- Shanta Gold said the Ilunga underground decline development at its New Luika gold mine in Tanzania had commenced three months ahead of schedule, with first ore expected in mid-2019.

Singida phase two exploration, meanwhile, was expected to begin in September with detailed project economics to be announced in the fourth quarter.

'With operations performing well at New Luika, and following the cost cutting initiatives implemented since September 2017, we expect the balance sheet to continue deleveraging,' chief executive Eric Zurrin said.

'We will shortly have three active sources of high-grade ore following the commencement of underground development at Ilunga.'

'With mining flexibility providing operational stability, Shanta is renewing its focus on exploration.'

'Over the next two years Shanta is targeting high priority exploration targets on its mining licences which include down dip extensions at Shanta's high-grade Bauhinia Creek and Ilunga deposits.'

At 9:58am: [LON:SHG] Shanta Gold Ltd share price was 0p at 5.3p

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