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Singida Mine Remains on Track for First Gold Pour in March 2023

SINGIDA GOLD PROJECT CONSTRUCTION

East Africa-focused gold producer, developer, and explorer Shanta Gold (AIM: SHG), recently released its production and operational results for the quarter and year ended 31 December 2022 for its East African assets, including the New Luika Gold Mine and the Singida Project in Tanzania.

In the update, Eric Zurrin, Chief Executive Officer, commented: “We enjoyed a strong end to the year at all of our assets across the portfolio, with several positive signs pointing to what we hope will be an exciting 2023 for the company. An encouraging operational end to the year at New Luika saw record annual throughput and full-year production of 65,209 ounces, an 18% increase vs last year’s production figures.”

The update also indicates that the Singida Project is 90% complete as of the end of December 2022, on budget, and on track for the first production of gold in March 2023.

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Hot commissioning of the process plant is planned for March 2023 following the installation of the COMO engineering elution and electrowinning circuit.

Singida Gold Project

The Singida gold mine is located in the Ikungi region of Central Tanzania. Shanta Mining Company Limited holds 100% of the mining licenses. The current Life of Mine extends to the end of 2029, based on existing reserves.

Mining operations commenced in September 2021, with ore currently being stockpiled, until it can be processed through the Carbon in Leach plant, which is currently being constructed.

Tanzania Gold

Tanzania’s gold reserves are estimated at about 45 million ounces and Tanzania’s gold production in Tanzania stands at around 50t per year.

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Shanta Gold’s New Luika Gold Mine is currently the 4th largest mine in the country with gold production of about 80,000 ounces per year although it was only 55,280 ounces in 2021.

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