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NEX: MGZ.H
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Mangazeya Mining Ltd. announces its production results for the first quarter ended March 31, 2017

Publish date: 29.05.2017

Print version

TORONTO, ONTARIO, May 29, 2017 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) is pleased to announce its production results for the first quarter ended March 31, 2017.

Highlights:

  • Gold sales in 1Q 2017 was 1.4 koz, an increase of 20,2% compared to previous year and gold production was 1.6 koz, a 13,6% decrease y-o-y.
  • In Q1 2017, total ore mined was 273kt (+52.8% y-o-y) with the average grade 1.21 g/t (+8.4% y-o-y).
  • In Q1 2017 the average stripping ratio was 4.93 m3/t compared to 5.57 m3/t in Q1 2016 decreased by 11.4% y-o-y.
  • In Q1 total ore stacked was 37.1 thousand tones (+355.7% y-o-y) accompanied with an increase in average grade stacked to 1.06 g/t (+15.7% y-o-y).
Q1 2017 Q1 2016 Y-o-Y change
Total rock moved, ‘000 m3 1,472 1,076 36.8%
Stripping, ‘000 m3 1,345 994 35.4%
Ore mined, kt 273 179 52.8%
Stripping ratio, m3/t 4.93 5.57 -11.4%
Average grade in ore mined, g/t 1.21 1.12 8.4%
Gold in ore mined, kg 329 199 65.2%
Ore stacked, kt 37.1 8.1 355.7%
Average grade in ore stacked, g/t 1.06 0.92 15.7%
Gold in ore stacked, kg 39.39 7.46 428.1%
Gold production, koz 1.60 1.85 -13.6%
Gold sold, koz 1.354 1.127 20.2%

Sergey Yanchukov, CEO of Mangazeya, stated: “First quarter 2017 was in line with our annual production plan. The Company is on stable production phase and we are looking forward to stable mining operations at Savkinskoe and further progress with our Nasedkino project.

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:
Sergey Yanchukov
Chief Executive Officer
Mangazeya Mining Ltd.