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Mangazeya Mining announces its production results for the third quarter and the nine months ended September 30, 2018
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October 31, 2018 - 1:00 pm
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MANGAZEYA MINING LTD ANNOUNCES ITS PRODUCTION RESULTS

TORONTO, ONTARIO, October 30, 2018 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) is pleased to announce its production results for the third quarter and the nine months ended September 30, 2018.

Highlights:

 

    Q3 2018 Q3 2017 Y-o-Y change 9m 2018 9m 2017 Y-o-Y change
Total rock moved, '000 m3   1 917 1 048 82,8% 4 835 3 709 30,3%
  Savkinskoye 1 391 1 048 32,7% 3 856 3 709 4,0%
  Kochkovskoye 526 - 100,0% 979 - 100,0%
Stripping, '000 m3   1 699 895 89,8% 4 398 3 311 32,8%
  Savkinskoye 1 269 895 41,7% 3 568 3 311 7,8%
  Kochkovskoye 431 - 100,0% 830 - 100,0%
Ore mined, kt   503 327 53,8% 1 001 847 18,1%
  Savkinskoye 259 327 -21,0% 609 847 -28,1%
  Kochkovskoye 245 - 100,0% 392 - 100,0%
Stripping ratio, m3/t   3,38 2,74 23,4% 4,40 3,91 12,5%
  Savkinskoye 4,91 2,74 79,3% 5,86 3,91 50,0%
  Kochkovskoye 1,76 - 100,0% 2,12 - 100,0%
Average grade in ore mined, g/t 1,54 1,34 15,0% 1,51 1,27 19,4%
  Savkinskoye 1,19 1,34 -10,6% 1,24 1,27 -1,9%
  Kochkovskoye 1,90 - 100,0% 1,93 - 100,0%
Gold in ore mined, kg   773 437 76,9% 1 515 1 075 40,9%
  Savkinskoye 309 437 -29,3% 758 1 075 -29,5%
  Kochkovskoye 464 - 100,0% 757 - 100,0%
Ore stacked, kt   456 331 37,6% 812 848 -4,3%
  Savkinskoye 299 331 -9,8% 596 848 -29,7%
  Kochkovskoye 157 - 100,0% 216 - 100,0%
Average grade in ore stacked, g/t 1,39 1,14 22,7% 1,37 1,17 17,1%
  Savkinskoye 1,14 1,14 0,0% 1,19 1,17 1,7%
  Kochkovskoye 1,87 - 100,0% 1,88 - 100,0%
Gold in ore stacked, kg   635 376 68,9% 1 113 993 12,1%
  Savkinskoye 342 376 -9,1% 707 993 -28,9%
  Kochkovskoye 293 - 100,0% 407 - 100,0%
Gold production, koz   12,18 10,49 16,1% 19,15 18,84 1,6%
  Savkinskoye 7,61 10,49 -27,5% 14,36 18,84 -23,8%
  Kochkovskoye 4,57 - 100,0% 4,79 - 100,0%
  including            
  ore gold 3,46 - 100,0% 3,67 - 100,0%
  placer gold 1,12 - 100,0% 1,12 - 100,0%
Gold sold, koz   8,39 11,41 -26,4% 12,01 17,60 -31,8%
  Savkinskoye 4,65 11,41 -59,2% 8,27 17,60 -53,0%
  Kochkovskoye 3,74 - 100,0% 3,74 - 100,0%
  including            
  ore gold 3,10 - 100,0% 3,10 - 100,0%
  placer gold 0,64 - 100,0% 0,64 - 100,0%

 

Kochkovskoye deposit

 

  • The volume of mining in 9 months 2018 was as follows: total ore mined was 392 kt, average grade in ore mined was 1.93 g/t, average stripping ratio was 2.12 m3/t, ore stacked was 216 kt, average grade in ore stacked was 1.88 g/t, gold production was 3.67 koz, gold sold was 3.10 koz.In 2018, the Company was performing the pre‐production development aiming at defining process indicators and adjusting process parameters for Kochkovskoye deposit.

