ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for tools Level up your trading with our powerful tools and real-time insights all in one place.
Mandalay Resources Corp

Mandalay Resources Corp (MND)

3.52
0.05
(1.44%)
Closed November 23 4:12PM

Professional-Grade Tools, for Individual Investors.

Key stats and details

Current Price
3.52
Bid
3.42
Ask
3.56
Volume
71,246
3.44 Day's Range 3.61
1.38 52 Week Range 3.61
Previous Close
3.47
Open
3.49
Last Trade
100
@
3.52
Last Trade Time
Average Volume (3m)
40,163
Financial Volume
-
VWAP
-

MND Latest News

Mandalay Resources Reports Solid Q3 2024 Financials and Debt-Free Balance Sheet

Mandalay Resources Reports Solid Q3 2024 Financials and Debt-Free Balance Sheet PR Newswire TORONTO, Nov. 6, 2024 TORONTO, Nov. 6, 2024 /PRNewswire/ -- Mandalay Resources Corporation ("Mandalay...

Mandalay Resources Provides Target Release Date for its Third Quarter 2024 Financial Results and Conference Call

Mandalay Resources Provides Target Release Date for its Third Quarter 2024 Financial Results and Conference Call PR Newswire TORONTO, Nov. 4, 2024 TORONTO, Nov. 4, 2024 /PRNewswire/ - Mandalay...

Mandalay Resources Announces Appointment of a New Board Member

Mandalay Resources Announces Appointment of a New Board Member Canada NewsWire TORONTO, Oct. 15, 2024 TORONTO, Oct. 15, 2024 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the...

Mandalay Resources Announces Production and Cash Balance for Third Quarter 2024 and Reaffirms Production Guidance

Mandalay Resources Announces Production and Cash Balance for Third Quarter 2024 and Reaffirms Production Guidance PR Newswire TORONTO, Oct. 10, 2024 TORONTO, Oct. 10, 2024 /PRNewswire/...

PeriodChangeChange %OpenHighLowAvg. Daily VolVWAP
10.226.666666666673.33.613.28362903.41602486CS
40.175.074626865673.353.613.17363323.36478154CS
120.6422.22222222222.883.612.84401633.27870514CS
261.2655.75221238942.263.611.96310572.97353399CS
521.761001.763.611.38272452.48356743CS
1560.8732.83018867922.653.861.3240512.52523234CS
2602.7329.2682926830.823.860.46373052.02436197CS

Movers

View all
  • Most Active
  • % Gainers
  • % Losers
SymbolPriceVol.
AABAberdeen International Inc
$ 0.065
(18.18%)
226.54k
MDPMedexus Pharmaceuticals Inc
$ 2.45
(15.02%)
46.31k
NCFNorthcliff Resources Ltd
$ 0.04
(14.29%)
5k
SAMStarcore International Mines Ltd
$ 0.16
(14.29%)
200k
GECGlobal Education Communities Corp
$ 0.225
(12.50%)
60k
BNGBengal Energy Ltd
$ 0.005
(-50.00%)
20k
RTGRTG Mining Inc
$ 0.03
(-25.00%)
13k
SMCSulliden Mining Capital Inc
$ 0.015
(-25.00%)
200k
APSAptose Biosciences Inc
$ 0.27
(-20.59%)
346.55k
FLNTFlint Corporation
$ 0.025
(-16.67%)
28k
SUSuncor Energy Inc
$ 58.04
(0.94%)
14.14M
MFCManulife Financial Corporation
$ 45.42
(-0.53%)
9.73M
SLFSun Life Financial Inc
$ 85.54
(-0.23%)
6.19M
BITFBitfarms Ltd
$ 2.96
(3.14%)
6.17M
CNQCanadian Natural Resources Ltd
$ 48.70
(0.83%)
4.91M

MND Discussion

View Posts
bigone bigone 7 months ago
We owned Mandalay about 8 years ago. Time to revisit. Thank you NYBob for bringing this to our attention.
👍️ 1 😀 1 😊 1 ♥️ 1
NYBob NYBob 7 months ago
https://mandalayresources.com/media/

https://mandalayresources.com/operations/costerfield-mine/

๐Ÿ‘๏ธ0
NYBob NYBob 7 months ago
This profitable gold stock is on its way up
Trevor Abes , The Market Online
0 Comments| 16 hours ago



https://mandalayresources.com/investors/investor-presentations/

https://stockhouse.com/news/newswire/2024/04/29/this-profitable-gold-stock-on-its-way-up

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=167110521

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=155567740
๐Ÿ‘๏ธ0
NYBob NYBob 2 years ago
Mandalay Resources Corporation
Elgin Mining Inc - Gold Ore Resourses
JUNE 2022 Corporate Presentation

https://mandalayresources.com/investors/investor-presentations/
๐Ÿ‘๏ธ0
NYBob NYBob 3 years ago
$MANDALAYS MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021

$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA - beside Fosterville
Kirklands Lake highgrade mine




Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley

Testing shallow targets around old-workings

Target and generative testing focus in 2021


$BJÖRKDAL GOLD MINE, SWEDEN -



Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.

HIGH-POTENTIAL EXPLORATION UPSIDE

CONTINUING REGIONAL EXPLORATION

programs on known targets; seeking repetition of mineralization

BJÖRKDAL

Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit

FULLY-FUNDED

Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth

COSTERFIELD
High-grade Youle vein the major growth catalyst

BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore

2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES

https://mandalayresources.com/investors/why-invest/

https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/


https://www.mandalayresources.com


In GOD We Trust - Real Money -












http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA

๐Ÿ‘๏ธ0
NYBob NYBob 3 years ago
$MANDALAYS MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021

$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA - beside Fosterville
Kirklands Lake highgrade mine




Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley

Testing shallow targets around old-workings

Target and generative testing focus in 2021


$BJÖRKDAL GOLD MINE, SWEDEN -



Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.

HIGH-POTENTIAL EXPLORATION UPSIDE

CONTINUING REGIONAL EXPLORATION

programs on known targets; seeking repetition of mineralization

BJÖRKDAL

Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit

FULLY-FUNDED

Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth

COSTERFIELD
High-grade Youle vein the major growth catalyst

BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore

2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES

https://mandalayresources.com/investors/why-invest/

https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/


https://www.mandalayresources.com


In GOD We Trust - Real Money -












http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA

๐Ÿ‘๏ธ0
NYBob NYBob 3 years ago
$nagoya1 Is 2022 The Year For Gold & Silver? If The Central Banks & Private Citizens Keep Buying, It Will Be!
699 views Dec 8, 2021





https://www.youtube.com/watch?v=O137v49P7X8


TM You Lucky; Massive Price Change In Gold And Silver | Andrew Maguire & Danielle DiMartino Gold & Silver Forecast
8,328 viewsDec 10, 2021





https://www.youtube.com/watch?v=MWR3y8rbuSA




$Ep.56 LFTV: Basel III - The Elephant in the Room - Unprecedented Impact
for Gold and Silver
5,311 views Dec 10, 2021





https://www.youtube.com/watch?v=Y0l7dNC5lq8



C19 Note; Dollar has Stage 4 Cancer โ€“ Rob Kirby
By Greg Hunter On December 7, 2021 In Market Analysis No Comments


https://usawatchdog.com/dollar-has-stage-4-cancer-rob-kirby/


Bitcoin CRASH tied to Evergrande DEFAULT
17770 views


https://www.brighteon.com/8333fcd0-ce14-4cca-9272-088574c30545


$Davos Is Making The Central Bank Case For Gold
BY TYLER DURDEN - MONDAY, DEC 06, 2021 - 06:30 AM
Authored by Tom Luongo via Gold, Goats, 'n
Guns blog,

https://www.zerohedge.com/geopolitical/davos-making-central-bank-case-gold



https://www.youtube.com/watch?v=Y0l7dNC5lq8


$In GOD We Trust - Real Money - AU Safety 6000yrs )




https://www.kitconet.com/images/quotes_7a.gif?1493417496003













http://www.kitconet.com/images/live/au0001wb.gif


https://www.kitco.com/images/live/silver.gif?0.8344882022363285


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

https://www.usdebtclock.org/

God Bless

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166747120
Ps.
opinion appreciated

https://investorshub.advfn.com/boards/read_msg.aspx?message_id=166760568

$Mandalay Resources Corporation Announces Financial Results for the
Third Quarter of 2021 more


https://mandalayresources.com/

https://mandalayresources.com/news/


https://mandalayresources.com/investors/investor-presentations/


$MANDALAY RESOURCES CORPORATION ANNOUNCES FINANCIAL
RESULTS FOR THE SECOND QUARTER OF 2021
TORONTO, ON, August 11, 2021 --

Ex....
$Kirkland Lake Gold beside Mandalay's Mine High Grade -
KL should buy MNDJF which is very oversold & undervalued,
IMO!

Announces New High-Grade, Visible-Gold Bearing
Intersections Down-Plunge of Swan Zone, at Cygnet and at Robbinโ€™s Hill
โ€“ Fosterville Mine
August 30, 2021

https://www.kl.gold/news-and-media/press-release-details/2021/Kirkland-Lake-Gold-Announces-New-High-Grade-Visible-Gold-Bearing-Intersections-Down-Plunge-of-Swan-Zone-at-Cygnet-and-at-Robbins-Hill--Fosterville-Mine/default.aspx

$Mandalay Resources Corporation ("Mandalay" or the
"Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce its financial results for the
quarter ended June 30, 2021.

The Companyโ€™s condensed and consolidated interim financial results for the quarter ended June
30, 2021, together with its Managementโ€™s Discussion and Analysis (โ€œMD&Aโ€) for the

corresponding period, can be accessed under the Companyโ€™s profile
on www.sedar.com and on
the Companyโ€™s website at

http://www.mandalayresources.com

$All currency references in this press
release are in U.S. dollars except as otherwise indicated.
Second Quarter 2021 Highlights:

โ€ข Quarterly revenue of $51.4 million โ€“ second highest since Q2 2016;

โ€ข Adjusted EBITDA of $23.1 million;

โ€ข $12.7 million free cash flow and $26.6 million in net cash flow from operating activities;

โ€ข Adjusted net income of $11.5 million ($0.13 or C$0.15 per share);

โ€ข Consolidated net income of $4.8 million ($0.05 or C$0.06 per share);
and

โ€ข Quarter ending cash balance of $39.1 million.


Dominic Duffy, President and CEO of Mandalay, commented:
โ€œMandalay Resources is pleased to deliver strong financial results for the second quarter of 2021,
as the Company continues to execute against our operational strategy and is on track to attain
our 2021 production and cost guidance.
During the second quarter, the Company generated $12.7 million in free cash flow and ended the
quarter with a cash balance of $39.1 million. As the Company continues to generate strong free
cash flow, the emerging strength of our balance sheet significantly improves our abilities to fund
near-term growth opportunities. During this quarter, the Company also repaid $3.8 million
towards our Syndicated Facility leaving $51.4 million owing.โ€
Mr. Duffy continued, โ€œDuring the quarter the Company generated $51.4 million in consolidated
revenue and $23.1 million in adjusted EBITDA, resulting in an EBITDA margin of 45%, and a year
to date adjusted EBITDA of $49.2 million. Mandalay earned $11.5 million ($0.13 or C$0.15 per
share) in adjusted net income during the second quarter, marking our sixth consecutive quarter
of profitability.โ€
Mr. Duffy added, โ€œOur consolidated cash and all-in sustaining costs per saleable gold equivalent
ounce during the second quarter of 2021 were $960 and $1,342, respectively, an increase as
compared to the $851 and $1,230 during the same period last year. The main reasons for this
were due to foreign exchange movements, with local currencies strengthening against the U.S.
dollar, a decrease in gold production at Björkdal for the quarter due to lower grade stoping and
increased infill exploration spend at both sites.

https://mandalayresources.com/site/assets/files/3116/mnd_q2_2021_fpr_final.pdf




$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 โ€”

https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf


$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.

Second Quarter 2021 Production Highlights:

โ€ข Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;

โ€ข Consolidated saleable gold equivalent production of 28,843 ounces โ€“
fourth consecutive
quarter of increased production; and

โ€ข Consolidated 28,115 ounces of gold equivalent sold โ€“ second highest
quarterly amount in
three years (since Q2 2018).
Dominic Duffy, President and CEO of Mandalay, commented:


https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf


$Mandalay Resources Extends Main Zone and Confirms the Eastern Extension of Lake Zone at Its Björkdal Operation
Mandalay Resources Corporation
June 29, 2021


https://ca.finance.yahoo.com/news/mandalay-resources-extends-main-zone-110000495.html


https://mandalayresources.com/site/assets/files/3094/2021_06_29_mz_lz_release_final.pdf


$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.
$Mandalay Resources Corporation Announces Production and
Sales Results for the Second Quarter of 2021 and Change to
Senior Management
TORONTO, ON, July 14, 2021 โ€”

https://mandalayresources.com/site/assets/files/3102/mnd_press_release_q2_2021_production_sales_finalv2_clean.pdf


$Mandalay Resources Corporation ("Mandalay" or the "Company")
(TSX: MND, OTCQB: MNDJF) announced today its production and sales
results for the second
quarter of 2021.

Second Quarter 2021 Production Highlights:

โ€ข Solid quarterly production at each site, with further production
improvements expected in
the coming quarters;
This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.

10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while....

$Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
June 8, 2021


//www.youtube.com/watch?v=7HcWQpojnHY


https://youtu.be/7HcWQpojnHY

https://mandalayresources.com/news/mandalay-resources-extends-the-newly-discovered-shepherd-zone-and-provides-update-on-the-costerfield-mineral-system/

https://mandalayresources.com/news/

Mandalay Resources Extends the Newly Discovered Shepherd Zone and
Provides Update on the Costerfield Mineral System
T.MND | 7 hours ago


Eastern and Western veining horizons are extended in the Shepherd Zone, with numerous high-grade gold intercepts along a 400 metre strike extent
TORONTO, June 08, 2021 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to provide an update on the newly discovered Shepherd Zone at its Costerfield Operation in Victoria, Australia.
The Eastern vein has now been traced over 300 metres (โ€œmโ€) of strike length and approximately 100 m in vertical extent. The mineralization remains open to the south and at depth (Figure 2).

