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Shanta Gold to kick off pilot-scale gold production at Singida project in 2017

Shanta GoldLtd. plans to start pilot-scale production in the first quarter of2017 on the Gold Tree 1 prospect, part of its Singida gold project in northern central Tanzania.

The production will build up to a milling rate of 10 tonnesper hour for gold production of about 800 ounces per month, the company saidJuly 15.

The development capital of about US$4 million will be fundedfrom the company cash flow.

The company will also review and update the existingenvironmental and social impact assessment.

Shanta is also starting work on a feasibility study on thebroader resource and will carry out further exploration in the project area.The company will undertake 5,000 meters of reverse circulation drilling fromsurface to about 100 meters to start in the second half.