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Mandalay 1Q Output Declines From Year Ago, On Track For Guidance

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Mandalay Resources Corp. (TSX: MND) announces first-quarter output of 32,481 gold-equivalent ounces that is in line with guidance although down from 39,965 ounces in the same period a year ago. “Mandalay’s production and sales in the first quarter of 2017 show that the company is on track to delivering on our guidance range of 138,000 to 163,000 ounces of gold equivalent for 2017,” says Mark Sander, president and chief executive officer. A decline in output occurred at Björkdal, with Sanders commenting that production of higher-grade underground ore was limited due to a “bottleneck with respect to underground haulage. Additional underground loading and haulage capacity was added at the end of March, which is expected to directly increase the stope production and in turn increase the rate of delivery of high-grade underground ore for the remainder of the year.”

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