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Mandalay Resources Corporation Announces Production and Sales Results for the Third Quarter of 2019 and Revised Full-Year 2019 Guidance
T.MND | 1 day ago
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
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Mandalay Resources Corporation Provides Exploration Update
T.MND | 8 hours ago
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
Figure 6: https://www.globenewswire.com/NewsRoom/AttachmentNg/bbf6894d-06c9-407e-86c3-d35d144fa1b7
Figure 7: https://www.globenewswire.com/NewsRoom/AttachmentNg/c570f17a-6077-415e-84fa-88bb51828bb5
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.
image: https://www.globenewswire.com/newsroom/ti?nf=NzcyNDAxMiMzMTQwMTg1IzIwMjg0ODA=
image: https://ml.globenewswire.com/media/b5f2fa1c-f64d-4f0c-a9c7-ff4d73fc1ef0/small/mandalay-resources-logo.jpg
Primary Logo
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
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 Corporation Announces Commencement of On Vein Development on the Youle Lode
T.MND | 12 days ago
TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce that the first access drive has been completed at the Youle lode with level development now commenced.
Dominic Duffy, President and CEO of Mandalay, commented, “We are extremely pleased with the team’s execution in accessing Youle on the 957 level safely and sooner than originally planned.
Furthermore, on vein development was initiated on the lode, and we will begin processing ore during September.
We foresee the first stope being mined late in the fourth quarter of this year.”
Mr. Duffy continued, “Initial assays have been as expected with the most significant being 118 g/t gold and 55.3% antimony over a true width of 0.2 metres.”
Mr. Duffy continued, “We were able to access the Youle lode sooner though design changes allowing the access drive to begin higher up the primary access ramp. With the orebody accessed, development and stoping will be ramping up and we expect a continual uplift in Youle production over the next 12 months.”
Mr. Duffy concluded, “On the exploration side, due to the late start to our drilling programs in 2019, assays have been delayed on key exploration holes although we will be providing an update on all of our drilling programs by the end of September.”
Table 1: Initial Youle Vein Grades
Read more at https://stockhouse.com/news/press-releases/2019/09/12/mandalay-resources-corporation-announces-commencement-of-on-vein-development-on#t0oT6qhwYmTIVO30.99
MNDJF: effective July 2,2019 a one for 10 reverse split:
https://otce.finra.org/otce/dailyList?viewType=Symbol%2FName%20Changes
MNDJF buy 0.104
double bottom
https://www.mandalayresources.com/
normal chart
log chart
normal chart
log chart
Mandalay Resources Corporation Provides Exploration Update and Announces Optimization of its Björkdal Operation
TORONTO, June 18, 2019 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce the commencement of its 2019 exploration campaign 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 November 14, 2018. Readers are advised to review the corresponding figures found at the end of this press release.
Mandalay’s drilling programs since the fourth quarter of 2018 have
continued to yield encouraging results.
At Costerfield, the Company is testing extensions to the Youle orebody
(see tables 1 and 2) and has commenced a deep drilling program under
the known Costerfield mineral systems to test for potential high-grade
mineralization similar to Fosterville’s Swan zone.
At Björkdal, the Company has expanded the Aurora mineralization, and in
addition is pleased to provide drilling results for newly discovered
high-grade skarn at the Lake zone (see tables 3, 4, and 5).
Dominic Duffy, President and CEO of Mandalay, commented,
“We are pleased to announce that we have commenced our 2019 exploration
programs at both of our sites.
We believe that the most recent drilling results at Costerfield and
Björkdal are very positive and suggest further opportunities for
increasing the value of our operations.
“At Costerfield, we commenced drilling to test the northern extension of
the high-grade Youle lode in May 2019 and met with immediate success in
the first hole (BC068), which intercepted 0.5 metres (true width) at
39 grams per tonne of gold equivalent.
This result is encouraging as it gives us increased confidence about
the continuity of Youle to the north. Currently, the Youle lode is open
to extension in all directions.
We expect to commence mining of this high-grade lode in the fourth
quarter of this year, with the opportunity for further expansion from
underground drill platforms when we get there.”
Mr. Duffy continued, “We also began phase one of our deep drilling program at Costerfield in May 2019.
