AMN - TANZANIA: Decline starts at New Luika gold mine

Shanta Gold, the East Africa-focused gold producer, developer and explorer, reports that its New Luika gold mine has received all requisite approvals for its underground project and decline development has started.

The underground project is fully resourced in terms of employees and equipment while current production, operating and capital costs remain on target.

Shanta Gold CEO Toby Bradbury says: "The start of the underground development is a major milestone for New Luika as it provides ongoing long term access to high grade resources in the Bauhinia Creek and Luika deposits for at least the next five years. We are particularly grateful for the constructive and timely assistance of the Tanzanian authorities in the processing of the company’s permits."

Shanta currently has defined ore resources on the New Luika and Singida projects in Tanzania and holds exploration licences over a number of additional properties in the country. Shanta’s flagship New Luika gold mine started production in 2012 and produced 81,873 oz in 2015.

www.shantagold.com

News courtesy of International Mining