Mandalay Resources Corporation with production and sales results for the second quarter in 2018

TORONTO, 11 July 2018 (GLOBENEWSWIRE) — Mandalay Resources Corporation («Mandalay» or the «Company») (TSX:MND) (OTCQB:MNDJF) went to day out with production and sales results for the second quarter in 2018.

Mandalay produced a total of 22 348 marketable guldekvivalenta ounce and sold 22 052 guldekvivalenta ounce during the second quarter of 2018.

Dominic Duffy, President and ChiefExecutive Officer of Mandalay, commented, «The second quarter of 2018 was a övergångskvartal concerning the production and sale of Mandalay since the company started to move with the production to the Brunswick-malmgången at Costerfield. Over the next few quarters, we expect to see a produktionslyft at both operations due to the commencement of mining at Brunswick, and the expected higher quality of the mined at the Björkdal. Therefore, it continues to believe that it will reach produktionsvägledningen for 2018 at 101 000 to 113 000 guldekvivalenta ounce.»

Dominic Duffy continued, «Björkdal produced 14 017 ounces of gold during the second quarter of 2018. The company is just now about to add automated controls to the processing plant and we are starting to see further återvinningsförbättringar of approximately 1 %, as the circuit stabilizes. This is expected to also result in the removal of more gold in the gravitetskretsen, and with the overall effect of that we are improving our accounts payable.»

Dominic Duffy concluded, «Costerfield produced 8 331 guldekvivalenta ounce during the second quarter of 2018. Production during the second quarter was lower than in the corresponding quarter last year. It was due to a combination of expected lower brytningskvalitet and available precious metal in the current production areas. The company took samples in the Brunswick-malmgången in the second quarter and dewatering right now this malmgång. We expect a significant increase in production once dewatering is completed and mining has commenced in the third quarter. At the same time, we are continuing at a high pace with our filling and utvidgningsborrning in the Youle-vein.»

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

  • The company produced a total of 19 154 ounces of gold and 503 tonnes of antimony. This corresponds to a total of 22 348 ounces of guldekvivalent production during the second quarter of 2018, compared with 28 219 ounces of gold, 765 tonnes of antimony and 359 457 ounces of silver during the second quarter of 2017, which corresponds to a total of 38 491 guldekvivalenta ounce.

     

  • Production at Björkdal (Sweden) was 14 017 ounces of gold during the second quarter of 2018, compared with 16 112 ounces of gold during the fourth quarter of 2017.

     

  • Production at Costerfield (Australia) was 5 137 ounces of gold and 503 tonnes of antimony during the second quarter of 2018, compared with 8 933 ounces of gold and 765 tonnes of antimony during the second quarter of 2017.

     

  • Production at Cerro Bayo (Chile) is continued to be laid to rest. Therefore, there was not any production in the second quarter of 2018.

Table 1 — Saleable production in the second quarter and the first six months of 2018 and 2017

1

Quarterly produced guldekvivalenta ounces (Au Eq. ounce) is calculated by multiplying the saleable quantities of gold (Au), silver (Ag), and antimony (Sb) during the period of the respective market prices of the raw materials during the period. Then, you add the three amounts to get a «total contained value based on market price». This total included value is then divided by the period average market price of Au. Average Au price in the period is calculated as the average of the daily LME PM fixes (Financial Information exchange) during the period, and the price on public holidays and weekends taken from the last business day; average Sb price in the period is calculated as the average of the highest and lowest Rotterdam lagerpriserna for all days during the period and the rate on public holidays and weekends taken from the most recent business day; the average Ag price in the period is calculated as the average of the daily London Brokers silver spot price for all days during the period and the rate on public holidays and weekends will be taken from the latest working day. The source for all prices is www.metalbulletin.com.

Saleable production for the six months ended 30 June 2018:

  • The company produced a total of 38 457 ounces of gold and 1 108 tonnes of antimony. This corresponds to a total of 45 520 ounces of guldekvivalent production, compared with 49 589 ounces of gold, 1 506 tonnes of antimony and 794 533 ounces of silver during the corresponding six months of 2017, which corresponds to a total of 70 972 guldekvivalenta ounce.

