TORONTO, ONTARIO--(Marketwire - Jan. 4, 2012) - Lake Shore Gold Corp. (TSX:LSG)(NYSE Amex:LSG) ("Lake Shore Gold" or the "Company") today announced that a technical report, entitled "Fenn-Gib Resource Estimate Technical Report, Timmins Canada," has been filed on SEDAR at www.sedar.com.
The report includes the previously announced initial National Instrument ("NI") 43-101 resource for the wholly owned Fenn-Gib open-pit project. The new resource estimate includes a total of 40.8 million tonnes grading 0.99 grams per tonne ("gpt") for a total of 1.30 million contained gold ("Au") ounces in the Indicated category and 24.5 million tonnes at 0.95 gpt for a total of 0.75 million ounces Au in the Inferred category.
The Fenn-Gib Technical Report has been prepared by SGS Canada Inc. - Geostat under the direct supervision of Guy Desharnais Ph.D., P.Geo and Michel Dagbert, Eng. Both Dr. Desharnais and Mr. Dagbert are independent of Lake Shore Gold and are considered Qualified Persons according to the definitions of NI 43-101.
About Lake Shore Gold
Lake Shore Gold is a rapidly growing mining company with a vision to become a mid-tier gold producer through the successful exploration, development and operation of its properties in the Abitibi Greenstone belt in Northern Ontario and Quebec, starting with its strong base in Timmins, Ontario. In Timmins, the Company is in commercial production at the Timmins Mine, has intersected underground, and is developing along, mineralization at the adjacent Thunder Creek deposit and is advancing an underground advanced exploration program at its Bell Creek Mine. Mine production is delivered to the Company's wholly owned mill (located on the Bell Creek Property east of Timmins) which has been refurbished and expanded to a current capacity of 2,000 tonnes per day. The Company continues to invest aggressively in exploration in the Timmins Camp and in its other properties in Northern Ontario and Quebec. The Company's common shares trade on the TSX and NYSE Amex under the symbol LSG.
Certain statements in this press release relating to the Company's expected production levels, production growth, exploration activities, potential for increasing resources, project expenditures and business plans are "forward-looking statements" or "forward-looking information" within the meaning of certain securities laws, including under the provisions of Canadian provincial securities laws and under the United States Private Securities Litigation Reform Act of 1995 and are referred to herein as "forward-looking statements." The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward-looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as mechanical failure, unavailability of parts, labour disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties will be consistent with models and will not be less than identified mineral reserves. The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, delays in development or mining and fluctuations in the price of gold or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. More information about risks and uncertainties affecting the Company and its business is available in the Company's most recent Annual Information Form and other regulatory filings with the Canadian Securities Administrators, which are posted on sedar at www.sedar.com, or the Company's most recent Annual Report on Form 40-F and other regulatory filings with the Securities and Exchange Commission.