Record production for Lake Shore Gold

Lake Shore Gold (NYSE:LSG) has announced record production results for Q2 and the first half of 2013 in a statement released on Thursday.

The gold miner is showing production results of 30,800 ounces of gold – a 26% jump from Q2 2012 and 33% from Q1 2013. Gold sales totaled 27,600 ounces at an average price of $1,409 per ounce.

The first half of 2013 is also looking better than last year: Lake Shore reports 428,560 tonnes milled by June 2013 compared to 343,720 in 2012.

The miner expects to produce between 120,000 to 135,000 ounces of gold this year at cash operating costs between $800 to $875.

Tony Makuch, president and CEO of the firm, says operating costs will improve to around $700 in September though current operating costs were not detailed in Thursday"s announcement.

The company was looking cheery last week as well when it jumped 56% on the Toronto exchange after announcing that it is expecting "significant improvements" in its upcoming Q2 report.

Details on Lake Shore's operating and capital costs will be included in its Q2 report, scheduled for release on August 12.

The announcement comes in the midst of plummeting gold prices when many precious metals companies, including Lake Shore, are cutting costs with layoffs.

Creative Commons image by: George M. Groutas