Shanta Gold unveils record Q3 production

20th Oct 2014 09:54

East African gold explorer Shanta Gold unveiled record production and confirmed its 2014 production guidance.Shanta said it produced a record 22,720 ounces in the three months to 30 September, up 4% from the second quarter.The group sold 18,600 ounces at an average price of $1,306 per ounce, with a further 3,800 ounces in transit at the end of the quarter.It reaffirmed production guidance for the full year 2014 of 80,000 to 83,000 ounces. The group also reduced net debt to $40m at the end of the quarter from $46m in the second quarter.It had forward sales from October 2014 to March 2015 of 21,000 ounces at an average price of $1,316 per ounce.It currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licences over a number of additional properties. The Company's flagship New Luika Gold Mine started production in 2012 and produced 64,000 ounces in 2013.Shares rose 0.75p or 8.4% to 9.62p at 09:52 in London.