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Mangazeya Mining Ltd. announces its production results

Publish date: 30.05.2019

Print version

TORONTO, ONTARIO, May 30, 2019 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX:MGZ.H) is pleased to announce its production results for the first quarter ended March 31, 2019.

Q1 2019 Q1 2018 Y-o-Y change
Total rock moved, ‘000 m 3 620 1 186 -47,7%
Savkinskoye 297 1 186 -74,9%
Kochkovskoye 323 100,0%
Stripping, ‘000 m3 534 1 127 -52,6%
Savkinskoye 266 1 127 -76,4%
Kochkovskoye 268 100,0%
Ore mined, kt 190 125 52,4%
Savkinskoye 65 125 -47,8%
Kochkovskoye 125 100,0%
Stripping ratio, m3/t 2,81 9,04 -68,9%
Savkinskoye 4,10 9,04 -54,7%
Kochkovskoye 2,14 100,0%
Average grade in ore mined, g/t 1,97 1,20 64,0%
Savkinskoye 1,23 1,20 2,3%
Kochkovskoye 2,36 100,0%
Gold in ore mined, kg 375 150 149,9%
Savkinskoye 80 150 -46,6%
Kochkovskoye 295 100,0%
Gold production, koz 2,26 1,19 89,7%
Savkinskoye 0,73 1,19 -39,0%
Kochkovskoye 1,53 100,0%
including
Gold from hard-rock deposit 1,53 100,0%
including Refining gold, koz 1,72 1,19 44,1%
Savkinskoye 0,64 1,19 -46,7%
Kochkovskoye 1,08 100,0%
including 0,0%
Gold from hard-rock deposit 1,08 100,0%
Gold sold, koz 1,81 0,95 90,6%
Savkinskoye 0,73 0,95 -23,0%
Kochkovskoye 1,08 100,0%
including
Gold from hard-rock deposit 1,08 100,0%

Kochkovskoye deposit

  • The volume of mining in Q1 2019 was as follows: total ore mined was 125 kt, average grade in ore mined was 2.36 g/t, average stripping ratio was 2.14 m3/t, there was no ore stacked, gold from hard-rock deposit production was 1.53 koz, gold sold was 1.08 koz.

Savkinskoye deposit

  • Gold production reduced by 39.0% in Q1 2019 YoY. The difference has been caused by the decrease in the amount of gold in ore stacked in Q4 2018 YoY – the amount of gold in ore stacked reduced by 39.1%.
  • Gold sales reduced by 38.5% in Q1 2019 YoY. The difference mainly resulted from the decrease in production volume.
  • Total ore mined in Q1 2019 reduced by 47.8% YoY. The difference resulted from the suspension of mining at Yugo-Zapadny pit from December 2018 and at Khlebny pit from March 2019.
  • In Q1 2019, the average stripping ratio reduced by 54.7% YoY. The reduction was caused by the final extraction of reserves at Khlebny pit and, as a result, lack of necessity in preceding stripping, and by the suspension of mining at Yugo-Zapadny pit.
  • The average grade in ore mined in Q1 2019 was in line with Q1 2018.
  • There was no ore stacked in Q1 2019 and 2018.

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