Mangazeya Mining produced 57.54 kg of gold in Q1

​Mangazeya Mining Ltd in Q1 2016 produced 1,850 ounces (57.54 kg) while in Q1 2015 the company didn’t produce gold at all.

In Q1 2016 Mangazeya Mining sold 1,127 ounces of gold. The company increased the extraction of rocks to 1.076 thousand cubic m (+7.5%) and placed 8.1 thousand tons of ore into piles (+292.2%).

The average gold content in the placed ore fell to 0.92 g/ton against 1.40 g/ton in Q1 2015. The striping rate made up 5.57 cubic m/ton against 4.79 cubic m/ton a year earlier.

Mangazeya Mining says that in early April it was issued a license for the development and gold mining at new sites of the Nasedkino deposit (the auction was won in mid March). The new license covers the territory bordering and valid until 2036.

In Q1 2016 the extraction and production rates were at the level of our expectations. Mangazeya Mining started the production in early 2016 due to the through preparation held in 2015 and produced gold out of ore piled in 2015. This is a good start and we expect stable results on extraction and production at the Savkinskoe deposit and further development of the Nasedkino project, the CEO of Mangazeya Mining, R. Kashuba, said.