Monday, January 30, 2012

SHG - Shanta Gold update

SHG.L (Shanta Gold).

Update on fundraising : SHG raises 25m USD since Dec 2011 without equity dilution on favourable terms. This funding will allow for operation through to production at the NLGM (New Luika gold Mine) in April 2012. The NLGM is on track for cold commissioning in Feb, hot commissioning in Mar, and production in Apr 2012 , with full production rates being achieved by end of 2012Q2.

Bauhinia Creek update: The creek orebody is the first of several satellite gold deposits  to be exploited at the NLGM in the Chunya district of Tanzania. It is anticipated that the new mining plan will show an increase in strike length and a final depth of 200m versus the current 100m, with an increase in both production ounces and grade. The revised plan is expected to be released at end Apr 2012.

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