Canada NewsWire
TORONTO, Feb. 10, 2016
TORONTO, Feb. 10, 2016 /CNW/ - Mangazeya Mining Ltd. ("Mangazeya" or the "Company") (NEX: MGZ.H) is pleased to announce its production results for the fourth quarter and twelve months ended December 31, 2015.
Highlights
3 months ended December 31 |
% change |
12 months ended December 31 |
% change | ||||
2015 |
2014 |
2015 |
2014 | ||||
Total rock moved, '000 m3 |
1,077 |
973 |
10.7% |
4,048 |
3,049 |
32.7% | |
Stripping, '000 m3 |
967 |
943 |
2.5% |
3,524 |
2,809 |
25.5% | |
Ore mined, kt |
236 |
63 |
272.2% |
1,131 |
520 |
117.6% | |
Stripping ratio, m3/t |
4.1 |
14.9 |
-72.4% |
3.1 |
5.4 |
-42.3% | |
Average grade in ore mined, g/t |
1.52 |
1.09 |
39.9% |
1.63 |
1.10 |
48.1% | |
Gold in ore mined, kg |
359 |
69 |
420.8% |
1,849 |
574 |
222.2% | |
Ore stacked, kt |
77 |
- |
1,046 |
502 |
108.1% | ||
Average grade in ore stacked, g/t |
1.74 |
- |
1.45 |
1.15 |
26.4% | ||
Gold in ore stacked, kg |
134 |
- |
1,520 |
577 |
163.2% | ||
Extraction, % |
n/a |
n/a |
69% |
60% |
15.7% | ||
Gold production, koz |
12.9 |
3.8 |
235.8% |
33.9 |
11.1 |
204.5% | |
Gold sold, koz |
15.2 |
6.0 |
152.1% |
33.6 |
11.2 |
200.2% |
Sergey Yanchukov, CEO of Mangazeya, summarized the operational results for the twelve month period ended December 31, 2015: "I would like to congratulate the Company's staff and existing shareholders with a successful year. Our operational team managed to substantially improve the production process at all stages and triple gold output compared to 2014".
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.
Neither the NEX Board, TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Forward-Looking Information
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as "will", "may", "should", "anticipate", "expects", "intends" and similar expressions. All statements other than statements of historical fact included in this release, including, without limitation, those regarding the Transaction, Reactivation and the Company's ability to raise additional capital in the future, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Mangazeya's expectations include, but are not limited to, risks related to the Exchanges not approving the Transaction or Reactivation, adverse market conditions, general capital markets conditions, legislative and regulatory developments, as well as those factors discussed in Mangazeya's documents filed on SEDAR (www.sedar.com).
Although Mangazeya has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated. As a result, the reader is cautioned not to place undue reliance on any forward-looking information. Mangazeya does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Additional information on Mangazeya is available at www.sedar.com.
SOURCE Mangazeya Mining Ltd.