 

    • The Company engages a contractor to produce placer gold. In 9 months 2018, placer gold production was 1.12 koz, placer gold sold was 0.64 koz.
  • In Q3 2018, mining at Kochkovskoye deposit continued. The volume of mining in Q3 2018 was as follows: total ore mined was 245 kt, average grade in ore mined was 1.90 g/t, average stripping ratio was 1.76 m3/t, ore stacked for heap leaching was 157 kt, average grade in ore stacked was 1.87 g/t, gold production was 3.46 koz, gold sold was 3.10 koz. The contractor produced 1.12 koz of placer gold, and placer gold sold was 0.64 koz.

 

 

Savkinskoye deposit

 

  • Gold production reduced by 23.8% in 9m 2018 YoY. The difference has been caused by the decrease in ore stacked for heap leaching YoY. Gold production in Q3 2018 reduced by 27.5% YoY.
  • Gold sales reduced by 53.0% in 9m 2018 YoY. The difference mainly resulted from the reduced production volume and the performance of contractual obligations under the gold loan agreement. In Q3 2018, gold sales reduced by 59.2% YoY.
  • Total ore mined in 9m 2018 reduced by 28.1% YoY. The difference resulted from the decrease in ore production at the bottom level of Yugo‐Zapadny pit due to high water inflow and the high degree of water content, as well as the organization of the additional measures for water removal on mining horizons. In Q3 2018, total ore mined reduced by 21.0% YoY.
  • In 9m 2018, the average stripping ratio increased by 50.0% YoY. The increase was caused by large volume of stripping in connection with the development of ore areas at Yugo‐Zapadny pit. In Q3 2018, the average stripping ratio increased by 79.3% YoY.
  • The average grade in ore mined in 9m 2018 was in line with 9m 2017. In Q3 2018, the average grade in ore mined reduced by 10.6% YoY.
  • In 9m 2018, total ore stacked for heap leaching reduced by 29.7% YoY, with the average gold ratio in ore stacked being in line with 9m 2017. The reduction of ore stacked for heap leaching mainly resulted from the reduction of ore mined. Ore stacked for heap leaching in Q3 2018 was by 9.8% lower as compared to Q3 2017, and the average gold ratio in ore stacked was in line with Q3 2017.

 

 

About Mangazeya Mining Ltd.

Mangazeya Mining Ltd. is a NEX‐listed mining and exploration company, focused on the development of mineral resources in the Russian Federation.

Contact:

Georgy Kandelaki Corporate Secretary Mangazeya Mining Ltd. g.kandelaki@mangazeya.ru

 

Caution Concerning Forward‐Looking Information

This news release contains forward looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively, "forward-looking statements") relating, but not limited to, the Company's expectations, intentions and beliefs, the Company's financial position, financial alternatives and the Company's ability to continue operations. Words such as "may", "will", "should", "anticipate", "plan", "expect", "believe", "estimate" and similar terminology are used to identify forward- looking statements. Such statements are based on assumptions, estimates, opinions and analysis made by

the management of the Company in light of their experience, current conditions and their expectations of future developments as well as other factors which they believe to be reasonable and relevant. Forward- looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Risks and uncertainties that may cause actual results to vary include but are not limited to: the Company's ability to obtain additional financing on acceptable terms or at all; the Company's ability to demonstrate compliance with NEX listing requirements; changes in equity and debt markets; inflation; uncertainties relating to the availability and costs of financing needed to complete exploration, development and production activities; failure to establish estimated mineral resources or mineral reserves (the Company's mineral resource and mineral reserve figures are estimates and no assurances can be given that the indicated levels of gold will be produced); exploration costs varying significantly from estimates; delays in the exploration and development of, and/or commercial production from, the properties in which the Company has an interest; unexpected geological or hydrological conditions; the speculative nature of mineral exploration and development, including the uncertainty of reserve and resource estimates; operational and technical difficulties, including the failure of major mining and/or milling equipment; the ability of the Company to service its existing debt facilities; fluctuations in gold and other commodity prices; the existence of undetected or unregistered interests or claims, whether in contract or in tort, over the property of the Company; success of future exploration and development initiatives; competition; operating performance of facilities; environmental and safety risks, including increased regulatory burdens, seismic activity, weather and other natural phenomena; inability to, or delays in, obtaining necessary permits and approvals from government authorities; risks relating to labour; and other exploration, development and operating risks; changes to and compliance with applicable laws and regulations, including environmental laws; political, economic and other risks arising from the Company's activities in Russia; fluctuations in foreign exchange rates; and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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