This is the first phase of a program that is expected to continue over the coming twelve months. The objective of the first phase of deep drilling is to establish the geological and stratigraphic context for where a high-grade gold deposit would likely be found. We have begun the first of two deep holes (approximately 1,000 metres deep and 1,500 metres hole length) and we will be wedging off of each hole to get a clearer picture of the structural setting further up dip. We believe this program will provide a strong framework for understanding the geology and potential styles of mineralization that may exist at depth, to allow planning of the future deep drilling program.”
Mr. Duffy concluded, “At Björkdal, drilling at the Aurora zone in the
fourth quarter of 2018, together with further drilling in the second
quarter of 2019, has continued to expand the size of the deposit, which
is still open both vertically and along strike.
Aurora currently measures 500 metres in strike length and 300 metres in
height with significantly larger widths than we are currently mining.
In addition to further delineating Aurora, we are pleased to also
announce high-grade drill results from the newly discovered Lake zone
skarn deposit.
The skarn deposit adds a new dimension to the Björkdal by reporting
significantly higher grades than are typically mined at the operation.”
Mandalay Drilling Programs
https://web.tmxmoney.com/article.php?newsid=8052635759176173&qm_symbol=MND
Mandalay Resources Corporation Announces Financial Results for the First Quarter of 2019
TORONTO, May 14, 2019 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) today announced its financial results for the quarter ended March 31, 2019.
The Company’s condensed and consolidated interim financial results for the quarter ended March 31, 2019, together with its Management’s Discussion and Analysis (“MD&A”) for the corresponding period, can be accessed under the Company’s profile on www.sedar.com and on the Company’s website at www.mandalayresources.com. All currency references in this press release are in U.S. dollars except as otherwise indicated.
For the first quarter of 2019, the Company generated revenue of $29.9 million, adjusted EBITDA of $5.2 million and a consolidated net loss of $1.3 million, or $0.00 loss per share.
Commenting on the results, Dominic Duffy, President and CEO of Mandalay, noted, “Mandalay’s financial and operational performance in the first quarter of 2019 marks a significant improvement over the past several quarters. On a revenue, adjusted EBITDA, and adjusted net income basis, Mandalay’s first quarter 2019 results are stronger than the three quarters that preceded it. Mandalay’s financial results from the first quarter of 2019 show that the Company is steadily turning around its financial position. This improved performance comes as a result of Mandalay working through, and overcoming, several operational challenges that it faced in 2018.”
Mr. Duffy added, “The financial improvements were largely attributable to Björkdal’s increased production results. The Björkdal mine benefited from a full quarter of having the new underground haulage fleet on site and produced 14,385 ounces of gold. Gold production from Björkdal in the first quarter of 2019 exceeded our expectations and was the highest gold production quarter since its record fourth quarter of 2017. We expect the higher production rates at Björkdal to remain stable for the remainder of 2019.”
Mr. Duffy continued, “At Costerfield, gold equivalent production was lower compared to both the fourth quarter of 2018 and the first quarter of 2018, which was the result of lower gold and antimony grades mined and processed. We expect production rates to remain constant at Costerfield until we begin producing from the higher-grade Youle lode towards the end of 2019. Development at Youle is proceeding well, and we continue to expect that we will begin producing from Youle in the fourth quarter of 2019.”
Mr. Duffy concluded, “Mandalay also completed a major financial transaction and significantly strengthened our cash position and balance sheet in the first quarter of 2019 as we completed a C$54 million financing (see Mandalay press releases February 20 and March 29, 2019). This financing gives us a considerably improved cash balance, and we ended the first quarter of 2019 with $37.0 million in cash and cash equivalents compared to $8.4 million at December 31, 2018 and $23.4 million at March 31, 2018. We intend to use the net proceeds of this financing to fund working capital requirements, potential debt restructuring and a cash reserve for our gold-exchangeable bonds, planned exploration at high potential areas at both operations, and general corporate purposes. We have recently commenced the planned exploration activities at Costerfield and Björkdal and look forward to providing an exploration update in due course.”
