Mangazeya Mining Ltd. announces its production results for the fourth quarter and the twelve months ended December 31, 2017
TORONTO, ONTARIO, April 30, 2018 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX:
MGZ.H) is pleased to announce its production results for the fourth quarter and the twelve months
ended December 31, 2017.
Full-year gold production was 24.3 koz in 2017, a decrease of 11.2% compared to the previous
year. The decrease in production level was due to the decrease in the amount of gold contained
in ore stacked as well as to the fact that stacking in 2017 continued until mid-December
(compared to mid-October in 2016) decreasing the average leaching period for ore stacked. Gold
production in 4Q2017 was 5.5 koz, a decrease of 10.8% y-o-y.
In 2017, Gold sales was 24.1 koz, a decrease of 12.3% compared to the previous year, and gold
sales for 4Q 2017 was 6.5 koz, a decrease of 20.3% y-o-y.
The stripping ratio decreased from 4.9 m3/t in 2016 to 4.78 m3/t in 2017 or by 2.5% and
increased from 9.2 m3/t in Q42016 to 11.88 m3/t in the Q42017 or by 29.2%. Stripping and the
stripping ratio decreased due to redistribution of the mining works to deliver the maximum
In 2017, total ore mined increased by 2.7% to 951kt compared to 2016. The ore mined increased
due to the development of the new areas (South-West part of the Central pit and Khlebniy
deposit). However, ore mined in 4Q2017 decreased by 31.2% compared to Q42016, as mining
at the North-Eastern part of the Central pit was at its final stage.
The grade in ore mined was 1.26 g/t, an increase of 14.6% in 2017 compared to 2016. Average
grade in ore mined was higher than planned, due to development of areas with higher grading
(South-West part of the Central pit). The grade of mined ore decreased by 7.5% in 4Q2017
compared to the 4Q2016 due to development of areas with lower grading (North-Eastern part
of the Central pit).
In 2017, total ore stacked was 999kt, a decrease of 3.6% in 2017 compared to 2016. Ore stacked
increased by 83.5% in Q42017 compared to the corresponding period of 2016. This increase is
due to the experimental placing of ore without agglomeration during winter period of 2017. The
grade of stacked ore decreased by 3.3% in 2017 and decreased by 2.5% in Q4 2017 compared
to corresponding period of 2016. The grade of stacked ore depends on the grade of ore mined.
|Q4 2017||Q4 2016||Y-o-Y change||2017||2016||Y-o-Y change|
|Total rock moved, ‘000 m3||1,284||1,452||-11.6%||4,993||5,010||-0.3%|
|Stripping, ‘000 m3||1,235||1,382||-10.6%||4,546||4,581||-0.8%|
|Ore mined, kt||104||151||-31.2%||951||926||2.7%|
|Stripping ratio, m3/t||11.88||9.2||29.2%||4.78||4.9||-2.5%|
|Average grade in ore mined, g/t||1.19||1.29||-7.5%||1.26||1.10||14.6%|
|Gold in ore mined, kg||124||195||-36.4%||1,199||1,019||17.7%|
|Ore stacked, kt||150||82||83.5%||999||1,036||-3.6%|
|Average grade in ore stacked, g/t||1.19||1.22||-2.5%||1.17||1.21||-3.3%|
|Gold in ore stacked, kg||180||100||79.7%||1,173||1,254||-6.4%|
|Gold production, koz||5.5||6.1||-10.8%||24.3||27.4||-11.2%|
|Gold sold, koz||6.5||8.2||-20.3%||24.1||27.5||-12.3%|
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.
Mangazeya Mining Ltd.