EbeneNews – AU – Mandalay Resources Corporation Announces Third Quarter 2020 Production and Sales Results and Revised 2020 Forecast


    TORONTO, October 14 February 2020 (GLOBE NEWSWIRE) – Mandalay Resources Corporation (“Mandalay” or the “Company”) (TSX: MND, OTCQB: MNDJF) today announced its production results and in sales for the third quarter of 2020

    In the third quarter of 2020, Mandalay produced a consolidated set of 25,664 salable ounces of gold equivalent and sold 26,001 ounces of gold equivalent

    Dominic Duffy, President and CEO of Mandalay, said, “Third quarter gold production of 22,793 salable ounces was the Company’s best consolidated quarterly production since the fourth quarter of 2017, and also marked the fourth consecutive quarter quarterly improvement in salable gold production This was fueled by another good quarter from Costerfield and supported by the consistent performance of the Björkdal operation « 

    Mr. Duffy continued, “At Costerfield, Youle continued to deliver excellent results as third quarter top scores averaged 1154 g / t and 41% for gold and antimony processed , respectively The improvement in processed gold grades from 1117 g / t in the last quarter is a significant achievement as the site continued to mix feed to its mill with lower grade ore from Brunswick Overall , the site produced 14,620 salable equivalent ounces of gold – 11,749 salable ounces of gold and 991 tonnes of salable antimony The 1,036 tonnes of antimony sold in this quarter was the company’s highest quarterly level since Q1 2014 This despite development on comparatively lower grade stretches of the Youle multilevel ore body during Q3 For the rest of the year, we anticipate an increase in production while other sites should be put online at Youle « 

    Mr. Duffy continued: “At Björkdal, third quarter production of 11,044 salable ounces of gold was in line with the previous quarter. However, due to dilution issues that we are still working on, the site is tracking levels below our expected production levels since the start of the year. Production for the remainder of the year is expected to see some improvement and the focus will remain on capital development to move lower into lower levels in the Aurora area. The development of Aurora’s capital and the definition drilling revealing several vein structures parallel to Aurora are preparing Björkdal for a significantly stronger 2021 « 

    Mr. Duffy concluded: “Mandalay continues to build on the momentum generated during the first half of the year by delivering another strong production and sales quarter We expect to meet or exceed our consolidated production forecast for 2020 on a gold equivalent ounce basis, however, we are providing an updated production and cost forecast to better reflect the variability and overall performance of each. site Additionally, due to the excellent capital development progress being made at Costerfield, this site has accelerated the capital development originally planned for 2021 through this year, increasing development counters and investments at Costerfield. We also intend to increase exploration spending by approximately $ 1 million at Costerfield for the remainder of the year to follow up on the encouraging results observed to date. For more details, please see the table below « 

    Mandalay Resources is a Canada-based natural resources company that produces assets in Australia and Sweden, and care, maintenance and development projects in Chile The company is focused on growing production in its gold and antimony operations in Australia, and on gold production from its operations in Sweden to generate short-term cash flow

    This press release contains « forward-looking statements » within the meaning of applicable securities laws, including statements regarding the Company’s gold and antimony production, cash costs and costs of sustaining any included and capital expenditure for fiscal year 2020 Readers are cautioned not to place undue reliance on forward-looking statements Actual results and developments may differ materially from those contemplated by such statements depending, among other things, on price movements raw materials and general market and economic conditions The factors identified above are not intended to represent a complete list of factors that could affect Mandalay.A description of additional risks that could cause actual results and developments to differ from those contemplated by the forward-looking statements in this press release can be found under “Risk Factors” section of Mandalay’s Annual Information Form dated March 30, 2020, a copy of which is available under Mandalay’s profile at wwwsedarcom In addition, there can be no assurance that inferred resources discovered as a result of additional drilling will be a day transformed into proven or probable reserves Although Mandalay has attempted to identify material 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 are not as expected, estimated or expected 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. Therefore, readers should not place undue reliance on forward-looking statements


    Mandalay Resources, Gold, Production, OTCMKTS: MNDJF, Dominic Duffy

    EbeneNews – AU – Mandalay Resources Corporation announces its production and sales results for the third quarter of 2020 and revised for the full year Orientation 2020

    Source: https://www.globenewswire.com/news-release/2020/10/14/2108226/0/en/Mandalay-Re

    SOURCE: https://www.w24news.com/news/ebenenews-au-mandalay-resources-corporation-announces-third-quarter-2020-production-and-sales-results-and-revised-2020-forecast/?remotepost=416145



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