LAKE SHORE GOLD REPORTS FULL-YEAR AND FOURTH QUARTER 2015 FINANCIAL AND

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Overig advies 24/02/2016 13:52
TORONTO, ONTARIO -- (Marketwired – February 24, 2016) – Lake Shore Gold Corp. (TSX:LSG) (NYSE MKT:LSG) ("Lake Shore Gold" or the “Company") today announced financial and operating results for the full year and fourth quarter of 2015 (“Q4/15”). Full details of the results are provided in
the Company’s Consolidated Financial Statements and Management’s Discussion & Key highlights of the 2015 results include:
 Gold sales of 183,300 ounces, 42,000 ounces in Q4/15
 Gold poured of 179,600 ounces, 42,800 ounces in Q4/15
 Gold produced of 178,700 ounces, 42,500 ounces in Q4/15
 Cash operating costs(1) of US$576 (based on total production costs(2)
of $135.2 million) (US$605 in Q4/15 based on production costs of $34.0 million)
 All-in sustaining costs(3) of US$866 (US$935 in Q4/15)
 Record revenue of $271.4 million ($61.7 million in Q4/15)
 Record cash earnings from mine operations(4) of $136.6 million ($27.9 million in Q4/15)
 Net earnings of $8.7 million or $0.02 per common share (net loss of $4.5 million or $0.01 per common share in Q4/15)
 Cash flows from operating activities of $98.6 million ($17.0 million in Q4/15)
 Cash and bullion(5) at December 31, 2015 of $99.4 million ($99.9 million at February 23, 2016).
Since the end of 2015, the Company has announced a number of significant corporate developments, which are summarized below.
 The release of initial drill results at the Whitney Project that extend mineralization in the shallow, high-grade 110 Vein at the historic Hallnor Mine, and intersected mineralization in the north volcanics area 430 metres west of the 110 Vein and north of previous mining.
 The release of an initial resource estimate at the 144 Gap Deposit, including 1,734,000 tonnes at an average grade of 5.41 grams per tonne (“gpt”) for 301,700 ounces in the Indicated category and 1,914,000 tonnes at an average grade of 5.19 gpt for 319,200 ounces in the Inferred category. New drill results from the 144 Gap Deposit (since the resource cutoff date of December 31, 2015) were also released which confirm and expand known mineralization.
 The announcement by the Company and Tahoe Resources Inc. (“Tahoe Resources” or
“Tahoe”) of a definitive agreement through which Tahoe will acquire all of the issued and outstanding common shares of Lake Shore Gold with each Lake Shore Gold share being exchanged for 0.1467 of a Tahoe common share (TSE:THO, closing price of $12.75 per share on February 23, 2016). See Business Combination with Tahoe Resources section for more information.

Tony Makuch, President and CEO of Lake Shore Gold, commented: “Our performance over the last year highlights the progress that we have achieved and the quality of the business that we have built. I want to thank all the people of Lake Shore Gold for their efforts, which collectively have positioned our company as a leading junior producer in the gold mining industry.
“As encouraged as we are about what has been accomplished, we are even more enthused about the growth and opportunity that lies ahead. Through our agreement with Tahoe Resources, Lake Shore Gold will become part of a larger, stronger company that produces approximately 400,000 ounces of gold and 20 million ounces of silver per year, has a strong balance sheet with over US$150 million of cash and generates substantial free cash flow from its mines. The new Tahoe will have the financial strength and flexibility to more rapidly advance our growth projects around Timmins, such as the 144 Trend, Gold River, Bell Creek Deep, Whitney and also our Fenn-Gib and Juby projects. On our own, realizing the full potential of our growth assets would take a number of years and likely require us to raise substantial amounts of equity and/or debt.
“For our shareholders, the transaction provides three very important benefits:
1. Unlocks value for shareholders immediately with a premium offer that is significantly higher than the conversion price of our convertible debenture;
2. An opportunity for additional value creation through continued leverage to the growth and success of our Timmins assets, as well as to Tahoe’s mining operations in Guatemala and Peru; and, 3. Access to an attractive dividend with Tahoe shareholders receiving US$0.02 per share per month or US$0.24 per share per year.
“The combination of Lake Shore Gold and Tahoe delivers value to our shareholders today and provides attractive upside for further value creation going forward.”
Business Combination with Tahoe Resources
On February 8, 2016, the Company and Tahoe Resources entered into a definitive agreement for an arrangement (the “Arrangement”) whereby Tahoe will acquire all of the issued and outstanding shares of Lake Shore Gold (the “Transaction”). Under the terms of the Arrangement, all of the Lake Shore Gold issued and outstanding common shares will be exchanged on the basis of 0.1467 of a Tahoe common share per each Lake Shore Gold common share. Upon completion of the Transaction, existing Tahoe and Lake Shore Gold shareholders will own approximately 74% and 26% of the pro forma company, respectively, on a fully-diluted in-the-money basis.
The Transaction will require a change of control offer for Lake Shore Gold’s outstanding debentures in accordance with their trust indenture dated September 7, 2012. As part of the Arrangement, the Company has agreed not to purchase any of its outstanding securities and, accordingly, has suspended its Normal Course Issuer Bid for the debentures.
The Transaction is subject to shareholder approval on March 31, 2016 for both the Company and Tahoe and, subject to shareholder approval, is expected to close early in the second quarter of 2016.
The Arrangement includes customary provisions including non-solicitation provisions, a right to match any superior proposal and a $37.8 million termination fee payable to Tahoe under certain circumstances and $20.0 million termination fee payable to Lake Shore Gold under certain circumstances.

see and read more on
Website: www.lsgold.com



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