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Shanta Gold Limited is an exciting gold exploration and development company, engaged in advanced and greenfields exploration in highly prospective under-explored areas in Tanzania. Shanta boasts a strong board and an experienced mining and exploration management team, combined with influential Tanzanian shareholders and partners.
Shanta Gold: New Luika mine’s first gold on track for Q3June 21 2012, 7:30am
Shanta Gold (LON:SHG) remains on track for first gold pour by mid-Q3 at its New Luika gold mine in Tanzania and has successfully completed wet commissioning of the plant there.
The group has received the wet commissioning certificate providing third party confirmation, thus satisfying the final condition for the receipt of the remaining US$2.5 million of the US$15 million FBN Bank facility.
The on-site laboratory has been fully commissioned allowing for the quick turnaround of assay samples for grade and metallurgical controls.
Hot commissioning of the plant will commence imminently.
First treatment of ore is expected in the next few weeks followed by production of carbon in leach. Shanta is on schedule for first gold pour by mid-Q3.
The company is also looking at releasing an updated resource statement for New Luika next month.
Following the combined US$40 million equity and convertible loan note placings in April, Shanta has a strong cash position and enough funds to last to production and into cash flow.
As of the end of May, the company had a stockpile inventory of approximately 117,000 tonnes of gold bearing ore estimated to contain over 22,000 ounces of gold, valued at US$35 million at current prices.
Chairman Walton Imrie said: “The New Luika Gold Mine is on the verge of completion in all respects with first gold production on schedule for mid-Q3. The hot commissioning of the New Luika plant and commencement of gold production will mark a new chapter in Shanta Gold's history as we evolve from developer to producer.”