NASDAQ OMX

Mandalay Resources Corporation Announces Production and Sales Results for the Second Quarter of 2018

Dela

TORONTO, July 10, 2018 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) (OTCQB:MNDJF) announced today its production and sales results for the second quarter of 2018.

Mandalay produced a consolidated 22,348 saleable ounces of gold equivalent and sold 22,052 ounces of gold equivalent in the second quarter of 2018.

Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, "The second quarter of 2018 was a transitional production and sales quarter for Mandalay as the Company began to transition production into the Brunswick Lode at Costerfield. Over the next two quarters we expect to see production lift at both operations due to the initiation of mining operations at Brunswick, and mining anticipated higher grades at Björkdal.  Consequently, the Company remains confident that it will reach its 2018 production guidance of 101,000 to 113,000 gold equivalent ounces."

Mr. Duffy continued, "Björkdal produced 14,017 ounces of gold in the second quarter of 2018. The Company is in the process of adding automation controls to the processing plant and we are beginning to see additional recovery improvements of approximately 1% as the circuit stabilizes. This is also expected to result in the removal of more gold in the gravity circuit, with the overall impact of improving our payables."

Mr. Duffy concluded, "Costerfield produced 8,331 gold equivalent ounces in the second quarter of 2018. Second quarter production was lower than in the previous year quarter due to a combination of expected lower mining grades and available ore in the current producing areas. The Company intercepted the Brunswick Lode during the second quarter and is currently dewatering this Lode. We expect a significant increase in production once dewatering is completed and mining initiated during the third quarter. Simultaneously, we are aggressively continuing our infill and extensional drilling program on the Youle lode."

Saleable production for the three months ended June 30, 2018:

  • The Company produced a total of 19,154 ounces gold and 503 tonnes antimony, representing a total of 22,348 ounces of gold equivalent production in the second quarter of 2018, versus 28,219 ounces gold, 765 tonnes of antimony and 359,457 ounces silver in the second quarter of 2017, representing a total of 38,491 ounces of gold equivalent. 
  • Production at Björkdal (Sweden) was 14,017 ounces gold in the second quarter of 2018, as compared to 16,112 ounces gold in the second quarter of 2017.
  • Production at Costerfield (Australia) was 5,137 ounces gold and 503 tonnes antimony in the second quarter of 2018, versus 8,933 ounces gold and 765 tonnes antimony in the second quarter of 2017. 
  • Production at Cerro Bayo (Chile) remains suspended; therefore, there was no production in the second quarter of 2018.

Table 1 - Second quarter and six month saleable production for 2018 and 2017

Metal Source Three months ended 
30 June 2018
Three months ended 
30 June 2017
Six months ended
30 June 2018
Six months ended
30 June 2017
Gold (oz) Björkdal 14,017 16,112 26,733 26,760
  Costerfield 5,137 8,933 11,724 16,920
  Cerro Bayo - 3,174 - 5,909
  Total 19,154 28,219 38,457 49,589
Antimony (t) Costerfield 503 765 1,108 1,506
Silver (oz) Cerro Bayo - 359,457 - 794,533
Average quarterly prices:          
Gold US$/oz   1,307 1,256    
Antimony US$/t   8,295 8,816    
Silver US$/oz   16.55 17.15    
Au Eq. (oz)1 Björkdal 14,017 16,112 26,733 26,760
  Costerfield 8,331 14,300 18,787 27,191
  Cerro Bayo - 8,079 - 17,021
  Total 22,348 38,491 45,520 70,972

1  Quarterly gold equivalent ounces ("Au Eq. oz") produced is calculated by multiplying the saleable quantities of gold ("Au"), silver ("Ag"), and antimony ("Sb") in the period by the respective average market prices of the commodities in the period, adding the three amounts to get a "total contained value based on market price", and then dividing that total contained value by the average market price of Au in the period.  Average Au price in the period is calculated as the average of the daily LME PM fixes in the period, with price on weekend days and holidays taken of the last business day; average Sb price in the period is calculated as the average of the daily average of the high and low Rotterdam warehouse prices for all days in the period, with price on weekend days and holidays taken from the last business day; average Ag price in the period is calculated as the average of the daily London Broker's silver spot price for all days in the period, with price on weekend days and holidays taken from the last business day. The source for all prices is www.metalbulletin.com.

Saleable production for the six months ended June 30, 2018:

  • The Company produced a total of 38,457 ounces gold and 1,108 tonnes antimony, representing a total of 45,520 ounces of gold equivalent production, versus 49,589 ounces gold, 1,506 tonnes of antimony and 794,533 ounces silver in the corresponding six months of 2017, representing a total of 70,972 ounces of gold equivalent.
  • Production at Björkdal was 26,733 ounces gold.
  • Production at Costerfield was 11,724 ounces gold and 1,108 tonnes antimony. 
  • Production at Cerro Bayo remains suspended; therefore, there was no production in 2018.

