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Mangazeya Mining Ltd. announces its production results for the third quarter and nine months ended September 30, 2020
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Mangazeya Mining Ltd. announces its production results for the third quarter and nine months ended September 30, 2020

 

Publish date: 30.11.2020
 

TORONTO, ONTARIO, November 30, 2020 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) is pleased to announce its production results for the third quarter and nine months ended September 30, 2020.

  Q3 2020 Q3 2019 Y-o-Y change 9M 2020 9M 2019 Y-o-Y change
Total rock moved, ‘000 m3 911 902 1,0% 2 421 2 134 13,4%
Savkinskoye 208 -100,0% 506 -100,0%
Kochkovskoye 191 694 -72,5% 1 278 1 628 -21,5%
Nasedkino 720 1 143
Stripping, ‘000 m3 771 698 10,5% 2 009 1 699 18,3%
Savkinskoye 175 -100,0% 442 -100,0%
Kochkovskoye 168 522 -67,8% 1 028 1 257 -18,2%
Nasedkino 603 981
Ore mined, kt 379 494 -23,2% 1 041 1 032 0,9%
Savkinskoye 76 -100,0% 141 -100,0%
Kochkovskoye 52 418 -87,6% 591 891 -33,7%
Nasedkino 327 450
Stripping ratio, m3/t 2,03 1,41 43,9% 1,93 1,65 17,2%
Savkinskoye 2,31 -100,0% 3,14 -100,0%
Kochkovskoye 3,23 1,25 158,5% 1,74 1,41 23,2%
Nasedkino 1,84 2,18
Gold in ore mined, kg 467 987 -52,7% 1 431 2 125 -32,7%
Savkinskoye 210 -100,0% 290 -100,0%
Kochkovskoye 67 777 -91,4% 873 1 835 -52,4%
Nasedkino 400 558
Average grade in ore mined, g/t 1,23 2,00 -38,4% 1,38 2,06 -33,2%
Savkinskoye 2,77 -100,0% 2,06 -100,0%
Kochkovskoye 1,28 1,86 -31,1% 1,48 2,06 -28,3%
Nasedkino 1,22 1,24
Ore processing, kt 561 393 42,8% 1 014 805 26,0%
Savkinskoye 10 111 -91,0% 59 362 -83,7%
Kochkovskoye 370 282 31,1% 774 443 74,6%
Nasedkino 181 181
Gold in ore processed, kg 814 766 6,2% 1 491 1 433 4,0%
Savkinskoye 5 188 -97,2% 61 461 -86,8%
Kochkovskoye 516 578 -10,7% 1138 972 17,1%
Nasedkino 292 292
Average grade in ore processed, g/t 1,45 1,95 -25,6% 1,47 1,78 -17,4%
Savkinskoye 0,53 1,69 -68,6% 1,03 1,27 -18,9%
Kochkovskoye 1,39 2,05 -32,2% 1,47 2,19 -32,9%
Nasedkino 1,61 1,61
Gold production, ounces 20,08 17,64 13,8% 34,23 26,73 28,1%
Savkinskoye 1,74 4,38 -60,3% 4,78 8,66 -44,8%
Kochkovskoye 12,08 13,27 -9,2% 23,19 18,06 28,4%
including            
Gold from hard-rock deposit 11,43 12,12 -5,7% 22,28 15,90 40,1%
Gold from placers 0,65 1,15 -43,0% 0,91 2,16 28,4%
Nasedkino 6,26 6,26
Refining gold, ounces 17,68 19,52 -9,4% 29,66 26,32 12,7%
Savkinskoye 0,70 5,23 -86,6% 3,85 8,66 -55,6%
Kochkovskoye 12,63 14,29 -11,6% 21,46 17,65 21,6%
including            
Gold from hard-rock deposit 11,97 12,83 -6,6% 20,70 15,87 30,4%
Gold from placers 0,66 1,46 -54,8% 0,76 1,78 -57,2%
Nasedkino 4,35 4,35
Gold sold, ounces 17,48 16,36 6,9% 31,00 22,39 38,5%
Savkinskoye 0,73 4,19 -82,6% 5,44 6,85 -20,6%
Kochkovskoye 12,70 12,17 4,3% 21,51 15,53 38,5%
including            
Gold from hard-rock deposit 12,04 10,71 12,4% 20,75 13,76 50,8%
Gold from placers 0,66 1,46 -54,8% 0,76 1,78 -57,2%
Nasedkino 4,05 4,05

