ore to the Bell Creek mill by early in 2009; - Completing a study for the rehabilitation of the Bell Creek mine and, pending favourable results, commencing advanced exploration work including dewatering the mine and undertaking underground development and diamond drilling; and, - Continuing exploration programs at each of the Company's properties. Anthony (Tony) Makuch, President and CEO of Lake Shore Gold, commented: "Lake Shore Gold is on track with its goal to become Canada's next intermediate gold producer at a time when the outlook for gold prices remains highly favourable. We have an excellent portfolio of properties, with 1.2 million ounces of probable reserves (uncut) already having been identified at our Timmins West property, a 100%-owned mill at Bell Creek, the refurbishing of which is being accomplished at a fraction of the cost and time required to construct a greenfield mill, and very encouraging prospects for identifying additional reserves both at Timmins West and at a number of our other properties. http://cnrp.marketwire.com/client/lake_shore_gold/...=0&year=2008 Artikel gekürzt. Gab's hier nicht einen Zusammenhang mit VG Gold? Mit Produktionsstart, d.h. open pit im IV. Quartal 2008, käme ja die Wieder-Inbetriebnahme der Bell Creek Mühle gerade zur rechten Zeit. |