First Quarter 2019 Financial Summary
https://web.tmxmoney.com/article.php?newsid=7947192271711677&qm_symbol=MND
God Bless
Mandalay Resources reports production up in Q1 at its flagship Björkdal gold mine
08:34 11 Apr 2019
The Toronto-based junior miner produced a total of nearly 22,000 gold equivalent ounces in the first quarter of 2019
gold pour
Björkdal was also positively impacted by the mining of higher-grade underground ore
Mandalay Resources Corporation (TSE:MND) (OTCMKTS:MNDJF) reported that gold production at its Björkdal mine in Sweden had increased in the first quarter of 2019, as the company’s flagship operation began mining higher-grade underground ore.
Production at Björkdal was up nearly 1,700 ounces of gold compared to the same quarter last year, with around 14,300 ounces of gold output versus 12,700 during the year-ago period.
READ: Mandalay Resources looks to future with confidence after shareholders approve financing
The Toronto-based junior miner produced a total of nearly 19,000 ounces of gold and 575 tons of antimony, representing a total of nearly 22,000 gold equivalent ounces (GEOs), compared to over 19,000 ounces of gold and 605 tons antimony for a total of around 23,000 GEOs in 1Q 2018.
“Mandalay’s consolidated production was a significant improvement on recent quarters, due in large part to a strong quarter at Björkdal, where trucking and haulage of higher-grade underground material returned to expected levels following the arrival of the entire underground haulage fleet,” said Dominic Duffy, CEO at Mandalay.
According to Mandalay, Björkdal was also positively impacted by the mining of higher-grade underground ore as a result of its strategy to identify higher-grade ore sources. “We expect the higher production levels at Björkdal to remain stable for the remainder of 2019,” said Duffy.
Focus on Youle lode
The company’s Costerfield mine in Australia produced around 4,100 ounces of gold and 575 tons of Antimony, compared to around 6,500 gold ounces and 605 tons of antimony during the year-ago period.
“While the production was lower at Costerfield compared to the previous quarter, the operation continued with its capital development towards the high-grade Youle lode, scheduled to be producing by year-end,” said Duffy.
Activities at Costerfield was also ramping up on a new lode which will be the primary source of production over 2019, the company said in a statement.
Shares of Mandalay closed at C$0.11 in Canada and US$0.09 in the US on Wednesday.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas
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Angela Harmantas
https://ca.proactiveinvestors.com/companies/news/200983/mandalay-resources-making-headway-as-australian-mine-shows-continued-promise-200983.html
MND bigger joke.... another Banro forming.
Head for the life rafts.
$50 Silver a Joke Breakout Coming - Andrew Maguire -
30,472 views
Mar 19, 2019
Put some dirt on it, it died.................................
Mandalay Resources Corporation Announces the Results of its Annual General and Special Meeting of Shareholders, Filing of ESTMA Report and Appointment of Director
TORONTO, May 16, 2018 (GLOBE NEWSWIRE) --
Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND)
is pleased to announce the results of its Annual General and Special
Meeting of Shareholders (the “Meeting”) held today in Toronto, Ontario.
All of the resolutions presented at the meeting were approved by the
shareholders, with the votes cast by proxy representing 79.15% of the
total shares outstanding as of the proxy cut-off date, May 14, 2018.
Election of Directors
As announced on May 14, 2018, Mark Sander has resigned as President and Chief Executive Officer of the Company and also withdrew as a candidate for re-election to the board. As a result, the number of directors was fixed at five members and each of the five nominees listed in the Company’s management information circular dated April 13, 2018 (the “Circular”) other than Dr. Sander were re-elected to the Company’s Board of Directors. Abraham Jonker remains the lead independent director and Bradford Mills continues as the Chair. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.
Motion Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Abraham Jonker 335,371,548 99.31 2,317,679 0.69
Amy Freedman 337,026,707 99.80 662,519 0.20
Bradford A. Mills 337,244,097 99.87 445,130 0.13
Peter R. Jones 337,242,347 99.87 446,880 0.13
Robert Doyle 337,214,347 99.86 474,880 0.14
Appointment of Auditors
Ernst & Young LLP was appointed as the auditor of the Company to hold office until the close of the next Annual Meeting of the Shareholders, or until their successor is otherwise appointed, and the directors were authorized to fix the auditor’s remuneration. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.
