Thursday, 23rd November 2006 (2218 views)

Lake Shore Gold Corporation has reported a 78 per cent increase to its estimated resources of gold.

It fully owns the Timmins West Property whose new total is 1.29 million ounces of gold uncut in comparison to the 2004 estimate of 724,000 ounces of gold.

The new resource indicates approximately 12.29 grams of gold per tonne and the significant increase is apparently due to the continuity and consistency of footwall zones between 800 to 1,200 metre levels

Timmins West has now had its resource expansion drill programme completed and so Lake Shore will begin to seek an advanced underground expansion permit in 2007 ready for pre-feasibility studies to take place.

Brian Booth, chief executive officer and president of Lake Shore, said: "Timmins West continues to deliver consistent grades and continuity.

"These new ounces were added at a cost of just $12 per ounce (£6.20) and the new indicated resource estimate averages 12.29 grams of gold per tonne."

The next step is to continue exploring the main zone below the 650 metre level and the vein zones below the 400 metre level to further expand the resources.

 

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