Monday, 20th November 2006 (2218 views)

Lake Shore Gold has reported an increase of 78 per cent to its indicated mineral resource at the Timmins West mine.

The amount of uncut gold at the property now stands at 1.29 million ounces and the firm also announced an increase to its inferred mineral resource of 207,000 ounces of gold uncut compared to the last estimate that was released in September 2004.

These updated estimates follow a drilling programme audited by Watts Griffis and McOuat and the increase has been largely attributed to the Ultramafic and Footwall Zones between levels of 800 and 1,200 metres.

Lake Shore President and CEO Brian Booth said: "Timmins West continues to deliver consistent grades and continuity. These new ounces were added at a cost of just $12 (£6.33) per ounce and the new indicated resource estimate averages 12.29 grams of gold per tonne.

"All of the zones remain open down plunge to the west. Our next step will be to complete the pre-feasibility study and obtain an advanced underground exploration permit in 2007."

Lake Shore Gold acquired an interest in the Timmins West property in 2003 and the site is located at the west end of the Timmins Gold camp which is North America's second largest gold camp.

 

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