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Mandalay Resources boosts gold reserves

Thursday, February 23, 2017 6:47
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Total reserves of gold held by Mandalay Resources Corporation (TSE: MND) across its international portfolio increased by approximately 10% over the past 12 months, according to new data released by the company.

Reserves of contained silver decreased by 40%, and those of contained antimony by 7%.

In the measured and indicated resource categories, contained gold increased by approximately 15%, contained silver decreased by 14%, and contained antimony decreased by 16%.

“I am pleased to report that Mandalay’s aggregate consolidated resources and reserves position, expressed as ounces of gold equivalent calculated at year-end 2016 resource and reserve reporting metal prices remained nearly unchanged from the year before, calculated at the same metal prices,” said Mandalay chief executive Mark Sander.

“We currently have 1,024,000 ounces of gold equivalent in proven and probable reserves and 2,229,000 ounces of gold equivalent in measured and indicated resources inclusive of reserves.”

The totals include significant additions at Björkdal following exploration success, offset by reductions at Cerro Bayo due to reductions in estimated reserves along Delia SE vein in light of recent development sampling.

The financial impact of the reserve reduction at Cerro Bayo has already been taken into account in the US$10 million impairment charge announced earlier this month. 

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