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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, 2021

Publish date: 31.05.2021

Print version

TORONTO, ONTARIO, April 30, 2021 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) is pleased to announce its production results for the first quarter ended March 31, 2021:


Q1 2021 Q1 2020 Change, %
Total rock moved, ‘000 m3 952 535 77,9%
Kochkovskoye 160 535 -70,1%
Nasedkino 792
Stripping, ‘000 m3 843 420 100,7%
Kochkovskoye 140 420 -66,7%
Nasedkino 703
Ore mined, kt 295 279 5,7%
Kochkovskoye 47 279 -83,2%
Nasedkino 248
Stripping ratio, m3/t 2,86 1,50 90,6%
Kochkovskoye 2,99 1,50 99,0%
Nasedkino 2,83
Average grade in ore mined, g/t 1,40 1,59 -12,4%
Kochkovskoye 1,51 1,59 -4,9%
Nasedkino 1,38
Gold in ore mined, kg 412 445 -7,4%
Kochkovskoye 71 445 -84,1%
Nasedkino 341
Ore processing, kt 157 27 480,7%
Kochkovskoye 27 -100,0%
Nasedkino 157
Gold in ore processed, kg 385 46 737,0%
Kochkovskoye 46 -100,0%
Nasedkino 385
Average grade in ore processed, g/t 2,46 1,72 42,8%
Kochkovskoye 1,72
Nasedkino 2,46
Gold production, ounces 13,40 3,38 296,4%
Savkinskoye 1,18 -100,0%
Kochkovskoye 1,08 2,20 -50,8%
including
Gold from hard-rock deposit 1,08 2,20 -50,8%
Nasedkino 12,31
Refining gold, ounces 13,57 2,59 424,0%
Savkinskoye 0,96 -100,0%
Kochkovskoye 1,49 1,63 -8,8%
including
Gold from hard-rock deposit 1,49 1,63 -8,8%
Nasedkino 12,09
Gold sold, ounces 12,51 3,24 286,0%
Savkinskoye 1,50 -100,0%
Kochkovskoye 1,89 1,74 8,4%
including
Gold from hard-rock deposit 1,89 1,74 8,4%
Nasedkino 10,62

General analysis

  • In 1Q of 2021 the Company continued the mining and production of gold started at Nasedkino and Kochkovskoye deposit.
  • In 1Q of 2021, the stripping ratio was 2.9 m3/t which is 91% higher than in the same period of previous year. The ratio increase is attributed to mining works at Nasedkino deposit performed in 1Q 2021.
  • The gold in ore mined in 1Q 2021 was 412 kg which is 7% less that in the same quarter of the previous year due the lower gold grade in ore mined.
  • The gold production in 1Q 2021 amounted to 13.4k ounces, which represents a significant increase compared to the same quarter of the previous year due to the volumes produced at Nasedkino.
  • Consequently, the gold sales in 1Q 2021 increased to 12.5k ounces.

Nasedkino deposit

  • The volume of mining in the 1Q 2021 was 248k tons.
  • The average gold grade in ore mined is 1.4 g/t for the 1Q 2021.
  • 157k tons of ore were processed in the 1Q 2021.
  • The gold grade in ore processed is 2.5 g/t.
  • During the 1Q 2021 the production and sales were 12.3k and 10.6k ounces of gold respectively.

Kochkovskoye deposit

  • The volume of mined ore in 1Q 2021 was 47k tons, which is by 83% lower than in the same period of the previous year. The reduction is attributed to the decrease in the of rock moved and stripping volumes. The gold in ore mined in 1Q 2021 was 71 kg which is by 84% lower than in the same period of the previous year due to reduced volume of mining.
  • In 1Q 2021 there was no ore stacked, as the planned start of this activity was scheduled to April of 2021.
  • In 1Q 2021 1.1k ounces of gold were produced, representing a decrease by 51% in comparison with the same period of the previous year due to the reduction in mining volumes.
  • The gold sales in 1Q 2021 amounted to 1.9k ounces which is 8% more than in the same period of the previous year.
  • In 1Q 2021 the only type of gold produced and sold was hard-rock gold.

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