Scott Yelland appointed as Chief Operating Officer
In September Shanta announced a change of strategy which included a cost reduction programme targeting US$5.0 million of annual savings.
Eric Zurrin appointed as Chief Executive Officer and Director of Shanta in August.
Equity raise of US$14.0 million concurrent with a debt restructuring to simplify the Company’s balance sheet, reduce the cost of capital, and ensure a platform to deliver long term returns.
First commerical underground ore produced from the New Luika Gold Mine in May 2017.
Revised Mine Plan announced for the New Luika Gold Mine, with a 39% increase in forecast mine gold production from 2017-2023 from 359,000 ounces to 500,000 ounces. Planned average Cash Cost and All In Sustaining Cost of US$577 per ounce and US$736 per ounce, with an average production of 85,200 ounce per annum to the end of 2020.
Defined reserves at Ilunga of 660,500 tonnes at a grade of 5.6 grames per tonne for 118,000 ounce contained.
Maiden Resource at Nkuluwisi; total resources of 3,973,000 tonnes at 1.1 grames per tonne for a total of 140,894 ounces of gold.
Completion of Convertible Loan Note Restructuring
Equity raise of US$10.5 million, providing Shanta with a significant degree of financial flexibility as it reaches peak capital expenditure. New Luika Gold Mine, Exploration and Resource Update for Illunga and Black Tree Hill.
High grade intercepts at Singida as Shanta launches renewed exploration efforts at its development project in Tanzania.
Ilunga Exploration Update; drilling programme of 20 drill holes in total, which intersected visually distinctive mineralised zones.
Base Case Mine Plan provided an updated reserves statement for the New Luika Gold Mine to produce 462,000 ounces from January 2016 – 2022. Plan to transition from an exclusively surface mining operation to a predominantly underground operation.
Toby Bradbury replaced Mike Houston as CEO in April 2015.
Successful exploration programme - significant potential for further resource discoveries across the Lupa Goldfield.
Reserve/Resource upgrade - provides the base for an extension to the life of mine. Luika & Bauhinia Creek remain open at depth.
New loan facilities signed along with reduction in debt repayment schedule and standby loan facility in place.
Crushing circuit commissioned. Elution electro-winning plant installed at the New Luika Gold Mine.
Declaration of maiden Probable Reserve of 479,000 ounces at the New Luika Gold Mine.
Strengthened balance sheet through successful debt restructuring.
Consolidation of 100% interest in Shield Resources exploration licences and termination of the Exploration Agreement with Great Basin Gold.
First full year of gold production.
Equity capital raising of US$35 million.
First gold pour at the flagship New Luika Gold Mine (August).
Commissioning of the New Luika processing plant.
JORC compliant resource upgrade by 52% to 1.48 million ounces (1.0 grammes per tonne cut-off), at New Luika.
Convertible loan note financing of US$25 million concurrent US$15 million equity placement.
Construction commencement at New Luika Gold Mine.
Joint venture with Great Basin Gold covering Lupa Goldfields exploration ground.
Equity capital raising of £15 million.
Chunya (New Luika) feasibility study completed; decision to mine
Singida Definitive Engineering Study completed.
Maiden resource declared of 500,000 ounces gold (Chunya).
Equity capital raising of US$22 million.
Shanta Gold Limited (SGL) and its wholly owned Shanta Gold Holdings Limited (SGHL) incorporated and registered in Guernsey; acquired all the shares of Shanta Mining Company Limited and listed on the London Stock Exchange (AIM board) with symbol 'SHG'.
Equity capital raising of £4.3 million.
SMCL completed acquisition of a substantial number of exploration licences.
Shanta Mining Company Limited (SMCL) founded by local businessmen as a private gold exploration company in Tanzania.
British colonial and German gold mining in the Lupa Goldfield in Tanzania.