Shanta Gold Limited Total Annualised Cost Reductions Fully Executed (0764U)
10 July 2018 - 4:00PM
UK Regulatory
TIDMSHG
RNS Number : 0764U
Shanta Gold Limited
10 July 2018
10 July 2018
Shanta Gold Limited
("Shanta Gold" or the "Company")
Total Annualised Cost Reductions of US$7.2 million Now Fully
Executed
Shanta Gold (AIM: SHG), the East Africa-focused gold producer,
developer and explorer, is pleased to announce that the Company's
plan to reduce its costs by US$7 million on an annualised basis,
compared to those prior to commencing its core initiatives
announced in September 2017, has been achieved, three months ahead
of schedule.
Since announcing its target to reduce annualised costs by a
further US$2 million in January 2018, the Company has achieved an
additional US$2.1 million of recurring cost reductions, taking the
total annualised cost reductions achieved to US$7.2 million. These
2018 cost reductions are the result of renegotiated contracts with
suppliers and the elimination of non-essential G&A spend. The
full benefit of the 2018 cost reductions will be realised from Q3
2018. Importantly, the underground operation has been ringfenced
during this exercise to ensure that underground production
continues as planned.
Eric Zurrin, Chief Executive Officer, commented:
"These further cost reductions cement Shanta's position as one
of the lowest cost producing gold mining companies in Africa and
form part of our overriding strategy of maximizing value for our
shareholders."
Enquiries:
Shanta Gold Limited
Eric Zurrin (CEO) +255 (0) 22 292 5148
Luke Leslie (CFO)
Nominated Adviser and Broker
Numis Securities Limited
Paul Gillam / John Prior / James
Black + 44 (0) 20 7260 0000
Financial Public Relations
Tavistock
Charles Vivian / Barnaby Hayward +44 (0) 20 7920 3150
About Shanta Gold Limited
Shanta Gold is an East Africa-focused gold producer. It
currently has defined ore resources on the New Luika and Singida
projects in Tanzania and holds exploration licenses covering
approximately 1,500km(2) in the country. Shanta's flagship New
Luika Gold Mine commenced production in 2012 and produced 79,585
ounces in 2017. The Company has been admitted to trading on
London's AIM and has approximately 779 million shares in issue. For
further information please visit: www.shantagold.com.
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END
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