The Western vein has now been traced over 400 m of strike length and approximately 100 m in vertical extent and remains open to the south and at depth (Figure 4).

$New Drilling Highlights:

Eastern Veining

172.3 g/t gold over true width of 0.27 m in BC213; and
69.5 g/t gold over true width of 1.11 m in BC210 including:
406.0 g/t gold over true width of 0.14 m
Western Veining

33.7 g/t gold over true width of 3.22 m in BC201 including:
127.0 g/t gold over true width of 0.69 m ;
712 . 8 g/t gold over true width of 0.10 m in BC205; and
19.4 g/t gold over true width of 4.84 m in BC210 including:
657.3 g/t gold over true width of 0.13 m

https://mandalayresources.com/news/

So in the coming weeks and months when you see MND going from its current
price to over $10 USD per share,
it will be because big money knows this is another FOSTERVILLE
and they will reprice the stock after the last of
the small retail investors are out.

IMHO the current yoyo trading action is a few market makers
trying to pick off the last of the few remaining loose shares.
by ganndolph1 (174) sth.

https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=33208812


$Costerfield = Fosterville = BESIDE KIRKLAND LAKE GOLD MINE = WHY KL
SHOULD BUY IT = at depth, where gold at depth is in high grade veins
in quartz with stibnite largely absent.


$The following link shows the Mandalay Resources drilling addressed in
the news release.


//www.youtube.com/watch?v=riDBUuHcT3M


https://youtu.be/riDBUuHcT3M

$This NR confirms that Costerfield = Fosterville at depth, where gold at
depth is in high grade veins
in quartz with stibnite largely absent.

This implies that the gold is all free gold recoverable at 90 percent
plus recovery through the gravity circuit.

10,000 square meters times an average of 66.45 g/t over a 1.8 meter
mining width based on 6 holes equates to about 115,000 ounces of free
gold over the Eastern Vein, while

20,000 square meters times an average of 12.2 g/t over a 1.8 meter
mining width based on 4 holes equates to another 42,000 ounces of free
gold at the Western Vein.

Since these results are based on two drilling platforms confirming these
high grade gold intercepts from two different angles, small wonder why
the company has accelerated its exploration drilling program.

This reminds me of Crocodile Gold, except in the case of
Mandalay Resources, 80 percent of the stock is in the hands of large
institutional firms.

Yet their market makers are still capping this stock at
$2.00 USD per share, and hoping that retail investors would
cough up their shares at that bottom basement price.


$MAJOR PRODUCTION UPLIFT, STABLE OPERATIONS
GROWING PRODUCTION
from 81,568 oz gold equivalent in 2018 to 105-117,000 AuEq oz in 2021

$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA -

[Suppressed Image]

Significant production growth expected via Youle vein
Deep hole drilling below Youle and Cuffley

Testing shallow targets around old-workings

Target and generative testing focus in 2021


$BJÖRKDAL GOLD MINE, SWEDEN -

[Suppressed Image]

Step change in underground production. Increasing underground production
with higher-grade ore from Aurora zone.

HIGH-POTENTIAL EXPLORATION UPSIDE

CONTINUING REGIONAL EXPLORATION

programs on known targets; seeking repetition of mineralization

BJÖRKDAL

Extensional drilling at aurora
Defining mineralization and assessing the economics of the high-grade skarn deposit

FULLY-FUNDED

Cash position of $34.2M at 2020 year-end affords Mandalay with the
financial flexibility to continue funding its exploration programs and
sets the Company up for future profitability and growth

COSTERFIELD
High-grade Youle vein the major growth catalyst

BJÖRKDAL
Ramping up underground production, focusing on higher-cash margin ore

2021 GUIDANCE
LATEST PRESENTATION
Q4 2020 PRODUCTION REPORT
Q4 AND YE2020 FINANCIAL
2020 RESERVES AND RESOURCES

https://mandalayresources.com/investors/why-invest/

https://mandalayresources.com/news/mandalay-resources-corporation-discovers-new-gold-rich-structural-domain-below-the-youle-mine-1/


https://www.mandalayresources.com



๐Ÿ‘๏ธ0
NYBob NYBob 3 years ago
Mandalay Resources C (MND)
2.45 ? 0.4 (19.51%)
Volume: 59,478 @12/13/21 3:59:56 PM EST
Bid Ask Day's Range
2.39 2.64 2.05 - 2.45
TSX:MND Detailed Quote



Mandalay Resources C (MNDJF)
1.78 ? 0.18 (11.25%)
Volume: 2,220 @12/13/21 3:33:23 PM EST
Bid Ask Day's Range
1.39 2.37 1.78 - 1.78
MNDJF Detailed Quote


https://investorshub.advfn.com/Mandalay-Resources-Corp-28636
๐Ÿ‘๏ธ0
NYBob NYBob 4 years ago
Mandalay Resources Corporation Intersects 0.11 Metres of 460.5 g/t
Gold and 0.20 Metres of 165.1 g/t Gold in Initial Stepout ...
January 29 2021 - 07:30AM
GlobeNewswire Inc.
Share On Facebook


Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND,
OTCQB: MNDJF) is pleased to provide preliminary details on the initial
intercepts into a newly discovered veining horizon underneath and
related to the Youle deposit at its Costerfield operations (Victoria,
Australia).

Highlights:

460.5 g/t gold over a partially recovered true width of 0.11 m in BC176;
and
165.1 g/t gold over a true width of 0.20 m in BC176W1 wedge hole off
BC176.
Notes:

True width of BC176 is quoted from only recovered core. There is
approximately an additional 40% of veined core that was not recovered.

Further intercept details can be found in Table 1 in the Appendix to this document.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, โ€œWe are excited by the initial drill hole underneath the Youle deposit as it returned a very significant intersection of high gold grades in both the parent hole and confirmatory wedge hole approximately one metre away. At approximately 90 metres below the last intercept on Youle, this discovery may indicate a new gold mineralized structure below and separate from the high-grade Youle deposit. This is a major milestone for our exploration program so early in the year and reinforces our planned 2021 program of deeper drilling below several of the known deposits.โ€

The Initial Intercept

Study of the structural dynamics within and surrounding the Youle deposit highlighted the distinct probability of a continuation to auriferous veining within a subvertical geometry underneath the westerly-dipping Youle deposit. BC176 was the initial drill hole within the program to test this target. At approximately 90 metres below the deepest known intercept on Youle and 200 metres below current on vein development, BC176 intercepted a quartz structure with abundant visible gold (Figure 1 and 3). Unfortunately, the intercept was not fully recovered and it is estimated that approximately 40% of the intercept was ground away in the drilling process. 0.58 m (down hole length) of core containing the auriferous quartz vein was recovered assaying 460.5 g/t gold.

Figure 1. Photograph of the BC176 intercept with enlarged image of the gold seen on the edge of the core.
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c26085d-6aba-4324-b007-3b5b68ada343

As the intercept was not fully recovered, a casing wedge was set 20 m above the initial intercept and another capture of the vein was achieved approximately 1 m to the south. This time the vein was fully recovered and a 0.20 m vein was observed. Again, the vein exhibited grains of gold through the quartz alongside blebs of stibnite (Figure 2). This vein was also sampled and assayed at 165.1 g/t gold over a true width of 0.20 m.

Figure 2. Photograph of the BC176W1 intercept which is a twin of the initial poorly recovered BC176 intercept. The figure also shows an image of a gold grain approximately 2 mm in diameter taken under microscope.
https://www.globenewswire.com/NewsRoom/AttachmentNg/6c860088-2d9e-4726-a166-669b3544252e

Measurements from the oriented core show this intercept to be subvertical to east dipping which is a stark contrast to the predominantly westerly dipping Youle vein, however, analogues can be found in the upper portions of Youle and the historic Costerfield mine where subvertical auriferous veining is prevalent. Within BC176 other quartz veining was intercepted including a west-dipping laminated quartz vein and another subvertical vein in the same orientation as the gold bearing vein. To date, gold has not been visually detected in the other veins and the remaining core has not yet been sampled. Structural interpretation and the relationship to Youle proper is also only preliminary at this time.

Drilling is ongoing to test the extent of the visually auriferous, veining and the parallel vein sets. Mandalay will continue to supply updates as more results become available.

Figure 3. Longitudinal section of Youle illustrating the location of the BC176 and BC176W1 intercept. As the intercepts are within 1m of each, one dot portrays both intercepts.
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ee0b9cb-729f-4940-8a7f-27d6cb8548b5

Notes:

True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered.
Drilling and Assaying
All diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to OnSite Laboratory Services in Bendigo, Victoria, Australia, for sample preparation and analysis by fire assay for gold, and Atomic Absorption Spectroscopy (AAS) for antimony. Site geological and metallurgical personnel have implemented a QA/QC procedure that includes systematic submission of standard reference materials and blanks within batches of drill and face samples submitted for assay. Costerfield specific reference materials produced from Costerfield ore have been prepared and certified by Geostats Pty Ltd., a specialist laboratory quality control consultancy. See Technical Report entitled โ€œCosterfield Operation, Victoria, Australia NI 43-101 Reportโ€ dated March 30, 2020, available on SEDAR (www.sedar.com) for a complete description of drilling, sampling, and assaying procedures.

Qualified Person:
Chris Davis, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Chartered Professional of the Australasian Institute of Mining and Metallurgy (MAusIMM CP(Geo)), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

For Further Information

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Manager, Analytics and Investor Relations

Contact:
647.260.1566

About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near term cash flow.

Forward-Looking Statements:
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Youle deposit (Costerfield). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading โ€œRisk Factorsโ€ in Mandalayโ€™s annual information form dated March 30, 2020, a copy of which is available under Mandalayโ€™s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Appendix

Table 1. Youle Extensional Drilling Composites

Drill Hole
ID From
(m) To
(m) Drill
Width (m) True
Width (m) Au Grade
(g/t) Sb Grade
(%) AuEq
(g/t) AuEq (g/t) over
min. 1.8m
mining width
BC176 194.67 195.25 0.58 0.11 460.5 0.1 460.6 28.1
BC076W1 194.96 195.32 0.36 0.20 165.1 0.0 165.1 18.3


Notes:
1. The AuEq (gold equivalent) grade is calculated using the following formula:
AuEq g per t = Au g per t + Sb% ×
Au price per g × Au processing recovery
Sb price per 10kg×Sb processing recovery
Figures used are based on a 9-month average from April through December of 2020: Au $/oz = 1,834 Sb $/t = 5,672 Au Recovery = 91.2% and Sb Recovery = 96.6%
2. True width of BC176 is quoted from only recovered core. There is approximately an additional 40% of veined core that was not recovered.
Primary Logo

Mandalay Resources (TSX:MND)
Historical Stock Chart
From Jan 2021 to Feb 2021 Click Here for more Mandalay Resources Charts. Mandalay Resources (TSX:MND)
Historical Stock Chart
From Feb 2020 to Feb 2021 Click Here for more Mandalay Resources Charts.
Mandalay Resources (TSX:MND)
Intraday Stock Chart
Monday 1 February 2021 Click Here for more Mandalay Resources Charts.


Bjorkdal Gold Mine, Sweden


Costerfield gold and antimony mine in Australia
๐Ÿ‘๏ธ0
NYBob NYBob 4 years ago
Mandalay Resources sees encouraging results from extension drilling
at Aurora target on its Björkdal gold mine


https://ca.proactiveinvestors.com/companies/news/934810/mandalay-resources-sees-encouraging-results-from-extension-drilling-at-aurora-target-on-its-bjrkdal-gold-mine-934810.html

Extension drilling at Aurora returned results of 4.8 grams per ton (g/t)
gold over around 2.5 metres in one hole and 2.7 g/t gold over 2.8
metres in another, indicating the plunge extent of Aurora is still open
at depth

Mandalay Resources Corp. -
Definition drilling to the east also revealed results of 8.1 g/t gold
over a true width of 3 metres and 3 g/t gold over 3.5 metres

Mandalay Resources Corporation (TSE:MND) (OTCQB:MNDJF)
revealed positive drill results from the Aurora target at its
Björkdal gold mine in Sweden that highlighted the open plunge extension
and an emerging new high-grade area.

The Canadian miner said Tuesday that extension drilling at Aurora returned results of 4.8 grams per ton (g/t) gold over around 2.5 metres in one hole and 2.7 g/t gold over 2.8 metres in another, indicating the plunge extent of Aurora is still open at depth.

Definition drilling to the east also revealed results of 8.1 g/t gold over a true width of 3 metres and 3 g/t gold over 3.5 metres.

READ: Mandalay Resources reports 'stellar' performance in 3Q, thanks to metals prices and its Australia mine
Further results also provided grade information on the stacked set of veins that are found in the footwall and hanging wall, where drilling returned values of 14.5 g/t gold over 2.9 metres, 38.7 g/t gold over 0.6 metres and 55.6 g/t gold over 0.3 metres.



North-South cross section illustrating the location and orientation of the new intercepts surrounding Aurora

Mandalay CEO Dominic Duffy told shareholders that the results come at a time when ore production from Aurora is ramping up and โ€œbecoming the most significant ore sourceโ€ for its Swedish mining operation.

โ€œWith the exceptional grades seen at Aurora, its extension - both to the east and west - represents an important incremental step for Björkdal providing the foundation to bolster overall feed grade and extend mine life,โ€ Duffy said in a statement. โ€œWe are also encouraged by some very high-grade intercepts of veins in close proximity to Aurora which will also be a focus of additional drilling going forward.โ€

Given the intricate nature of the vein system and gold enrichment in and around the area, Mandalay said it is necessary to conduct a targeted definition drilling program to optimize ore extraction at Björkdal.

