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Shanta Gold lowers cost guidance for New Luika gold mine, maintains output guidance

Shanta GoldLtd. lowered the all-in sustaining cash guidance for its gold mine inTanzania to US$730 per ounce to US$780 per ounce, from US$750 per ounce toUS$800 per ounce.

The company, however, maintained its annual productionguidance for this year of 82,000 ounces to 87,000 ounces.

According to the July 19 statement, the base case mine planproduces gold at an average all-in sustaining cost of US$695 per ounce with anaverage production for the next five years untill 2020 of 84,000 ounces.

Shanta's gold production in the second quarter totaled23,896 ounces, down from 24,341 ounces in the first quarter.

On a quarterly basis, cash costs dropped to US$429 perounce, from US$445 per ounce, and all-in sustaining costs increased to US$664per ounce, from US$600 per ounce.

Shanta recently secured all necessary approvals to develop undergroundoperations at the New Luika mine.