Sales for the three months ended June 30, 2018:

  • The Company sold 18,497 ounces gold and 560 tonnes antimony, representing a total of 22,052 ounces of gold equivalent in the second quarter of 2018, versus 24,898 ounces gold, 806 tonnes antimony, and 377,916 ounces silver in the second quarter of 2017, representing a total of 35,709 ounces of gold equivalent.
  • Björkdal sold 12,428 ounces gold in the second quarter of 2018, versus 12,752 ounces gold in the second quarter of 2017.
  • Costerfield sold 6,069 ounces gold and 560 tonnes antimony in the second quarter of 2018, versus 8,912 ounces gold and 806 tonnes antimony in the second quarter of 2017.
  • Cerro Bayo had no sales in the second quarter of 2018, as production remains suspended.

Sales for the six months ended June 30, 2018:

  • The Company sold 43,305 ounces gold and 1,239 tonnes antimony, representing a total of 51,203 ounces of gold equivalent, versus 48,564 ounces gold, 1,514 tonnes antimony, and 829,693 ounces silver in the second quarter of 2017, representing a total of 70,510 ounces of gold equivalent.
  • Björkdal sold 30,105 ounces gold.
  • Costerfield sold 13,200 ounces gold and 1,239 tonnes antimony.
  • Cerro Bayo had no sales during 2018, as production remains suspended.

Table 2 - Second quarter and six month sales for 2018 and 2017

Metal Source Three months ended 
30 June 2018
Three months ended 
30 June 2017
Six months ended
30 June 2018
Six months ended
30 June 2017
Gold (oz) Björkdal 12,428 12,752 30,105 25,873
  Costerfield 6,069 8,912 13,200 16,459
  Cerro Bayo - 3,232 - 6,232
  Total 18,497 24,896 43,305 48,564
Antimony (t) Costerfield 560 806 1,239 1,514
Silver (oz) Cerro Bayo - 377,916 - 829,693
Average quarterly prices:          
Gold US$/oz   1,307 1,256    
Antimony US$/t   8,295 8,816    
Silver US$/oz   16.55 17.15    
Au Eq. (oz)1 Björkdal 12,428 12,752 30,105 25,873
  Costerfield 9,624 14,568 21,098 26,803
  Cerro Bayo - 8,389 - 17,834
  Total 22,052 35,709 51,203 70,150

1 Quarterly Au Eq. oz sold is calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective average market prices of the commodities in the period, adding the three amounts to get a "total contained value based on market price", and then dividing that total contained value by the average market price of Au for the period. The source for all prices is www.metalbulletin.com with price on weekend days and holidays taken of the last business day.

For Further Information:

Dominic Duffy
President and Chief Executive Officer

Greg DiTomaso
Director of Investor Relations

Contact: 
647.260.1566

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia, Sweden and producing and exploration projects in Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia, the Americas and Europe to generate near-term cash flow and shareholder value.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company's production of gold, silver and antimony for the 2018 fiscal year. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 29, 2018, a copy of which is available under Mandalay's profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mandalay Resources Corporation via Globenewswire

Om

NASDAQ OMX
NASDAQ OMX



Följ NASDAQ OMX

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från NASDAQ OMX

Compuware Acquires XaTester and Partners with Parasoft to Deliver Essential Automated Unit Testing to Mainframe DevOps Teams18.7.2018 12:00Pressmeddelande

Topaz Further Established as the Leading Solution for Continuously Improving Velocity, Quality and Efficiency of Enterprise Systems Large enterprises must rigorously safeguard the quality of their mission-critical mainframe systems as digital demands drive them to develop and deploy mainframe code more quickly and frequently. With the acquisition of XaTester, new enhancements, and partnership with Parasoft, Compuware Topaz for Total Test is the clear leader in the automated unit testing essential for Agile and DevOps on the mainframe. With Topaz, developers at all skill levels can quickly and efficiently produce the highest-quality code for the mainframe-enabling enterprises to achieve the digital agility essential for success in fast-moving markets. DETROIT, July 18, 2018 (GLOBE NEWSWIRE) -- Compuware today announced a product acquisition, enhancements to Topaz for Total Test, and a partnership that together dramatically improve the ability of large enterprises to embrace Agile and De

GridGain® Continues In-Memory Computing Industry Leadership in 201818.7.2018 09:00Pressmeddelande

