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Mangazeya Mining Ltd. announces its production results

Publish date: 16.06.2020

Print version

TORONTO, ONTARIO, June 16th 2020 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) is pleased to announce its production results for the first quarter ended March 31, 2020.

Q1 2020 Q1 2019 Y-o-Y change
Total rock moved, ‘000 m 3 535 620 -13.7%
Savkinskoye 297 -100.0%
Kochkovskoye 535 323 65.8%
Stripping, ‘000 m3 420 534 -21.4%
Savkinskoye 266 -100.0%
Kochkovskoye 420 268 56.8%
Ore mined, kt 279 190 47.0%
Savkinskoye 65 -100%
Kochkovskoye 279 125 123.5%
Stripping ratio, m3/t 1.50 2.81 -46.5%
Savkinskoye 4.10 -100.0%
Kochkovskoye 1.50 2.14 -29.8%
Average grade in ore mined, g/t 1.59 1.97 -19.4%
Savkinskoye 1.23 100%
Kochkovskoye 1.59 2.36 -32.6%
Gold in ore mined, kg 445 375 18.5%
Savkinskoye 80 -100.0%
Kochkovskoye 445 295 50.7%
Ore stacked, kt 27 100.0%
Kochkovskoye 27 100.0%
Average grade in ore stacked, g/t 1.72 100.0%
Kochkovskoye 1.72 100.0%
Gold in ore stacked, kg 46 100.0%
Kochkovskoye 46 100.0%
Gold production, ounces 3.39 2.26 49.9%
Savkinskoye 1.18 0.73 62.8%
Kochkovskoye 2.20 1.53 43.7%
including
Gold from hard-rock deposit 2.20 1.53 43.7%
Refining gold, ounces 2.59 1.72 51.1%
Savkinskoye 0.96 0.64 51.1%
Kochkovskoye 1.63 1.08 51.1%
including
Gold from hard-rock deposit 1.63 1.08 51.1%
Gold sold, ounces 3.24 1.81 78.7%
Savkinskoye 1.50 0.73 104.8%
Kochkovskoye 1.74 1.08 61.1%
including
Gold from hard-rock deposit 1.74 1.08 61.1%

General analysis

  • In Q1 2020, total stripping ratio at Sakinskoye and Kochkovskoye deposits reduced to 1.50 m3/t as compared to 2.81 m3/t YoY. The stripping ratio reduction in 2020 was caused by refinement of ore body contours and the increased ore capacity in the main ore zone of Kochkovskoye deposit as well as absence of mining works at Savkinskoye deposit.
  • In Q1 2020, the gold in ore mined increased by 18.5% YoY, or from 375 kg to 445 kg due to the active ore stacking before November 2019 at Kochkovskoye deposit and increase in volume of stacking up to 587k tons in comparison with 190 k tons in 2018 year.
  • Gold production in Q1 2020 increased from 2.26k ounces to 3.39k ounces YoY due to active mining at Kochkovskoye deposit and processing of ore produced in 2019 at Savkinskoye deposit.
  • Gold sales increased respectively by 78.7%, or from 1.81k ounces in Q1 2019 to 3.24k ounces in Q1 2020.

Kochkovskoye deposit

  • The volume of mining in Q1 2020 was as follows: total ore mined was 279k tons, gold in ore mined was 445 kg, average grade in ore mined was 1.59 g/t, as compared to 125k tons, 295 kg and 2.36 g/t, respectively, in Q1 2019. The volume of mining increased as in Q1 2019 mining was performed from February to March, and in Q1 2020 – from January to March nonstop.
  • In Q1 2020, ore stacked was 27k tons. In Q1 2019 no ore was stacked.
  • In Q1 2020, the average stripping ratio reduced by 29.8% YoY. The reduction was caused by refinement of ore body contours and the increased ore capacity in the main ore zone of Kochkovskoye deposit.
  • Gold produced increased from 1.53k ounces in Q1 2019 to 2.20k ounces in Q1 2020 as in Q1 2020, 245k tons of ore were sprayed over as compared to 106k tons YoY, which, in its turn has been caused by the difference in ore stacked: 587k tons in 2019 as compared to 190k tons in 2018.
  • In Q1 2020, gold sold was 1.74k ounces, and in Q1 2019 – 1.08k ounces.

Savkinskoye deposit

  • In Q1 2020, no mining was performed at the deposit.
  • In Q1 2020, total gold produced increased by 62.8% YoY due to stacking of ore with higher gold grade in 2019 year on Filevskiy deposit.
  • In Q1 2020, gold sales increased by 104.8% YoY mainly due to the increase in production volume.

Nasedkino deposit

  • In Q1 2020, no exploration works were performed at Nasedkino as in Q1 2019.
  • In Q1 2020, construction of main building of gold recovery factory, coarse crushing facility, crushed ore storage, and reagent storage was continued. In Q1 2019, construction of main building of gold recovery factory, and coarse crushing facility was performed.

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