Shanta Gold announce Q3,2023 production and operational results
Shanta Gold has achieved stable and reliable production volumes during the third quarter, with a total gold production of 27,935 ounces across its two operating mines. This performance is in line with expectations and provides confidence in meeting the stated guidance of up to 98,000 ounces for the year.
According to the firm, the Singida Gold Mine is performing strongly, exceeding internal Q3 forecasts by producing 9,664 ounces during the quarter. The mine has maintained production levels above 3,000 ounces per month, and operating costs and All-In Sustaining Costs (AISC) were better than budgeted.
Exploration activities
Shanta Gold is actively involved in exploration activities at both the West Kenya Project and its operations in Tanzania. In West Kenya, infill drilling of 8,387 meters was conducted, with plans for an additional 10,000 meters in Q4. At the New Luika Gold Mine, a Phase 1 drilling program is ongoing, and in Singida, the company initiated drilling in the western deeper extension of the Jem pitshell.
The company maintained its outstanding safety record, with no Lost Time Incidents (LTIs) and a Total Recordable Injury Frequency Rate (TRIFR) of 0.00, reflecting a strong commitment to safety. Shanta Gold ended the quarter with a strong balance sheet, with net debt reduced to US$4.9 million, down from US$8.7 million in the second quarter. This reduction in net debt puts the company in an optimal position to pursue further growth initiatives.