Motions Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld
Appointment of Auditors 357,150,854 99.98 79,965 0.02
Shareholder Rights Plan
The resolution to ratify the Company’s amended and restated shareholder rights plan was approved. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.
Motions Votes Cast by Proxy For % For Votes Cast Against % Withheld
Shareholder Rights Plan 317,439,258 94.00 20,249,969 6.00
Advance Notice Policy
The resolution to ratify the Company’s amended and restated advance notice policy was approved. The vote was conducted by a show of hands. Results of the votes cast by proxy are set out below.
Motions Votes Cast by Proxy For % For Votes Cast Against % Withheld
Advance Notice Policy 337,527,824 99.95 161,403 0.05
ESTMA Report
The Company has filed its Extractive Sector Transparency Measures Act Report for the year ended December 31, 2017. The Extractive Sector Transparency Measures Act Report can be accessed on the Company’s website at www.mandalayresources.com.
Appointment of Director
As noted above, as a result of Dr. Sander not standing for re-election as a director, at the conclusion of the Meeting, the Company’s Board of Directors subsequently appointed Dominic Duffy, Mandalay’s new President and Chief Executive Officer, as a director, restoring the size of the Board of Directors to six directors.
For Further Information
Dominic Duffy
President and Chief Executive Officer
Greg DiTomaso
Director of 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 executing a roll-up strategy, creating critical mass by aggregating advanced or in production gold, copper, silver and antimony projects in Australia, the Americas, and Europe to generate near-term cash flow and shareholder value.
https://web.tmxmoney.com/article.php?newsid=6497877218265939&qm_symbol=MND
God Bless
Looking pretty said like no room for recovery.... might be time to write her off.
Mandalay Resources Corp. (MNDJF) INVESTOR PRESENTATIONS -
Mandalay Investor Presentation – March 2018
https://www.mandalayresources.com/wp-content/uploads/2013/11/MND_Investor_Presentation_March_2018_Final.pdf
https://www.mandalayresources.com/
Gold settles higher, gains more ground in electronic trading after Fed statement
Published: Mar 21, 2018 2:11 p.m. ET
https://www.marketwatch.com/story/gold-settles-higher-gains-more-ground-in-electronic-trading-after-fed-statement-2018-03-21?siteid=rss&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A%20marketwatch%2Fmarketpulse%20(MarketWatch.com%20-%20MarketPulse)
This is the first time gold is up on FOMC meeting
The boldness of the market not to protect what the FED is deciding on.
Usually they wait a week to allow gold to go up in reaction of what the
FED is doing so there is no apparent correlation.
Is the market finally balking at the FED, giving up on it.
I'm not saying that is a good sign. Usually it is a bed sign. Things are falling
apart in the world, and gold reacts to that.
Here's some of the headlines on kitco, the first 5 or so are recogning the gold
price is moving up on what the FED is doing. The FED is being targeted for
being wrong and can't contain gold's price that is the signal the FED is wrong
and not doing things right for the US or world. Just for itself and fellow banking
system.
https://premium.kitco.com
Will Rising Interest Rates Push Gold Higher?
http://www.gold-eagle.com/article/will-rising-interest-rates-push-gold-higher
Gold Prices Are Rising as the Fed Hikes Rates -
https://moneymorning.com/2017/12/15/dont-be-fooled-gold-prices-are-rising-even-as-the-fed-hikes-rates/?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+USMoneyMorning+%28Money+Morning%29
Note ....
The gold bull market in the 1970s and 1980s happened
even as the Fed tested record-high interest rates.
The yield on the 30-year Treasury bond rallied sharply
during the late 1970s, eventually topping 15% in 1981.
Gold rallied from about $100 per ounce in 1976
to over $850 per ounce in 1980.
