Lachlan Star Limited
TSX : LSA
ASX : LSA

Lachlan Star Limited

July 29, 2014 07:30 ET

Lachlan Star Files Quarterly Report for the Period Ending 30 June 2014

PERTH, WESTERN AUSTRALIA--(Marketwired - July 29, 2014) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES

Gold miner, Lachlan Star Limited ("Lachlan Star" or the "Company") (TSX:LSA)(ASX:LSA) is pleased to provide the following quarterly report for the period ending 30 June 2014.

HIGHLIGHTS:

OPERATIONAL PERFORMANCE

  • Zero Lost Time Accidents (LTA) during the quarter.
  • Zero environmental incidents.
  • Stable mining performance with total cost of tonnes stacked of US$15.58/tonne of ore and C1 cash cost of US$778 per ounce of gold produced, the C1 cash cost being consistent with performance levels of the previous two quarters and representing a 32% reduction on the prior year corresponding period.
  • Positive operating cash flow before changes in non-cash working capital of A$1.06 million for the quarter and a total of A$12.64 million for the year ended 30 June 2014.

CORPORATE

  • The remaining CDN$3.75 million Credit Facility with Sprott Resource lending Partnership "("Sprott") was renegotiated and the debt facility was converted into a twenty eight month gold loan, effective 30 June 2014.
  • Subsequent to period end Anglo American Exploration (Australia) Pty Ltd ("Anglo American") gave notice to the Company that it had satisfied the minimum earn-in requirements in accordance with the Bushranger Exploration Farm-in and Joint Venture Agreement and exercised its right to form a Joint Venture with the Company.

To view the full announcement please click the link below: http://www.lachlanstar.com.au/images/LSA_Quarterly_Report__2Q14_Final_290714.docx

ABN: 88 000 759 535

Contact Information