GridGain Continues Rapid Growth, Delivers Product Innovations, Hosts Vital Industry Conferences and Earns Top Industry Accolades FOSTER CITY, Calif., July 18, 2018 (GLOBE NEWSWIRE) -- GridGain® Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite(TM), today announced continuing strong momentum for the first half of 2018. Key achievements during the first half of the year included more new customer wins in the first half of 2018 than in all of 2017, launching major new products including GridGain Professional Edition 2.4 and GridGain Cloud, winning several top industry accolades, and driving continued growth of the popular In-Memory Computing Summit® in Europe. Growth New customer acquisition surged during the first half of 2018 with the company acquiring 40 percent more new customers than were signed in all of 2017. New customers acquired in 2018 include leading companies in financial services, transportation, telecommunications, retail, healthcar

Cryptomining Replaces Ransomware as Most Popular Cybercrime Malware18.7.2018 09:00Pressmeddelande

Analysis of vulnerability and threat trends shows cryptomining malware dominates threat landscape in the first half of 2018 SAN JOSE, Calif., July 18, 2018 (GLOBE NEWSWIRE) -- Skybox® Security, a global leader in cybersecurity management, announced today the release of its mid-year update to the Vulnerability and Threat Trends Report which analyzes vulnerabilities, exploits and threats in play. The report, compiled by the team of security analysts at the Skybox® Research Lab, aims to help organizations align their security strategy with the reality of the current threat landscape. The mid-year update explores trends observed from January to June of 2018. One of the most significant findings is the replacement of ransomware as the cybercriminal tool of choice with cryptomining malware. In the last six months of 2017, ransomware accounted for 32 percent of attacks, while malicious cryptominers accounted for seven percent. By the first half of 2018, the figures had switched almost exactly

ERYTECH Pharma Reports Voting Results from Annual General Meeting Held on June 28, 201817.7.2018 22:30Pressmeddelande

LYON, France and CAMBRIDGE, Mass., July 17, 2018 (GLOBE NEWSWIRE) -- ERYTECH Pharma (Euronext:ERYP) (Nasdaq:ERYP) announced that its 2018 Annual General Meeting was held in Lyon on Thursday, June 28, 2018. At the meeting, all resolutions for which management recommended a vote in favor, were adopted, including: - Approval of the annual financial statements and consolidated financial statements for the year ended December 31, 2017 and quietus of directors; - Allocation of the financial year's results; - Approval of regulatory agreements and commitments referred to in Article L.225-38 of the French Commercial Code; - Approval of the regulations of the share subscription and/or purchase options plan adopted by the Board of Directors on June 27, 2017; - Authorization for the Board of Directors to grant share subscription and/or share purchase options and/or to issue detachable share subscription warrants to corporate officers and employees of the Company or companies in the ERYTECH Pharma

Williams Scotsman Receives Competition Bureau Clearance for ModSpace Acquisition17.7.2018 22:15Pressmeddelande

BALTIMORE, July 17, 2018 (GLOBE NEWSWIRE) -- WillScot Corporation (NASDAQ:WSC) ("Williams Scotsman"), a specialty rental services market leader providing innovative modular space and portable storage solutions across North America, today announced that, on July 16, 2018, the Canadian Competition Bureau issued a No Action Letter relating to Williams Scotsman's proposed acquisition of Modular Space Corporation ("ModSpace"). WillScot has now obtained the regulatory approvals required to complete the acquisition and continues to progress towards closing in the third quarter of 2018. About Williams Scotsman Headquartered in Baltimore, Maryland, WillScot Corporation is the public holding company for the Williams Scotsman family of companies in the United States, Canada and Mexico. WillScot Corporation trades on the NASDAQ stock exchange under the ticker symbol "WSC." Williams Scotsman is a specialty rental services market leader providing innovative modular space and portable storage solutio

Minerva Neurosciences Elects Jeryl Hilleman to Board of Directors17.7.2018 22:05Pressmeddelande

WALTHAM, Mass., July 17, 2018 (GLOBE NEWSWIRE) -- Minerva Neurosciences, Inc. (NASDAQ:NERV), a clinical-stage biopharmaceutical company focused on the development of therapies to treat central nervous system (CNS) disorders, today announced the election of Jeryl Hilleman to the Board of Directors of the Company. "Jeri brings a broad life sciences background to Minerva that includes high growth commercial biopharma, med-tech and data science companies," said William F. Doyle, Lead Independent Director of Minerva. "Her track record of delivering strategic and financial growth through execution, strategic partnering and multiple acquisitions will serve Minerva well as the Company completes five ongoing late-stage clinical trials with roluperidone, seltorexant and MIN-117." Ms. Hilleman is presently Chief Financial Officer of Intersect ENT (NASDAQ:XENT), a medical device company with commercial products for the treatment of chronic sinusitis. Previously, she served as CFO of several public

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum