A A A
Avatar
Log In

Please consider registering
Guest

— Forum Scope —




— Match —





— Forum Options —





Min search length: 3 characters / Max search length: 84 characters

Register Lost password?
sp_TopicIcon
MANGAZEYA MINING LTD ANNOUNCES ITS PRODUCTION RESULTS
RSS
Topic Rating: 0 (0 votes) 
Avatar
relic
281 Posts
(Offline)
1
December 2, 2019 - 12:01 pm
0

NEWS RELEASE

 

MANGAZEYA MINING LTD ANNOUNCES ITS PRODUCTION RESULTS

TORONTO, ONTARIO, November 29, 2019 – 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, 2019.

 

Operating results   Q3 2019 Q3 2018 Y-o-Y change 9m 2019 9m 2018 Y-o-Y change
Total rock moved, '000 m3 902 1,917 -52.9% 2,134 4,835 -55.9%
  Savkinskoye 208 1,391 -85.0% 506 3,856 -86.9%
  Kochkovskoye 694 526 32.0% 1,628 979 66.3%
Stripping, '000 m3   698 1,699 -59.0% 1,699 4,398 -61.4%
  Savkinskoye 175 1,269 -86.2% 442 3,568 -87.6%
  Kochkovskoye 522 431 21.3% 1,257 830 51.5%
Ore mined, kt   494 503 -1.9% 1,032 1,001 3.1%
  Savkinskoye 76 259 -70.7% 141 609 -76.9%
  Kochkovskoye 418 245 70.8% 891 392 127.5%
Stripping ratio, m3/t   1.41 3.38 -58.2% 1.65 4.40 -62.5%
  Savkinskoye 2.31 4.91 -52.9% 3.14 5.86 -46.5%
  Kochkovskoye 1.25 1.76 -29.0% 1.41 2.12 -33.4%
Average grade in ore mined, g/t 2.00 1.54 30.1% 2.06 1.51 36.0%
  Savkinskoye 2.77 1.19 131.8% 2.06 1.24 65.6%
  Kochkovskoye 1.86 1.90 -2.0% 2.06 1.93 6.5%
Gold in ore mined, kg   987 773 27.7% 2,125 1,515 40.2%
  Savkinskoye 210 309 -32.0% 290 758 -61.7%
  Kochkovskoye 777 464 67.4% 1,835 757 142.3%
Ore stacked, kt   393 456 -13.8% 805 812 -0.9%
  Savkinskoye 111 299 -62.9% 362 596 -39.4%
  Kochkovskoye 282 157 79.7% 443 216 105.4%
Average grade in ore stacked, g/t 1.95 1.39 39.8% 1.78 1.37 29.8%
  Savkinskoye 1.69 1.14 48.2% 1.27 1.19 6.7%
  Kochkovskoye 2.05 1.87 9.6% 2.19 1.88 16.5%
Gold in ore stacked, kg   766 635 20.5% 1,433 1,113 28.7%
  Savkinskoye 188 342 -45.2% 461 707 -34.8%
  Kochkovskoye 578 293 97.1% 972 407 139.0%
Gold production, ounces   17.64 12.18 44.9% 26.73 19.15 39.6%
  Savkinskoye 4.38 7.61 -42.5% 8.66 14.36 -39.7%
  Kochkovskoye 13.27 4.57 190.1% 18.06 4.79 277.3%
  including            
Gold from hard-rock deposit 12.12 3.46 250.7% 15.90 3.67 333.1%
  Gold from placers 1.15 1.12 2.7% 2.16 1.12 93.9%
Refining gold, ounces   19.52 12.18 60.3% 26.32 19.15 37.4%
  Savkinskoye 5.23 7.61 -31.2% 8.66 14.36 -39.7%
  Kochkovskoye 14.29 5 212.5% 17.65 4.79 268.7%
  including            
Gold from hard-rock deposit 12.83 3 271.1% 15.87 3.67 332.4%
  Gold from placers 1.46 1.12 31.0% 1.78 1.12 59.2%
Gold sold, ounces   16.36 8.39 95.0% 22.39 12.01 86.4%
  Savkinskoye 4.19 4.65 -9.9% 6.85 8.27 -17.2%
  Kochkovskoye 12.17 4 225.4% 15.53 4 315.4%
  including            
Gold from hard-rock deposit 10.71 3 245.9% 13.76 3 344.4%
  Gold from placers 1.46 1 127.0% 1.78 1 175.9%

General analysis

 

  • In 9m 2019, total stripping ratio at Sakinskoye and Kochkovskoye deposits reduced to 1.65 m3/t as compared to 4.40 m3/t YoY. The stripping ratio reduction in 2019 was caused by the final development of Khlebny pit (Savkinskoye deposit) and active mining at Kochkovskoye deposit.

  • In 9m 2019, the gold in ore mined increased by 40.2% YoY, or from 1, 515 kg to 2,125 kg YoY, due to the increased gold grade in ore mined (2.06 g/t and 1.51 g/t in 2019 and 2018, respectively) at Kochkovskoye deposit. The gold in ore mined was 987 kg in Q3 2019 and 773 kg in Q3 2018.

  • Gold production increased from 19.15k ounces in 9m 2018 to 26.73k ounces in 9m 2019 due to the commencement of active mining at Kochkovskoye deposit. In Q3 2019, 17.64k ounces were produced, in Q3 2018 – 12.18k ounces.

  • Production of refined gold increased from 19.15k ounces in 9m 2018 to 26.32k ounces in 9m 2019. In Q3 2019, 19.52k ounces were refined, and in Q3 2018 - 12.18k ounces. The value is higher than gold produced as gold produced is taken into account on the date of shipment to refinery, and gold refined is taken into account as finished goods on the date of shipment from the refinery. A number of batches of gold were delivered to the refinery at the end of Q2 and were produced as finished goods in Q3.

  • Gold sales increased by 86.4%, or from 12.01k ounces in 9m 2018 to 22.39k ounces in 9m 2019, which has been caused by the start of sales of gold produced at Kochkovskoye deposit. In Q3 2019, 16k ounces were sold as compared to 8k ounces in Q3 2018.

     

    Kochkovskoye deposit

     

  • The volume of mining in 9m 2019 was as follows: total ore mined was 891k tons, gold in ore mined was 1,835 kg, average gold grade in ore mined was 2.06 g/t, as compared to 392k tons, 757 kg and 1.93 g/t, respectively, in 9m 2018. The volume of mining increased due to the earlier start of mining in 2019 as compared to 2018 (in 2019 – in February, in 2018 – in April) and more active operations in Q3 2019. In Q3 2019, the volume of ore mined was 418k tons, gold in ore mined - 777 kg, average gold grade – 1.86 g/t. In Q3 2018, 245k tons, 464 kg and 1.9 g/t, respectively.

  • In 9m 2019, ore stacked was 443k tons, or by 105.4% more YoY (216k tons in 9m 2018). The volume of ore stacked increased due to the improved processing flow and the start of ore stacking in 2019 one month earlier than in 2018.

    In Q3 2019, the volume of ore stacked was by 79.9% more YoY.

  • In 9m 2019, average gold grade in ore stacked increased by 16.5% YoY (from 1.88 g/t to 2.19 g/t) due to higher-grade ore production and processing. In Q3 2019, gold grade in ore stacked increased by 9.6% YoY due to production of higher-grade ore.

  • Gold produced increased from 4.79k ounces in 9m 2018 to 18.06k ounces in 9m 2019 as, in winter period, gold was produced from ore stacked in 2018.

    In Q3 2019, 13.27k ounces of gold were produced, in Q3 2018 – 4.57k ounces.

  • In 9m 2019, gold sales was 15.53k ounces, and in 9m 2018 – 3.74k ounces. In H1 2018, no gold from Kochkovskoye deposit was sold.

     

    Savkinskoye deposit

     

  • In 9m 2019, gold production reduced by 39.7% YoY due to the decrease in ore stacked from 596k tons in 2018 to 362k tons in 2019, and completion of deposit final development.

    In Q3 2019, gold production reduced by 42.5% YoY.

  • In 9m 2019, gold sales reduced by 17.2% YoY. The difference mainly resulted from the decrease in production volume. In Q3, gold sales reduced by 9.9% YoY.

  • Total ore mined in 9m 2019 reduced by 76.9% YoY. The reduction was caused by the scheduled mining suspension at Khlebny site in Q2 2019.

    In Q3 2019, ore mined was 76k tons as compared to 259k tons in Q3 2018.

  • In 9m 2019, the average stripping ratio reduced by 46.5% YoY. The reduction was caused by the final development of lower horizons of Khlebny site.

  • Average gold grade in ore produced in 9m 2019 increased by 6.7% YoY due to production of higher-grade ore in Q3 2019.

  • In 9m 2019, ore stacked reduced by 39.4% YoY due to the reduction in ore production in 2019.

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:

Anton Grigoryev Corporate Secretary Mangazeya Mining Ltd.

a.grigoryev@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 (including any possible defaults and consequences thereof for the Company). 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.

Forum Timezone: America/Denver
All RSS Show Stats

Administrators:
admin

Moderators:
relic

Top Posters:

Carib: 418

terrancekeenan: 62

Rugofa: 2

Newest Members:

Davidloomb

Amazon

dimahodckin

yariksvatov

DouglasFisee

JaudDazsr

Forum Stats:

Groups: 1

Forums: 1

Topics: 74

Posts: 87

 

Member Stats:

Guest Posters: 20

Members: 159

Moderators: 1

Admins: 1

Most Users Ever Online: 128

Currently Online:
1 Guest(s)

Currently Browsing this Page:
1 Guest(s)