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TORONTO,
ONTARIO--(Marketwire - Nov. 11, 2010) - Lake Shore Gold Corp. (TSX:LSG)
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-- New drilling confirms 400 metre extension to Main Zone down plunge from current bottom of resource modeling at 260 Level, Zone remains open to depth -- Intercepts include 6.74 gpt over 17.90m, 5.09 gpt over 13.84m, 3.43 gpt over 21.60m from holes collared on 260 level, 9.84 gpt over 5.00m, 5.25 gpt over 4.50m and 5.45 gpt over 4.10m in drilling from 610 Level. -- Drilling above and near west edge of current mining block near 610 Level suggests continuation of high grades towards 525 Level -- Intercepts include 15.84 gpt over 6.00m, 11.74 gpt over 15.0m, 10.06 gpt over 9.20m -- Drilling below 650 Level continues to confirm additional potential for Ultramafic and Footwall zones near the lower limit for the current mine resource model -- 650-129 intersected 6.40 gpt over 14.40m and 650-140 intersected 7.15 gpt over 16.0m between 20 and 40 metres below the 650 Level, confirm results from previous Hole 650-079, which intersected 7.52 gpt over 20.30m -- High-grade intercepts from final phase of infill drilling between 650 Level and 610 Level in advance of mining include 11.84 gpt over 11.70m, 29.13 gpt over 7.50m, 17.50 gpt over 19.70m, 11.33 gpt over 15.80m.
Lake Shore Gold Corp.
("Lake Shore Gold" or the "Company") today
announced results from an additional 52 holes (6,663 metres) of
drilling from the 260, 610 and 650 levels of the Timmins Mine. Of the
drilling, 29 holes (4,263 metres) were from the 260 and 610 levels.
Intersections near the 260 Level, which is near the lower limit for
active mining on the Main Zone and is below the current lower limit for
past resource modeling, covered a 100 metre strike length, while
drilling on 610 Level confirmed a potential 400 metre down plunge
extension of the Main Zone below the 260 Level with the zone remaining
open at depth. The results also include the final 23 holes (2,427
metres) of definition drilling for the Ultramafic Zone between the 610
and 650 levels and returned high-grade intercepts in a number of areas,
including above and near the west edge of the current mining blocks
near the 610 Level.
Tony Makuch, President and CEO of Lake Shore Gold, commented:
"Today's results are very exciting as they provide a very positive
indication that the high grades within the first mining blocks are
continuing upwards to the 525 Level and downwards from the 650 Level.
They also confirm our belief in the potential to add new resources with
extensions of known mineralization and new discoveries on the Timmins
Mine Property."
Significant results from the current drilling include intersections in
the down plunge projection of the Main Zone between the 260 Level and
the 610 Level. Significant intersections include 6.74 gpt over 17.90m
in 260-001, 5.09 gpt over 13.84m in 260-013, 3.43 gpt over 21.60m in
260-008, which were collared on the 260 Level of the surface ramp, as
well as 9.84 gpt over 5.00m in 610-001, 5.25 gpt over 4.50m in 610-004
and 5.45 gpt over 4.10m in 610-008, which were collared on the 610
Level.
The new results from the Main zone are significant as they are below
the current limit for resource modeling and in the down plunge
extension of active mining to the 240 Level where the grade and width
of the Main Zone has been steadily increasing with depth. The new
intersections near the 260 Level cover a strike length of approximately
100 metres long and up to 60 metres below the 260 Level and contain
grades and widths of similar tenor to holes drilled through mining
blocks between the 210 and 240 levels. The new intersections from the
610 Level are located approximately 400 metres down plunge of the 260
Level and 90 metres down plunge of past surface holes TG06-58b, which
intersected 4.89 gpt over 15.90m, including 26.56 gpt over 1.40m, and
TG06-112, which intersected 3.08 gpt over 19.35m, including 42.35 gpt
over 1.0m. As with holes intersecting the zone near the 260 Level, the
mineralization in holes near the 610 Level appears to be closely associated
with a series of quartz veins containing local tourmaline and increased
pyrite.