Toronto-based Mandalay expects its extension campaign to continue into 2021.

Contact Angela at angela@proactiveinvestors.com

Follow her on Twitter @AHarmantas

Quick facts: Mandalay Resources Corp.
Price: 1.44 CAD

TSX:MND
๐Ÿ‘๏ธ0
NYBob NYBob 4 years ago
Mandalay Resources lifts full-year consolidated gold-equivalent
output guidance after strong 3Q in Australia
In the three months to end-September, the miner produced 22,793
consolidated saleable gold ounces, which was the best quarterly result
since the fourth quarter of 2017


At the Costerfield mine, the Youle vein continues to deliver excellent results, the firm said

Mandalay Resources Corp. -

At the Costerfield mine, the Youle vein continues to deliver excellent
results, the firm said
Mandalay Resources Corporation (TSE:MND) (OTCQB:MNDJF) (FRA:R7X2) has
raised its guidance for full-year gold-equivalent ounce production
across its mines, thanks to a very strong performance from its
Australian operation in the third quarter.

In the three months to end-September, the miner produced 22,793 saleable
gold ounces from Costerfield in Australia, together with
Björkdal in Sweden, which was the best quarterly consolidated result
since the fourth quarter of 2017.

READ: Mandalay Resources reports "excellent" financial performance in
second quarter amid rising gold price
It was also the fourth consecutive quarter-over-quarter improvement in consolidated saleable gold production.

"Mandalay continues to build upon the momentum generated during the first half of the year by delivering another strong production and sales quarter. We expect to fulfil or outperform our consolidated 2020 production guidance on a gold equivalent ounces basis ...," said Dominic Duffy, the CEO of the metals miner.

Based on revised metals prices (namely, not those used for the forecast in January this year), the firm now expects consolidated gold-equivalent ounces to be between 100,000 and 109,000 ounces for the year to December 31 - up from between 93,000 and 106,000 ounces.

At the Costerfield mine, the Youle vein continues to deliver excellent results, with the head grades averaging 11.54 grams per ton (g/t) and 4.1% for gold and antimony processed, respectively, the firm noted.

Overall, the mine produced 14,620 saleable gold equivalent ounces, comprising 11,749 saleable gold ounces and 991 tonnes of saleable antimony. The 1,036 tonnes of antimony sold during the quarter was Mandalay's highest quarterly level since the first quarter of 2014.

Over in Sweden and Björkdal, Mandalay highlighted that third-quarter production of 11,044 saleable gold ounces was in-line with the previous quarter, but due to "dilution challenges" that the firm is "addressing", the site was tracking below forecast production levels in the year-to-date.

But Duffy added: "Production for the remainder of the year is expected to see some improvements and the focus will remain on capital development to advance further down into the Aurora zoneโ€™s higher-grades lower levels. Auroraโ€™s capital development and definition drilling highlighting multiple vein structures parallel to Aurora sets up Björkdal for a significantly stronger 2021."

In the third quarter, Björkdal sold 11,511 ounces of gold, compared to 13,006 ounces in the same quarter of 2019, while Costerfield sold 11,489 ounces of gold and 1,036 tonnes of antimony.

That compares to 3,126 ounces of gold and 412 tonnes of antimony in the same period last year.

Metals producer Mandalay has producing assets in Australia and Sweden, and care and maintenance and development projects in Chile.

It aims to grow output at its gold and antimony operation in Australia, and gold production from its mine in Sweden to generate near-term cash flow.

Shares in Toronto advanced almost 6.9% to C$1.71 each.

---Updates for share price---

Contact the author at giles@proactiveinvestors.com

Quick facts: Mandalay Resources Corp.
Price: 1.72 CAD

TSX:MND
Market: TSX
Market Cap: $156.84 m
Follow
2020-04-13
2020-10-13
Add related topics to MyProactive

Gold & silver Small caps Mandalay Resources Corp. Nano caps OTC Markets quoted OTCQB quoted
Email address
๐Ÿ‘๏ธ0
NYBob NYBob 4 years ago
nagoya1 well ex. of KL drill results beside MND's gold mine:

Kirkland Lake Gold Announces New High-Grade Intersections at Fosterville Swan Zone, Drilling Expands Robbinโ€™s Hill, Cygnet and Harrier Targets

Infill drilling into the Swan Mineral Reserves intersects higher than expected grades with visible-gold; results highlight potential to add ounces to existing Mineral Reserves

Key intercepts:

976 g/t Au over 7.4 m (ETW 7.0 m);
933 g/t Au over 6.4 m (ETW 5.8 m);
416 g/t Au over 6.8 m (ETW 5.6 m); and
222 g/t Au over 8.1 m (ETW 7.3 m)

Drill results at Robbinโ€™s Hill confirm substantial scale of mineralized system; new intercepts identify potential Mineral Resource extensions and new mineralization surrounding the Curie Fault
Key intercepts:
30.8 g/t Au over 3.6 m (ETW 2.9 m) Curie Fault;
10.6 g/t Au over 1.6 m (ETW 1.6 m) Curie Fault;
9.6 g/t Au over 4.6 m (ETW 3.7 m) Curie Fault;
7.7 g/t Au over 3.7 m (ETW 2.8 m) Curie Fault;
5.0 g/t Au over 17.8m (ETW 11.7m) Curie Fault;
68.1 g/t Au(1) over 4.4 m (ETW 3.2 m) Herschel Fault
Visible-gold intercepts in holes RHD413 (Curie) and RHD411A (Curie HW)

Drilling of the Cygnet target demonstrates growth potential outside existing Mineral Resources
Key intercepts:
13.6 g/t Au over 6.6 m (ETW 5.9 m);
12.7g/t Au over 2.1 m (ETW 2.1 m); and
5.4 g/t Au over 9.7 m (ETW 8.0 m)

Drilling of the Harrier target intersects significant mineralization outside existing Mineral Reserves
Key intercepts:
20.9 g/t Au over 5.9 m (ETW 5.5 m);
22.8 g/t Au(1) over 4.3 m (ETW 3.7 m); and
24.5 g/t Au over 3.8 m (ETW 3.8 m)
Abbreviations include: (1): visible-gold; g/t Au: grams per tonne gold; ETW: estimated true width

TORONTO, July 30, 2020 (GLOBE NEWSWIRE) -- Kirkland Lake Gold Ltd. (โ€œKirkland Lake Goldโ€ or the โ€œCompanyโ€) (TSX:KL) (NYSE:KL) (ASX:KLA) today announced new high-grade results from surface and underground drilling at the Fosterville Mine in Victoria, Australia. Recent infill drilling in the Swan Zone has returned intercepts with higher than anticipated grades and visible-gold near the intersection of the Swan Fault and the Swan Splay structure. Surface drilling has continued to target additional growth in the Robbinโ€™s Hill gold system to assess the potential of further Mineral Reserve expansion. Underground growth drilling programs have also progressed in the Lower Phoenix gold system targeting the Cygnet Fault, and in the Harrier gold system targeting the Harrier Base Fault, where encouraging results have been returned. Drill results reported are from 44 holes (6,803 m) from the Swan infill drilling program and 111 holes (59,311 m) from step out, extension and infill drilling at Robbinโ€™s Hill, Cygnet and Harrier (Figures 1 & 2).

Tony Makuch, President and CEO of Kirkland Lake Gold, commented: โ€œDrilling at Fosterville continues to demonstrate the significant size and scale of the mineralized structures, all of which contain quartz veining with visible-gold and all of which have the potential to host additional Swan or Swan-like zones. At the Swan Zone, results from new infill drilling include higher than expected grades, which is encouraging as we work towards our next Mineral Reserve and Mineral Resource update. In particular, the infill results confirm that the area where the Swan Fault and Swan Footwall Splay intersect contains more gold than currently modelled.

โ€œAt Robbinโ€™s Hill, exploration activities are progressing well with recent surface drill results significantly expanding the size of the mineralized system and demonstrating the potential for continued Mineral Resource and Mineral Reserve growth along both the Curie and surrounding mineralized structures. Encouragingly, drilling and recent modelling of newly-acquired 3D seismic data clearly establish the potential for other mineralized structures within the Robbinโ€™s Hill area, where there are several historical open pits with plunge extents to be investigated. The new twin underground exploration ramp we are developing will be extremely important for the future exploration of these areas as well as Robbinโ€™s Hill itself. The ramp is advancing well, having been driven over 1,330 m to the end of June.

โ€œDrill results at Cygnet and Harrier also continue to return encouraging results. At the Cygnet structure, approximately 125 m footwall to Swan, new drilling returned multiple significant intercepts beyond the northern extent of the existing Mineral Resource. There are several high-grade intersections with visible-gold in the Cygnet system, which extends over a 750 m strike length and 300 m vertically. At Harrier, new drilling returned high-grade mineralization outside of the existing Mineral Reserves, and also demonstrated the continuity of the Harrier structure for an additional 400 metres down-plunge-plunge, with the system remaining open for further expansion. As with Lower Phoenix and Robbinโ€™s Hill, the exploration potential at both Cygnet and Harrier is substantial and we are increasingly confident that significant new Mineral Reserves and Mineral Resources can be identified with further drilling.โ€

Exploration activities at Fosterville ceased in late March as part of the Companyโ€™s COVID-19 response, which included the suspension of all non-essential work. Prior to this time, work on the exploration program was advancing with four surface drills and nine underground drills at Fosterville on the mine lease and three surface drills on regional projects. With the suspension of exploration work, all surface drilling was discontinued and underground drilling was reduced to three drills, all being dedicated to supporting operations and sustaining capital drill requirements. Discussions and proactive planning with drilling contractors were undertaken in early April to manage COVID-19 risks with strict control measures being implemented to support a resumption of exploration drilling. By the middle of the month, two underground drills and two surface drills were deployed. The ramp up of operating drills has continued, with the current fleet standing at four surface drills at Robbinโ€™s Hill and six underground drills active at the Fosterville mine. Regional exploration drilling remains suspended as part of the Companyโ€™s ongoing response to COVID-19.
๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources Corp. T.MND
Alternate Symbol(s): MNDJF

Mandalay Starting to Wake Up -

Fostervile South Presentation -

This will give you a perspective of the players in South East Australia. Enjoy!!

https://fostervillesouth.com/wp-content/uploads/2020/04/Fosterville-South_Investor-Deck_2020-04-10.pdf

https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=31014515


Its a long way to hike back UP - )

๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources Corporation (Elgin Mining Inc. / Gold Ore Resourses) (TSX:MND)

All the factors are there: rising demand, shrinking production,
global currency devaluations, social and political upheaval...

Given the circumstances, thereโ€™s no doubt that gold prices will
continue to move higher as demand rises and
production struggles to keep pace.

Historic Gold Price


In GOD We Trust -





https://www.kitco.com/images/live/silver.gif?0.8344882022363285









http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA



๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources C (MND)
1.24 ? -0.04 (-3.13%)
Volume: 112,853 @01/17/20 3:59:16 PM EST
Bid Ask Day's Range
1.22 1.27 1.23 - 1.32
TSX:MND Detailed Quote
๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources C (MND)
1.12 ? 0.04 (3.70%)
Volume: 54,209 @01/02/20 3:59:38 PM EST
Bid Ask Day's Range
1.1 1.13 1.09 - 1.17
TSX:MND Detailed Quote
๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources Corporation Announces Execution of Definitive Agreement for the Sale of the Challacollo Silver-Gold Project in Chile
T.MND | November 12, 2019
TORONTO, Nov. 12, 2019 (GLOBE NEWSWIRE) --


Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce that it has entered into a definitive agreement with Aftermath Silver Ltd. (โ€œAftermathโ€) (TSX-V:AAG.H) in respect of the previously announced transaction in which Aftermath will acquire Minera Mandalay Challacollo Limitada (โ€œMMCโ€), which currently owns the Challacollo silver-gold project located in Region I (Tarapaca) of Chile (the โ€œChallacollo Projectโ€).

Pursuant to the terms of the transaction, Aftermath will purchase 100% of MMC in exchange for total consideration of up to CAD$10,000,000, consisting of CAD$7,000,000 in non-contingent consideration (the โ€œNon-Contingent Considerationโ€) plus a 3% net smelter returns royalty on production at the Challacollo Project, capped at CAD$3,000,000.

The Non-Contingent Consideration is payable as follows:

CAD$1,000,000 in cash payable on or before November 19, 2019;

CAD$1,000,000 in cash payable on or before December 30, 2020; and

CAD$5,000,000 (the โ€œFinal Paymentโ€) payable on or before April 21, 2021.
The Final Payment will be payable, at Aftermathโ€™s option, in cash or common shares of Aftermath (โ€œAftermath Sharesโ€). In addition, Aftermath may elect to defer payment of 50% of the Final Payment by one year by increasing the amount of the Final Payment by CAD$500,000 (such that the Final Payment would consist of CAD$2,500,000 payable on or before April 21, 2021 and CAD$3,000,000 payable on or before April 21, 2022).

In connection with the transaction, Aftermath will also assume Mandalayโ€™s existing contingent payment and royalty obligations to SSR Mining with respect to the Challacollo Project under the terms of Mandalayโ€™s acquisition of the Challacollo Project from SSR Mining in December 2013.

Final completion of the transaction (at which time the transfer of ownership of MMC will occur) is subject to the satisfaction of certain conditions, including Mandalayโ€™s receipt of all of the Non-Contingent Consideration. Pending final completion, Aftermath will have the right to conduct certain exploration and drilling activities on the Challacollo Project. Aftermath will be conducting an exploration campaign on existing permitted drill pads as soon as possible.

Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, โ€We are pleased to see the Aftermath transaction executed and the restart of an exploration campaign on the concession. This transaction continues Mandalayโ€™s objective of creating value from its non-operating assets, with the previously announced transactions at Cerro Bayo and the sale of non-core concessions at Challacollo to a third party, also completed in the last quarter. Mandalay is now well positioned to focus on improving operations at Björkdal and Costerfield with these projects in Chile resolved.โ€

For Further Information:

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Manager, Analytics and Investor Relations

Contact:
647.260.1566

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near-term cash flow.

About Aftermath Silver Ltd:

Aftermath Silver Ltd. is a Canadian junior exploration company engaged in acquiring, exploring, and developing mineral properties with an emphasis on silver in Chile. The Company is focused on growth through the discovery and acquisition of quality projects in stable jurisdictions. Aftermath continues to seek new opportunities to take advantage of the relatively low silver price.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the proposed sale of MMC to Aftermath Silver. There is no assurance that the proposed transaction will be completed on the terms set out in this press release or at all. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading โ€œRisk Factorsโ€ in Mandalayโ€™s annual information form dated March 28, 2019, a copy of which is available under Mandalayโ€™s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

image: https://www.globenewswire.com/newsroom/ti?nf=Nzc1NjQ5MCMzMjE3NzE3IzIwMjg0ODA=


image: https://ml.globenewswire.com/media/b5f2fa1c-f64d-4f0c-a9c7-ff4d73fc1ef0/small/mandalay-resources-logo.jpg

Primary Logo

GlobeNewswire
November 12, 2019 - 5:44 AM PST
Tags:
INDUSTRIAL METALS & MINERALS
1

Read more at https://stockhouse.com/news/press-releases/2019/11/12/mandalay-resources-corporation-announces-execution-of-definitive-agreement-for#hQtaLvhsfht0wEbW.99
๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources C (MND)
0.83 ? 0.0 (0.00%)
Volume: 0 @-
Bid Ask Day's Range
0.81 0.83 - - -
TSX:MND Detailed Quote


https://investorshub.advfn.com/boards/read_msg.aspx?message_id=151929935
๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources Corporation Announces Production and Sales Results for the Third Quarter of 2019 and Revised Full-Year 2019 Guidance
T.MND |
TORONTO, Oct. 17, 2019 (GLOBE NEWSWIRE) --


Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announced today its production and sales results for the third quarter of 2019.

In the third quarter of 2019, Mandalay produced 16,625 saleable ounces of gold equivalent and sold 17,814 ounces of gold equivalent.

Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, โ€œMandalayโ€™s production was lower than forecast over the third quarter of this year as a result of Costerfieldโ€™s underperformance in the Brunswick lode, whilst Björkdal continued its dependable performance of 11,888 ounces of saleable gold produced.โ€

Mr. Duffy continued, โ€œAt Björkdal, production continued in line with expectations, while mining at the open pit was paused at the end of July. We anticipate an increase in production in the fourth quarter as we recommence the mining of a higher-grade skarn zone, after infill drilling was carried out during the third quarter. In addition, we plan to increase the production rate from the Aurora zone as more levels are developed. We remain on target to achieve full-year guidance at Björkdal.โ€

Mr. Duffy continued, โ€œAt Costerfield, we produced 3,103 ounces of saleable gold and 402 tonnes of saleable antimony, as persisting poor ground conditions in the Brunswick lode limited the production rate and lowered the grade due to significant dilution from overbreak. The metallurgy of the ore has also been problematic with significantly lower than planned gold recoveries for the quarter, although antimony recoveries were as planned. With Youle production gradually coming online in the fourth quarter, we anticipate an increase in production compared to the third quarter as there will be less Brunswick ore through the mill. Furthermore, an initial test of approximately 1,600 tonnes of Youle development ore was processed through the mill with early indications showing comparable, if not better than, recoveries seen in the previously mined Cuffley lode.โ€

Mr. Duffy continued, โ€œDespite the positive developments we expect at both sites during the fourth quarter and beyond, the aforementioned production and recovery issues related to the Brunswick deposit will require an update to our 2019 production and unit costs. We have not increased our total operational cost at both sites, although due to the significant drop in production forecast from Costerfield, expected cash costs and all-in costs at the Costerfield mine, and therefore on a consolidated basis, have been increased. Separately, due to lower than expected capital spend for the year, the upper limit of capital guidance at both operating sites have been lowered by US$2 million. Details are shown further below in this press release.โ€

Mr. Duffy continued, โ€œThe poor gold recoveries and lower grades due to dilution in the Brunswick lode are expected to continue to impact Costerfieldโ€™s production for the first six months of 2020. However, as the Youle lode ramps up this becomes less relevant and from the third quarter of 2020, it is anticipated that the Youle lode will be the sole feed source for the Costerfield mine.โ€

Mr. Duffy concluded, โ€œMandalay fully anticipates Costerfield to be revitalized with the ramp up at Youle which we expect to generate positive momentum into 2020. At Björkdal, the Company intends to build on its third quarter production and focus on targeting higher-grade underground skarn material and ramping up Aurora production for increased overall gold production.โ€

Saleable production for the quarter ended September 30, 2019:

In the third quarter of 2019, the Company produced a total of 14,983 ounces of gold and 402 tonnes of antimony, representing a total of 16,625 ounces of gold equivalent, versus 13,442 ounces of gold and 505 tonnes of antimony in the third quarter of 2018, representing a total of 16,874 ounces of gold equivalent.

Production at Björkdal was 11,880 ounces of gold in the third quarter of 2019, as compared to 8,504 ounces of gold in the third quarter of 2018.

Production at Costerfield was 3,103 ounces of gold and 402 tonnes of antimony in the third quarter of 2019, versus 4,938 ounces gold and 505 tonnes antimony in the third quarter of 2018.
Saleable production for the nine months ended September 30, 2019:

The Company produced a total of 51,017 ounces gold and 1,348 tonnes antimony, representing a total of 58,065 ounces of gold equivalent production, versus 51,899 ounces gold and 1,613 tonnes of antimony in the corresponding nine months of 2018, representing a total of 62,395 ounces of gold equivalent.

Production at Björkdal was 40,508 ounces gold.

Production at Costerfield was 10,509 ounces gold and 1,348 tonnes antimony.
Table 1 โ€“ Third Quarter and Nine Month Saleable Production for 2019 and 2018

Metal Source Three months
ended
September 30
2019 Three months
ended
September 30
2018 Nine months
ended
September 30
2019 Nine months
ended
September 30
2018
Gold (oz) Björkdal 11,880 8,504 40,508 35,237
Costerfield 3,103 4,938 10,509 16,662
Total 14,983 13,442 51,017 51,899
Antimony (t) Costerfield 402 505 1,348 1,613
Average quarterly prices:
Gold US$/oz 1,473 1,213
Antimony US$/t 6,015 8,252
Au Eq.(1) (oz) Björkdal 11,880 8,504 40,508 35,237
Costerfield 4,745 8,370 17,557 27,158
Total 16,625 16,874 58,065 62,395
Quarterly gold equivalent ounces (โ€œAu Eq. ozโ€) produced is calculated by multiplying the saleable quantities of gold (โ€œAuโ€), and antimony (โ€œSbโ€) in the period by the respective average market prices of the commodities in the period, adding the two amounts to get a โ€œtotal contained value based on market priceโ€, and then dividing that total contained value by the average market price of Au in the period. Average Au price in the period is calculated as the average of the daily LME PM fixes in the period, with price on weekend days and holidays taken of the last business day; average Sb price in the period is calculated as the average of the daily average of the high and low Rotterdam warehouse prices for all days in the period, with price on weekend days and holidays taken from the last business day. The source for all prices is www.metalbulletin.com.
Sales for the third quarter ended September 30, 2019:

In the third quarter of 2019, the Company sold a total of 16,132 ounces of gold and 412 tonnes of antimony, representing a total of 17,814 ounces of gold equivalent, versus 15,144 ounces of gold and 486 tonnes of antimony in the third quarter of 2018, representing a total of 18,450 ounces of gold equivalent.

Björkdal sold 13,006 ounces of gold in the third quarter of 2019, versus 10,400 ounces of gold in the third quarter of 2018.

Costerfield sold 3,126 ounces of gold and 412 tonnes of antimony in the third quarter of 2019, versus 4,744 ounces of gold and 486 tonnes of antimony in the third quarter of 2018.
Sales for the nine months ended September 30, 2019:

The Company sold 53,750 ounces gold and 1,361 tonnes antimony, representing a total of 60,815 ounces of gold equivalent, versus 58,448 ounces gold and 1,725 tonnes antimony in the third quarter of 2018, representing a total of 69,650 ounces of gold equivalent.

Björkdal sold 43,160 ounces gold.

Costerfield sold 10,590 ounces gold and 1,361 tonnes antimony.
Table 2 โ€“ Third Quarter and Nine Month Sales for 2019 and 2018

Metal Source Three months
ended
September 30
2019 Three months
ended
September 30
2018 Nine months
ended
September 30
2019 Nine months
ended
September 30
2018
Gold (oz) Björkdal 13,006 10,400 43,160 40,505
Costerfield 3,126 4,744 10,590 17,943
Total 16,132 15,144 53,750 58,448
Antimony (t) Costerfield 412 486 1,361 1,725
Average quarterly prices:
Gold US$/oz 1,473 1,213
Antimony US$/t 6,015 8,252
Au Eq. (1) (oz) Björkdal 13,006 10,400 43,160 40,505
Costerfield 4,808 8,050 17,655 29,145
Total 17,814 18,450 60,815 69,650
Quarterly Au Eq. oz sold is calculated by multiplying the saleable quantities of Au, and Sb in the period by the respective average market prices of the commodities in the period, adding the two amounts to get a โ€œtotal contained value based on market priceโ€, and then dividing that total contained value by the average market price of Au for the period. The source for all prices is www.metalbulletin.com with price on weekend days and holidays taken of the last business day.
Mandalayโ€™s updated guidance for 2019 production, cash costs, all-in costs and capital expenditures is set out below together with the original guidance amounts. In addition to the factors noted above, the revised guidance reflects updated metal prices as there has been a significant decline in the price of antimony, and a significant increase in the price of gold since the initial announcement of the original guidance on January 16, 2019. These changes negatively impact projected consolidated gold equivalent production relative to the original guidance. As a result, the tables below present (i) revised 2019 guidance reflecting assumed metal prices of Au$1,396/oz and Sb$6,682/t, (ii) 2019 guidance as originally presented (based on the metal prices of Au$1,200/oz and Sb$8,200/t), and (iii) the original 2019 guidance adjusted to reflect assumed metal prices of Au$1,396/oz and Sb$6,682/t.

Table 3 โ€“ Revised 2019 Full-Year Guidance

2019E
Björkdal
Gold produced (oz) 50,000 โ€“ 56,000
Cash cost(1) per oz gold produced $800 โ€“ $950
All-in cost(1) per oz gold produced $1,030 โ€“ $1,180
Capital expenditures $18M โ€“ $20M
Costerfield
Gold produced (oz) 13,000 โ€“ 17,000
Antimony produced (t) 2,000 โ€“ 2,300
Gold equivalent(2) (oz) 23,000 โ€“ 28,000
Cash cost(1) per oz gold eq. produced $1,300 โ€“ $1,450
All-in cost(1) per oz gold eq. produced $1,700 โ€“ $1,850
Capital expenditures $21M โ€“ $23M
Consolidated
Gold equivalent(2) produced (oz) 72,000 โ€“ 84,000
Average cash cost(3) per oz gold eq. $975 โ€“ $1,125
Average all-in cost(3) per oz gold eq. $1,325 โ€“ $1,500
Capital expenditures $39M โ€“ $43M
Cash cost and all-in cost are non-IFRS measures. See โ€œNon-IFRS Measuresโ€ at the end of this press release.
Assumes metal prices of: Au $1,396/oz, Sb $6,682/t
Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and maintenance costs at Cerro Bayo.
Table 4 โ€“ Original 2019 Full-Year Guidance

2019E
Björkdal
Gold produced (oz) 50,000 โ€“ 56,000
Cash cost(1) per oz gold produced $800 โ€“ $950
All-in cost(1) per oz gold produced $1,030 โ€“ $1,180
Capital expenditures $18M โ€“ $22M
Costerfield
Gold produced (oz) 23,000 โ€“ 30,000
Antimony produced (t) 2,600 โ€“ 3,100
Gold equivalent produced(2) (oz) โ€“ revised prices 35,000 โ€“ 45,000
Gold equivalent produced(3) (oz) 41,000 โ€“ 51,000
Cash cost(1,3) per oz gold eq. produced $790 โ€“ $920
All-in cost(1,3) per oz gold eq. produced $1,050 โ€“ $1,180
Capital expenditures $21M โ€“ $25M
Consolidated
Gold equivalent produced(2) (oz) โ€“ revised prices 85,000 โ€“ 101,000
Gold equivalent produced(3) (oz) 91,000 โ€“ 107,000
Average cash cost(3,4) per oz gold eq. $850 โ€“ $980
Average all-in cost(3,4) per oz gold eq. $1,130 โ€“ $1,280
Capital expenditures $39M โ€“ $47M
Cash cost and all-in cost are non-IFRS measures. See โ€œNon-IFRS Measuresโ€ at the end of this press release.
Assumes metal prices of: Au $1,396/oz, Sb $6,682/t
Original metal prices used in the January 16, 2019 press release were Au $1,200/oz, Sb $8,200/t
Consolidated costs per Au Eq. oz includes corporate overhead spending and total care and maintenance costs at Cerro Bayo
For Further Information:

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Manager, Analytics and Investor Relations

Contact:
647.260.1566

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near-term cash flow.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the Companyโ€™s production of gold and antimony for the 2019 fiscal year. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading โ€œRisk Factorsโ€ in Mandalayโ€™s annual information form dated March 28, 2019, a copy of which is available under Mandalayโ€™s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

image: https://www.globenewswire.com/newsroom/ti?nf=Nzc0MzE0MCMzMTgzMzM2IzIwMjg0ODA=


image: https://ml.globenewswire.com/media/b5f2fa1c-f64d-4f0c-a9c7-ff4d73fc1ef0/small/mandalay-resources-logo.jpg

Primary Logo

GlobeNewswire
October 17, 2019 - 3:17 PM PDT
Tags: INDUSTRIAL METALS & MINERALS

Read more at https://stockhouse.com/news/press-releases/2019/10/17/mandalay-resources-corporation-announces-production-and-sales-results-for-the#hOtTTj5BgbK8t00L.99

https://www.mandalayresources.com/wp-content/uploads/2019/10/MND_Press_Release_Q3_2019_Production_Sales_FINAL.pdf

In GOD We Trust -





https://www.kitco.com/images/live/silver.gif?0.8344882022363285









http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA

๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources Corporation Provides Exploration Update
T.MND
TORONTO, Sept. 30, 2019 (GLOBE NEWSWIRE) --

Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to present an update on the continuing exploration programs at its Costerfield operation in Victoria, Australia, as well as its Björkdal operation in Sweden.
The Company is also pleased to report additional diamond drilling results from both operations based on drilling that was carried out since the Companyโ€™s last exploration release on June 18, 2019.
Readers are advised to review the corresponding figures found at the end of this press release.

