Lachlan Star Limited
TSX : LSA
ASX : LSA

Lachlan Star Limited

April 30, 2013 07:30 ET

Lachlan Star Provides Quarterly Report for the Period Ending 31 March 2013

PERTH, WESTERN AUSTRALIA--(Marketwired - April 30, 2013) -

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Gold miner, Lachlan Star Limited ("Lachlan" or the "Company") (TSX:LSA)(ASX:LSA) provides quarterly report for the period ending 31 March 2013.

Highlights from the quarter include:

CMD GOLD MINE (100%, CHILE)

  • Gross Operating Profit for the CMD Gold Mine of US$0.70 million for the month of March;

  • 10,892 ounces of gold produced in the quarter;

  • Record quarterly gold mined under Lachlan Star's ownership of 21,220 ounces;

  • Record quarterly gold stacked under Lachlan Star's ownership of 17,940 ounces;

  • Mining costs reduced to $8.10 per tonne of ore (including waste stripping), an improvement of 14% on the previous quarter;

  • Owner mining fleet costs US$2.01/t moved in month of March, delivering significant savings;

  • Total costs reduced to $18.35 per tonne of ore stacked, an improvement of 3% on the previous quarter and a record low under the Company's ownership;

  • Record ore mining rates achieved in quarter, including a high of 40,000 tonnes of ore mined in one day, a record for the CMD Gold Mine in 18 years of operation and resulting in a large ore stockpile build up;

  • Most production metrics have now shown continuous long-term improvement since Lachlan Star bought the CMD Gold Mine in late 2010;

  • Market capitalisation of the Company in gold now at 18,600 ounces, with 2.06 million ounces of Indicated mineral resources and a further 1.35 million ounces of Inferred mineral resources.

CORPORATE

  • C$10 million secured debt facility (Facility) entered into with Sprott Resource Lending Partnership ("Sprott"). The Facility has a 12-month term and is drawable in two x C$5 million Tranches.

The full report can be downloaded at the link below:

http://www.lachlanstar.com.au/images/130430_LSA_Quarterly_Report__March_13_Final.pdf

ABN: 88 000 759 535

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