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$MANDALAYS MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021
$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA - beside Fosterville
Kirklands Lake highgrade mine
Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley
Testing shallow targets around old-workings
Target and generative testing focus in 2021
$BJÖRKDAL GOLD MINE, SWEDEN -
Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.
HIGH-POTENTIAL EXPLORATION UPSIDE
CONTINUING REGIONAL EXPLORATION
programs on known targets; seeking repetition of mineralization
BJÖRKDAL
Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit
FULLY-FUNDED
Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth
COSTERFIELD
High-grade Youle vein the major growth catalyst
BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore
2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES
https://mandalayresources.com/investors/why-invest/
https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/
https://www.mandalayresources.com
In GOD We Trust - Real Money -
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Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
$MANDALAYS MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021
$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA - beside Fosterville
Kirklands Lake highgrade mine
Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley
Testing shallow targets around old-workings
Target and generative testing focus in 2021
$BJÖRKDAL GOLD MINE, SWEDEN -
Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.
HIGH-POTENTIAL EXPLORATION UPSIDE
CONTINUING REGIONAL EXPLORATION
programs on known targets; seeking repetition of mineralization
BJÖRKDAL
Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit
FULLY-FUNDED
Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth
COSTERFIELD
High-grade Youle vein the major growth catalyst
BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore
2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES
https://mandalayresources.com/investors/why-invest/
https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/
https://www.mandalayresources.com
In GOD We Trust - Real Money -
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
$nagoya1 Is 2022 The Year For Gold & Silver? If The Central Banks & Private Citizens Keep Buying, It Will Be!
699 views Dec 8, 2021
) Mandalay Resources C (MND)
2.45 ? 0.4 (19.51%)
Volume: 59,478 @12/13/21 3:59:56 PM EST
Bid Ask Day's Range
2.39 2.64 2.05 - 2.45
TSX:MND Detailed Quote
Mandalay Resources C (MNDJF)
1.78 ? 0.18 (11.25%)
Volume: 2,220 @12/13/21 3:33:23 PM EST
Bid Ask Day's Range
1.39 2.37 1.78 - 1.78
MNDJF Detailed Quote
https://investorshub.advfn.com/Mandalay-Resources-Corp-28636
Mandalay Resources Corporation Intersects 0.11 Metres of 460.5 g/t
Gold and 0.20 Metres of 165.1 g/t Gold in Initial Stepout ...
January 29 2021 - 07:30AM
GlobeNewswire Inc.
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Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND,
OTCQB: MNDJF) is pleased to provide preliminary details on the initial
intercepts into a newly discovered veining horizon underneath and
related to the Youle deposit at its Costerfield operations (Victoria,
Australia).
Highlights:
460.5 g/t gold over a partially recovered true width of 0.11 m in BC176;
and
165.1 g/t gold over a true width of 0.20 m in BC176W1 wedge hole off
BC176.
Notes:
True width of BC176 is quoted from only recovered core. There is
approximately an additional 40% of veined core that was not recovered.
Further intercept details can be found in Table 1 in the Appendix to this document.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “We are excited by the initial drill hole underneath the Youle deposit as it returned a very significant intersection of high gold grades in both the parent hole and confirmatory wedge hole approximately one metre away. At approximately 90 metres below the last intercept on Youle, this discovery may indicate a new gold mineralized structure below and separate from the high-grade Youle deposit. This is a major milestone for our exploration program so early in the year and reinforces our planned 2021 program of deeper drilling below several of the known deposits.”
The Initial Intercept
Study of the structural dynamics within and surrounding the Youle deposit highlighted the distinct probability of a continuation to auriferous veining within a subvertical geometry underneath the westerly-dipping Youle deposit. BC176 was the initial drill hole within the program to test this target. At approximately 90 metres below the deepest known intercept on Youle and 200 metres below current on vein development, BC176 intercepted a quartz structure with abundant visible gold (Figure 1 and 3). Unfortunately, the intercept was not fully recovered and it is estimated that approximately 40% of the intercept was ground away in the drilling process. 0.58 m (down hole length) of core containing the auriferous quartz vein was recovered assaying 460.5 g/t gold.
Figure 1. Photograph of the BC176 intercept with enlarged image of the gold seen on the edge of the core.
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c26085d-6aba-4324-b007-3b5b68ada343
As the intercept was not fully recovered, a casing wedge was set 20 m above the initial intercept and another capture of the vein was achieved approximately 1 m to the south. This time the vein was fully recovered and a 0.20 m vein was observed. Again, the vein exhibited grains of gold through the quartz alongside blebs of stibnite (Figure 2). This vein was also sampled and assayed at 165.1 g/t gold over a true width of 0.20 m.
Figure 2. Photograph of the BC176W1 intercept which is a twin of the initial poorly recovered BC176 intercept. The figure also shows an image of a gold grain approximately 2 mm in diameter taken under microscope.
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c860088-2d9e-4726-a166-669b3544252e
Measurements from the oriented core show this intercept to be subvertical to east dipping which is a stark contrast to the predominantly westerly dipping Youle vein, however, analogues can be found in the upper portions of Youle and the historic Costerfield mine where subvertical auriferous veining is prevalent. Within BC176 other quartz veining was intercepted including a west-dipping laminated quartz vein and another subvertical vein in the same orientation as the gold bearing vein. To date, gold has not been visually detected in the other veins and the remaining core has not yet been sampled. Structural interpretation and the relationship to Youle proper is also only preliminary at this time.
Drilling is ongoing to test the extent of the visually auriferous, veining and the parallel vein sets. Mandalay will continue to supply updates as more results become available.
Figure 3. Longitudinal section of Youle illustrating the location of the BC176 and BC176W1 intercept. As the intercepts are within 1m of each, one dot portrays both intercepts.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ee0b9cb-729f-4940-8a7f-27d6cb8548b5
Notes:
True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered.
Drilling and Assaying
All diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to OnSite Laboratory Services in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by Geostats Pty Ltd., a specialist laboratory quality control consultancy. See Technical Report entitled “Costerfield Operation, Victoria, Australia NI 43-101 Report” dated March 30, 2020, available on SEDAR (www.sedar.com) for a complete description of drilling, sampling, and assaying procedures.
Qualified Person:
Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.
For Further Information
Dominic Duffy
President and Chief Executive Officer
Edison Nguyen
Manager, Analytics and Investor Relations
Contact:
647.260.1566
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near term cash flow.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Youle deposit (Costerfield). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 30, 2020, a copy of which is available under Mandalay’s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever 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 forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Appendix
Table 1. Youle Extensional Drilling Composites
Drill Hole
ID From
(m) To
(m) Drill
Width (m) True
Width (m) Au Grade
(g/t) Sb Grade
(%) AuEq
(g/t) AuEq (g/t) over
min. 1.8m
mining width
BC176 194.67 195.25 0.58 0.11 460.5 0.1 460.6 28.1
BC076W1 194.96 195.32 0.36 0.20 165.1 0.0 165.1 18.3
Notes:
1. The AuEq (gold equivalent) grade is calculated using the following formula:
AuEq g per t = Au g per t + Sb% ×
Au price per g × Au processing recovery
Sb price per 10kg×Sb processing recovery
Figures used are based on a 9-month average from April through December of 2020: Au $/oz = 1,834 Sb $/t = 5,672 Au Recovery = 91.2% and Sb Recovery = 96.6%
2. True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered.
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Bjorkdal Gold Mine, Sweden
Costerfield gold and antimony mine in Australia
Mandalay Resources lifts full-year consolidated gold-equivalent
output guidance after strong 3Q in Australia
In the three months to end-September, the miner produced 22,793
consolidated saleable gold ounces, which was the best quarterly result
since the fourth quarter of 2017
At the Costerfield mine, the Youle vein continues to deliver excellent results, the firm said
Mandalay Resources Corp. -
At the Costerfield mine, the Youle vein continues to deliver excellent
results, the firm said
Mandalay Resources Corporation (TSE:MND) (OTCQB:MNDJF) (FRA:R7X2) has
raised its guidance for full-year gold-equivalent ounce production
across its mines, thanks to a very strong performance from its
Australian operation in the third quarter.
In the three months to end-September, the miner produced 22,793 saleable
gold ounces from Costerfield in Australia, together with
Björkdal in Sweden, which was the best quarterly consolidated result
since the fourth quarter of 2017.
READ: Mandalay Resources reports "excellent" financial performance in
second quarter amid rising gold price
It was also the fourth consecutive quarter-over-quarter improvement in consolidated saleable gold production.
"Mandalay continues to build upon the momentum generated during the first half of the year by delivering another strong production and sales quarter. We expect to fulfil or outperform our consolidated 2020 production guidance on a gold equivalent ounces basis ...," said Dominic Duffy, the CEO of the metals miner.
Based on revised metals prices (namely, not those used for the forecast in January this year), the firm now expects consolidated gold-equivalent ounces to be between 100,000 and 109,000 ounces for the year to December 31 - up from between 93,000 and 106,000 ounces.
At the Costerfield mine, the Youle vein continues to deliver excellent results, with the head grades averaging 11.54 grams per ton (g/t) and 4.1% for gold and antimony processed, respectively, the firm noted.