Exploration Update Highlights

Costerfield

Youle northern extensional drilling met with early success
Potential for further discovery at Costerfield with target test drilling from surface at MacDonald
First hole of Costerfield deep drilling completed at 1,700 metres (โ€œmโ€). Program has advanced knowledge of the structural framework of the Costerfield mineral district. Commenced a shallower daughter hole allowing for exploration target testing
Björkdal

Aurora zone open to extension. Assay results continue to grow the potential resource
Drill results at newly discovered Lake Zone skarn deposit demonstrated that the skarn geology is continuing deeper.
Mandalayโ€™s drilling programs have continued to yield encouraging results at both Costerfield and Björkdal operations. At Costerfield, the Company is testing extensions to the Youle orebody, (see table 1) and has completed the first hole of a deep drilling program under the known Costerfield mineralized system, in search of high-grade mineralization at depth. At Björkdal, the Company is testing up-dip and down-dip extensions to the Aurora mineralization and is also testing the down-dip extension of the newly discovered high-grade skarn at Lake zone (see tables 2, 3, 4, and 5).

Dominic Duffy, President and CEO of Mandalay, commented; โ€œRecent drilling results at Costerfield and Björkdal continue to demonstrate the significant upside value potential of our operations.โ€

โ€œAt Costerfield, further testing of the northern extension of the high-grade Youle deposit is strengthening our confidence of grade continuity within the Inferred Resources. Additionally, drilling further north of the Youle line of lode resulted in the identification of continuous mineralization through a low-grade zone, along with indications of a higher-grade zone of antimony and gold concentration approximately 200 metres away from the existing Youle Inferred Resources at a target known as MacDonald.โ€

Mr. Duffy continued, โ€œWe are now well underway with phase 1 of our deep drilling program at Costerfield. The first deep hole was completed at a depth of 1,700 metres and has provided valuable structural information below the Costerfield and Youle deposits. One high potential target has already been generated further up-dip as a result of this first hole. A daughter hole will now be wedged off the parent hole to test this target. Multi-element geochemical assaying of core drilled through potential fluid conduits is currently underway, with geochemical vectoring techniques to be applied once the analysis is complete.โ€

Mr. Duffy concluded, โ€œAt Björkdal, drilling at the Aurora zone was not able to commence until May 2019. However, results demonstrated that Aurora is still open both vertically and along strike. Lastly, we commenced testing the down-dip extension of the newly discovered Lake Zone skarn deposit. Results to date, show that the skarn geology continues deeper, but further assay results are required before assessing to what depth this deposit economically extends.โ€

Mandalay Drilling Programs

Costerfield Drilling Programs

Mandalay continues its two exploration programs commenced in May 2019.

Youle Extension Drilling Program

The focus of the Youle extension program has been to delineate a complex high-grade zone to the north, expanding on the early success of the program reported in June 2019.

With the use of regional modelling, historic research, and structural information gained from the second quarter of 2019 drilling program, an additional package of gold and antimony concentration was interpreted to exist as a target north of a low-grade zone along the structural trend of Youle and the Main Costerfield mine. As a result, the Youle extension drilling was re-designed to prioritize drill testing of this zone and has met with initial success (refer to Drilling Results, Figure 1 and Table 1 for details).

This โ€œshoot repetitionโ€ has now been observed multiple times through the district, most notably in the Cuffley, Brunswick and Augusta Deposits.

Costerfield Deep Drilling Program

As Mandalay continues to increase momentum within the Youle expansion program, it also advances deep targeted testing of the Costerfield line of lode following Mandalayโ€™s developing understanding of gold enrichment environments. The first hole of this two-hole program with secondary wedge holes, has been completed at a depth of 1,700 m. This first hole was designed to investigate the deep environment at the northern end of the current mine area, below the historical Costerfield mine and the currently active Youle lode.

Björkdal Drilling Programs

Underground extensional and production drilling during 2019 has continued to focus on the high-grade mineralization recently discovered at Björkdal (i.e., Aurora Zone and Lake Zone skarn).
Both these horizons provide the Company with the potential to mine high-tonnage and higher-grade ore more cost effectively over the upcoming years.

Aurora Drilling Program

Underground drilling focused on extending the existing Aurora zone. Results to date confirm the potential for Aurora to be extended both up and down dip and along strike in both directions. Although drilling the upper section of Aurora has encountered problems due to the difficult nature of drilling positive gradient diamond drill holes, with several holes having to be abandoned when intercepting major faults before intercepting the Aurora zone. As a result, the focus of Aurora drilling has been changed to the deeper holes seeking to extend the higher-grade mineralization at depth. The upper holes will now be drilled from surface in later 2019 or early 2020. The zone is currently being mined on five active levels.

Lake Zone Skarn Program

The recognition of skarn related mineralization at Björkdal during 2018 is of interest due to its anomalously high grade. Seven diamond drill holes have recently been drilled with the aim to define the down dip extension of the mineralized body. These drill holes have demonstrated the continuation of the skarnified horizon further to the north and at depth.

Mandalay Drilling Results

Costerfield Drilling Results

Youle Extension Drilling Program

Drill hole BC071 has been completed, targeting the multiple veins that make up the northern high-grade area of Youle. This hole intercepted multiple parallel veins, with the most significant being 18.4 g/t gold (โ€œAuโ€) and 5.7% antimony (โ€œSbโ€) over a true width of 0.24 m.

Other recent drilling within the program focused on testing for a northern continuation of mineralization. The structure that hosts the majority of Youle mineralization was intercepted in BC067AW1, BC067AW2 and BC070 with the structure being enriched in gold and antimony in all 3 intercepts.

Historic research, together with field mapping and LiDAR (light imaging, detection, and ranging) analysis has identified substantial workings along the line of the historic Costerfield mine to the north. From our understanding of the other mineralized packages in the district, a steeply plunging low-grade zone occurring between these workings and the Costerfield mine is likely, and fits with observations and inferences of bedding and faulting interactions to the north of Youle and Costerfield. From these findings a highly prospective zone now exists north of Costerfield mine, being the MacDonald target.

BC075 intercepted two mineralized zones. A gold and antimony bearing laminated quartz vein (0.42 m @ 7.2 g/t Au & 4.4% Sb), which is spatially associated with the historic workings, and additional quartz-stibnite veining (0.45 m @ 1.3 g/t Au & 7.3% Sb composite of multiple veins) approximately 80 m to the east of the initial intercept. These results support the northern enrichment model and excitingly indicate a potential for multiple veining and mining fronts.

Table 1: Youle Drilling Results (June 2019 โ€“ September 2019)

Hole ID Hole Completion Date Total hole Depth Intercept Easting (Mine Grid) Intercept Northing (Mine Grid) Intercept Elevation (Mine Grid) Drilled Width (m) True Width (m) Au Grade (g/t) Sb Grade (%) AuEq (g/t) over min. 1.8m
mining width
BC067AW1 4/07/2019 531.2 15441 7251 817 0.09 0.07 8.7 19.8 1.4
BC067AW2 17/07/2019 518.9 15406 7235 799 0.08 0.07 5.3 8.6 0.7
BC069 27/06/2019 699.6 No Significant Intercept
BC070 9/08/2019 734.8 15442 7350 747 0.31 0.22 0.8 0.5 0.2
BC071 5/08/2019 492.1 15392 7156 849 0.55 0.26 18.4 5.7 3.9
BC071 5/08/2019 492.1 15389 7156 854 0.28 0.20 2.1 3.4 0.8
BC075 10/09/2019 357.5 15521 7439 1122 0.51 0.42 7.2 4.4 3.2
BC075 10/09/2019 357.5 15608 7356 1048 0.52 0.45 1.3 7.3 3.1
Note:
- Assumes metal prices of: Au$1,450/ oz and Sb$7,000/ t
- AuEq (g/t) = Au (g) + Sb (%) x [Price per 10 Sb (kg) x Sb Recovery (%) / Price per 1 Au (g) x Au Recovery (%)]

Costerfield Deep Drilling Program

The upper majority of the first hole in this program (CD001) found a geological environment consistent with our current understanding; a west-dipping sequence of Upper Costerfield Formation siltstones passing into the turbidites and mudstones of the Lower Costerfield Formation. As anticipated by the geological model, a sequence of dark, carbon-rich turbidites and sandstones inferred to be favorable to high-grade gold mineralization was passed through between 904 โ€“ 995 m, which included quartz veining with anomalous gold values (up to 0.7 g/t Au) and minor visible stibnite mineralization (up to 0.01% Sb).

At a downhole depth of 1,015 m, a west-dipping fault containing laminated quartz with significant apparent thrust offset was intercepted (Figure 2). Below this fault, folded but predominantly east-dipping turbidites, giving way to siltstones disrupted by apparent strike-slip faulting was encountered. A large fault between 1,545 and 1,555 m marked a transition into dark-coloured, east-dipping slaty turbidites which displayed abundant irregular quartz veining leading up to a thick quartz blow between 1,583 โ€“ 1,595 m. This wide interval of quartz contained minor pyrite mineralization and zones of sericite-chlorite alteration.

Stratigraphic correlations between the Youle mine area, and the first 1,000 m of CD001 infer the existence of an anticlinal environment or thrust ramp in the area between, which presents a compelling target for Costerfield-style mineralization down-dip of the known Youle lode. This environment is additionally, likely to be coincident with the occurrence of the dark carbon-rich sandstones which enhance the potential for high-grade gold mineralization.

Trace-level analysis assays have been returned for the core down to a depth of 1,040 m, which display strong positive correlation between gold, antimony and arsenic (Figure 3). Of importance is a wide zone of enrichment of these elements, approximately between 975 โ€“ 1,040 m downhole, which appears to be centered on the large fault at 1,015 m. Additionally, silver (โ€œAgโ€) shows a strong relative enrichment in this zone on the footwall of the fault. Subsequent hyperspectral logging of CD001 has additionally brought to light a wide envelope of muscovite alteration surrounding this fault, mirroring the elevated assays. Muscovite alteration of wall rock white micas is a common feature of central Victorian gold deposits, and the coincidence of muscovite alteration and gold-antimony-arsenic enrichment here is interpreted as evidence of the large fault acting as an active conduit or feeder zone for ore-forming hydrothermal fluids. Assays from CD001 have been added to Mandalayโ€™s regional multi-element geochemical database, which integrates exploration drill core, regolith and bedrock assays to fingerprint mineralized systems and lithological packages in the Costerfield area. The information contained within the database is constantly updated and used to refine exploration models which assist in the generation and testing of new mineralization targets.

The environment passed through in the latter 660 m of CD001 can be interpreted as the disrupted eastern limb of a regional-scale anticline, the thrust-offset crest of which hosts the Costerfield mine. This deep, capped-off eastern limb is in a similar structural position to the sub King Cobra mineralization at Augusta which contains some exceptionally high-grade gold assays. The steeply dipping fault at 1,545 m is interpreted to be analogous to the Lyre Fault which appears to be significant to setting up the sub King Cobra mineralized environment. Initial assays through this zone show anomalous gold and antimony however the method of analysis used, is designed for ore grade analysis and is not accurate at trace ranges.

The next hole in this program, CD001W1, has commenced wedging off CD001 at a depth of 400 m to investigate the carbonaceous sandstones near to their inferred culmination above the 1,015 m fault, and the environment immediately below (See Figure 2).

