REG - Shanta Gold Limited - Singida Project Update

Shanta GoldAnnouncement

13/02/2023 07:00

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RNS Number : 6489P  Shanta Gold Limited  13 February 2023

13 February 2023

 

Shanta Gold Limited

 

("Shanta Gold" or the "Company")

 

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://shantagold.com/investors/presentations/
(https://shantagold.com/investors/presentations/)

 

 

Eric Zurrin, Chief Executive Officer, commented:

 

"We are delighted with the great progress being made at Singida, with
construction on schedule for first production next month. 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 (31 Jan 2023):

 

·    Overall construction activity at the Project is 93% complete;

 

·    All essential equipment for operation of the gold mine is now
delivered to site;

 

·    The stockpile of crushed ore has now reached 32,300 tonnes equal to
over one month of supply, significantly de-risking the ramp-up period of
operations;

 

·    The Run of Mine stockpile at the Singida process plant is currently
127,000 tonnes at an average grade of 3.34 g/t containing 13,581 oz of gold
equal to approximately 4 months of processing;

 

·    The installation of Tailings Storage Facility ("TSF") HDPE liner for
partial deposition is on track for completion in March 2023;

 

·    Hot commissioning of the NCP-manufactured Milling circuit planned for
the second half of February 2023;

 

·    Hot commissioning of the COMO engineering elution and electrowinning
circuit underway
(https://www.comoeng.com.au/singida-gold-project-shipped-to-site/
(https://www.comoeng.com.au/singida-gold-project-shipped-to-site/) );

 

·    Hot commissioning of the full process plant is planned for March
2023; and

 

·    Shanta welcomed back George Kondela, new General Manager of Singida,
in January 2023 to lead the Singida Gold Mine. George is a Tanzanian national
with 24 years of mining experience having worked with Barrick, Randgold,
Mineral Deposits, Placer Dome and Pan Australian Resources. George is well
known to the Shanta team over the last 20 years and previously worked with
Shanta in 2019/20 before being recruited to Barrick. George is a trained
geologist and will also focus on reserve life expansion at Singida, where the
existing resource base is hugely underexplored and ripe for geological upside
across the existing various greenstone deposits.

 

Notes:

1.     Excluding 41 kt of gravels mined on surface.

 

 

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 / Lucas Bamber   +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 800 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 1.7 million ounces including 722 koz in the Indicated category
grading 11.45 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 1,051 million shares in
issue.

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