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Tuesday, 15 January 2013
Mandalay Resources' production at record levels
Mandalay Resources (TSE:MND) achieved record levels of production in the last three months of 2012, with rising output set to continue into 2013.
The Canada-listed group produced a total of 10,927 ounces of gold, 785 tonnes antimony and 895,222 oz silver representing a total of 33,537 oz of gold equivalent in the quarter.
Costerfield in Australia produced 5,907 oz of gold and 785 tonnes of antimony, on "considerably higher volumes" than the fourth quarter of 2011 as a change in mining method boosted amounts mined.
Output from Cerro Bayo in Chile was 5,020 oz gold and 895,222 oz silver as higher grades and tonnes were mined and processed.
For the full year 2012, Mandalay produced a total of 35,125 oz gold, 2,481 tonnes of antimony and 2.91 mln oz Ag, (107,941 oz gold equivalent).
For 2013, Mandalay said it expects production to rise to between 112,000-123,000 oz of gold equivalent, comprising 2.8-3.1 mln ounces of silver, 36-42,000 oz of gold and 2,800-3,000 tonnes of antimony.
Brad Mills, Mandalay’s chief executive, said: "Our record fourth quarter and full year production and sales results builds on our strong history of delivering planned performance.
“We look forward to continuing this trend in 2013 as we expect to expand our Cerro Bayo operations to 1,400 tonnes per day mined by the first quarter of 2014 and initiate development of the Cuffley Lode at our Costerfield mine in the third quarter of 2013.“