Björkdal Drilling Results

Since the Companyโ€™s last exploration press release on June 18, 2019, the Company has assayed 20 drill holes at the Aurora zone at Björkdal (see tables 4) and 4 drill holes at its Lake Zone skarn deposit (see table 5). Recent highlights from the Aurora and Lake Zone skarn assays include the following intercepts:

Table 2: Aurora Drilling Highlights

Hole ID True Width Au g/t
DOD2019-058 2.93 7.80
DOD2019-076 3.34 5.37
DOD2019-077 2.51 7.24
DOD2019-078 6.03 2.78
DOD2019-079 3.50 6.99
Table 3: Lake Zone Skarn Drilling Highlights

Hole ID True Width Au g/t
MU9-009A 0.65 23.77
MU9-014 1.65 14.31
Table 4: Aurora Drilling Results (June 2019 โ€“ September 2019)



Hole ID Hole Completion Date Intercept
Northing
(Mine Grid) Intercept
Easting
(Mine Grid) Intercept
Elevation
(Mine Grid) From (m) To
(m) Drilled
Width
(m) True Width (m) Au (g/t) Au (g/t) over min. 3 m mining width
DOD2019-052 06/07/2019 1755.778 1126.208 -402.341 120.2 125 4.8 4.45 0.74 0.74
DOD2019-054 20/07/2019 1751.489 1148.12 -396.642 111.9 114.95 3.05 2.98 1.86 1.85
DOD2019-058 07/08/2019 1737.463 1179.071 -373.329 81.37 84.7 3.33 2.93 7.80 7.62
DOD2019-062 11/08/2019 1744.189 1202.82 -374.002 77.16 84.74 7.58 7.37 1.20 1.20
DOD2019-064 14/08/2019 1745.167 1229.26 -373.199 76.4 85 8.6 8.46 1.44 1.44
DOD2019-065 17/08/2019 1740.74 1247.04 -361.376 81.65 84.6 2.95 2.78 1.13 1.05
DOD2019-071 11/08/2019 1743.136 1278.844 -354.397 93.1 101.25 8.15 7.65 2.10 2.10
DOD2019-072 17/08/2019 1746.972 1309.528 -355.602 92.53 95.14 2.61 2.61 0.75 0.65
DOD2019-073 21/08/2019 1753.994 1371.047 -347.596 115 119 4 3.51 1.25 1.25
DOD2019-074 23/07/2019 1754.501 1272.581 -378.005 73.85 75.55 1.7 1.65 2.32 1.28
DOD2019-075 27/06/2019 1767.642 1275.186 -399.987 78.4 82.6 4.2 4.07 1.54 1.54
DOD2019-076 30/06/2019 1763.209 1290.188 -389.498 75.15 78.5 3.35 3.34 5.37 5.37
DOD2019-077 02/07/2019 1773.238 1300.484 -402.742 83.08 85.72 2.64 2.51 7.24 6.04
DOD2019-078 20/07/2019 1775.85 1321.227 -399.189 81.9 88.05 6.15 6.03 2.78 2.78
DOD2019-079 18/07/2019 1761.896 1321.197 -377.872 75.45 78.97 3.52 3.50 6.99 6.99
MU9-019 08/08/2019 1858.279 1518.94 -529.552 150.2 158.35 8.15 5.24 1.46 1.46
MU9-020 18/08/2019 1887.54 1511.106 -600.533 204.7 224.15 19.45 9.19 1.57 1.57
POD2019-012 08/05/2019 1806.281 1414.745 -451.053 84.2 89 4.8 4.43 0.85 0.85
POD2019-013 11/05/2019 1803.162 1433.972 -446.062 78.16 85.55 7.39 7.07 1.47 1.47
POD2019-014 16/05/2019 1809.44 1445.913 -451.242 82.3 95.2 12.9 12.02 1.29 1.29
Table 5: Skarn Drilling Results (June 2019 โ€“ September 2019)

Hole ID Hole Completion Date Intercept
Northing
(Mine Grid) Intercept
Easting
(Mine Grid) Intercept
Elevation
(Mine Grid) From (m) To (m) Drilled
Width
(m) True Width (m) Au (g/t) Au min. 3m mining width (g/t)
MU9-009A 24/06/2019 1690.45 1586.03 -508.33 67.65 68.95 1.3 0.65 23.77 5.15
MU9-012 04/08/2019 1687.81 1612.9 -507.67 69.7 72 2.3 0.95 1.32 0.42
MU9-013 09/08/2019 1677.41 1637.61 -504.47 72.6 77.74 5.14 1.81 1.71 1.03
MU9-014 11/08/2019 1659.49 1619.51 -486.32 45.9 49.05 3.15 1.65 14.31 7.87
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/39ab60c1-8d7f-42e2-ab79-516a1d5bb210

Figure 2: https://www.globenewswire.com/NewsRoom/AttachmentNg/8c0b8412-5a42-4f7e-909e-b3abb449db53

Figure 3: https://www.globenewswire.com/NewsRoom/AttachmentNg/a8c652ef-fb29-4e89-b323-8bbe23d04e0e

Figure 4: https://www.globenewswire.com/NewsRoom/AttachmentNg/0f63fdbb-b97f-4d19-9eeb-d23dc7671c53

Figure 5: https://www.globenewswire.com/NewsRoom/AttachmentNg/e281e025-2510-4f37-8c1e-83a9a4f35eb4

Figure 6: https://www.globenewswire.com/NewsRoom/AttachmentNg/bbf6894d-06c9-407e-86c3-d35d144fa1b7

Figure 7: https://www.globenewswire.com/NewsRoom/AttachmentNg/c570f17a-6077-415e-84fa-88bb51828bb5

Figure 8: https://www.globenewswire.com/NewsRoom/AttachmentNg/11e72bf7-c85a-4367-b770-6d09258bca45

Figure 9: https://www.globenewswire.com/NewsRoom/AttachmentNg/8fec8d46-d7a3-42d9-ac1e-a9bfd628f608

Drilling and Assaying

At Costerfield, diamond drill core was logged and sampled by Costerfield geologists. All samples were sent to OnSite Laboratory Services in Bendigo, Victoria, Australia, for sample preparation and assay. Site geological and metallurgical personnel have implemented a QA/QC process that includes the regular submission of standard reference materials and blanks with drill and face samples submitted for assay. Standard reference materials have been certified by Geostats Pty Ltd. (February 6, 2019 Technical Report entitled โ€œCosterfield Operation, Victoria, Australia NI 43-101 Reportโ€, available on SEDAR (www.sedar.com), which contains a complete description of drilling, sampling, and assaying procedures).

At Björkdal, all diamond drill core was logged and sampled by Björkdal geologists. Exploration drill hole samples (prefix MU) were sent to CRS Minlab Oy (CRS) in Kempele, Finland for sample preparation and assaying. Development Optimization drill hole samples (prefix DOD) were at the onsite lab ran by ALS for sample preparation and assaying (see March 28, 2019, Technical Report entitled โ€œTechnical Report on the Björkdal Gold Mine, Swedenโ€, available on SEDAR (www.sedar.com), which contains a complete description of drilling, sampling, and assaying procedures).

Assaying in both the CRS and ALS laboratories was conducted utilizing the Pal1000 (CRS) cyanide leaching processes. Mandalayโ€™s rigorous QA/QC program included the use of standard reference samples, blanks, duplicates, repeats, and internal laboratory quality assurance procedures.

Qualified Person:

Chris Gregory, Vice President of Operational Geology and Exploration at Mandalay Resources, is a Member of the Australian Institute of Geoscientists (AIG), and a Qualified Person as defined by NI 43-101. He has reviewed and approved the technical and scientific information provided in this release.

For Further Information

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Manager, Analytics and Investor Relations

Contact:
647.260.1566

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near term cash flow.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Youle deposit (Costerfield) and the Aurora Zone (Björkdal). Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading โ€œRisk Factorsโ€ in Mandalayโ€™s annual information form dated March 28, 2019, a copy of which is available under Mandalayโ€™s profile at www.sedar.com. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.



image: https://www.globenewswire.com/newsroom/ti?nf=NzcyNDAxMiMzMTQwMTg1IzIwMjg0ODA=


image: https://ml.globenewswire.com/media/b5f2fa1c-f64d-4f0c-a9c7-ff4d73fc1ef0/small/mandalay-resources-logo.jpg

Primary Logo

Figure 1
image: https://ml.globenewswire.com/media/39ab60c1-8d7f-42e2-ab79-516a1d5bb210/medium/figure-1.png


Longitudinal Section and Plan Section of Youle (Costerfield) Illustrating Location of Recent Intercepts along with first access on Youle
Figure 2
image: https://ml.globenewswire.com/media/8c0b8412-5a42-4f7e-909e-b3abb449db53/medium/figure-2.png


Longitudinal Section Illustrating Current Drill Hole CD001 and Planned Drill Hole Locations of Costerfield Deep Drilling Program
Figure 3
image: https://ml.globenewswire.com/media/a8c652ef-fb29-4e89-b323-8bbe23d04e0e/medium/figure-3.png


Downhole trace-level geochemistry of CD001, showing correlation of elevated Au-Sb-As-Ag and hydrothermal muscovite alteration between 975-1040m.
Figure 4
image: https://ml.globenewswire.com/media/0f63fdbb-b97f-4d19-9eeb-d23dc7671c53/medium/figure-4.png


Björkdal Mine Scale Overview Map Showing the Location of the Aurora Zone and Lake Zone Skarn in Relation to Mine Development. Black Box Denotes Level Plan for Lake Zone Skarn
Figure 5
image: https://ml.globenewswire.com/media/e281e025-2510-4f37-8c1e-83a9a4f35eb4/medium/figure-5.png


Longitudinal Section of the Aurora Zone Illustrating Location of Recent Intercepts
Figure 6
image: https://ml.globenewswire.com/media/bbf6894d-06c9-407e-86c3-d35d144fa1b7/medium/figure-6.png


Cross Sections of Björkdal Mine Area Showing the Location and Current Size of the Aurora Zone (A-Aโ€™) and Lake Zone Skarn (C-Cโ€™), in which the Black Box Denotes Focused Cross Section in Figure 7
Figure 7
image: https://ml.globenewswire.com/media/c570f17a-6077-415e-84fa-88bb51828bb5/medium/figure-7.png


Cross Section Displaying the Current Limits of the Lake Zone Skarn Horizon
Figure 8
image: https://ml.globenewswire.com/media/11e72bf7-c85a-4367-b770-6d09258bca45/medium/figure-8.png


Cross Section Displaying the Current Limits of the Lake Zone Skarn Horizon
Figure 9
image: https://ml.globenewswire.com/media/8fec8d46-d7a3-42d9-ac1e-a9bfd628f608/medium/figure-9.png


Schematic Level Plan of the Lake Zone Skarn Horizon Illustrating Location of Recent Intercepts
GlobeNewswire
September 30, 2019 - 1:30 PM PDT
Tags:
INDUSTRIAL METALS & MINERALS

Read more at https://stockhouse.com/news/press-releases/2019/09/30/mandalay-resources-corporation-provides-exploration-update#q8fZvMJ7OJtZc0Ed.99

In GOD We Trust -





https://www.kitco.com/images/live/silver.gif?0.8344882022363285









http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA

๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
2019 Denver Gold Forum Presentation -



https://wsw.com/webcast/dgf19/mnd.to/?lobby=true&day=1


Read more at
https://stockhouse.com/companies/bullboard?symbol=t.mnd&postid=30142031#DTZ3PStBsSYyJG4W.99



In GOD We Trust -





https://www.kitco.com/images/live/silver.gif?0.8344882022363285









http://www.kitconet.com/images/live/au0001wb.gif


Gold & Silver is the only REAL Legal Tender -

by The Founding Fathers for your -

Rights, Liberty and Freedom -

http://www.biblebelievers.org.au/monie.htm

God Bless America
Ps.
opinion appreciated
TIA
๐Ÿ‘๏ธ0
NYBob NYBob 5 years ago
Mandalay Resources Corporation Announces Commencement of On Vein Development on the Youle Lode
T.MND | 12 days ago
TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) --

Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce that the first access drive has been completed at the Youle lode with level development now commenced.

Dominic Duffy, President and CEO of Mandalay, commented, โ€œWe are extremely pleased with the teamโ€™s execution in accessing Youle on the 957 level safely and sooner than originally planned.
Furthermore, on vein development was initiated on the lode, and we will begin processing ore during September.
We foresee the first stope being mined late in the fourth quarter of this year.โ€

Mr. Duffy continued, โ€œInitial assays have been as expected with the most significant being 118 g/t gold and 55.3% antimony over a true width of 0.2 metres.โ€

Mr. Duffy continued, โ€œWe were able to access the Youle lode sooner though design changes allowing the access drive to begin higher up the primary access ramp. With the orebody accessed, development and stoping will be ramping up and we expect a continual uplift in Youle production over the next 12 months.โ€

Mr. Duffy concluded, โ€œOn the exploration side, due to the late start to our drilling programs in 2019, assays have been delayed on key exploration holes although we will be providing an update on all of our drilling programs by the end of September.โ€

Table 1: Initial Youle Vein Grades


Read more at https://stockhouse.com/news/press-releases/2019/09/12/mandalay-resources-corporation-announces-commencement-of-on-vein-development-on#t0oT6qhwYmTIVO30.99

๐Ÿ‘๏ธ0
NYBob NYBob 8 years ago
Mandalay Resources C (MNDJF)
0.548 ? -0.0209 (-3.67%)
Volume: 233,501 @ 1:34:17 PM ET
Bid Ask Day's Range
- - 0.548 - 0.5972
MNDJF Detailed Quote

Mandalay Resources Corp. (MNDJF) -
http://www.mandalayresources.com/press/current-news-4/


http://seekingalpha.com/article/2562365-update-mandalay-resources-is-on-its-way-to-becoming-a-mining-powerhouse

Hope we get a good and better 2015 -

http://www.mandalayresources.com

http://www.mandalayresources.com/investor-presentations/

http://www.mandalayresources.com/wp-content/uploads/2014/12/MND_Investor_Presentation_December_2014_Final.pdf

http://www.elginmining.com







Mandalay Resources Corp. - 20th Anniversary Vancouver Resource Investment Conference 2015 -
76 Richmond Street East, Suite 330 Toronto , ON, M5C 1P1 Canada

http://www.mandalayresources.com

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109848930

http://cambridgehouse.com/company/1624/mandalay-resources-corp

20th Anniversary Vancouver Resource Investment Conference 2015 -

http://cambridgehouse.com/event/33/20th-anniversary-vancouver-resource-investment-conference-2015





God Bless

๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Resources Corp. (MNDJF) -



http://seekingalpha.com/article/2562365-update-mandalay-resources-is-on-its-way-to-becoming-a-mining-powerhouse

