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Mandalay Resources Corporation Announces Production and Sales Results for the Fourth Quarter and Full Year of 2015
TORONTO, Jan. 13, 2016 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) announced today its production and sales results for the fourth quarter and full year of 2015.
Brad Mills, Chief Executive Officer of Mandalay, commented, "We are pleased that, in the fourth quarter of 2015, Mandalay produced 43,393 saleable ounces of gold equivalent ("Au Eq oz"). For the full year, we produced a new record of 166,679 Au Eq oz. This total annual production includes:
Metal quantities sold closely followed the produced quantities. As is normal, fourth quarter sales of 39,877 Au Eq oz were slightly lower than production, reflecting end-of-year shipping schedules, while full-year sales at 167,808 Au Eq oz were slightly greater than production, as they included significant carryover from strong late 2014 production that was not shipped until early 2015."
Mr. Mills continued, "This excellent performance is based on our first full year as a three-mine company, with offsetting effects across the larger portfolio significantly smoothing short-term variability at any one operation.
Mr. Mills closed his remarks, "Mandalay reiterates and maintains the production guidance for 2016 given with its third quarter 2015 financial results in the press release of November 5, 2015."
Saleable production for the three months ended December 31, 2015:
The Company produced a total of 28,948 oz Au, 937 tonnes t Sb and 725,243 oz Ag, representing a total of 43,393 Au Eq oz versus 39,021 Au Eq oz produced in the same period of 2014.
Saleable production for the year ended December 31, 2015:
The Company produced a record total of 109,102 oz Au, record Sb production of 3,712 t and 2,545,984 oz Ag for the full year, representing a new record total of 166,679 Au Eq. oz.
Table 1 - Fourth Quarter and Total Year Saleable Production for 2015 and 2014
Quarterly Au Eq. oz produced is calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective average market prices of the commodities in the period, adding the three amounts to get a "total contained value based on market price", and then dividing that total contained value by the average market price of Au in the period. Average Au price in the period is calculated as the average of the daily LME PM fixes in the period, with price on weekend days and holidays taken of the last business day; average Sb price in the period is calculated as the average of the daily average of the high and low Rotterdam warehouse prices for all days in the period, with price on weekend days and holidays taken from the last business day; average Ag price in the period is calculated as the average of the daily London Broker's silver spot price for all days in the period, with price on weekend days and holidays taken from the last business day. The source for all prices is www.metalbulletin.com.
Sales for the three months ended December 31, 2015:
Sales for the year ended December 31, 2015:
Table 2 - Fourth Quarter and Total Year Sales for 2015 and 2014
Quarterly Au Eq. oz sold is calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective average market prices of the commodities in the period, adding the three amounts to get a "total contained value based on market price", and then dividing that total contained value by the average market price of Au for the period. The source for all prices is www.metalbulletin.com with price on weekend days and holidays taken of the last business day.
Previously issued 2016 guidance
The Company maintains its previously issued guidance for 2016 production, cost, capital, and exploration (November 5, 2015 press release).
Table 3 - 2016 Production and Cost Guidance
*Assumes metal prices: Au $1,202/oz, Ag $16.87/oz, Sb $6,820/t
For Further Information:
Bradford Mills
Chief Executive Officer
Greg DiTomaso
Director of Investor Relations
Contact:
647.260.1566
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and 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.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's production of gold, silver and antimony for the 2015 fiscal year. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 31, 2015, a copy of which is available under Mandalay's profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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