Lihir Gold Limited

Lihir Gold Limited

April 30, 2008 07:00 ET

LGL's (Lihir Gold Ltd) First Quarter 2008 Production Report

Quarterly report for the three months ended March 31, 2008

PORT MORESBY, PAPUA NEW GUINEA--(Marketwire - April 30, 2008) - Lihir Gold Ltd (TSX:LGG)(NASDAQ:LIHR)(ASX:LGL) ("LGL") is pleased to announce the release of its quarterly production results for the period ended March 31, 2008. The First Quarter Production Report and management presentation are available on the Company's website and will be available on SEDAR shortly at

Highlights of the quarterly production result include:

Group Overview

- Gold production for the quarter was 139,000 oz. The scheduled shutdown of the process plant at Lihir for maintenance purposes reduced production time during the quarter by 20%.

- Cash gold price received for the quarter increased to $928/oz, compared to $794/oz in the preceding December quarter.

- Total cash costs increased to $462/oz for the quarter, which were higher than the expected average for the year due mainly to the impact of the plant maintenance shutdown.

- Million Ounce Plant Upgrade project commenced.

- Proposed merger with Equigold NL to provide significant diversification benefits and exciting growth potential.

Operational Summary

Lihir Island

- Material movements of 13.5 million tonnes in the quarter.

- Autoclave throughput of 961,000 tonnes.

- Autoclave feed gold grade of 5.38 g/tonne.

- Encouraging assay results from exploration drilling.

Ballarat Goldfields

- Development of 930 metres for the quarter.

- Surface and ventilation infrastructure construction well advanced.

- On track for commercial production at year end.


- Previous guidance for 2008 production maintained.

- Production in 2008 expected to be in excess of 850,000 oz, including 700-770 kozs from Lihir Island, 40-50 kozs from Ballarat, 60-70 kozs from Bonikro and 50 kozs from Mt Rawdon, assuming completion of the proposed Equigold merger.

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