Final Results

RNS Number : 5772G

Shanta Gold Limited

29 June 2012

 



29 June 2012

Shanta Gold Limited

("Shanta Gold" or the "Company")

Final Results for the year ended 31 December 2011

Shanta Gold, the near term gold producer with operations in Tanzania, announces its final results for the year ended 31 December 2011.

Period Highlights

·      Commencement of construction of New Luika Gold Mine

·      Ore mining commenced in November 2011

·      Environmental and Social Impact assessment approval and award of mining license for Singida project

·      Joint venture and exploration agreement signed with Great Basin Gold

·      Completion of successful placing to raise £15 million to fund development of New Luika mine

·      Appointment of Edward Johnstone as Chief Financial Officer

Post Period Highlights

·      US$65 million fundraising to support move into production

·      Successful wet commissioning of New Luika Plant with first gold production expected in Q3 2012

·      Stockpiles expected to contain over 22,000 ounces of gold ready for processing

·      Completion of drilling programme at New Luika to be incorporated in an enlarged resource statement scheduled for Q3 2012

Walton Imrie, Chairman of Shanta Gold, commented:

"2011 has seen Shanta reach a number of major milestones on its way to becoming a gold producer. The construction of the New Luika Gold Mine and the commencement of mining of ore coupled with the ongoing, highly promising drill results means the Company is well positioned as it approaches its first gold pour.   

"Shanta has continued to make significant strides in the first half of 2012 and I am confident that near-term, low cost production at New Luika will generate robust cash flows which will enable the Company to develop and advance its pipeline of development and exploration projects."

Annual Report

The published accounts will be available on the Company's website from today and will be sent to all shareholders by tomorrow, 30 June 2012.  The published accounts can also be accessed via the following link:

http://www.rns-pdf.londonstockexchange.com/rns/5772G_-2012-6-29.pdf

Enquiries:

Shanta Gold Limited	Tel: [phone]
Walton Imrie / Gareth Taylor
Nominated Adviser and Broker
Liberum Capital Limited	Tel: + 44 (0)20 3100 2000
Michael Rawlinson / Clayton Bush / Christopher Kololian
Financial Public Relations
Tavistock Communications	Tel: [phone]
Emily Fenton / Mike Bartlett

About Shanta Gold Limited

Shanta Gold is a Tanzania focussed gold explorer and mine developer. It currently has defined ore resources on the New Luika, Singida and Mgusu projects and holds exploration licences over a number of additional properties. The New Luika Gold Mine is currently under construction and is expecting first production in Q3 2012. The Company is admitted to trading on AIM and has approximately 319 million shares in issue.

For further information visit the Company's website: www.shantagold.com.

 

END

 

 

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