     

  • Björkdal produced 26 733 ounces of gold.

     

  • Costerfield produced 11 724 ounces of gold and 1 108 tonnes of antimony.

     

  • Production at Cerro Bayo continues to be discontinued. Therefore, there was not any production in 2018.

Sales during the three months that ended on June 30, 2018:

  • The company sold a total of 18 497 ounces of gold and 560 tonnes of antimony. This corresponds to a total of 22 052 guldekvivalenta ounce during the second quarter of 2018, compared with 24 898 ounces of gold, 806 tonnes of antimony and 377 916 ounces of silver during the second quarter of 2017, which corresponds to a total of 35 709 guldekvivalenta ounce.

     

  • Sales at the Björkdal was 12 428 ounces of gold during the second quarter of 2018, compared with 12 752 ounces of gold during the second quarter of 2017.

     

  • Sales at Costerfield was 6 069 ounces of gold and 560 tonnes of antimony during the second quarter of 2018, compared with 8 912 ounces of gold and 806 tonnes of antimony during the second quarter of 2017.

     

  • Cerro Bayo did not have any sales during the second quarter of 2018, as production continues to be discontinued.

Sales during the six months ended 30 June 2018:

  • The company sold 43 of 305 ounces of gold and 1 239 tonnes of antimony. This corresponds to a total of 51 203 guldekvivalenta ounce, compared with 48 564 ounces of gold, 1 514 tonnes of antimony and 829 693 ounces of silver during the second quarter of 2017, which corresponds to a total of 70 510 guldekvivalenta ounce.

     

  • Björkdal sold 30 105 ounces of gold.

     

  • Costerfield sold 13 200 ounces of gold and 1 239 tonnes of antimony.

     

  • Cerro Bayo was not any sales in 2018, as production continues to be discontinued.

Table 2 — Sales in the second quarter and the first six months of 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 sales Au Eq. ounces are calculated by multiplying the saleable quantities of Au, Ag, and Sb in the period by the respective market price of the raw materials during the period. Then, you add the three amounts to get a «total contained value based on market price». This total included the value is then divided by the period average market price of Au. The source for all prices is www.metalbulletin.com and the price on public holidays and weekends will be taken from the latest working day.

For more information:

Dominic Duffy

President and ChiefExecutive Officer

Greg DiTomaso

Director of Investor Relations

Contact:

647.260.1566

About Mandalay Resources Corporation:

Mandalay Resources is a canadian company that works with natural resources and has production assets in Australia, Sweden and the production as well as exploration projects in Chile. The company is focused on an acquisition strategy and to generate the necessary volume by adding projects, which are in a far developed stage or already in production in the gold, copper, silver and antimony in Australia, America and Europe to create short-term cash flow and value for shareholders.

Forward-looking statements:

This news release contains «forward-looking statements» within the meaning of applicable securities laws. These include statements regarding the company’s production of gold, silver and antimony for the year 2018. Readers are cautioned not to place too much emphasis and reliance on the forward-looking statements. Actual developments and results may differ from those estimated in these statements, which, among other things, may be due to changes in commodity prices and general economic and market conditions. The factors identified above are not intended to constitute a complete list of the factors that could affect Mandalay. You will find a description of additional risks that could cause actual developments and results to differ from those estimated in the forward-looking statements in this news release under the heading «Risk Factors» in the mayor of mandalay annual report from the 29 march 2018 of which there is a copy of the mayor of mandalay’s profile at www.sedar.com. In addition, it can never be guaranteed that the assets detected on the basis of additional drilling will 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 the forward-looking statements, there may be other factors that cause actions, events or results not be as anticipated, estimated or intended. There can be no assurance that the forward-looking statements will prove to be correct as actual results and future events could differ materially from those anticipated in these statements. Thus, readers should not place too much emphasis and reliance on the 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

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