Overall, the mine produced 14,620 saleable gold equivalent ounces, comprising 11,749 saleable gold ounces and 991 tonnes of saleable antimony. The 1,036 tonnes of antimony sold during the quarter was Mandalay's highest quarterly level since the first quarter of 2014.
Over in Sweden and Björkdal, Mandalay highlighted that third-quarter production of 11,044 saleable gold ounces was in-line with the previous quarter, but due to "dilution challenges" that the firm is "addressing", the site was tracking below forecast production levels in the year-to-date.
But Duffy added: "Production for the remainder of the year is expected to see some improvements and the focus will remain on capital development to advance further down into the Aurora zone’s higher-grades lower levels. Aurora’s capital development and definition drilling highlighting multiple vein structures parallel to Aurora sets up Björkdal for a significantly stronger 2021."
In the third quarter, Björkdal sold 11,511 ounces of gold, compared to 13,006 ounces in the same quarter of 2019, while Costerfield sold 11,489 ounces of gold and 1,036 tonnes of antimony.
That compares to 3,126 ounces of gold and 412 tonnes of antimony in the same period last year.
Metals producer Mandalay has producing assets in Australia and Sweden, and care and maintenance and development projects in Chile.
It aims to grow output at its gold and antimony operation in Australia, and gold production from its mine in Sweden to generate near-term cash flow.
Shares in Toronto advanced almost 6.9% to C$1.71 each.
---Updates for share price---
Contact the author at giles@proactiveinvestors.com
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Price: 1.72 CAD
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Mandalay Starting to Wake Up -
Fostervile South Presentation -
This will give you a perspective of the players in South East Australia. Enjoy!!
https://fostervillesouth.com/wp-content/uploads/2020/04/Fosterville-South_Investor-Deck_2020-04-10.pdf
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Its a long way to hike back UP - )
Mandalay Resources Corporation (Elgin Mining Inc. / Gold Ore Resourses) (TSX:MND)
All the factors are there: rising demand, shrinking production,
global currency devaluations, social and political upheaval...
Given the circumstances, there’s no doubt that gold prices will
continue to move higher as demand rises and
production struggles to keep pace.
Historic Gold Price
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Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
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God Bless America
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opinion appreciated
TIA
Mandalay Resources Corporation Announces Production and Sales Results for the Third Quarter of 2019 and Revised Full-Year 2019 Guidance
T.MND |
TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announced today its production and sales results for the third quarter of 2019.
In the third quarter of 2019, Mandalay produced 16,625 saleable ounces of gold equivalent and sold 17,814 ounces of gold equivalent.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “Mandalay’s production was lower than forecast over the third quarter of this year as a result of Costerfield’s underperformance in the Brunswick lode, whilst Björkdal continued its dependable performance of 11,888 ounces of saleable gold produced.”
Mr. Duffy continued, “At Björkdal, production continued in line with expectations, while mining at the open pit was paused at the end of July. We anticipate an increase in production in the fourth quarter as we recommence the mining of a higher-grade skarn zone, after infill drilling was carried out during the third quarter. In addition, we plan to increase the production rate from the Aurora zone as more levels are developed. We remain on target to achieve full-year guidance at Björkdal.”
Mr. Duffy continued, “At Costerfield, we produced 3,103 ounces of saleable gold and 402 tonnes of saleable antimony, as persisting poor ground conditions in the Brunswick lode limited the production rate and lowered the grade due to significant dilution from overbreak. The metallurgy of the ore has also been problematic with significantly lower than planned gold recoveries for the quarter, although antimony recoveries were as planned. With Youle production gradually coming online in the fourth quarter, we anticipate an increase in production compared to the third quarter as there will be less Brunswick ore through the mill. Furthermore, an initial test of approximately 1,600 tonnes of Youle development ore was processed through the mill with early indications showing comparable, if not better than, recoveries seen in the previously mined Cuffley lode.”
Mr. Duffy continued, “Despite the positive developments we expect at both sites during the fourth quarter and beyond, the aforementioned production and recovery issues related to the Brunswick deposit will require an update to our 2019 production and unit costs. We have not increased our total operational cost at both sites, although due to the significant drop in production forecast from Costerfield, expected cash costs and all-in costs at the Costerfield mine, and therefore on a consolidated basis, have been increased. Separately, due to lower than expected capital spend for the year, the upper limit of capital guidance at both operating sites have been lowered by US$2 million. Details are shown further below in this press release.”
Mr. Duffy continued, “The poor gold recoveries and lower grades due to dilution in the Brunswick lode are expected to continue to impact Costerfield’s production for the first six months of 2020. However, as the Youle lode ramps up this becomes less relevant and from the third quarter of 2020, it is anticipated that the Youle lode will be the sole feed source for the Costerfield mine.”
Mr. Duffy concluded, “Mandalay fully anticipates Costerfield to be revitalized with the ramp up at Youle which we expect to generate positive momentum into 2020. At Björkdal, the Company intends to build on its third quarter production and focus on targeting higher-grade underground skarn material and ramping up Aurora production for increased overall gold production.”
Saleable production for the quarter ended September 30, 2019:
In the third quarter of 2019, the Company produced a total of 14,983 ounces of gold and 402 tonnes of antimony, representing a total of 16,625 ounces of gold equivalent, versus 13,442 ounces of gold and 505 tonnes of antimony in the third quarter of 2018, representing a total of 16,874 ounces of gold equivalent.
Production at Björkdal was 11,880 ounces of gold in the third quarter of 2019, as compared to 8,504 ounces of gold in the third quarter of 2018.
Production at Costerfield was 3,103 ounces of gold and 402 tonnes of antimony in the third quarter of 2019, versus 4,938 ounces gold and 505 tonnes antimony in the third quarter of 2018.
Saleable production for the nine months ended September 30, 2019:
The Company produced a total of 51,017 ounces gold and 1,348 tonnes antimony, representing a total of 58,065 ounces of gold equivalent production, versus 51,899 ounces gold and 1,613 tonnes of antimony in the corresponding nine months of 2018, representing a total of 62,395 ounces of gold equivalent.
Production at Björkdal was 40,508 ounces gold.
Production at Costerfield was 10,509 ounces gold and 1,348 tonnes antimony.
Table 1 – Third Quarter and Nine Month Saleable Production for 2019 and 2018
Metal Source Three months
ended
September 30
2019 Three months
ended
September 30
2018 Nine months
ended
September 30
2019 Nine months
ended
September 30
2018
Gold (oz) Björkdal 11,880 8,504 40,508 35,237
Costerfield 3,103 4,938 10,509 16,662
Total 14,983 13,442 51,017 51,899
Antimony (t) Costerfield 402 505 1,348 1,613
Average quarterly prices:
Gold US$/oz 1,473 1,213
Antimony US$/t 6,015 8,252
Au Eq.(1) (oz) Björkdal 11,880 8,504 40,508 35,237
Costerfield 4,745 8,370 17,557 27,158
Total 16,625 16,874 58,065 62,395
Quarterly gold equivalent ounces (“Au Eq. oz”) produced is calculated by multiplying the saleable quantities of gold (“Au”), and antimony (“Sb”) in the period by the respective average market prices of the commodities in the period, adding the two amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au in the period. Average Au price in the period is calculated as the average of the daily LME PM fixes in the period, with price on weekend days and holidays taken of the last business day; average Sb price in the period is calculated as the average of the daily average of the high and low Rotterdam warehouse prices for all days in the period, with price on weekend days and holidays taken from the last business day. The source for all prices is www.metalbulletin.com.
Sales for the third quarter ended September 30, 2019:
In the third quarter of 2019, the Company sold a total of 16,132 ounces of gold and 412 tonnes of antimony, representing a total of 17,814 ounces of gold equivalent, versus 15,144 ounces of gold and 486 tonnes of antimony in the third quarter of 2018, representing a total of 18,450 ounces of gold equivalent.
Björkdal sold 13,006 ounces of gold in the third quarter of 2019, versus 10,400 ounces of gold in the third quarter of 2018.
Costerfield sold 3,126 ounces of gold and 412 tonnes of antimony in the third quarter of 2019, versus 4,744 ounces of gold and 486 tonnes of antimony in the third quarter of 2018.
Sales for the nine months ended September 30, 2019:
The Company sold 53,750 ounces gold and 1,361 tonnes antimony, representing a total of 60,815 ounces of gold equivalent, versus 58,448 ounces gold and 1,725 tonnes antimony in the third quarter of 2018, representing a total of 69,650 ounces of gold equivalent.
Björkdal sold 43,160 ounces gold.
Costerfield sold 10,590 ounces gold and 1,361 tonnes antimony.
