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MANGAZEYA MINING LTD ANNOUNCES ITS PRODUCTION RESULTS
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relic
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May 5, 2016 - 4:13 pm
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TORONTO, ONTARIO, April 29, 2016 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) is pleased to announce its production results for the first quarter ended March 31, 2016.

Highlights:

 

  • In Q1 2016 the Company continued irrigation of leach pads stacked in 2015.
  • Gold sales in 1Q 2016 amounted to 1.1 koz and gold production was 1.9 koz.
  • Ore stacked totaled 8.1 thousand tones (+294.2% y-o-y) accompanied with a decrease in average grade stacked to 0.92 g/t (vs. 1.40 g/t in Q1 2015).
  • In Q1 2016 stripping ratio was 5.57 m3/t compared to 4.79 m3/t in Q1 2015.
  Q1 2016 Q1 2015 Y-o-Y change
Total rock moved, ‘000 m3 1,076 1,001 7.5%
Stripping, ‘000 m3 994 913 8.9%
Ore mined, kt 179 191 -6.3%
Stripping ratio, m3/t 5.57 4.79 16.2%
Average grade in ore mined, g/t 1.12 1.27 -12.0%
Gold in ore mined, kg 199 242 -17.6%
Ore stacked, kt 8.1 2.1 294.2%
Average grade in ore stacked, g/t 0.92 1.40 -34.6%
Gold in ore stacked, kg 7.46 2.89 158.0%
Gold production, koz 1.85
Gold sold, koz 1.127

Mining and production volumes increased in Q1 2016 as compared to Q1 2015. Stripping ratio and grade were broadly in line with the mining schedule, however the volume of ore mined was affected by temporary flooding of a particular pit area.

On March 17, 2016 the Company won the auction and on April 1, 2016 obtained the exploration and mining license for the flanks of the Nasedkino deposit. The new license covers the territory adjacent to the Nasedkino deposit and is valid till 2036.

Roman Kashuba, CEO of Mangazeya, stated: “First quarter 2016 was in line with our expectations. The Company started production early in 2016 as a result of thorough preparation made in 2015 and managed to produce additional ounces from ore stacked in 2015. It is a good start of the year and we are looking forward to stable mining operations at Savkinskoe and further progress with our Nasedkino project.”

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:
Roman Kashuba
Chief Executive Officer
Mangazeya Mining Ltd.
r.kashuba@mangazeya.ru

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