Mandalay Resources shares up as Björkdal and Costerfield mines continue to perform well
Shares in Mandalay Resources Corp (TSE:MND) nudged higher late on Tuesday as it unveiled its production and sales stats for the third quarter and said it was on track to meet its full year revised output guidance.
The miner said its producing mines - Björkdal in Sweden and Costerfield in Australia – continued to perform well.
Production at Costerfield in the three months was 7,370 ounces gold and 804 tonnes antimony, versus 9,102 ounces gold and 844 tonnes antimony in the same period of last year.
Björkdal’s output was 13,233 ounces gold compared to 12,376 ounces gold in the third quarter of 2016.
There was no production from Cerro Bayo in Chile this quarter, due to the flood at the Delia NW mine. A safety investigation is ongoing while permitting activities continue.
Mandalay chief executive Mark Sander noted that Björkdal saw a record third quarter under Mandalay ownership.
“The mine has produced at an annualized rate of almost 60,000 ounces of gold through the second and third quarters as a result of the combined impacts of our grade control and mine debottlenecking programs,” he said.
“Strong mining performance was augmented by the successful commissioning of the flotation expansion project, completed on budget and ahead of schedule, which increased gold recoveries in the latter part of the quarter.
“Björkdal has clearly moved beyond the step changes envisioned by Mandalay at the time of acquisition and has now embarked on a program of self-generated, continuous improvement.”
Dr. Sander said Costerfield’s was a solid performance with production of 12,586 gold equivalent ounces.
“While slightly lower than the third quarter production of the previous year, production remains consistent with the previous three quarters and the current grade profile of the mine.”
In all, Mandalay produced 25,819 saleable ounces of gold equivalent and sold 27,310 ounces of gold equivalent in the third quarter.
Shares gained 0.79% to 32 Canadian cents.
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/185366/mandalay-resources-shares-up-as-bjrkdal-and-costerfield-mines-continue-to-perform-well-185366.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation.
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video).