Table 2 – Third Quarter and Nine Month Sales for 2019 and 2018
Metal Source Three months
ended
September 30
2019 Three months
ended
September 30
2018 Nine months
ended
September 30
2019 Nine months
ended
September 30
2018
Gold (oz) Björkdal 13,006 10,400 43,160 40,505
Costerfield 3,126 4,744 10,590 17,943
Total 16,132 15,144 53,750 58,448
Antimony (t) Costerfield 412 486 1,361 1,725
Average quarterly prices:
Gold US$/oz 1,473 1,213
Antimony US$/t 6,015 8,252
Au Eq. (1) (oz) Björkdal 13,006 10,400 43,160 40,505
Costerfield 4,808 8,050 17,655 29,145
Total 17,814 18,450 60,815 69,650
Quarterly Au Eq. oz sold is calculated by multiplying the saleable quantities of Au, and Sb in the period by the respective average market prices of the commodities in the period, adding the two amounts to get a “total contained value based on market price”, and then dividing that total contained value by the average market price of Au for the period. The source for all prices is www.metalbulletin.com with price on weekend days and holidays taken of the last business day.
Mandalay’s updated guidance for 2019 production, cash costs, all-in costs and capital expenditures is set out below together with the original guidance amounts. In addition to the factors noted above, the revised guidance reflects updated metal prices as there has been a significant decline in the price of antimony, and a significant increase in the price of gold since the initial announcement of the original guidance on January 16, 2019. These changes negatively impact projected consolidated gold equivalent production relative to the original guidance. As a result, the tables below present (i) revised 2019 guidance reflecting assumed metal prices of Au$1,396/oz and Sb$6,682/t, (ii) 2019 guidance as originally presented (based on the metal prices of Au$1,200/oz and Sb$8,200/t), and (iii) the original 2019 guidance adjusted to reflect assumed metal prices of Au$1,396/oz and Sb$6,682/t.
Table 3 – Revised 2019 Full-Year Guidance
2019E
Björkdal
Gold produced (oz) 50,000 – 56,000
Cash cost(1) per oz gold produced $800 – $950
All-in cost(1) per oz gold produced $1,030 – $1,180
Capital expenditures $18M – $20M
Costerfield
Gold produced (oz) 13,000 – 17,000
Antimony produced (t) 2,000 – 2,300
Gold equivalent(2) (oz) 23,000 – 28,000
Cash cost(1) per oz gold eq. produced $1,300 – $1,450
All-in cost(1) per oz gold eq. produced $1,700 – $1,850
Capital expenditures $21M – $23M
Consolidated
Gold equivalent(2) produced (oz) 72,000 – 84,000
Average cash cost(3) per oz gold eq. $975 – $1,125
Average all-in cost(3) per oz gold eq. $1,325 – $1,500
Capital expenditures $39M – $43M
Cash cost and all-in cost are non-IFRS measures. See “Non-IFRS Measures” at the end of this press release.
Assumes metal prices of: Au $1,396/oz, Sb $6,682/t
Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and maintenance costs at Cerro Bayo.
Table 4 – Original 2019 Full-Year Guidance
2019E
Björkdal
Gold produced (oz) 50,000 – 56,000
Cash cost(1) per oz gold produced $800 – $950
All-in cost(1) per oz gold produced $1,030 – $1,180
Capital expenditures $18M – $22M
Costerfield
Gold produced (oz) 23,000 – 30,000
Antimony produced (t) 2,600 – 3,100
Gold equivalent produced(2) (oz) – revised prices 35,000 – 45,000
Gold equivalent produced(3) (oz) 41,000 – 51,000
Cash cost(1,3) per oz gold eq. produced $790 – $920
All-in cost(1,3) per oz gold eq. produced $1,050 – $1,180
Capital expenditures $21M – $25M
Consolidated
Gold equivalent produced(2) (oz) – revised prices 85,000 – 101,000
Gold equivalent produced(3) (oz) 91,000 – 107,000
Average cash cost(3,4) per oz gold eq. $850 – $980
Average all-in cost(3,4) per oz gold eq. $1,130 – $1,280
Capital expenditures $39M – $47M
Cash cost and all-in cost are non-IFRS measures. See “Non-IFRS Measures” at the end of this press release.
Assumes metal prices of: Au $1,396/oz, Sb $6,682/t
Original metal prices used in the January 16, 2019 press release were Au $1,200/oz, Sb $8,200/t
Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and maintenance costs at Cerro Bayo
For Further Information:
Dominic Duffy
President and Chief Executive Officer
Edison Nguyen
Manager, Analytics and Investor Relations
Contact:
647.260.1566
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near-term cash flow.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Company’s production of gold and antimony for the 2019 fiscal year. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 28, 2019, a copy of which is available under Mandalay’s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever 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 forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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October 17, 2019 - 3:17 PM PDT
Tags: INDUSTRIAL METALS & MINERALS
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https://www.mandalayresources.com/wp-content/uploads/2019/10/MND_Press_Release_Q3_2019_Production_Sales_FINAL.pdf
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Mandalay Resources Corporation Provides Exploration Update
T.MND
TORONTO, Sept. 30, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to present an update on the continuing exploration programs at its Costerfield operation in Victoria, Australia, as well as its Björkdal operation in Sweden.
The Company is also pleased to report additional diamond drilling results from both operations based on drilling that was carried out since the Company’s last exploration release on June 18, 2019.
Readers are advised to review the corresponding figures found at the end of this press release.
Exploration Update Highlights
Costerfield
Youle northern extensional drilling met with early success
Potential for further discovery at Costerfield with target test drilling from surface at MacDonald
First hole of Costerfield deep drilling completed at 1,700 metres (“m”). Program has advanced knowledge of the structural framework of the Costerfield mineral district. Commenced a shallower daughter hole allowing for exploration target testing
Björkdal
Aurora zone open to extension. Assay results continue to grow the potential resource
Drill results at newly discovered Lake Zone skarn deposit demonstrated that the skarn geology is continuing deeper.
Mandalay’s drilling programs have continued to yield encouraging results at both Costerfield and Björkdal operations. At Costerfield, the Company is testing extensions to the Youle orebody, (see table 1) and has completed the first hole of a deep drilling program under the known Costerfield mineralized system, in search of high-grade mineralization at depth. At Björkdal, the Company is testing up-dip and down-dip extensions to the Aurora mineralization and is also testing the down-dip extension of the newly discovered high-grade skarn at Lake zone (see tables 2, 3, 4, and 5).
Dominic Duffy, President and CEO of Mandalay, commented; “Recent drilling results at Costerfield and Björkdal continue to demonstrate the significant upside value potential of our operations.”
“At Costerfield, further testing of the northern extension of the high-grade Youle deposit is strengthening our confidence of grade continuity within the Inferred Resources. Additionally, drilling further north of the Youle line of lode resulted in the identification of continuous mineralization through a low-grade zone, along with indications of a higher-grade zone of antimony and gold concentration approximately 200 metres away from the existing Youle Inferred Resources at a target known as MacDonald.”
Mr. Duffy continued, “We are now well underway with phase 1 of our deep drilling program at Costerfield. The first deep hole was completed at a depth of 1,700 metres and has provided valuable structural information below the Costerfield and Youle deposits. One high potential target has already been generated further up-dip as a result of this first hole. A daughter hole will now be wedged off the parent hole to test this target. Multi-element geochemical assaying of core drilled through potential fluid conduits is currently underway, with geochemical vectoring techniques to be applied once the analysis is complete.”
Mr. Duffy concluded, “At Björkdal, drilling at the Aurora zone was not able to commence until May 2019. However, results demonstrated that Aurora is still open both vertically and along strike. Lastly, we commenced testing the down-dip extension of the newly discovered Lake Zone skarn deposit. Results to date, show that the skarn geology continues deeper, but further assay results are required before assessing to what depth this deposit economically extends.”
Mandalay Drilling Programs
Costerfield Drilling Programs
Mandalay continues its two exploration programs commenced in May 2019.
Youle Extension Drilling Program
The focus of the Youle extension program has been to delineate a complex high-grade zone to the north, expanding on the early success of the program reported in June 2019.
With the use of regional modelling, historic research, and structural information gained from the second quarter of 2019 drilling program, an additional package of gold and antimony concentration was interpreted to exist as a target north of a low-grade zone along the structural trend of Youle and the Main Costerfield mine. As a result, the Youle extension drilling was re-designed to prioritize drill testing of this zone and has met with initial success (refer to Drilling Results, Figure 1 and Table 1 for details).
This “shoot repetition” has now been observed multiple times through the district, most notably in the Cuffley, Brunswick and Augusta Deposits.
Costerfield Deep Drilling Program
As Mandalay continues to increase momentum within the Youle expansion program, it also advances deep targeted testing of the Costerfield line of lode following Mandalay’s developing understanding of gold enrichment environments. The first hole of this two-hole program with secondary wedge holes, has been completed at a depth of 1,700 m. This first hole was designed to investigate the deep environment at the northern end of the current mine area, below the historical Costerfield mine and the currently active Youle lode.
Björkdal Drilling Programs
Underground extensional and production drilling during 2019 has continued to focus on the high-grade mineralization recently discovered at Björkdal (i.e., Aurora Zone and Lake Zone skarn).
Both these horizons provide the Company with the potential to mine high-tonnage and higher-grade ore more cost effectively over the upcoming years.
