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Mandalay Resources' first quarter output places it 'firmly' on track for 2018 guidance

The group is targeting between 101,000 and 113,000 gold equivalent ounces for 2018...

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The Bjorkdal mine in Sweden

Miner Mandalay Resources Corp (TSE:MND) said first quarter production and sales results put it firmly on track to reach its 2018 output guidance, with its Bjorkman mine in Sweden once again a standout performer.

The group is targeting between 101,000 and 113,000 gold equivalent ounces for 2018.

The company has producing mines in Australia and Sweden, and care and maintenance and development projects in Chile.

"Bjorkdal produced 12,716 ounces of gold in the first quarter of 2018, about 20% higher than the comparative year-ago quarter," said Mark Sander, president and chief executive of Mandalay.

"Also, in the current quarter, Bjorkdal recorded the second highest sales under Mandalay ownership at 17,677 gold ounces.

"This occurred as inventory from the record fourth quarter 2017 production was sold.

"Follow-on revenue due to the high sales volume in the first quarter will strengthen our cash position."

The Costerfield mine in Australia, said Sander, produced 10,456 gold equivalent ounces in the first quarter, which was comparatively lower than in the previous year quarter due to expected lower mining grades.

"We are on track with respect to the capital development program, announced in November 2017, to reach the Brunswick Lode, which we expect will open up additional production fronts and extend mine life," he added.

Simultaneously, Mandalay is continuing infill and extensional drilling in the recently announced Youle vein target, where it unveiled some very encouraging high-grade intercepts earlier this April.

Overall, in terms of production, the group produced a total of 23,172 ounces of gold equivalent in the first quarter of 2018, compared to 32,481 ounces of gold equivalent in the same period of 2017 when Cerro Bayo in Chile was operating.

For sales, Mandalay sold 29,151 ounces of gold equivalent in the first quarter of 2018 versus 34,801 ounces of gold equivalent in the first quarter of 2017 when the Chile mine was operating.

Quick facts: Mandalay Resources Corp.

Price: 1.65 CAD

TSX:MND
Market: TSX
Market Cap: $150.46 m
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Mandalay Resources expecting busy year on projects in Australia and Sweden

Mandalay Resources (TSX-MND) President and CEO Dominic Duffy joined Steve Darling from Proactive Investors Vancouver to discuss the latest progress on two of their projects. Duffy discussing Costerfield in Australia and Bjorkdal in Sweden. Duffy telling Proactive what work they have...

on 24/6/19

2 min read