Shanta Gold has produced 19,581oz of gold in Q4 2013, which represents an increase of 3.64% compared with 18,894oz in Q3.

The year’s production results for Q1 and Q2 reached 11,140oz and 14,439oz, respectively.

The total production for 2013 was 64,054oz of gold, which is just above the production guidance of 63,000oz.

Shanta Gold said that throughput at the processing plant had increased and stabilised at the target of 1,275t per day, giving an output of 6,500oz per month.

"A key focus remains extending the life of mine at New Luika."

Shanta Gold CEO Mike Houston said he was pleased with the level and consistency of production at New Luika and confident that it has the potential for further increases in the year ahead.

"A key focus remains extending the life of mine at New Luika and, following the drilling programme completed in Q4 of 2013, we look forward to providing the market with further details alongside a resource update later this month," Houston said.

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By GlobalData

Later this month, the company is planning to release a detailed Q4 production report and operational update, as well as its production guidance for 2014.

Shanta Gold is an East Africa-focused gold production and exploration firm, with defined ore resources on the New Luika and Singida projects in Tanzania. The company’s New Luika gold mine started production in 2012.

Shanta Gold holds exploration licences over a number of additional properties.