General analysis

 

  • In 3Q of 2020 production and sales of gold started at Nasedkino deposit.
  • In 9M 2020, the total stripping ratio for all deposits (1.9 m3/t) increased by 17% YoY. In 3Q of 2020, the stripping ratio was 2.0 m3/t or by 44% higher than in 3Q 2019. The ratio increase is attributed to development of remaining volume of oxide ore at Kochkovskoye deposit.
  • In 9M 2020, the gold in ore mined reduced by 33% YoY to the amount of 1.4 t due to the reduced gold grade in ore mined (1.4 g/t and 2.1 g/t in 9M 2020 and 9M 2019, respectively) mainly at Kochkovskoye deposit. The gold in ore mined in 3Q 2020 was 467 kg which is 53% less that in 3Q 2019 due to reduction in mined ore by 23% and decrease of gold in ore mined from 2.0 g/t in 3Q 2019 to 1.2 g/t in 3Q 2020.
  • Gold production in 9M 2020 amounted to 34.2k ounces, which represents a 28% increase YoY. In 3Q 2020, 20.0k ounces of gold were produced, 14% more than in 3Q 2019.
  • Gold sales increased consequently by 39%, or from 22.4k ounces in 9M 2019 to 31.0k ounces in 9M 2020. In 3Q 2020, 17.5k ounces of gold were sold, 7% more than in 3Q 2019.

Savkinskoye deposit

 

  • In 9M 2020, no mining or stripping works were performed due to deposit development finalization and production of gold from earlier mined ore.
  • The volume of ore stacked in 9M 2020 decreased by 91% YoY due to lack of mining activities.
  • In 9M 2020, the volume of production reduced by 45% YoY. In Q3 2020, the reduction was 60% YoY. The change was caused by the completion of the deposit development.
  • The gold sold in 9M 2020 decreased by 21% YoY. In Q3, the gold sold decreased by 81% YoY. The decrease is in line with the production decrease.

Kochkovskoye deposit

 

  • The volume of mining in 9M 2020 was as 591k tons, which is by 34% lower than in 9M 2019. In 3Q 2020 the reduction was 88%, as the volume of oxide ore available at ore storage facilities was sufficient. The gold in ore mined in 9M and 3Q 2020 reduced by 52% and 91% due to lower volume of mining as well as lower grade in ore mined (decreased by 28% and 31% for 9M and 3Q respectively).
  • In 9M 2020, ore stacked was 774k tons, or by 75% more YoY. The volume of ore stacked increased due to the improved processing flow and the start of ore stacking in March 2020, while in 2019, ore stacking started in May, after completion of construction of crushing-and-screening unit. In 3Q 2020, 370k tons of ore were stacked, by 31% more than in 3Q 2019.
  • Gold produced increased by 28% from 18.0k ounces in 9M 2019 to 23.2k ounces in 9M 2020 due to increased volume of ore stacked. In 3Q 2020, 12.1k ounces of gold were produced, in 3Q 2019 – 13.2k ounces.
  • Gold sales were 21.5k ounces in 9M 2020, 39% higher than in 9M 2019. In 3Q 2020 and 3Q 2019, gold sales were 12.7k ounces and 12.2k ounces respectively.
  • Most of gold produced and sold is hard-rock gold.

Nasedkino deposit

 

  • The volume of mining in 3Q and 9M 2020 was 327 and 450k tons respectively.
  • The average gold grade in ore mined is 1.2 g/t.
  • 292 k tons of ore were processed in 9M and Q3 of 2020. The gold grade in processed ore is 1.6 g/t.
  • In 3Q and 9M 2020 6.2 k ounces of gold were produced and 4.0 k ounces of gold were sold.

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

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