Hope we get a good and better 2015 -

http://www.mandalayresources.com

http://www.mandalayresources.com/investor-presentations/

http://www.mandalayresources.com/wp-content/uploads/2014/12/MND_Investor_Presentation_December_2014_Final.pdf

http://www.elginmining.com







Mandalay Resources Corp. - 20th Anniversary Vancouver Resource Investment Conference 2015 -
76 Richmond Street East, Suite 330 Toronto , ON, M5C 1P1 Canada

http://www.mandalayresources.com

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109848930

http://cambridgehouse.com/company/1624/mandalay-resources-corp

20th Anniversary Vancouver Resource Investment Conference 2015 -

http://cambridgehouse.com/event/33/20th-anniversary-vancouver-resource-investment-conference-2015



https://www.youtube.com/watch?v=O7dlwM2X6f0
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Resources CEO Brad Mills on what makes the ideal acquisition -



https://www.youtube.com/watch?v=9YuRb78OcFE

Published on Dec 3, 2014
Brad Mills, the chief executive of Mandalay Resources (TSE:MND),
explains what the mining group looks for in an acquisition.
Mills talks about a potential for gold and silver prices to rise and
why โ€˜it is a good time to buy assetsโ€™.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=109584617

http://www.mandalayresources.com

http://www.mandalayresources.com/investor-presentations/

http://www.mandalayresources.com/wp-content/uploads/2014/12/MND_Investor_Presentation_December_2014_Final.pdf
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Resources Corporation (MND:TSX) -



http://web.tmxmoney.com/quote.php?qm_symbol=MND:TSX







Gold Spot FOREX Foreign Exchange and Precious Metals alive -







MANDALAY CEO PRESENTING AT DENVER GOLD FORUM -
September 16th, 2014
Mandalayโ€™s CEO Brad Mills will be giving a 20-minute presentation on
Mandalay Resources Corp. at the Denver Gold Forum at 3:30 pm MT.
Please click here below to view the presentation webcast....

http://www.denvergoldforum.org/dgf14/company-webcast/MND:CN

Mandalay Resources Completes Acquisition of Elgin Mining -
Date : 09/10/2014 @ 4:05PM
Source : PR Newswire (US)
Stock : Elgin Mining (ELG)
Quote : 0.4 0.0 (0.00%) @ 2:05AM
Mandalay Resources Completes Acquisition of Elgin Mining

http://ih.advfn.com/p.php?pid=nmona&article=63547949

http://www.mandalayresources.com/

http://www.elginmining.com



God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
MANDALAY CEO PRESENTING AT DENVER GOLD FORUM -
September 16th, 2014
Mandalayโ€™s CEO Brad Mills will be giving a 20-minute presentation on
Mandalay Resources Corp. at the Denver Gold Forum at 3:30 pm MT.
Please click here below to view the presentation webcast....

http://www.denvergoldforum.org/dgf14/company-webcast/MND:CN

Mandalay Resources Completes Acquisition of Elgin Mining -
Date : 09/10/2014 @ 4:05PM
Source : PR Newswire (US)
Stock : Elgin Mining (ELG)
Quote : 0.4 0.0 (0.00%) @ 2:05AM
Mandalay Resources Completes Acquisition of Elgin Mining

http://ih.advfn.com/p.php?pid=nmona&article=63547949

http://www.mandalayresources.com/

Elgin Mining (TSX:ELG)
Historical Stock Chart
1 Month : From Sep 2014 to Oct 2014

For further information:

Bradford Mills
Chief Executive Officer

Greg DiTomaso
Investor Relations

Contact:
+1-647-260-1566







๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Resources Completes Acquisition of Elgin Mining -
Date : 09/10/2014 @ 4:05PM
Source : PR Newswire (US)
Stock : Elgin Mining (ELG)
Quote : 0.4 0.0 (0.00%) @ 2:05AM
Mandalay Resources Completes Acquisition of Elgin Mining

http://ih.advfn.com/p.php?pid=nmona&article=63547949

http://www.mandalayresources.com/

Elgin Mining (TSX:ELG)
Historical Stock Chart
1 Month : From Sep 2014 to Oct 2014

Click Here for more Elgin Mining Charts.
TORONTO, September 10, 2014 /PRNewswire/ --

Mandalay Resources Corporation ("Mandalay") (TSX: MND) and Elgin Mining Inc. ("Elgin") (TSX: ELG) are pleased to announce the completion of the acquisition of Elgin by Mandalay by way of a court-approved plan of arrangement (the "Arrangement").

Mr. Brad Mills, Chief Executive Officer of Mandalay, commented, "I am pleased to announce that we have successfully closed the Elgin transaction as planned, adding Elgin's Björkdal gold mine in Sweden as Mandalay's third producing mine in a top mining jurisdiction. We welcome all of the Elgin and Björkdal staff who are joining Mandalay and have worked hard to complete this transaction. We currently expect that the Björkdal mine will produce 8,000 to 10,000 ounces of gold during the fourth quarter of the year, which increases our overall 2014 Mandalay production guidance to a range of 138,000 to 148,000 ounces of gold equivalent."

Mr. Mills continued, "Our plans for the Björkdal mine will immediately focus on refining the life of mine resource and reserve model for the open pit and underground mines, improving the grade of production of both mines based upon this more granular model, evaluating and adopting new milling approaches in the plant to improve gold recovery and expand plant capacity. We will also evaluate all of the exploration potential on the property and commence an exploration program to expand reserves. We anticipate that we will start to see results from these efforts within the next three to six months. The first milestone will be the release of a new independent Technical Reserve and Resource Report which Mandalay has commissioned on the property."

Mr. Mills concluded, "In connection with our acquisition of Elgin, Mandalay has reviewed its property portfolio and decided to sell two assets which are now deemed non-core to our future plans. These assets are the Lupin gold mine, in Nunavut, Canada, and the La Quebrada copper-silver project in Chile."

The Plan of Arrangement

Pursuant to the Arrangement, Mandalay acquired each outstanding Elgin common share (each, an "Elgin Share") in exchange for CDN$0.37 in cash (the "Cash Consideration") or 0.4111 of a Mandalay common share (each, a "Mandalay Share") (the "Share Consideration"), subject to pro-ration if the aggregate Cash Consideration would exceed CDN$27 million or the aggregate Share Consideration would exceed 50 million Mandalay Shares.

Based on valid elections received prior to the election deadline and deemed elections, shareholders of Elgin (the "Elgin Shareholders") elected to receive:

the Share Consideration in respect of 188,980,537 Elgin Shares (which, at 0.4111 of a Mandalay Share per Elgin Share, would result in aggregate Share Consideration of approximately 77.7 million Mandalay Shares); and
the Cash Consideration in respect of 4,461,519 Elgin Shares (which, at CDN$0.37 per Elgin Share, would result in aggregate Cash Consideration of approximately CDN$1.7 million).
Since the aggregate Share Consideration would otherwise exceed 50 million Mandalay Shares, all elections (including deemed elections) have been pro-rated in the manner described in the management information circular dated July 25, 2014 prepared by Elgin in connection with the Arrangement. This has resulted in the number of Mandalay Shares that each Elgin Shareholder exchanged for the Share Consideration being reduced by applying an approximate 64.358% pro-ration factor.

For illustrative purposes only, and using the example of an individual holding 1,000 Elgin Shares:

if such Elgin Shareholder elected to receive Cash Consideration in respect of all of their Elgin Shares held, the Elgin Shareholder would be entitled to receive CDN$370 (being CDN$0.37 for each Elgin Share); or
if such Elgin Shareholder elected (or was deemed to have elected) to receive Share Consideration in respect of all of their Elgin Shares, the Elgin Shareholder would be entitled to receive approximately 264 Mandalay Shares in consideration for a portion of their Elgin Shares and CDN$131.88 cash in consideration for the remaining portion of the Elgin Shares.
Any questions or requests for assistance in surrendering certificates that formerly represented Elgin Shares in order to receive the Arrangement consideration may be directed to the depository, Computershare Investor Services Inc., by telephone at 1-800-564-6253 toll-free in North America, 1-514-982-7555 outside of North America or by e-mail at corporateactions@computershare.com.

De-listing of the Elgin Shares from the Toronto Stock Exchange ("TSX") is expected to occur shortly. Concurrent with the delisting of the Elgin Shares, Elgin will apply to all applicable Canadian securities regulatory authorities in order to cease to be a reporting issuer.

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and producing and development projects in Chile. Mandalay is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of securities legislation and which are based on the expectations, estimates and projections of management of Mandalay as of the date of this news release unless otherwise stated, including statements regarding Mandalay's estimates of future production, its plans for the Björkdal mine and its planned sale of the Lupin and La Quebrada properties. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 28, 2014, a copy of which is available under Mandalay's profile at http://www.sedar.com. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Image with caption: "Mandalay Resources Corporation (CNW Group/Mandalay Resources Corporation)". Image available at: http://40rhel5streamview01.newswire.ca/media/2014/09/10/20140910-761633-42734-5c28e3ce-b114-49cd-9889-c3532704a75b.jpg

Image with caption: "Elgin Mining Inc. (CNW Group/Mandalay Resources Corporation)". Image available at: http://40rhel5streamview01.newswire.ca/media/2014/09/10/20140910-761633-42736-5c28e3ce-b114-49cd-9889-c3532704a75b.jpg

For further information:

Bradford Mills
Chief Executive Officer

Greg DiTomaso
Investor Relations

Contact:
+1-647-260-1566
๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Resources Completes Acquisition of Elgin Mining
Photo_Asset_1
TORONTO, Sept. 10, 2014 /CNW/ -

Mandalay Resources Corporation ("Mandalay") (TSX: MND)
and
Elgin Mining Inc. ("Elgin") (TSX: ELG)

are pleased to announce the completion of the acquisition of
Elgin by Mandalay by way of a court-approved plan of
arrangement (the "Arrangement").

http://web.tmxmoney.com/article.php?newsid=70218100&qm_symbol=MND:TSX

Mr. Brad Mills, Chief Executive Officer of Mandalay, commented, "I am pleased to announce that we have successfully closed the Elgin transaction as planned, adding Elgin's Björkdal gold mine in Sweden as Mandalay's third producing mine in a top mining jurisdiction. We welcome all of the Elgin and Björkdal staff who are joining Mandalay and have worked hard to complete this transaction. We currently expect that the Björkdal mine will produce 8,000 to 10,000 ounces of gold during the fourth quarter of the year, which increases our overall 2014 Mandalay production guidance to a range of 138,000 to 148,000 ounces of gold equivalent."

Mr. Mills continued, "Our plans for the Björkdal mine will immediately focus on refining the life of mine resource and reserve model for the open pit and underground mines, improving the grade of production of both mines based upon this more granular model, evaluating and adopting new milling approaches in the plant to improve gold recovery and expand plant capacity. We will also evaluate all of the exploration potential on the property and commence an exploration program to expand reserves. We anticipate that we will start to see results from these efforts within the next three to six months. The first milestone will be the release of a new independent Technical Reserve and Resource Report which Mandalay has commissioned on the property."

Mr. Mills concluded, "In connection with our acquisition of Elgin, Mandalay has reviewed its property portfolio and decided to sell two assets which are now deemed non-core to our future plans. These assets are the Lupin gold mine, in Nunavut, Canada, and the La Quebrada copper-silver project in Chile."

The Plan of Arrangement

Pursuant to the Arrangement, Mandalay acquired each outstanding Elgin common share (each, an "Elgin Share") in exchange for CDN$0.37 in cash (the "Cash Consideration") or 0.4111 of a Mandalay common share (each, a "Mandalay Share") (the "Share Consideration"), subject to pro-ration if the aggregate Cash Consideration would exceed CDN$27 million or the aggregate Share Consideration would exceed 50 million Mandalay Shares.

Based on valid elections received prior to the election deadline and deemed elections, shareholders of Elgin (the "Elgin Shareholders") elected to receive:

the Share Consideration in respect of 188,980,537 Elgin Shares (which, at 0.4111 of a Mandalay Share per Elgin Share, would result in aggregate Share Consideration of approximately 77.7 million Mandalay Shares); and

the Cash Consideration in respect of 4,461,519 Elgin Shares (which, at CDN$0.37 per Elgin Share, would result in aggregate Cash Consideration of approximately CDN$1.7 million).
Since the aggregate Share Consideration would otherwise exceed 50 million Mandalay Shares, all elections (including deemed elections) have been pro-rated in the manner described in the management information circular dated July 25, 2014 prepared by Elgin in connection with the Arrangement. This has resulted in the number of Mandalay Shares that each Elgin Shareholder exchanged for the Share Consideration being reduced by applying an approximate 64.358% pro-ration factor.

For illustrative purposes only, and using the example of an individual holding 1,000 Elgin Shares:

if such Elgin Shareholder elected to receive Cash Consideration in respect of all of their Elgin Shares held, the Elgin Shareholder would be entitled to receive CDN$370 (being CDN$0.37 for each Elgin Share); or

if such Elgin Shareholder elected (or was deemed to have elected) to receive Share Consideration in respect of all of their Elgin Shares, the Elgin Shareholder would be entitled to receive approximately 264 Mandalay Shares in consideration for a portion of their Elgin Shares and CDN$131.88 cash in consideration for the remaining portion of the Elgin Shares.
Any questions or requests for assistance in surrendering certificates that formerly represented Elgin Shares in order to receive the Arrangement consideration may be directed to the depository, Computershare Investor Services Inc., by telephone at 1-800-564-6253 toll-free in North America, 1-514-982-7555 outside of North America or by e-mail at corporateactions@computershare.com.

De-listing of the Elgin Shares from the Toronto Stock Exchange ("TSX") is expected to occur shortly. Concurrent with the delisting of the Elgin Shares, Elgin will apply to all applicable Canadian securities regulatory authorities in order to cease to be a reporting issuer.

