Lake Shore Gold estimates lower cash operating costs, shares rise

Fri Apr 11, 2014 11:51am EDT
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April 11 (Reuters) - Shares of Lake Shore Gold Corp rose 6 percent on Friday after the Canadian miner said it expected cash operating costs in the first quarter to be lower than its full-year estimate.

The company said on April 3 that first-quarter production nearly doubled to 44,600 ounces.

Lake Shore late on Thursday estimated cash operating costs at $630 per ounce, compared to its full-year forecast of $675-$775 per ounce.

Toronto, Ontario-based Lake Shore operates the Timmins West and Bell Creek mines in Northern Ontario.

The company is scheduled to release first-quarter results on May 7.

Lake Shore's shares were up 4.76 percent at 88 Canadian cents in late morning trade on the Toronto Stock Exchange. (Reporting By Sneha Banerjee in Bangalore; Editing by Sriraj Kalluvila)