Here is Q2 NR - 6,300 oz gold production in Q2`16
MANGAZEYA MINING LTD ANNOUNCES ITS PRODUCTION RESULTS
HIGHLIGHTS:
- Gold sales during 1H 2016 was 6.6 koz, an increase of 99.9% compared to the previous year, and gold production was 8.1 koz, a 43.9% increase y-o-y.
Gold sales during 2Q 2016 was 5.5 koz, a 65.8% increase compared to the previous year, and gold production for 2Q 2016 was 6.3 koz, a 11.1% increase y-o-y. - In 1H 2016, total ore mined was 453 kt (-5.3% y-o-y) with the average grade 1.01 g/t (-25.7% y-o-y). In Q2 2016, total ore mined was 274 kt (-4.6% y-o-y) with the average grade 0.94 g/t (-33.8% y-o-y).
- The average stripping ratio in 1H 2016 increased by 23.7% compared to the previous year.
- In 1H 2016, total ore stacked was 537 kt (+14.4% y-o-y) with the average grade 1.32 g/t (-0.6% y-o-y). In Q2 2016, total ore stacked was 528 kt (+13.2% y-o-y) with the average grade 1.33 (the same level as in Q2 2015).
Q2 2016 | Q2 2015 | Y-o-Y change | H1 2016 | H1 2015 | Y-o-Y change | |
---|---|---|---|---|---|---|
Total rock moved, ‘000 m3 | 1,209 | 992 | 21.9% | 2,285 | 1,993 | 14.7% |
Stripping, ‘000 m3 | 1,082 | 859 | 26.0% | 2,076 | 1,772 | 17.2% |
Ore mined, kt | 274 | 288 | -4.6% | 453 | 478 | -5.3% |
Stripping ratio, m3/t | 3.9 | 3.0 | 32.1% | 4.6 | 3.7 | 23.7% |
Average grade in ore mined, g/t | 0.94 | 1.41 | -33.8% | 1.01 | 1.36 | -25.7% |
Gold in ore mined, kg | 257 | 406 | -36.8% | 456 | 648 | -29.6% |
Ore stacked, kt | 528 | 467 | 13.2% | 537 | 469 | 14.4% |
Average grade in ore stacked, g/t | 1.33 | 1.33 | 0% | 1.32 | 1.33 | -0.6% |
Gold in ore stacked, kg | 701 | 620 | 13.1% | 709 | 623 | 13.8% |
Gold production, koz | 6.3 | 5.6 | 11.1% | 8.1 | 5.6 | 43.9% |
Gold sold, koz | 5.5 | 3.3 | 65.8% | 6.6 | 3.3 | 99.9% |
In the beginning of 2016 the Company has to exploit a new area of the second priority with lower grade due to temporary flooding of a particular pit area. As a result, the stripping ratio increased and average grade decreased.
Roman Kashuba, CEO of Mangazeya, stated: “We are in line with our annual production plan. The Company is on a stable production phase and we are looking forward another strong production year.”
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.
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