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Mandalay Resources expects improved output ahead but 3Q production sags

Last updated: 13:49 16 Oct 2018 EDT, First published: 13:39 16 Oct 2018 EDT

mine site.
Pictured is the group's Swedish mine

Mandalay Resources Corporation (TSX:MND) (OTCQB:MNDJF) said third quarter output of gold at its mines in Australia and Sweden came in below expectations, but output should improve in the fourth quarter of 2018 because higher grade ore will be mined during that period.

The company said it produced 16,874 saleable ounces of gold and sold 18,450 ounces of gold equivalent in the third quarter of 2018.

"The third quarter of 2018 was lower than expected," Mandalay president and CEO Dominic Duffy said in a statement.

He added the "company expects to see production improvements", with higher grade ore to be delivered to the mill in Bjorkdal. Production of higher grade Brunswick stopes in Costerfield is also expected in the fourth quarter after dewatering of the Brunswick lode and capital development work was completed in the third quarter.

Bjorkdal is located in Sweden while Costerfield is in Australia.

READ: Mandalay Resources to sell non-core Challacollo silver-gold project

Mandalay produced a total of 51,899 ounces of gold and 1,613 tonnes of antimony representing a total of 62,395 ounces of gold equivalent through the nine months ending on September 30, 2018. In the same period last year, production reached 70,192 ounces of gold, 2,310 tonnes of antimony, and 794,533 ounces of silver.

Production at Cerro Bayo remains suspended.

Mandalay is a Canadian-based natural resource company with assets in Australia, Sweden and Chile. 

Reporting by Rene Pastor, contactable on rene.pastor@proactiveinvestors.com

 

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