Additional significant intersections from the drilling towards the
Ultramafic Zone include 11.84 gpt over 11.70m in 650-132, 29.13 gpt
over 7.50m in 650-133, 17.50 gpt over 19.70m in 650-146 and 11.33 gpt
over 15.80m in 650-149, which represent the final phase of definition
drilling for the Ultramafic Zone between 650 and 610 levels in advance
of mining. 650-147 intersected 15.84 gpt over 6.00m, 650-148
intersected 11.74 gpt over 15.0m and 650-150 intersected 10.06 gpt over
9.20m in an area of limited testing located above and near the west
edge of the current mining blocks near the 610 Level. In addition,
650-129 intersected 6.40 gpt over 14.40m and 650-140 intersected 7.15
gpt over 16.10m between 20 and 40 metres below the 650 Level near the
lower limit for the current mine resource model.
Drilling is continuing at the Timmins Mine with three drills including
one drill on the 610 Level, one drill on the 525 Level and one drill on
the 260 Level. Three underground drills are also operational at Thunder
Creek with one on the 650 Level and two near the 300 Level.
Quality Control
The Company's Qualified Person ("QP") for the underground
drill program at the Timmins Mine property is Dean Crick, P.Geo. and the QP for resource estimation at Timmins Mine
is Bob Kusins, P.Geo. As QPs, they have prepared or supervised the
preparation of the scientific or technical information for the property
and have verified the data disclosed in this press release. Both QPs
are employees of Lake Shore Gold.
Lake Shore Gold has implemented a quality-control program to ensure
best practice in the sampling and analysis of the drill core. Samples
are obtained from BQTK-sized diamond drill core, with roughly 25% of
sampled core being sawn in half and the remaining 75% being whole core
sampled. All remaining core materials, including the remaining half of
sawn core is retained on site in a secure
location. Drill core samples are stored for sample preparation and gold
analysis performed by ALS Chemex. ALS Chemex is an ISO 9001-200
registered laboratory, preparing for ISO 17025
certification. Drill core samples are transported in
security-sealed bags to ALS Chemex's Timmins Sample Preparation
Facility. Sample preparation is completed in Timmins, and the prepared
sample pulps are then transported to ALS Chemex's analytical laboratory
in Vancouver, BC. Gold grades are obtained on all samples via Fire
Assay with Atomic Absorption finish, using 50g aliquots. For samples
that return a gold content greater than 10 gpt, the sample is
re-analyzed via Fire Assay with Gravimetric finish, again using a 50g
aliquot.
Additional information regarding exploration and resources at Timmins
Mine is set out in the technical report entitled, "Updated NI
43-101 Technical Report on the Timmins Mine Property, Ontario,
Canada," dated October 1, 2009, filed on SEDAR on October 6, 2009
(www.sedar.com).
About Lake Shore Gold Corp.
Lake Shore Gold is a rapidly growing mining company with a vision is 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 currently carrying out
pre-production development at the Timmins Mine, where it is using both
a shaft and ramp to mine the Timmins deposit, and has intersected
mineralization underground at the adjacent Thunder Creek deposit, which
is being developed using the same infrastructure and as part of the
Timmins Mine project. Progress is also being made with an underground
advanced exploration program at its Bell Creek Mine, located on the east
side of the City of Timmins, which is moving forward to become the
Company's second mining operation in the Timmins Gold Camp. The
Company's wholly owned mill (located on the Bell Creek property) has
been refurbished and is currently operating at 2,000 tonnes per day.
The Company continues to invest aggressively in exploration primarily
in the Timmins Gold Camp and in its other properties in Northern
Ontario and Quebec, and owns a large land position in Mexico. The
Company's common shares trade on the TSX under the symbol LSG.
Forward-looking Statements
Certain statements in this press release relating to the Company's
exploration activities, potential for increasing resources, project
expenditures and business plans are "forward-looking
statements" within the meaning of securities legislation. 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 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,
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 Lake Shore Gold's most recent Annual Information Form and other
regulatory filings which are posted on sedar at www.sedar.com.
There is no guarantee that drill results reported in this news release
will lead to the identification of a deposit that can be mined
economically, and further work is required to identify resources and
reserves.