Ex-Fed Chairman Alan Greenspan: ‘We are in a bond market bubble’ that’s beginning to unwind
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=138957589
In GOD We Trust -
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
Mandalay Resources Corp. (MNDJF) INVESTOR PRESENTATIONS -
Mandalay Investor Presentation – March 2018
https://www.mandalayresources.com/wp-content/uploads/2013/11/MND_Investor_Presentation_March_2018_Final.pdf
https://www.mandalayresources.com/
BIG PICTURE - WHY INVEST IN MANDALAY RESOURCES CORP.
http://www.proactiveinvestors.com/TSE:MND/Mandalay-Resources-Corp./
http://www.proactiveinvestors.com/companies/news/192075/mandalay-resources-reports-on-challenging-2017-192075.html
http://www.proactiveinvestors.com/companies/news/191929/mandalay-resources-maintains-reserves-over-course-of-2017-191929.html
God Bless
I think I pulled that number from 2017 which was low due to the flooding.
Anyway Silver in my opinion is way under priced and will be heading up in the future. It should be closer to $30 compared with gold, not sure why it is priced so low unless it's all the fake paper silver at the Comex flooding the market. Gold is manipulated too and should be at least $2500 oz so really silver should be closer to $60 an oz. Those prices are conservative IMHO. What do you think would happen to Mandalay if these metals were not artificially manipulated? Easy 10 bagger here. Hell this stock could be $40-$50 a share in the future.
Sooner or later things will have to equalize and reset, when it does I will be ready to reap the benefits.
Pretty much agree with what you say. My only quibble would be that I am expecting closer to 2 million oz/yr silver from Cerro Bayo, since that is the rate they were producing before the flooding out the mine down.
Add in another 4 million oz from Challacollo mine in 3 years time, and that is 6 million oz silver between these 2, which would make it a fairly substantial producer.
10 bagger would be if they did a nice acquisition and had cerro bayo running at capacity. Without the acquisition just getting Cerro Bayo up at capacity should cause a 5 bagger situation. I believe Cerro Bayo could produce around 1.2 million ounces of silver per year and 15,000 or more ounces of gold. Current price is $.24 per share and running on all cylinders should be at $1.25 per share or better depending on where gold goes. Gold goes to $1900 oz 10 bagger for sure
I thought this was an excellent presentation of the company from Dec 2017:
How profitable is Cerro Bayo at current silver price ? Don't we also need a large rise in silver prices along with Cerro Bayo restart to get a 10 bagger ?
Another acquisition and getting Cerro Bayo open could turn this stock into a 10 bagger pretty easy over the next year. Looks like Cerro Bayo is scheduled to come online 1st quarter 2019. If one was patient this stock has tons of potential
Cerro Bayo – In line with Mandalay’s determination to reopen the mine when all
permits necessary for the life of mine plan are received and based on the latest
information regarding permitting schedules. Cerro Bayo will remain on care and
maintenance through 2018; the Company currently anticipates restart in the first
quarter of 2019.
My understanding is all the permits needed to reopen Cerro Bayo will take around 12 months, so some patience is needed here. But they are actively looking for another acquisition, so there is another potential catalyst here, while we wait for Cerro Bayo to come back online.
Mandalay Resources Corporation Announces Production and
Sales Results for the Fourth Quarter and Full Year 2017,
Provides Production and Cost Guidance for 2018
https://www.mandalayresources.com/wp-content/uploads/2018/01/MND_Jan_15_2018.pdf
Stock price will jump big time once they announce the reopening of Cerro Bayo mine.
Have to get it out of the coma first.
This is my sleeper stock, when this one gets rolling easily a 5-10 bagger.
Mandalay Resources reveals WPC Resources set to buy Ulu gold property
Share
14:02 11 Jan 2018
The Ulu lease covers around 947 hectares contiguous to the Hood River
property in the High Lake greenstone belt
Mandalay Resources reveals WPC Resources set to buy Ulu gold property
The Ulu gold property is in Nunavut, Canada.
Mandalay Resources Corp (TSE:MND) revealed that Vancouver based
explorer WPC Resources Inc is set to buy its Ulu gold property
located in Nunavut, Canada after inking an option deal.
The Ulu lease covers around 947 hectares contiguous to
the Hood River property in the High Lake greenstone belt.
A 5% net proceeds of production royalty is payable to Royal Gold
on production from Ulu in excess of 675,000 ounces and
mining major BHP Billiton (LON:BLT) retains
the Ulu diamond rights.
A previous mineral estimate put the total measured and indicated
resource at 605,000 contained ounces of gold at 7.53 g/t (grams per
ton) from 2.5mln tonnes.