Aurora Drilling Program
Underground drilling focused on extending the existing Aurora zone. Results to date confirm the potential for Aurora to be extended both up and down dip and along strike in both directions. Although drilling the upper section of Aurora has encountered problems due to the difficult nature of drilling positive gradient diamond drill holes, with several holes having to be abandoned when intercepting major faults before intercepting the Aurora zone. As a result, the focus of Aurora drilling has been changed to the deeper holes seeking to extend the higher-grade mineralization at depth. The upper holes will now be drilled from surface in later 2019 or early 2020. The zone is currently being mined on five active levels.
Lake Zone Skarn Program
The recognition of skarn related mineralization at Björkdal during 2018 is of interest due to its anomalously high grade. Seven diamond drill holes have recently been drilled with the aim to define the down dip extension of the mineralized body. These drill holes have demonstrated the continuation of the skarnified horizon further to the north and at depth.
Mandalay Drilling Results
Costerfield Drilling Results
Youle Extension Drilling Program
Drill hole BC071 has been completed, targeting the multiple veins that make up the northern high-grade area of Youle. This hole intercepted multiple parallel veins, with the most significant being 18.4 g/t gold (“Au”) and 5.7% antimony (“Sb”) over a true width of 0.24 m.
Other recent drilling within the program focused on testing for a northern continuation of mineralization. The structure that hosts the majority of Youle mineralization was intercepted in BC067AW1, BC067AW2 and BC070 with the structure being enriched in gold and antimony in all 3 intercepts.
Historic research, together with field mapping and LiDAR (light imaging, detection, and ranging) analysis has identified substantial workings along the line of the historic Costerfield mine to the north. From our understanding of the other mineralized packages in the district, a steeply plunging low-grade zone occurring between these workings and the Costerfield mine is likely, and fits with observations and inferences of bedding and faulting interactions to the north of Youle and Costerfield. From these findings a highly prospective zone now exists north of Costerfield mine, being the MacDonald target.
BC075 intercepted two mineralized zones. A gold and antimony bearing laminated quartz vein (0.42 m @ 7.2 g/t Au & 4.4% Sb), which is spatially associated with the historic workings, and additional quartz-stibnite veining (0.45 m @ 1.3 g/t Au & 7.3% Sb composite of multiple veins) approximately 80 m to the east of the initial intercept. These results support the northern enrichment model and excitingly indicate a potential for multiple veining and mining fronts.
Table 1: Youle Drilling Results (June 2019 – September 2019)
Hole ID Hole Completion Date Total hole Depth Intercept Easting (Mine Grid) Intercept Northing (Mine Grid) Intercept Elevation (Mine Grid) Drilled Width (m) True Width (m) Au Grade (g/t) Sb Grade (%) AuEq (g/t) over min. 1.8m
mining width
BC067AW1 4/07/2019 531.2 15441 7251 817 0.09 0.07 8.7 19.8 1.4
BC067AW2 17/07/2019 518.9 15406 7235 799 0.08 0.07 5.3 8.6 0.7
BC069 27/06/2019 699.6 No Significant Intercept
BC070 9/08/2019 734.8 15442 7350 747 0.31 0.22 0.8 0.5 0.2
BC071 5/08/2019 492.1 15392 7156 849 0.55 0.26 18.4 5.7 3.9
BC071 5/08/2019 492.1 15389 7156 854 0.28 0.20 2.1 3.4 0.8
BC075 10/09/2019 357.5 15521 7439 1122 0.51 0.42 7.2 4.4 3.2
BC075 10/09/2019 357.5 15608 7356 1048 0.52 0.45 1.3 7.3 3.1
Note:
- Assumes metal prices of: Au$1,450/ oz and Sb$7,000/ t
- AuEq (g/t) = Au (g) + Sb (%) x [Price per 10 Sb (kg) x Sb Recovery (%) / Price per 1 Au (g) x Au Recovery (%)]
Costerfield Deep Drilling Program
The upper majority of the first hole in this program (CD001) found a geological environment consistent with our current understanding; a west-dipping sequence of Upper Costerfield Formation siltstones passing into the turbidites and mudstones of the Lower Costerfield Formation. As anticipated by the geological model, a sequence of dark, carbon-rich turbidites and sandstones inferred to be favorable to high-grade gold mineralization was passed through between 904 – 995 m, which included quartz veining with anomalous gold values (up to 0.7 g/t Au) and minor visible stibnite mineralization (up to 0.01% Sb).
At a downhole depth of 1,015 m, a west-dipping fault containing laminated quartz with significant apparent thrust offset was intercepted (Figure 2). Below this fault, folded but predominantly east-dipping turbidites, giving way to siltstones disrupted by apparent strike-slip faulting was encountered. A large fault between 1,545 and 1,555 m marked a transition into dark-coloured, east-dipping slaty turbidites which displayed abundant irregular quartz veining leading up to a thick quartz blow between 1,583 – 1,595 m. This wide interval of quartz contained minor pyrite mineralization and zones of sericite-chlorite alteration.
Stratigraphic correlations between the Youle mine area, and the first 1,000 m of CD001 infer the existence of an anticlinal environment or thrust ramp in the area between, which presents a compelling target for Costerfield-style mineralization down-dip of the known Youle lode. This environment is additionally, likely to be coincident with the occurrence of the dark carbon-rich sandstones which enhance the potential for high-grade gold mineralization.
Trace-level analysis assays have been returned for the core down to a depth of 1,040 m, which display strong positive correlation between gold, antimony and arsenic (Figure 3). Of importance is a wide zone of enrichment of these elements, approximately between 975 – 1,040 m downhole, which appears to be centered on the large fault at 1,015 m. Additionally, silver (“Ag”) shows a strong relative enrichment in this zone on the footwall of the fault. Subsequent hyperspectral logging of CD001 has additionally brought to light a wide envelope of muscovite alteration surrounding this fault, mirroring the elevated assays. Muscovite alteration of wall rock white micas is a common feature of central Victorian gold deposits, and the coincidence of muscovite alteration and gold-antimony-arsenic enrichment here is interpreted as evidence of the large fault acting as an active conduit or feeder zone for ore-forming hydrothermal fluids. Assays from CD001 have been added to Mandalay’s regional multi-element geochemical database, which integrates exploration drill core, regolith and bedrock assays to fingerprint mineralized systems and lithological packages in the Costerfield area. The information contained within the database is constantly updated and used to refine exploration models which assist in the generation and testing of new mineralization targets.
The environment passed through in the latter 660 m of CD001 can be interpreted as the disrupted eastern limb of a regional-scale anticline, the thrust-offset crest of which hosts the Costerfield mine. This deep, capped-off eastern limb is in a similar structural position to the sub King Cobra mineralization at Augusta which contains some exceptionally high-grade gold assays. The steeply dipping fault at 1,545 m is interpreted to be analogous to the Lyre Fault which appears to be significant to setting up the sub King Cobra mineralized environment. Initial assays through this zone show anomalous gold and antimony however the method of analysis used, is designed for ore grade analysis and is not accurate at trace ranges.
The next hole in this program, CD001W1, has commenced wedging off CD001 at a depth of 400 m to investigate the carbonaceous sandstones near to their inferred culmination above the 1,015 m fault, and the environment immediately below (See Figure 2).
