REG - Shanta Gold Limited - Singida Construction Update

Shanta GoldAnnouncement

31/08/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220831:nRSe6459Xa&default-theme=true

RNS Number : 6459X  Shanta Gold Limited  31 August 2022

31 August 2022

 

Shanta Gold Limited

 

("Shanta Gold" or the "Company")

 

Online Presentation re. Singida Project Update

 

Shanta Gold (AIM: SHG), the East Africa-focused gold producer, developer and
explorer, is pleased to provide investors with a positive update on the
construction progress at the Singida Gold Project ("Singida") in Central
Tanzania. Please find enclosed a link to the presentation outlining the full
details below:

 

https://www.shantagold.com/_resources/Singida%20Construction%20Update%20v2%2031_08_22.pdf
(https://www.shantagold.com/_resources/Singida%20Construction%20Update%20v2%2031_08_22.pdf)

 

Eric Zurrin, Chief Executive Officer, commented:

 

"We are delighted with the great progress being made at Singida, with
construction on schedule for first production in Q1 2023. The completion of
this mine will transform Shanta Gold into a +100,000 oz/pa producer with a
diversified resource base, de-risking the balance sheet and providing the
business with further financial flexibility."

 

 

Singida Project Update Highlights:

 

·    Singida remains on track for first production in early 2023 and will
transform Shanta Gold into a +100,000 oz/pa producer with a diversified
resource base;

 

·    Overall construction activity at the Project is approximately 70%
complete;

 

·    Metso-manufactured crushing circuit has been installed and cold
commissioning has been completed;

 

·    NCP-manufactured grinding circuit installation is ongoing and cold
commissioning is planned in December 2022;

 

·    Zone 1 of the Gold Tree Pit has been excavated to 15 meters. Total
depth by Year 4 is estimated to reach 150 meters. The Gold Tree deposit
contains 49% of all of the current mineral resources at Singida.

 

·    Installation of the CIL tanks is ongoing, with space accommodated for
two additional tanks should expansion be necessary in the future;

 

·    The installation of clay lining cushion layer and HDPE liner at the
Tailings Storage Facility ("TSF") is planned for Q4.

 

 

 

 

 

 

 

 

 

Figure 1: Shanta Gold's 5-year Consolidated Mine Plan

 

Footnotes

 

1.     Reserves based mine plan for New Luika Gold Mine and Singida

2.     2022 is based on annual production guidance announced in January
2022 and reiterated in July 2022

3.     The forecast period 2023-2026 is in line with the 5-year mine plan
announced on 19 July 2021, except for Singida production in 2023 which is
pro-rated 9/12 and NLGM 2026 production which is increased to reflect the
addition of reserves from Porcupine South mining licence received in 2022

 

 

Enquiries:

 

 Shanta Gold Limited
 Eric Zurrin (CEO)                               +44 (0) 14 8173 2153
 Luke Leslie (CFO)

 Nominated Adviser and Joint Broker
 Liberum Capital Limited
 Scott Mathieson / Ed Thomas / Nikhil Varghese   +44 (0) 20 3100 2000

 Joint Broker
 Tamesis Partners LLP
 Charlie Bendon / Richard Greenfield             +44 (0) 20 3882 2868

 Public Relations
 FTI Consulting
 Sara Powell / Nick Hennis                      +44 (0) 20 3727 1426

 

 

 

About Shanta Gold

 

Shanta Gold is an East Africa-focused responsible gold producer, developer,
and explorer. The company has an established operational track record, with
defined ore resources on the New Luika and Singida projects in Tanzania, with
reserves of 645 koz grading 3.0 g/t, and exploration licences covering
approximately 1,100 km2 in the country. Alongside New Luika and Singida,
Shanta also owns the high-grade West Kenya Project in Kenya and licences with
resources of 1.6 million ounces including 378 koz in the Indicated category
grading 11.70 g/t. With a strong balance sheet, a growing diversified
portfolio and a maiden dividend paid in 2021, Shanta offers a resilient
investment opportunity for the near and long-term. Shanta is quoted on
London's AIM market (AIM: SHG) and has approximately 1,048 million shares in
issue.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDBUGDIRDXDGDG