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Mandalay Resources 2019 output meets guidance

Kitco News

(Kitco News) - Mandalay Resources Corp. (TSX: MND) said Thursday that the company met its guidance for production during 2019 and anticipates an increase for 2020.

Image courtesy of Mandalay
For the just completed year, Mandalay produced 76,659 gold-equivalent ounces, down from 81,568 in 2018. The fourth-quarter tally was 18,594 gold-equivalent ounces.

“Mandalay’s consolidated full-year 2019 production met the revised guidance as announced in October 2019, for gold, antimony and gold-equivalent ounces,” said Dominic Duffy, president and chief executive officer.

At Björkdal, full-year output of 51,498 gold ounces was a roughly 12% increase year-over-year, he noted.

“At Björkdal, in the fourth quarter, we were able to mine and process some of the higher-grade skarn zone material, after infill drilling was carried out during the third quarter,” the CEO said.

He said 2019 was a “challenging year” for the Costerfield operation as production was “severely impacted by excess dilution and poor recoveries from the Brunswick vein.” However, he also reported improved results for the fourth quarter due to production from the high-grade Youle vein.

“2020 is a transitional year for Mandalay as we expect to see continual growth from Costerfield, setting the company up for anticipated higher production figures in 2021,” Duffy said.

The company projected 2020 gold-equivalent output of 95,000 to 109,000 ounces.

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