Björkdal Drilling Results
Since the Company’s last exploration press release on June 18, 2019, the Company has assayed 20 drill holes at the Aurora zone at Björkdal (see tables 4) and 4 drill holes at its Lake Zone skarn deposit (see table 5). Recent highlights from the Aurora and Lake Zone skarn assays include the following intercepts:
Table 2: Aurora Drilling Highlights
Hole ID True Width Au g/t
DOD2019-058 2.93 7.80
DOD2019-076 3.34 5.37
DOD2019-077 2.51 7.24
DOD2019-078 6.03 2.78
DOD2019-079 3.50 6.99
Table 3: Lake Zone Skarn Drilling Highlights
Hole ID True Width Au g/t
MU9-009A 0.65 23.77
MU9-014 1.65 14.31
Table 4: Aurora Drilling Results (June 2019 – September 2019)
Hole ID Hole Completion Date Intercept
Northing
(Mine Grid) Intercept
Easting
(Mine Grid) Intercept
Elevation
(Mine Grid) From (m) To
(m) Drilled
Width
(m) True Width (m) Au (g/t) Au (g/t) over min. 3 m mining width
DOD2019-052 06/07/2019 1755.778 1126.208 -402.341 120.2 125 4.8 4.45 0.74 0.74
DOD2019-054 20/07/2019 1751.489 1148.12 -396.642 111.9 114.95 3.05 2.98 1.86 1.85
DOD2019-058 07/08/2019 1737.463 1179.071 -373.329 81.37 84.7 3.33 2.93 7.80 7.62
DOD2019-062 11/08/2019 1744.189 1202.82 -374.002 77.16 84.74 7.58 7.37 1.20 1.20
DOD2019-064 14/08/2019 1745.167 1229.26 -373.199 76.4 85 8.6 8.46 1.44 1.44
DOD2019-065 17/08/2019 1740.74 1247.04 -361.376 81.65 84.6 2.95 2.78 1.13 1.05
DOD2019-071 11/08/2019 1743.136 1278.844 -354.397 93.1 101.25 8.15 7.65 2.10 2.10
DOD2019-072 17/08/2019 1746.972 1309.528 -355.602 92.53 95.14 2.61 2.61 0.75 0.65
DOD2019-073 21/08/2019 1753.994 1371.047 -347.596 115 119 4 3.51 1.25 1.25
DOD2019-074 23/07/2019 1754.501 1272.581 -378.005 73.85 75.55 1.7 1.65 2.32 1.28
DOD2019-075 27/06/2019 1767.642 1275.186 -399.987 78.4 82.6 4.2 4.07 1.54 1.54
DOD2019-076 30/06/2019 1763.209 1290.188 -389.498 75.15 78.5 3.35 3.34 5.37 5.37
DOD2019-077 02/07/2019 1773.238 1300.484 -402.742 83.08 85.72 2.64 2.51 7.24 6.04
DOD2019-078 20/07/2019 1775.85 1321.227 -399.189 81.9 88.05 6.15 6.03 2.78 2.78
DOD2019-079 18/07/2019 1761.896 1321.197 -377.872 75.45 78.97 3.52 3.50 6.99 6.99
MU9-019 08/08/2019 1858.279 1518.94 -529.552 150.2 158.35 8.15 5.24 1.46 1.46
MU9-020 18/08/2019 1887.54 1511.106 -600.533 204.7 224.15 19.45 9.19 1.57 1.57
POD2019-012 08/05/2019 1806.281 1414.745 -451.053 84.2 89 4.8 4.43 0.85 0.85
POD2019-013 11/05/2019 1803.162 1433.972 -446.062 78.16 85.55 7.39 7.07 1.47 1.47
POD2019-014 16/05/2019 1809.44 1445.913 -451.242 82.3 95.2 12.9 12.02 1.29 1.29
Table 5: Skarn Drilling Results (June 2019 – September 2019)
Hole ID Hole Completion Date Intercept
Northing
(Mine Grid) Intercept
Easting
(Mine Grid) Intercept
Elevation
(Mine Grid) From (m) To (m) Drilled
Width
(m) True Width (m) Au (g/t) Au min. 3m mining width (g/t)
MU9-009A 24/06/2019 1690.45 1586.03 -508.33 67.65 68.95 1.3 0.65 23.77 5.15
MU9-012 04/08/2019 1687.81 1612.9 -507.67 69.7 72 2.3 0.95 1.32 0.42
MU9-013 09/08/2019 1677.41 1637.61 -504.47 72.6 77.74 5.14 1.81 1.71 1.03
MU9-014 11/08/2019 1659.49 1619.51 -486.32 45.9 49.05 3.15 1.65 14.31 7.87
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/39ab60c1-8d7f-42e2-ab79-516a1d5bb210
Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/8c0b8412-5a42-4f7e-909e-b3abb449db53
Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/a8c652ef-fb29-4e89-b323-8bbe23d04e0e
Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/0f63fdbb-b97f-4d19-9eeb-d23dc7671c53
Figure 5: https://www.globenewswire.com/NewsRoom/AttachmentNg/e281e025-2510-4f37-8c1e-83a9a4f35eb4
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Figure 8: https://www.globenewswire.com/NewsRoom/AttachmentNg/11e72bf7-c85a-4367-b770-6d09258bca45
Figure 9: https://www.globenewswire.com/NewsRoom/AttachmentNg/8fec8d46-d7a3-42d9-ac1e-a9bfd628f608
Drilling and Assaying
At Costerfield, diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to OnSite Laboratory Services in Bendigo, Victoria, Australia, for sample preparation and assay. Site geological and metallurgical personnel have implemented a QA/QC process that includes the regular submission of standard reference materials and blanks with drill and face samples submitted for assay. Standard reference materials have been certified by Geostats Pty Ltd. (February 6, 2019 Technical Report entitled “Costerfield Operation, Victoria, Australia NI 43-101 Report”, available on SEDAR (www.sedar.com), which contains a complete description of drilling, sampling, and assaying procedures).
At Björkdal, all diamond drill core was logged and sampled by Björkdal geologists. Exploration drill hole samples (prefix MU) were sent to CRS Minlab Oy (CRS) in Kempele, Finland for sample preparation and assaying. Development Optimization drill hole samples (prefix DOD) were at the onsite lab ran by ALS for sample preparation and assaying (see March 28, 2019, Technical Report entitled “Technical Report on the Björkdal Gold Mine, Sweden”, available on SEDAR (www.sedar.com), which contains a complete description of drilling, sampling, and assaying procedures).
Assaying in both the CRS and ALS laboratories was conducted utilizing the Pal1000 (CRS) cyanide leaching processes. Mandalay’s rigorous QA/QC program included the use of standard reference samples, blanks, duplicates, repeats, and internal laboratory quality assurance procedures.
Qualified Person:
Chris Gregory, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Member of the Australian Institute of Geoscientists (AIG), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.
For Further Information
Dominic Duffy
President and Chief Executive Officer
Edison Nguyen
Manager, Analytics and Investor Relations
Contact:
647.260.1566
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near term cash flow.
Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Youle deposit (Costerfield) and the Aurora Zone (Björkdal). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading “Risk Factors” in Mandalay’s annual information form dated March 28, 2019, a copy of which is available under Mandalay’s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever 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 forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
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Figure 1
image: https://ml.globenewswire.com/media/39ab60c1-8d7f-42e2-ab79-516a1d5bb210/medium/figure-1.png
Longitudinal Section and Plan Section of Youle (Costerfield) Illustrating Location of Recent Intercepts along with first access on Youle
Figure 2
image: https://ml.globenewswire.com/media/8c0b8412-5a42-4f7e-909e-b3abb449db53/medium/figure-2.png
Longitudinal Section Illustrating Current Drill Hole CD001 and Planned Drill Hole Locations of Costerfield Deep Drilling Program
Figure 3
image: https://ml.globenewswire.com/media/a8c652ef-fb29-4e89-b323-8bbe23d04e0e/medium/figure-3.png
Downhole trace-level geochemistry of CD001, showing correlation of elevated Au-Sb-As-Ag and hydrothermal muscovite alteration between 975-1040m.
Figure 4
image: https://ml.globenewswire.com/media/0f63fdbb-b97f-4d19-9eeb-d23dc7671c53/medium/figure-4.png
Björkdal Mine Scale Overview Map Showing the Location of the Aurora Zone and Lake Zone Skarn in Relation to Mine Development. Black Box Denotes Level Plan for Lake Zone Skarn
Figure 5
image: https://ml.globenewswire.com/media/e281e025-2510-4f37-8c1e-83a9a4f35eb4/medium/figure-5.png
Longitudinal Section of the Aurora Zone Illustrating Location of Recent Intercepts
Figure 6
image: https://ml.globenewswire.com/media/bbf6894d-06c9-407e-86c3-d35d144fa1b7/medium/figure-6.png
Cross Sections of Björkdal Mine Area Showing the Location and Current Size of the Aurora Zone (A-A’) and Lake Zone Skarn (C-C’), in which the Black Box Denotes Focused Cross Section in Figure 7
Figure 7
image: https://ml.globenewswire.com/media/c570f17a-6077-415e-84fa-88bb51828bb5/medium/figure-7.png
Cross Section Displaying the Current Limits of the Lake Zone Skarn Horizon
Figure 8
image: https://ml.globenewswire.com/media/11e72bf7-c85a-4367-b770-6d09258bca45/medium/figure-8.png
Cross Section Displaying the Current Limits of the Lake Zone Skarn Horizon
Figure 9
image: https://ml.globenewswire.com/media/8fec8d46-d7a3-42d9-ac1e-a9bfd628f608/medium/figure-9.png
Schematic Level Plan of the Lake Zone Skarn Horizon Illustrating Location of Recent Intercepts
GlobeNewswire
September 30, 2019 - 1:30 PM PDT
Tags:
INDUSTRIAL METALS & MINERALS
Read more at https://stockhouse.com/news/press-releases/2019/09/30/mandalay-resources-corporation-provides-exploration-update#q8fZvMJ7OJtZc0Ed.99
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Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
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2019 Denver Gold Forum Presentation -
https://wsw.com/webcast/dgf19/mnd.to/?lobby=true&day=1
Read more at
https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=30142031#DTZ3PStBsSYyJG4W.99
In GOD We Trust -
https://www.kitco.com/images/live/silver.gif?0.8344882022363285
http://www.kitconet.com/images/live/au0001wb.gif
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
http://www.biblebelievers.org.au/monie.htm
God Bless America
Ps.
opinion appreciated
TIA
Mandalay Resources Corp. (MNDJF) -
http://seekingalpha.com/article/2562365-update-mandalay-resources-is-on-its-way-to-becoming-a-mining-powerhouse
Hope we get a good and better 2015 -
http://www.mandalayresources.com
http://www.mandalayresources.com/investor-presentations/
http://www.mandalayresources.com/wp-content/uploads/2014/12/MND_Investor_Presentation_December_2014_Final.pdf
http://www.elginmining.com
Mandalay Resources Corp. - 20th Anniversary Vancouver Resource Investment Conference 2015 -
76 Richmond Street East, Suite 330 Toronto , ON, M5C 1P1 Canada
http://www.mandalayresources.com
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109848930
http://cambridgehouse.com/company/1624/mandalay-resources-corp
20th Anniversary Vancouver Resource Investment Conference 2015 -
http://cambridgehouse.com/event/33/20th-anniversary-vancouver-resource-investment-conference-2015
Mandalay Resources Corporation (MND:TSX) -
http://web.tmxmoney.com/quote.php?qm_symbol=MND:TSX
Gold Spot FOREX Foreign Exchange and Precious Metals alive -
MANDALAY CEO PRESENTING AT DENVER GOLD FORUM -
September 16th, 2014
Mandalay’s CEO Brad Mills will be giving a 20-minute presentation on
Mandalay Resources Corp. at the Denver Gold Forum at 3:30 pm MT.
