Value Microcaps Junior Miners

[dr_airtime]

MND.TO - $CAD 150 MC here is Denver Summary:

From Denver Gold Show webcast. Mandalay now one of cheapest +100k/year Au-equivalent producers based on producing Bjorkdal and Costerfield mines.

I think Mandalay will stay down here in low-30's until it is announced that Cerro Bayo is reopened and then it will jump 20% higher in a day IMO when mine opening announced. Per the CEO's comments though we have throug October and a lot of November until we hear about mine reopening. It was not a mine collapse but a "lake inundation". Mining definitely would have contributed but it was not the portal that collapsed.

Cerro Bayo Lake Shore Collapse

- did not lose any reserves from lake edge collapse. Vein that collapsed within weeks of being mined out.

- 3rd party engineering company conducing root case assessment

- on track to complete risk assessment for mine restart by end of October

- Need to show risk assessed plan to regulator to reopen. this will be submitted in early November.

- 8 permits between 4 veins for LOM plan. Permits for mining and waste dumps.

- Drilled 25 geotech holes around existing mines

- announcement for reopening likely to be guided in November. Sounds like December at the earliest.

Bjorkdal

- Bjorkdal turn around complete, but they have not even initiated the optical sorting yet, so there is more processing upside.

- Expect to announce +150k oz of P&P reserve increase, net of depletion later this year. 3+ year mine life extension.

- Bjorkdal will produce 55-60k Au-ounces per year at $700 cash costs (not AISC) going forward