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Mandalay Resources Corporation Announces Production and Sales Results for the First Quarter of 2016
TORONTO, April 12, 2016 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) announced today its production and sales results for the first quarter of 2016. In the first quarter of 2016, Mandalay produced 39,965 saleable ounces of gold equivalent ("Au Eq. oz") and sold 40,808 Au Eq. oz.
Mark Sander, President and Chief Executive Officer of Mandalay, commented, "Costerfield continued its excellent performance in the first quarter, producing a record 12,433 oz saleable Au and 1,000 tonnes ("t") saleable antimony ("Sb"), tied for a record. We expect strong performance to continue through the rest of the year as the mine continues to operate at its maximum effective processing rate."
Mr. Sander continued, "Björkdal produced 12,185 oz saleable Au, the second best quarter since being acquired by Mandalay in September, 2014, and the third consecutive quarter of increasing quarterly production. Our technical improvement program continues to gain momentum. The quarter was the first one in which selective underground grade control for on-vein development was practiced in all headings for an entire three month period. In addition, initial stopes designed on the basis of grade control sampling were extracted during the quarter.
"Approximately 60,000 t of stockpile material was crushed and screened in preparation for the optical ore sorting test planned for the second quarter. Approximately 20,000 t of the fine fraction (<20 millimetre) material was fed to the plant in the quarter. Finally, pilot tests of flotation equipment designed to float both coarse gold particles and ultrafine gold particles were completed, with final reporting of recoveries anticipated in the second quarter. We expect Björkdal's quarterly gold production rate to continue to rise as mining and metallurgical improvements are implemented."
Mr. Sander concluded, "Cerro Bayo production during the quarter was 4,336 oz Au and 515,216 oz silver ("Ag"), impacted by the transition to, and ramp up of mining in, the new Delia SE and Coyita mines. During the quarter, we completed mining as planned in the Dagny and Fabiola mines. We continued developing the new Delia SE mine, where we expect stoping to be initiated in the second quarter. At the new Coyita mine, we obtained final permits for commercial mining and initiated on-vein development during the quarter. We are planning to mobilize a contract development crew during the second quarter in order to increase the rate of capital and operating development that will support a return to 1,400 t/day output of reserve-grade material from the mines."
The Company maintains its full year production guidance range of 165,000 to 180,000 oz Au Eq.
www.metalbulletin.com
www.metalbulletin.com
Mark Sander
President and Chief Executive Officer
Greg DiTomaso
Director of Investor Relations
Contact:
647.260.1566
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia, Sweden and producing and exploration projects in Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia, the Americas and Europe to generate near-term cash flow and shareholder value.
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