Please click here below to view the presentation webcast....
http://www.denvergoldforum.org/dgf14/company-webcast/MND:CN
Mandalay Resources Completes Acquisition of Elgin Mining -
Date : 09/10/2014 @ 4:05PM
Source : PR Newswire (US)
Stock : Elgin Mining (ELG)
Quote : 0.4 0.0 (0.00%) @ 2:05AM
Mandalay Resources Completes Acquisition of Elgin Mining
http://ih.advfn.com/p.php?pid=nmona&article=63547949
http://www.mandalayresources.com/
http://www.elginmining.com
God Bless
Mandalay Getting Elgin On The Cheap -
Way, way way to cheap -
ex.
only Lupin would cost more than
a billion to develop from grassroot -
http://www.elginmining.com/s/Presentation.asp
http://www.elginmining.com
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=102978176
God Bless
Mandalay Resources to Acquire Elgin Mining -
http://web.tmxmoney.com/article.php?newsid=68223029&qm_symbol=ELG:TSX
TORONTO, ONTARIO and VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2014) -
Mandalay Resources Corporation ("Mandalay") (TSX:MND) and
Elgin Mining Inc.
("Elgin") (TSX:ELG) announced today that they have entered into an
arrangement agreement pursuant to which Mandalay will
acquire all of the outstanding common shares of
Elgin for consideration consisting of
C$0.37 cash or
0.4111 of a Mandalay common share per Elgin common share,
subject to pro ration.
The total transaction value is approximately C$70 million.
Based on the closing price of Mandalay's shares on June 3, 2014,
the implied transaction value of C$0.37 per Elgin share represents
an 85% premium to Elgin's closing share price of $0.20 on
June 3, 2014, the last trading day before announcement of the
transaction and a 53% premium to Elgin's 20 day volume-weighted
trading price of $0.24 on June 3, 2014.
The transaction will add Elgin's Björkdal gold mine in Sweden as
Mandalay's third producing and positive cash flow generating
asset.
Björkdal is a safe, highly productive, mechanized underground and
open pit mine with a highly automated processing plant producing
gravity gold concentrate and flotation gold concentrate.
Elgin's full-year production guidance for Björkdal in 2014 is
44,000 to 49,000 ounces of gold at
US$886 to US$982/oz cash cost and
US$1,088 to US$1,207/oz all-in cost.
With Björkdal's forecast production for the second half of 2014
added to Mandalay's existing production guidance,
Mandalay's total gold equivalent production guidance for 2014
increases to 152,000 to 167,000 gold equivalent ounces.
Brad Mills, CEO of Mandalay, commented, "Mandalay's core strategy is to acquire cash flowing or near cash flowing assets in geopolitically stable and mining-supportive jurisdictions that have excellent exploration potential and where Mandalay's operational expertise can make a material difference to the performance of the asset in the short to medium-term. The Björkdal mine is an ideal fit for Mandalay. Elgin has already identified and initiated optimization strategies for Björkdal mine. These, coupled with Mandalay's mine design and execution experience, will insure the operational strategies being deployed at Björkdal achieve maximum impact. We believe that the application of Mandalay's financial and technical resources can help the Björkdal mine significantly grow production and materially reduce costs per ounce in the coming 12 to 36 months. We expect that with this growth, this transaction will be highly accretive to Mandalay shareholders on an EBITDA, earnings per share, net asset value, free cash flow per share, and reserves and resources per share basis from 2015 onwards at current metal prices."
Patrick Downey, CEO of Elgin stated, "The combination of Mandalay and Elgin will provide our shareholders with the opportunity to gain exposure to a growing and profitable producer with operations in politically and fiscally stable jurisdictions, while still providing exposure to the upside at Björkdal. Mandalay has an excellent track record of growing and optimizing mine operations and producing value for their shareholders. With their balance sheet and technical expertise, I believe that the combined company will maximize the value of Björkdal for the benefit of both the Mandalay and Elgin shareholders, and I look forward to working with the Mandalay team."
Benefits for Mandalay Shareholders
The proposed transaction:
adds a third producing and cash flow generating mine in a mining friendly jurisdiction to Mandalay's existing operations;
increases and diversifies Mandalay's production profile by adding
Björkdal's annual production of nearly 50,000 oz of gold to
Mandalay's current 130,000 to 143,000 oz gold equivalent annual
production rate;
provides an opportunity for Mandalay to generate additional value
by applying Mandalay's demonstrated capabilities to grow
production, lower costs and increase reserves to
Björkdal's operations over the next 12 to 36 months;
provides Mandalay with positive EBITDA and cash flow at current gold prices and current cash and all-in cost levels at Björkdal;
includes large resources and excellent exploration potential for potentially long mine life and/or significant organic growth profile;
demonstrates Mandalay's continued business development success in being able to add high value assets to its portfolio at attractive prices; and
offers the potential for a substantial re-rating of Mandalay to a multiple in line with or superior to other mid-tier precious metals producers based on Mandalay's low-cost production, free cash flow, dividend policy, proven management team and a fully funded growth trajectory going forward through to the scheduled construction in 2016 of the Challacollo silver-gold project currently in feasibility.
Benefits for Elgin Shareholders
significant and immediate premium to the current common share price;
strong re-rate potential as Mandalay continues to grow to a mid-tier profitable producer;
diversifies our asset base while remaining in politically stable jurisdictions;
provides the cash and balance sheet to accelerate the continued ongoing growth at Björkdal;
proven combined management and technical teams with extensive exploration, development and operations experience; and
the combined company will have increased market presence and enhanced trading liquidity.
Transaction Details
The transaction will be completed by way of a statutory plan of
arrangement pursuant to the Business Corporations Act (Ontario).
Under the terms of the arrangement,
Elgin shareholders may elect
to receive, in exchange for each of their Elgin common shares,
C$0.37 in cash or
0.4111 of a Mandalay share.
Elections will be subject to pro ration based on a maximum
aggregate amount of Mandalay common shares of 50,000,000 and a
maximum aggregate amount of cash of $25,000,000.
The transaction is not conditional on any financing.
As part of the transaction, all of Elgin's C$0.20 common share
purchase warrants (to the extent not otherwise exercised prior
to closing) will be cancelled at closing in exchange for
a cash payment of C$0.17 per common share purchase warrant.
The transaction has been unanimously approved by
Mandalay's board of directors and no further corporate or
shareholder approvals are required by
Mandalay to complete the transaction.
The Elgin board of directors has unanimously approved the
transaction and has resolved to unanimously recommend that
Elgin shareholders vote in favor of the transaction at a special
meeting of the shareholders to approve the transaction.
Primary Capital Inc. has provided an opinion to
the Elgin board of directors that, as of June 2, 2014,
the consideration under the proposed transaction is fair,
from a financial point of view, to Elgin's shareholders.
Completion of the transaction is subject to customary closing conditions, including Ontario court approvals and a favorable vote of at least two-thirds of the votes cast by Elgin shareholders as well as the resolution, to Mandalay's satisfaction, of Elgin's outstanding reclamation obligations relating to its former coal operations in Kentucky.
In connection with the execution of the arrangement agreement,
shareholders who collectively own approximately 41.4% of
Elgin's issued and outstanding common shares have entered into
agreements with Mandalay pursuant to which they have agreed,
among other things, that they will vote all of their
Elgin common shares in favour of the transaction.
The arrangement agreement includes customary non-solicitation provisions applicable to Elgin and provides for the payment of a C$2,000,000 break-up fee to Mandalay if the transaction is terminated in certain circumstances.
Elgin will seek shareholder approval for the transaction at
its annual general meeting, which it expects will be held in
the third quarter of 2014.
In connection with the meeting, Elgin will mail an information
circular to its shareholders providing further details of the
transaction.
Assuming timely receipt of all necessary court and shareholder
approvals and the satisfaction of all other conditions, closing is
expected to occur shortly after the Elgin shareholder meeting.
Elgin has obtained the approval of the Toronto Stock Exchange to
defer holding its annual meeting until September 30, 2014.
Bridge Loan
In connection with the transaction, Mandalay has agreed to provide
a convertible bridge loan of approximately $5,000,000 to Elgin.
Elgin will use the proceeds of the loan to repay its existing
bridge loan from Sprott Resource Lending Partnership, which
contains restrictions on Elgin's ability to satisfy its Kentucky
coal reclamation obligations.