Among the terms is that WPC must pay Mandalay
C$200,000 within five business days of the receipt of
regulatory approval and pay a further
C$200,000 on or before May 31 this year.
It will also issue Mandalay with 15 mln shares.
http://www.proactiveinvestors.com/companies/news/189907/mandalay-resources-reveals-wpc-resources-set-to-buy-ulu-gold-property-189907.html
God Bless
I sure hope so, I’m sitting on 10,000 shares. As soon as the stock market bubble pops you will be pleased how much this stock goes up. Probably 1000% or more
I increased my position in Mandalay yesterday. This company is way under priced. Once Cerro Bayo opens up again it will take off like a rocket.
Up a bunch this morning. On this? I haven't read yet.
https://www.theglobeandmail.com/globe-investor/news-sources/?date=+20170724&archive=infolink&slug=6917334
Very good presentation. Thanks for sharing NYBob.
Mandalay Res. Corp. Presentation June 2017 -
http://www.mandalayresources.com/wp-content/uploads/2013/11/MND_June_Presentation.pdf
http://www.mandalayresources.com/
- God Bless -
Ugh, people missing and drop in stock, bad day all round:(
Mandalay Resources Corporation Reports Flooding at Its Cerro Bayo Mine
http://globenewswire.com/news-release/2017/06/09/1012162/0/en/Mandalay-Resources-Corporation-Reports-Flooding-at-Its-Cerro-Bayo-Mine.html
I feel sorry for the miners and their family.
This didn't need any bad news, struggling already.
Thanks NYBob for the encouraging responses. We shall hang on.
bigone' on 'Mandalay Resources Corp. (MNDJF) -
welcome to Mandalay its good to see you here my friend -
I think MNDJF is very oversold and undervalued -
imo.
https://investorshub.advfn.com/boards/read_msg.aspx?message_id=130823226
http://www.mandalayresources.com/investor-presentations/
http://www.mandalayresources.com/press/current-news-4/
http://www.mandalayresources.com
http://www.kitconet.com/images/live/ag0001wb.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 -
NYBob what is your current thoughts about Mandalay? We are still holding our position.
Mandalay Resources - the European Gold Forum in Zurich -
EUROPEAN GOLD FORUM (ZURICH) -
View CEO presentation here -
http://www.mandalayresources.com/properties/bjorkdal/ -
Bjorkdal Gold Mine - Sweden's largest gold mine -
Sweden’s Gold Reserves: 10,000 gold bars (pet rocks) shrouded in Official Secrecy -
http://www.zerohedge.com/news/2017-04-25/sweden%E2%80%99s-gold-reserves-10000-gold-bars-pet-rocks-shrouded-official-secrecy
http://www.mandalayresources.com/investor-presentations/
http://www.mandalayresources.com/press/current-news-4/
http://www.mandalayresources.com
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 -
It is like watching grass grow, nothing happening overnight here. :)
Mandalay Resources will be attending the European Gold Forum in Zurich from April 4-6.
EUROPEAN GOLD FORUM (ZURICH)// April 4th, 2017
View CEO presentation here
http://www.mandalayresources.com/investor-presentations/
http://www.mandalayresources.com/press/current-news-4/
http://www.mandalayresources.com/
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 -
Mandalay Resources C (MNDJF) _ RATE HIKE Today most major gold producers went strongly higher -
smaller producers often hike UP after - )
0.4557 ? -0.0073 (-1.58%)
Volume: 12,600 @ 2:58:12 PM ET
Bid Ask Day's Range
- - 0.4409 - 0.4557
MNDJF Detailed Quote
Gold & Silver is the only REAL Legal Tender -
by The Founding Fathers for your -
Rights, Liberty and Freedom -
ex....
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=122698944
http://www.kitconet.com/images/live/ag0001wb.gif
http://www.biblebelievers.org.au/monie.htm
- God Bless -
LOL, I hope the buyout PPS is twice the current going price. I can break even...
kpisme thank you - its make MND a better takeover target -
bargain time ) -
- God Bless -
Continues to drop like a rock, what gives.
I am being to lose faith in this one making a recovery.
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