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NEX: MGZ.H
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Mangazeya Mining Ltd. announces its production results for the second quarter and the six months ended June 30th, 2021

Publish date: 30.08.2021

Print version

TORONTO, ONTARIO, August 30th, 2021 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) announces its production results for the second quarter and the six months ended June 30th, 2021:

Q2 2021 Q2 2020 Change, % 6M 2021 6M 2020 Change, %
Total rock moved, ‘000 m3 1,400 974 43.7% 2,352 1,510 55.8%
Kochkovskoye 560 552 1.5% 720 1,087 -33.7%
Nasedkino 840 423 98.9% 1,632 423 285.8%
Stripping, ‘000 m3 1,207 818 47.5% 2,050 1,238 65.6%
Kochkovskoye 493 440 12.0% 633 860 -26.4%
Nasedkino 714 378 88.9% 1,417 378 274.8%
Ore mined, kt 509 383 32.9% 803 662 21.4%
Kochkovskoye 156 260 -40.1% 203 539 -62.4%
Nasedkino 353 123 187.7% 600 123 390.2%
Stripping ratio, m3/t 2.37 2.14 11.0% 2.55 1.87 36.4%
Kochkovskoye 3.16 1.69 87.0% 3.12 1.60 95.7%
Nasedkino 2.02 3.08 -34.3% 2.36 3.09 -23.5%
Average grade in ore mined, g/t 1.82 1.36 33.7% 1.66 1.46 14.0%
Kochkovskoye 1.59 1.40 13.9% 1.58 1.50 5.2%
Nasedkino 1.92 1.29 48.6% 1.69 1.29 31.2%
Gold in ore mined, kg 924 520 77.7% 1,336 965 38.4%
Kochkovskoye 248 362 -31.4% 319 807 -60.4%
Nasedkino 676 158 327.6% 1,016 158 543.2%
Ore processing, kt 393 426 -7.8% 550 453 21.3%
Savkino 49 -100.0% 49 -100.0%
Kochkovskoye 183 377 -51.5% 183 404 -54.7%
Nasedkino 210 367
Average grade in ore processed, g/t 1.94 1.48 30.6% 2.08 1.49 39.5%
Savkino 1.13 -100.0% 1.13 -100.0%
Kochkovskoye 1.62 1.53 6.1% 1.62 1.54 5.4%
Nasedkino 2.21 2.32
Gold in ore processed, kg 761 632 20.5% 1,146 677 69.2%
Savkino 56 -100.0% 56 -100.0%
Kochkovskoye 296 576 -48.5% 296 622 -52.3%
Nasedkino 464 849
Gold production, ounces 17.58 9.13 92.6% 30.97 12.52 147.4%
Savkino 1.87 -100.0% 3.05 -100.0%c
Kochkovskoye 3.48 7.26 -52.0% 4.56 9.47 -51.9%
including
Gold from hard-rock deposit 3.48 7.14 -51.2% 4.56 9.35 -51.3%
Gold from placers 0.12 -100.0% 0.12 -100.0%
Nasedkino 14.10 26.41
Refining gold, ounces R15.46 R9.38 R64.9% R29.04 R11.97 R142.6%
Savkino 2.18 -100.0% 3.14 -100.0%
Kochkovskoye 1.88 7.20 -74.0% 3.36 8.83 -61.9%
including
Gold from hard-rock deposit 1.88 7.10 -73.6% 3.36 8.73 -61.5%
Gold from placers 0.10 -100.0% 0.10 -100.0%
Nasedkino 13.59 25.67
Gold sold, ounces 16.72 10.28 62.6% 29.22 13.53 116.0%
Savkino 3.21 -100.0% 4.71 -100.0%
Kochkovskoye 2.07 7.07 -70.7% 3.95 8.82 -55.2%
including
Gold from hard-rock deposit 1.91 6.97 -72.6% 3.79 8.72 -56.5%
Gold from placers 0.16 0.10 61.6% 0.16 0.10 61.6%
Nasedkino 14.65 25.27

General analysis

  • In 2Q of 2021 the Company continued the mining and production of gold started at Nasedkino and Kochkovskoye deposit.
  • The stripping ratio in 2Q 2021 was 2.4 m3/t which is 11% higher than in the same period of previous year.
  • The gold in ore mined in 2Q 2021 was 924 kg which is 78% more than in the same quarter of the previous year due to the increase in ore mined by 33% as well as the increase of the average gold grade in ore mined by 34%. In the 6 months of 2021 there were 1,336 kg of gold mined, which is a 38% increase in respect of 6 months of 2020.
  • The gold production in 2Q 2021 and 6 months of 2021 amounted to 17.6k ounces and 31.0 k ounces respectively, which represents an increase compared to the same periods of the previous year by 93% and 147% respectively, due to the volumes produced at Nasedkino deposit.
  • The gold sales in 2Q 2021 and 6 months of 2021 amounted to 16.7 and 29.2 k ounces respectively. The increase is attributed to higher mining and production volumes.

Nasedkino deposit

  • The volume of mining in the 2Q and 6 months of 2021 was 353k and 600k tons respectively. The significant increase in respect of the comparative periods of the previous year is due to achievement of project capacity in the current period.
  • The average gold grade in ore mined is 1.9 g/t for the 2Q 2021 and 1.7 g/t for the 6 months of 2021.
  • 210k and 367k tons of ore were processed in the 2Q and 6 months of 2021 respectively.
  • The gold grade in ore processed is 2.2-2.3 g/t.
  • During the 2Q and 6 months of 2021 the production of gold was 14.1k and 26.4k ounces of gold respectively.
  • During the 2Q and 6 months of 2021 the sales of gold were 14.7k and 25.3k ounces of gold respectively.

Kochkovskoye deposit

  • The volume of mined ore in 2Q 2021 was 156k tons, which is by 40% lower than in the same period of the previous year. For the 6 months of 2021 the volume of ore mined was 203k tons, representing a decrease of 62% compared to previous year. The reduction is due to the processing of oxidized ore in stock mined previously.
  • The average gold grade in ore mined for the 2Q and 6 months of 2021 is 1.6 g/t.
  • In 2Q 2021 there 181k tons of ore were stacked, representing a 52% decrease respect to the comparative period of the previous year. The decrease is due to the lower amount of ore mined. The average gold grade in ore stacked was 1.6 g/t.
  • In 2Q and 6 months of 2021 3.5k and 4.6k ounces of gold were produced, representing a decrease by 51% in comparison with the same periods of the previous year due to the reduction in mining volumes and planned reduction in production.
  • The gold sales in 2Q and 6 months of 2021 amounted to 2.1k and 4.0k ounces. The reduction respect to the same periods of the previous year is due to lower production volumes.

b>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