The Bridge Loan will (i) bear interest at a rate of 10% per annum,
(ii) have a term of six months, (iii) subject to TSX approval,
be convertible into Elgin common shares at Mandalay's option at a
price of C$0.1565 per share and (iv) be secured by, among other
things, a pledge of all of the shares of
Elgin's Swedish subsidiaries (Björkdalsgruvan Aktiebolag and
Björkdal Exploration AB).
Advisors
Raymond James Ltd. is acting as financial advisor to
Mandalay and Goodmans LLP is acting as legal counsel to Mandalay.
Primary Capital Inc. is acting as financial advisor to
Elgin and Cassels Brock & Blackwell LLP is acting as
legal counsel to Elgin.
Conference Call
Interested Analysts and investors are invited to participate in a conference call which will be held on June 4, 2014 at 11:00 am (ET), using the following dial-in numbers:
Participant Number (International/Local): (647) 427-7450
Participant Number (Toll free North America): (888) 231-8191
Conference ID: 56501272
A replay of the conference call will be available until 23:59 pm (ET),
June 11, 2014 and can be accessed using the following dial-in
numbers:
1.855.859.2056
416.849.0833
403.451.9481
778.371.8506
Password: 56501272
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and producing and development projects in Chile. Mandalay is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.
About Elgin Mining Inc.
Elgin is a Canadian-based company focused on production at the Björkdal gold mine in Sweden. In addition, Elgin's portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of securities legislation and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" or the negative of these words or other variations on these words or comparable terminology. More particularly, and without limitation, this news release contains forward-looking statements and information concerning expectations regarding the consideration to be issued pursuant to the transaction, the ability of Mandalay and Elgin to consummate the transaction on the terms and in the manner contemplated thereby, the anticipated benefits of the transaction, the anticipated timing of the transaction and forecast production amounts for both Mandalay and Elgin. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the time required to prepare and mail meeting materials to Elgin shareholders, the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary court, shareholder, stock exchange and regulatory approvals and the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the transaction, as well as other uncertainties and risk factors set out in filings made from time to time by Mandalay and Elgin with the Canadian securities regulators, including, without limitation, Mandalay's annual information form dated March 28, 2014 and Elgin annual information form dated March 21, 2014, both of which are available on SEDAR at www.sedar.com. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements.
Mandalay Resources Corporation
Bradford Mills
Chief Executive Officer
647.260.1566
Mandalay Resources Corporation
Greg DiTomaso
Investor Relations
647.260.1566
g.ditomaso@mandalayresources.com
http://www.mandalayresources.com
Elgin Mining Inc.
Patrick Downey
President and Chief Executive Officer
(604) 682-3363
(604) 682-3366
info@elginmining.com
http://www.elginmining.com
http://web.tmxmoney.com/article.php?newsid=68223029&qm_symbol=ELG:TSX
God Bless
ONLY 1 SAFE-HAVEN REMAINS 'GOLD' !!! jmho
I feel good Bjorkdal Gold Mine is in Sweden amd
Lupin Goild Mine in Canada
Any GOLD, Mines or investments; has to be in safe jurisdiction - outside of US -
outside of Rothschild/hitler/osama ussr land -
even Zimbabwe (old Rhodesia) is a safer area today vs.
ex... US Bundy land grabs ussr repeat itself -
Banks Sued on Claims of Fixing Price of Gold -
http://dealbook.nytimes.com/2014/05/05/banks-sued-on-claims-of-fixing-price-of-gold/?_php=true&_type=blogs&_r=0
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=101938742
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=101808540
God Bless
nagoya1 thank you. Elgin Mining Reports First Quarter 2014 Results
Vancouver, British Columbia, May 13, 2014 -
Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX: ELG) reports its financial
and operational results for the three months ended March 31, 2014.
Elgin Mining owns and operates the Björkdal gold mine
("Björkdal Mine") in Sweden, and holds the past-producing
Lupin gold mine ("Lupin") and the Ulu gold property in Nunavut,
Canada.
All figures are in United States dollars1 ($ or USD) unless
otherwise indicated.
A copy of the Company's financial statements and Management's
Discussion and Analysis can be viewed on the Company's website at
http://www.elginmining.com
or on SEDAR at www.sedar.com.
http://www.elginmining.com/s/NewsReleases.asp?ReportID=653251&_Type=News-Releases&_Title=Elgin-Mining-Reports-First-Quarter-2014-Results
May 12, 2014
Elgin Mining Announces First Quarter 2014 Conference Call Details
Vancouver, British Columbia, May 12, 2014 -
Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX: ELG and ELG.WT) announces
that the Company will release its first quarter 2014 financial and
operational results after the close of business on Tuesday,
May 13th, 2014.
A conference call will follow on Wednesday, May 14th, 2014 at 2pm
(Eastern Time) for management to discuss the results. This
discussion will be followed by a question and answer period.
Live Dial-In Information
Toronto and International: 416-695-7806 passcode - 7551641
North America (Toll Free): 866-696-5910 passcode - 7551641
Replay Call Information
Toronto and International: 905-694-9451 passcode 9378295
North America (Toll Free): 800-408-3053 passcode 9378295
The conference call replay will be available from 7 pm (Eastern
Time) on May 14th, 2014, until 11:59 pm (Eastern Time) on May 28,
2014.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at
the Björkdal gold mine in Sweden.
In addition, Elgin Mining's portfolio includes
the Lupin and Ulu gold projects located in Nunavut, Canada.
For further information, please visit the Company's web site at www.elginmining.com.
Elgin Mining Inc.
Patrick Downey
President and Chief Executive Officer
Tel: (604) 682-3366 / Fax: (604) 682-3363
info@elginmining.com /www.elginmining.com
View News Release in PDF Format:
File: http://www.elginmining.com/i/pdf/2014-05-06_NR.pdf
422 KB, approx. 1 minute, 20 seconds at 56.6Kbps
You can view the Next News Releases item:
Tue May 13, 2014, Elgin Mining Reports First Quarter 2014 Results
You can view the Previous News Releases item: Mon Mar 24, 2014,
Elgin Mining Reports Fourth Quarter and 2013 Results
You can return to the main News Releases page, or press the Back
button on your browser.
http://www.elginmining.com/s/NewsReleases.asp?ReportID=653084&_Type=News-Releases&_Title=Elgin-Mining-Announces-First-Quarter-2014-Conference-Call-Details
God Bless
ELGIN MINING RELEASES FURTHER DRILL RESULTS
AT THE BJÖRKDAL GOLD MINE -
Vancouver, British Columbia, January 14, 2014 –
Elgin Mining Inc. (“Elgin Mining” or the “Company”)
(TSX: ELG and ELG.WT) is pleased to announce further drill
results from its exploration program at its
wholly-owned Björkdal Gold Mine (“Björkdal Mine”) in Sweden.
This underground drilling is part of an ongoing program to
expand the underground resource and to define areas of higher-
grade mineralization.
The current drilling is a follow-up to the exploration work
reported during 2012 and 2013, which identified a new gold vein
system (“Lake Zone”) located adjacent to active mining areas
that are only 200 to 400 metres below surface.
This most recent drilling was planned to test the up-dip and
down-dip extensions of the Lake Zone vein system and the down-
dip extensions of the 610, 620 and Main Zone vein systems,
located to the southeast (see attached map).
The areas of drilling of 610, 620, and Main vein systems are in
zones that are actively being mined, and have produced very
good mill feed grades.
These zones are developed on several levels and the Company
plans to continue to open up these very prospective areas
for active mining later in 2014.
The Lake Zone is also being extensively developed and the
Company expects to be stoping a number of these veins starting
in Q2/2014.
The results were very positive for all vein systems drilled,
with some of the best intercepts to date
including (see Table 1 and Map 1):
http://www.elginmining.com/i/pdf/2014-01-14_NR.pdf
http://www.elginmining.com/s/NewsReleases.asp?ReportID=619401&_Type=News-Releases&_Title=Elgin-Mining-Releases-Further-Drill-Results-at-the-Bjrkdal-Gold-Mine
http://www.elginmining.com/i/pdf/InvestorFactSheet-June2013.pdf
http://www.elginmining.com/s/Presentation.asp
http://www.elginmining.com
God Bless
Elgin Mining Reports Record Fourth Quarter And Full Year 2013 Production
http://www.elginmining.com/s/NewsReleases.asp?ReportID=618640&_Type=News-Releases&_Title=Elgin-Mining-Reports-Record-Fourth-Quarter-And-Full-Year-2013-Production
http://www.elginmining.com/s/Home.asp
God Bless
Elgin Mining Reports Third Quarter 2013 Production and Provides Operational and Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2013) -
http://www.elginmining.com/s/NewsReleases.asp?ReportID=608263&_Type=News-Releases&_Title=Elgin-Mining-Reports-Third-Quarter-2013-Production-And-Provides-Operational...
Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX:ELG)(TSX:ELG.WT) is pleased
to announce production results for the third quarter of 2013 at
its Björkdal gold mine in Sweden.
The Company also provides preliminary operating and cost details
for 2014 based on a recently completed revised mine plan.
