Solid first quarter enables LGL to lift full year production target

Group Overview

• Quarterly production in line with guidance at 230,000 ozs.
• Aggregate cash costs of $118 million, down 5% on prior quarter, and unit total cash costs of $515/oz in line with plan.
• Lihir Island expansion continues on schedule and within budget.
• Good progress on Bonikro expansion feasibility study.
• Graeme Hunt appointed Managing Director and CEO on 1 April 2010.
• Newcrest takeover proposal rejected April 1.
• Strategic alternatives are being considered.

Outlook

• Solid first quarter performance has enabled group production guidance for the year to be lifted to a range of 1.0 - 1.1 million ounces.
• Guidance is maintained for total cash costs for 2010 which are expected to be below $450/oz.

The First Quarter 2010 Production Report is now available on the LGL website at www.LGLgold.com
 

A conference call for media will commence at 11.00am AEDT (Syd / Melb time). For dial in details please contact josie.brophy@lglgold.com.

If you wish to receive a PDF version of the production report send an email to josie.brophy@lglgold.com  

Enquiries:
Josie Brophy
Corporate Communications Manager
Email: josie.brophy@LGLgold.com
Tel: +61 7 3318 3317