40 Page 38 Contd on pg 40 Lake Shor e Gold cuts 2014 cash operating cost per ounce by 22 By Gregory Reynolds A strong focus on costs by Lake Shore improvements in 2014 the year 2014 is estimated at approxi mately US595 including US28 per ounce for royalties which beats the company s tar get range for the year represents a 22 improvement from 2013 Lake Shore Gold commented Our cost performance in 2014 was very strong with cash operating costs all in sustaining costs and total produc tion costs beating our tar gets by a sig work on constantly and during 2014 ber of productivity improvement ini tiatives introduced over the last cou ple of years ate very competitive unit costs with cash operating costs averaging under low our fullyear tar get range During our balance sheet with cash and bul same time that we repaid 45 million of debt million of cash and bullion and our senior secured debt which will be ful ly repaid by the end of May is only 7 million W e have had seven straight quarters results W e are moving forward ag gressively to expand resources at our longlife T immins assets and to ad vance our very exciting 144 discov ery he said Lake Shore Gold s operations in clude three multimillion ounce gold complexes located in the centuryold Ontario ed 18 km west of Downtown T immins and hosts the T immins W e st Mine including the T immins and Thunder River T r end project and 144 explora tion tar get On the east side of T immins the Bell milling facility as well as the Bell number of projects and exploration tar g ets including V ogel Marlhill W etmore and others The company s third gold complex is the FennGib project located ap FennGib is an advancedstage ex ploration project which hosts a lar ge near surface potential openpitable resource and excellent potential for further growth On Jan 15 Lake Shore Gold an nounced preliminary cash operating for these measures will be available in March 2015 when the company issues results timated at US875 per ounce bet ter than the company s guidance of between US950 and US1050 per ounce and an improvement of 23 from 2013 T o tal production costs in 2014 are estimated at approximately 120 mil lion versus guidance of 128 million dollars unless otherwise indicated mates include cash operating costs of ounce of US915 Both cost measures remained well below the company s tar g et ranges for the fullyear 2014 In addition total production costs for 28 million ed near the junction of Highways 101