The plan is based upon achieving all-in-cash costs, including
capex and corporate general and administration, of below
US$1,200/ounce.
Third Quarter 2013 Production
http://web.tmxmoney.com/article.php?newsid=63377886&qm_symbol=ELG
During the third quarter the Company reported quarterly production of 10,751 ounces of gold as detailed in the following table:
Q3-2013 Q3-2012 % Change
Tonnes milled 328,441 328,347 0
Tonnes per day 3,570 3,569 0
Au grade (g/t) 1.17 1.15 3.2
Recovery % 87.3% 87.6% -0.3
Gold production (ozs) 10,751 10,460 2.8
The focus in Q3-2013 was in reducing operating costs per tonne moved in the open pit back to recent historical costs. This changeover commenced in August and is progressing well. We expect to have open pit costs back at or near historical levels in mid Q4-2013. In the underground mine the switch to owner operated mining continued through the quarter with the final equipment delivered. Once the changeover is completed and productivity is at planned levels we expect that unit operating costs will continue to improve.
2014 Mine Plan
The Company has also completed its preliminary mine plan for 2014. The plan is based on a schedule of ore that will maintain all-in-cash costs below US$1,200/ounce, based on a Swedish krona/USD exchange rate of 6.5:1.
General details are shown in the tables below.
Mill Feed Tonnes Average Grade Recovered Ounces Cash Cost (USD/oz)
1,299,600 1.17 42,936 990
The above tonnage and grades are based on approximately 40% open pit, 40% underground and 20% stockpile and cash cost includes TC/RC's, based on a FX rate of 6.50 SEK per USD.
2014 Cash Flow Estimates (USD millions)*
Bjorkdal Operating Cash Flow 9.0
Bjorkdal Capex (3.8)
Corporate G & A (1.9)
Lupin/Ulu (Care and Maintenance) (0.9)
Principal and Interest Payments (net) (1.1)
Net Cash Flow 1.3
based on USD$1,200/oz gold price; FX rate of 6.50 SEK per USD and parity between CAD and USD
During 2014 capital projects will be carefully controlled and exploration will be limited to underground planning.
The Company has over 6 months of underground stope inventory developed and ready for mining which will act as a buffer to the underground mine plan, if necessary.
Commenting on the above, Mr. Patrick Downey, President and CEO, stated, "Our team has worked diligently over the past number of months to achieve all-in-cash costs that can be sustainable within the current volatile gold price environment. We expect to see continued cost improvements through to the end of 2013 and further into 2014.
Mining underground is now fully owner-operated and we shall see ongoing cost savings in this key area of the mine. The new equipment is better suited to mining narrower on-vein widths which should reduce mine dilution. It should be noted that the mine previously delivered over 1.1 million tonnes at an average head grade of 1.77 g/t Au and, with the new equipment, careful planning and development, these recent historical feed grades should be readily achievable."
Corporate Update
The Company also announces that, with operational changes now in-place and the placement of Lupin and Ulu under long-term care and maintenance, Jim Currie, Chief Operating Officer, has left the Company. The Company thanks Mr. Currie for his efforts and contributions to Elgin Mining and wishes him the best in future endeavours.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production at the Björkdal gold mine in Sweden. In addition, Elgin Mining's portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.
For further information, please visit the Company's web site at
http://www.elginmining.com
http://investorshub.advfn.com/Elgin-Mining-Inc-(Gold-Ore-Resourses)-TSX-ELG-6067/
God Bless
GULDFABRIKEN VÄSTERBOTTEN
30 januari, 2012
http://bloggar.expressen.se/lars/2012/01/guldfabriken-vasterbotten/
http://bloggar.expressen.se/lars/2012/01/guldfabriken-vasterbotten/guldfabrik/
http://bloggar.expressen.se/lars/files/2012/01/guldfabrik.jpg
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92493633
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92493015
God Bless
Welcome to Elgin Mining Inc. (Gold Ore Resourses) (TSX:ELG)
Some 12 miles in from the coast in the Västerbotten forests of
Björkdal Gold Mine in Sweden.
And this is actually the time that the glitters really is gold.
Bjorkdal Gold Mine is quite unique with coarse gold is visible to
the naked eye and unusually dense with quartz veins that follow
the drilling underground.
http://www.bjorkdalsgruvan.se/
http://www.bjorkdalsgruvan.se/om-foretaget
http://www.bjorkdalsgruvan.se/process
http://www.bjorkdalsgruvan.se/entreprenorer
http://www.bjorkdalsgruvan.se/miljo
http://www.bjorkdalsgruvan.se/historia
http://www.bjorkdalsgruvan.se/kontakt
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92493015
http://norran.se/2012/03/ekonomi/ljust-for-bjorkdalsgruvan/
http://pure.ltu.se/portal/sv/studentthesis/utvecklingspotentialer-i-bjoerkdals-anrikningsprocess(e4753c8a-1d37-4753-a553-ec1793bc8b50).html
God Bless
Elgin Mining Closes Bridge Loan Facility
September 25, 2013
View News Release in PDF Format
Vancouver, British Columbia, September 25, 2013 -
Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX: ELG and ELG.WT)
is pleased to announce that, further to its news release of
August 27, 2013, it has completed the bridge loan credit
facility (the "Facility") with Sprott Resource Lending
Partnership (the "Lender").
The Facility is for the principal amount of $5 million at an
interest rate of 10 percent per annum, compounded and payable
monthly.
The term of the Facility is eighteen months, at which time the
Facility will be due and payable in full.
In consideration for the advance of the Facility, the Company
has made a bonus payment in cash to the Lender in the amount of
$350,000, being 7% of principal amount.
In consideration for the structuring and syndication of the
Facility, the Company has paid to the Lender a cash structuring
fee of $50,000.
The proceeds of the Facility will provide the Company with
additional liquidity to continue development of the Company's
Bjorkdal Mine in Sweden and to fund working capital and general
and administrative costs.
As a result of the fact that the Lender is an affiliate of an
insider of the Company and that a director of the Company will
participate in the syndication of the Facility, the Facility is
considered a "related party transaction" pursuant to
Multilateral Instrument 61-101 -- Protection of Minority
Securityholders in Special Transactions ("MI 61-101").
The transaction is exempt from the requirements to obtain a
formal valuation, pursuant to Section 5.5(a) of MI 61-101, and
minority shareholder approval, pursuant to Section 5.7(a) of MI
61-101, as the fair market value of the Facility and any
consideration paid by the Company in connection with it, will
not exceed 25% of the Company's market capitalization.
The Facility was considered and approved by the board of
directors of the Company, other than the director who will
participate on syndication of the Facility and who abstained
from such approval.
Elgin Mining Inc.
Elgin Mining is a Canadian based company focused on production
at the Björkdal gold mine in Sweden.
In addition, Elgin Mining's portfolio includes
the Lupin and Ulu gold projects located in Nunavut, Canada.
For further information, please visit the Company's web site at
http://www.elginmining.com.
Elgin Mining Inc.
Patrick Downey,
President and Chief Executive Officer
Tel: (604) 682-3366 / Fax: (604) 682-3363
info@elginmining.com /
http://www.elginmining.com/s/Bjorkdal_Gold_Mine.asp
http://www.elginmining.com/i/pdf/ELG-Investor-Presentation-May2013.pdf
http://www.elginmining.com/i/pdf/InvestorFactSheet-June2013.pdf
http://www.elginmining.com/s/Other_Properties.asp
http://www.elginmining.com/s/Investors.asp
http://www.elginmining.com/s/Properties_Overview.asp
http://www.elginmining.com/s/RegulatoryFilings.asp
http://investorshub.advfn.com/Elgin-Mining-Inc-(Gold-Ore-Resourses)-TSX-ELG-6067/
Why $50,000 Gold?
http://www.jsmineset.com/2013/04/19/why-50000-gold/
http://www.biblebelievers.org.au/monie.htm
God Bless
Elgin Mining Inc. (Gold Ore Resourses) (TSX:ELG) Presentations -
http://www.elginmining.com/i/pdf/ELG-Investor-Presentation-May2013.pdf
http://www.elginmining.com/i/pdf/ELG-Q1-2013-Financial-Presentation.pdf
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=88730047
God Bless
Elgin Mining (ELG)- Bjorkdal Gold Mine - Lupin Gold Mine -
http://www.elginmining.com/i/pdf/ELG_Investor_Presentation_Dec_4_2012.pdf
http://www.elginmining.com/i/pdf/Investor_Fact_Sheet_Nov_2012.pdf
Elgin Mining Reports Fourth Quarter and 2012 Results -
http://www.elginmining.com/s/NewsReleases.asp?ReportID=577973&_Type=News-Releases&_Title=Elgin-Mining-Reports-Fourth-Quarter-And-2012-Results
http://www.elginmining.com/i/pdf/ELG_Investor_Presentation_April_2013.pdf
http://ih.advfn.com/p.php?pid=nmona&article=56917702
Fraser Institute ranks Finland and Sweden top mining destinations
Cecilia Jamasmie | February 28, 2013
http://www.mining.com/finland-and-sweden-the-new-worlds-top-mining-destinations-38576/
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=83905175
God Bless
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