21 April 2021 | 09:24am
StockMarketWire.com - East Africa focused miner Shanta Gold reported lower first-quarter earnings and production, but stuck to its annual output guidance.
Earnings before interest, tax, depreciation and amortisation for the three months through March fell to $7.6 million, down from $15.6 million in the fourth quarter of 2020.
Gold output for the three months through March fell to 14,641 ounces, down from 20,622, while silver production fell to 17,360 ounces, from 26,544 ounces.
Shanta realized a higher average gold price of $1,801 an ounce, up from $1,376 in the 2020 fourth quarter.
Annual guidance of about 80,000 ounces was reiterated for 2021.
At 9:24am: [LON:SHG] Shanta Gold Ltd share price was 0p at 15.75p
19 April 2021 | 09:08am
StockMarketWire.com - Mining group Shanta Gold said it had upped the resource estimate at its New Luika mine in Tanzania by 23% following drilling conducted in February and March.
The total JORC resources estimate at the Luika deposit had risen to 425,341 ounces, with an overall resource grade increases by 14% to 3.47 grams per tonne.
Indicated resources at the Luika underground deposit had risen by 76,461 ounces, grading 7.97 grams per ton. These additional ounces are considered to be at a suitable level of confidence to be incorporated into the mine plan and an update will be provided in due course, Shanta said.