650 Level Ultramafic Zone ---------------------------------------------------------------------------- Hole From To Assay Length Comments ---------------------------------------------------------------------------- Number (m) (m) (gpt) (m) ---------------------------------------------------------------------------- 650-129 45.20 47.40 3.19 2.20 69.80 84.20 6.40 14.40 incl 72.40 76.50 11.66 4.10 incl 82.60 84.20 12.36 1.60 85.70 90.00 4.07 4.30 148.10 149.60 8.30 1.50 650-131 2.90 7.90 4.58 5.00 UM1 45.40 49.30 5.26 3.90 FW 650-132 3.30 13.40 4.41 10.10 UM1 29.70 41.40 11.84 11.70 Upper Fw 650-133 1.00 8.50 29.13 7.50 UM1 31.30 35.40 14.58 4.10 Upper FW 650-134 13.20 16.70 11.40 3.50 40.90 48.20 2.90 7.30 650-135 4.40 9.60 4.63 5.20 13.50 15.60 3.89 2.10 47.10 49.00 7.05 1.90 650-136 11.20 14.90 10.41 3.70 37.20 40.40 3.39 3.20 650-137 0.90 4.00 7.70 3.10 51.60 52.20 16.45 0.60 72.90 79.00 4.58 6.10 including 72.90 75.00 9.23 2.10 83.60 89.70 5.44 6.10 650-138 32.00 34.90 4.47 2.90 650-139 4.00 5.80 8.39 1.80 650-140 46.00 62.10 7.51 16.10 Including 58.70 62.10 20.06 3.40 650-141 0.00 5.20 5.25 5.20 650-142 65.40 80.00 3.41 14.60 including 71.50 78.00 5.27 6.50 650-146 31.30 51.00 17.50 19.70 including 38.00 50.00 22.96 12.00 including 46.60 47.20 129.00 0.60 58.50 60.00 9.68 1.50 650-147 41.00 47.00 15.84 6.00 UM1 54.70 61.00 2.53 6.30 650-148 46.00 61.00 11.74 15.00 UM1 including 47.00 52.30 20.13 5.30 including 57.80 60.20 18.57 2.40 650-149 32.00 47.80 11.33 15.80 UM1 including 38.30 39.60 32.50 1.30 650-150 41.00 50.20 10.06 9.20 UM1 including 43.60 45.20 34.02 1.60 650-152 48.10 60.70 3.85 12.60 UM1 including 48.10 53.20 5.57 5.10 ---------------------------------------------------------------------------- Main Zone (260 Level, 610 Level) ---------------------------------------------------------------------------- Hole From To Assay Length Comments ---------------------------------------------------------------------------- Number (m) (m) (gpt) (m) ---------------------------------------------------------------------------- 260-001 84.10 102.00 6.70 17.90 including 97.50 102.00 11.44 4.50 260-003 108.80 110.70 25.00 1.90 including 109.40 109.70 108.68 0.30 117.00 118.00 7.29 1.00 126.20 129.80 5.04 3.60 260-005 131.60 137.10 3.08 5.50 260-006 101.00 106.50 1.96 5.50 107.90 112.00 3.57 4.10 260-007 75.10 77.50 4.96 2.40 123.90 126.40 7.90 2.50 including 125.10 125.40 60.13 0.30 137.40 138.20 11.17 0.80 260-008 89.40 92.40 5.70 3.00 105.00 126.60 3.43 21.60 260-009 115.30 120.00 6.72 4.70 260-010 95.60 96.40 10.15 0.80 260-011 117.20 118.20 5.31 1.00 136.40 143.10 3.78 6.70 including 136.40 137.40 15.53 1.00 260-012 100.80 105.40 3.50 4.60 260-013 105.18 119.02 5.09 13.84 including 105.18 105.85 37.63 0.67 610-001 55.40 58.40 3.30 3.00 62.40 67.40 9.84 5.00 including 65.10 65.40 118.50 0.30 610-004 49.90 54.40 5.25 4.50 610-006 123.20 125.70 1.44 2.50 610-008 50.4 54.5 5.45 4.10 including 50.4 51.4 15.4 1.00 ---------------------------------------------------------------------------- Notes: (1) 260-002 incomplete, 650-143, 650-144 and 650-145 never drilled, 650-151 assays pending, 610-002, 610-003, 610-005, 610-007, 610- 009 and 610-010 low grade results, 650-130 and 650-153a low grade results (2) True widths are not reported at this time (3) Assays reported are uncut
To view Figure 1 - Level Plan: http://media3.marketwire.com/docs/lsg1111fig1.pdf.
To view Figure 2 - Long Section: http://media3.marketwire.com/docs/lsg1111fig2.pdf.
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