Mangazeya Mining Ltd. announces its production results for the third quarter and the nine months ended September 30th, 2021
TORONTO, ONTARIO, November 29th, 2021 – Mangazeya Mining Ltd. (“Mangazeya” or the “Company”) (NEX: MGZ.H) aannounces its production results for the third quarter and the nine months ended September 30th, 2021:
|Q3 2021||Q3 2020||Change, %||9M 2021||9M 2020||Change, %|
|Total rock moved, ‘000 m3||1,445||911||58.6%||3,796||2,421||56.8%|
|Stripping, ‘000 m3||1,219||771||58.0%||3,268||2,009||62.7%|
|Ore mined, kt||594||379||56.6%||1,397||1,041||34.2%|
|Stripping ratio, m3/t||2.05||2.03||0.9%||2.34||1.93||21.3%|
|Average grade in ore mined, g/t||2.04||1.23||65.7%||1.82||1.38||31.7%|
|Gold in ore mined, kg||1,212||467||159.5%||2,547||1,431||78.0%|
|Ore processing, kt||415||561||-26.1%||965||1,014||-4.8%|
|Average grade in ore processed, g/t||2.07||1.45||42.7%||2.08||1.47||41.1%|
|Gold in ore processed, kg||858||813||5.5%||2,004||1,491||34.4%|
|Gold production, ounces||19.84||20.08||-1.2%||50.82||4.23||48.5%|
|Gold from hard-rock deposit||5.29||11.43||-53.7%||9.85||22.28||-55.8%|
|Gold from placers||0.23||0.65||-64.1%||0.23||0.91||-74.4%|
|Refining gold, ounces||19.67||17.68||11.2%||48.70||29.66||64.2%|
|Gold from hard-rock deposit||5.56||11.97||-53.5%||8.93||20.70||-56.9%|
|Gold from placers||0.15||0.66||-77.0%||0.15||0.76||-80.0%|
|Gold sold, ounces||19.88||17.48||13.7%||49.10||31.00||58.4%|
|Gold from hard-rock deposit||5.56||12.04||-53.8%||9.36||20.75||-54.9%|
|Gold from placers||0.15||0.66||-77.0%||0.31||0.76||-58.7%|
- In 3Q of 2021 the Company continued the mining and production of gold started at Nasedkino and Kochkovskoye deposit.
- The stripping ratio in 3Q and 9 months of 2021 was 2.1 m3/t and 2.3m3/t respectively.
- The gold in ore mined in 3Q 2021 was 1,212 kg which is 160% more than in the same quarter of the previous year due to the increase in ore mined by 57% as well as the increase of the average gold grade in ore mined by 66%. In the 9 months of 2021 there were 2,547 kg of gold mined, which is a 78% increase in respect of 9 months of 2020.
- The gold production in 3Q 2021 and 9 months of 2021 amounted to 19.8k ounces and 50.8 k ounces respectively. The increase for 9 months of 49% as compared to the same period of the previous year was due to the volumes produced at Nasedkino deposit.
- The gold sales in 3Q 2021 and 9 months of 2021 amounted to 19.9 and 49.1 k ounces respectively. The increase in respect of the same periods of the prior year is attributed to higher mining and production volumes.
- The volume of mining in the 3Q and 9 months of 2021 was 404k and 1,005k tons respectively. The increase in respect of the comparative periods of the previous year is due to the increased mining and stripping activity along the whole area of the deposit in the current period.
- The average gold grade in ore mined is 2.2 g/t for the 3Q 2021 and 1.9 g/t for the 9 months of 2021 that is higher than the indicators of the previous period (1.2 g/t). This is related to the development of the blocks with a higher concentration of gold on Zhelanny area as specified in the production plan for 2021.
- 165k and 532 tons of ore were processed in the 3Q and 9 months of 2021 respectively. The gold grade in ore processed is 2.9 and 2.5 g/t for the 3Q and 9 months of 2021 respectively that is higher than in the previous period (1.6 g/t). The higher concentration in ore processed is in line with the higher gold grade in ore mined.
- During the 3Q and 9 months of 2021 the production of gold was 14.3k and 40.7k ounces of gold respectively.
- During the 3Q and 9 months of 2021 the sales of gold were 14.2k and 39.4 ounces of gold respectively.
- The volume of mined ore in 3Q 2021 was 189 tons, which is by 263% higher than in the same period of the previous year due to exploration works and identification of additional mining areas. For the 9 months of 2021 the volume of ore mined was 392 tons, representing a decrease of 34% compared to previous year.
- The average gold grade in ore mined for the 3Q and 9 months of 2021 is 1.6 g/t.
- In 3Q and 9 months of 2021 respectively 250k and 433k tons of ore were stacked, representing a decrease of 32% and 44% respectively against the comparative periods of the previous year. The decrease is due to the lower amount of ore mined. The average gold grade in ore stacked was 1.5 g/t.
- In 3Q and 9 months of 2021 5.5k and 10.1k ounces of gold were produced, lower than in the same periods of the previous year due to the reduction in mining volumes and planned reduction in production.
- The gold sales in 3Q and 9 months of 2021 amounted to 5.7k and 9.7k ounces. The reduction respect to the same periods of the previous year is due to lower production volumes.
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.