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and producing and development projects in Chile. Mandalay is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of securities legislation and which are based on the expectations, estimates and projections of management of Mandalay as of the date of this news release unless otherwise stated, including statements regarding Mandalay's estimates of future production, its plans for the Björkdal mine and its planned sale of the Lupin and La Quebrada properties. Readers are cautioned not to place undue reliance on forward-looking statements. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 28, 2014, a copy of which is available under Mandalay's profile at www.sedar.com. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
SOURCE Mandalay Resources Corporation

Photo_Asset_2

Image with caption: "Mandalay Resources Corporation (CNW Group/Mandalay Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20140910_C8885_PHOTO_EN_42734.jpg

Image with caption: "Elgin Mining Inc. (CNW Group/Mandalay Resources Corporation)". Image available at: http://photos.newswire.ca/images/download/20140910_C8885_PHOTO_EN_42736.jpg



Bradford Mills
Chief Executive Officer

Greg DiTomaso
Investor Relations

Contact:
647.260.1566

Copyright CNW Group 2014
Back
๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Resources Corporation (MND:TSX)

Exchange: TSX Exchange

http://web.tmxmoney.com/quote.php?qm_symbol=MND:TSX

Mandalay Resources Corporation Provides Update on Challacollo Infill Drilling and Feasibility Study Progress
TORONTO, September 10, 2014 /PRNewswire/ --

Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, MND.WT) is pleased to provide an update on the progress of its infill drilling and feasibility study at its Challacollo, Chile, silver-gold project (click here for Figure 1 Property Map).

Key activities to date include:

The General Manager and Construction Manager have been hired and are managing the feasibility and permitting work.
The major components of the feasibility study (e.g. drilling, assaying, metallurgical studies, hydrogeological studies, plant and tailings design, environmental impact evaluation, overall feasibility study preparation and the permitting application) have been tendered and contracts established with selected contractors.
Baseline studies of environmental, community and social aspects of the project are in progress as part of the permitting plan.
Infill drilling of the existing Inferred Mineral Resource is complete. Through September 3, Mandalay had completed 6,469 meters of infill HQ diamond core in 36 holes. Assays have been received for 23 of these holes as reported in Table 1 below.
Drilling has shifted to testing extensions of the main Lolon vein and other vein targets in the district.
Metallurgical testing (assaying, crushing, comminution, agitation leaching, filtration) of bulk underground and diamond drill core samples is in progress for process selection and plant design.
Groundwater exploration and well development planning is in progress along with the evaluation of other infrastructure requirements.
Brad Mills, CEO of Mandalay, commented, "The feasibility study launched in March of this year is on track for its intended conclusion in the first quarter of 2015. We have identified and hired an excellent management team for the project, who are conducting the geological, metallurgical, hydrological, infrastructure, environmental and cultural studies at the planned pace and cost."

Mr. Mills continued, "Drilling results to date have demonstrated consistent continuity of mineralization and confirmed similar grades to those derived from previous drilling conducted by Silver Standard, from whom Mandalay purchased the project in February of this year. These drill results are also consistent with the Independent Technical Report and Mineral Resource estimated by RPA, published in January of this year. These new results give us confidence that the program will be successful in its objective of upgrading substantially all of the previously Inferred Mineral Resource to Indicated, ready to convert to Mineral Reserves once they are incorporated into a mine plan as part of a successful conclusion of the feasibility study."

The Drill Program

The current drill program commenced in May, 2014, with the objective to infill some 3.9 million tonnes of Inferred Mineral Resources at 193 grammes per tonne ("g/t") silver and 0.32 g/t gold as estimated by Roscoe Postle Associates ("RPA") in their technical report dated January 30, 2014 and entitled "Technical Report on the Challacollo Silver-Gold Project, Region 1, Chile" (the "RPA Report") and convert them to Indicated and Measured categories to support the mine design portion of the feasibility study.

Infill core drilling of the resource portion of the Lolon vein is now completed. In addition we have identified extensions to the main Lolon vein and other nearby veins that could add to the mineral resource inventory and these targets are now being followed up with additional drill testing. All drilling activities are expected to be completed by October.

A complete description of the property, geology and resources at the time of acquisition in February, 2014, is contained in the RPA Report, available on http://www.sedar.com.

(click here for Figure 2 Challacollo Veins)

(click here for Figure 3 Lolon Vein Long-Section)

Table 1 - Infill Drill Results through September 3, 2014


Int.
Int. Int. Int. TRUE Au Ag
Hole From To Angle Width Grade Grade
Hole_ID Depth (m) (m) (deg) (m) (g/t) (g/t)
DCH-01 200 87.2 101.0 30 6.9 0.07 42
DCH-02 116.6 80.5 93.9 30 6.7 0.09 32
DCH-03 175 97.1 121.4 60 21.0 0.28 27
DCH-04 142.9 115.0 117.4 60 2.1 0.03 17
DCH-05 158.7 98.0 122.5 36 14.4 0.17 52
DCH-06 190 143.7 164.9 32 11.2 0.34 134
DCH-07(1) 134.6
DCH-07A 199 166.0 187.7 44 15.1 0.43 306
DCH-08 187.3 158.6 163.9 40 3.4 0.40 266
DCH-09 148.7 106.5 129.2 60 19.6 0.48 239
DCH-10 190 150.4 179.8 30 14.7 0.28 277
DCH-11 132.6 98.1 119.5 57 17.9 0.42 155
DCH-12 145.2 96.0 103.6 60 6.6 0.48 351
DCH-13 242.5 193.4 219.0 50 19.6 0.08 111
DCH-14 241 196.4 206.1 40 6.2 0.32 121
DCH-15 162.5 113.6 122.0 40 5.4 0.26 104
DCH-16 200.7 169.0 186.9 50 13.7 0.20 250
DCH-17 163.9 140.4 159.7 40 12.4 0.31 70
DCH-18 215.5 188.7 202.5 50 10.6 0.10 83
DCH-19 161.9 118.2 139.4 60 18.4 0.32 92
DCH-20 250 172.6 214.4 45 29.6 0.32 171
DCH-21 136.4 98.2 128.5 30 15.2 0.68 232
DCH-22 212.7 167.0 199.7 30 16.4 0.38 97
DCH-23 107.8 72.0 98.3 40 16.9
DCH-24 170.7 77.2 102.7 60 22.1
DCH-25 130 95.0 117.9 40 14.7
DCH-26 180 126.0 153.8 30 13.9
DCH-27 110.7 39.1 61.4 30 11.2
DCH-28 120 69.7 106.0 30 18.2
DCH-29 120 45.8 83.0 50 28.5
DCH-30 140 75.3 99.3 30 12.0
DCH-31 387.5 126.7 130.2 30 1.7 0.02 3
DCH-32 130.7 106.7 113.3 40 4.2
DCH-33 128.2 72.0 91.1 70 17.9
DCH-34 89.3 57.6 77.8 40 13.0
DCH-35 198.8 153.0 171.6 50 14.2
DCH-36 282.0 216.0 244.6 30 12.8
(1) Hole abandoned for equipment problems, re-drilled as DCH-07A

Mandalay follows a strict Quality Assurance and Quality Control ("QA/QC") program in accordance with industry standards that includes incorporation of blanks and standards in every assay batch as well as duplicate assays of selected samples. Core is logged by Mandalay geologists before mineralized intervals are sawn in half. Mandalay geologists then bag half the core on-site for assay and store the remaining core for reference. Samples are shipped to the ALS laboratory in Antofagasta, Chile, where Mandalay blanks are inserted before the samples are crushed and pulverized. Mandalay certified standards, previously prepared from Challacollo material, are then inserted in each batch before the pulps are shipped to ALS in Lima, Peru, for analysis.

All samples are analyzed for 41 elements using ICP-AES with agua regia leach, as well as assayed using 30 g fire assay with gravimetric finish for Au and Ag in addition to cyanide leach for Ag, Au, and Cu.

Qualified Person:

Ronald Luethe, General Manager of Minera Mandalay Ltda. is an Idaho registered Professional Geologist and an AIPG Certified Professional Geologist. As a Qualified Person defined by NI 43-101, he has reviewed and approved the technical and scientific information contained in this release.

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with production and exploration assets in Australia and Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.

Forward-Looking Statements:

This news release contains "forward-looking statements" within the meaning of applicable securities laws, in particular the significance of reported drill intercepts from the Challacollo Project with respect to the Company's operational plans and expectations. Readers are cautioned not to place undue reliance on forward-looking statements, since actual results and developments may differ materially from those contemplated by these statements depending on, among other things, changes in commodity prices, general market and economic conditions, and success of future drilling. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. A description of additional risks that could result in actual results and developments differing from those contemplated by forward-looking statements in this news release can be found under the heading "Risk Factors" in Mandalay's annual information form dated March 28, 2014, a copy of which is available under Mandalay's profile at http://www.sedar.com. In addition, there can be no assurance that any resources that are discovered as a result of drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

PDF available at: http://stream1.newswire.ca/media/2014/09/10/20140910_C8903_DOC_EN_42742.pdf

PDF available at: http://stream1.newswire.ca/media/2014/09/10/20140910_C8903_DOC_EN_42743.pdf

PDF available at: http://stream1.newswire.ca/media/2014/09/10/20140910_C8903_DOC_EN_42744.pdf

For further information:
Bradford Mills
Chief Executive Officer
Greg DiTomaso
Investor Relations
Contact: +1-647-260-1566
Email: g.ditomaso@mandalayresources.com
Company website: http://www.mandalayresources.com



๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Getting Elgin On The Cheap -

Way, way way to cheap -

ex.
only Lupin would cost more than
a billion to develop from grassroot -



http://www.elginmining.com/s/Presentation.asp

http://www.elginmining.com

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=102978176


God Bless
๐Ÿ‘๏ธ0
nagoya1 nagoya1 10 years ago
Thanks bob. Good news, elgin
๐Ÿ‘๏ธ0
NYBob NYBob 10 years ago
Mandalay Resources to Acquire Elgin Mining -

http://web.tmxmoney.com/article.php?newsid=68223029&qm_symbol=ELG:TSX



TORONTO, ONTARIO and VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2014) -

Mandalay Resources Corporation ("Mandalay") (TSX:MND) and

Elgin Mining Inc.
("Elgin") (TSX:ELG) announced today that they have entered into an
arrangement agreement pursuant to which Mandalay will
acquire all of the outstanding common shares of
Elgin for consideration consisting of
C$0.37 cash or
0.4111 of a Mandalay common share per Elgin common share,
subject to pro ration.
The total transaction value is approximately C$70 million.

Based on the closing price of Mandalay's shares on June 3, 2014,
the implied transaction value of C$0.37 per Elgin share represents
an 85% premium to Elgin's closing share price of $0.20 on
June 3, 2014, the last trading day before announcement of the
transaction and a 53% premium to Elgin's 20 day volume-weighted
trading price of $0.24 on June 3, 2014.

The transaction will add Elgin's Björkdal gold mine in Sweden as
Mandalay's third producing and positive cash flow generating
asset.
Björkdal is a safe, highly productive, mechanized underground and
open pit mine with a highly automated processing plant producing
gravity gold concentrate and flotation gold concentrate.
Elgin's full-year production guidance for Björkdal in 2014 is
44,000 to 49,000 ounces of gold at
US$886 to US$982/oz cash cost and
US$1,088 to US$1,207/oz all-in cost.
With Björkdal's forecast production for the second half of 2014
added to Mandalay's existing production guidance,
Mandalay's total gold equivalent production guidance for 2014
increases to 152,000 to 167,000 gold equivalent ounces.

Brad Mills, CEO of Mandalay, commented, "Mandalay's core strategy is to acquire cash flowing or near cash flowing assets in geopolitically stable and mining-supportive jurisdictions that have excellent exploration potential and where Mandalay's operational expertise can make a material difference to the performance of the asset in the short to medium-term. The Björkdal mine is an ideal fit for Mandalay. Elgin has already identified and initiated optimization strategies for Björkdal mine. These, coupled with Mandalay's mine design and execution experience, will insure the operational strategies being deployed at Björkdal achieve maximum impact. We believe that the application of Mandalay's financial and technical resources can help the Björkdal mine significantly grow production and materially reduce costs per ounce in the coming 12 to 36 months. We expect that with this growth, this transaction will be highly accretive to Mandalay shareholders on an EBITDA, earnings per share, net asset value, free cash flow per share, and reserves and resources per share basis from 2015 onwards at current metal prices."

Patrick Downey, CEO of Elgin stated, "The combination of Mandalay and Elgin will provide our shareholders with the opportunity to gain exposure to a growing and profitable producer with operations in politically and fiscally stable jurisdictions, while still providing exposure to the upside at Björkdal. Mandalay has an excellent track record of growing and optimizing mine operations and producing value for their shareholders. With their balance sheet and technical expertise, I believe that the combined company will maximize the value of Björkdal for the benefit of both the Mandalay and Elgin shareholders, and I look forward to working with the Mandalay team."

Benefits for Mandalay Shareholders

The proposed transaction:

adds a third producing and cash flow generating mine in a mining friendly jurisdiction to Mandalay's existing operations;

increases and diversifies Mandalay's production profile by adding
Björkdal's annual production of nearly 50,000 oz of gold to
Mandalay's current 130,000 to 143,000 oz gold equivalent annual
production rate;

provides an opportunity for Mandalay to generate additional value
by applying Mandalay's demonstrated capabilities to grow
production, lower costs and increase reserves to
Björkdal's operations over the next 12 to 36 months;

provides Mandalay with positive EBITDA and cash flow at current gold prices and current cash and all-in cost levels at Björkdal;

includes large resources and excellent exploration potential for potentially long mine life and/or significant organic growth profile;

demonstrates Mandalay's continued business development success in being able to add high value assets to its portfolio at attractive prices; and

offers the potential for a substantial re-rating of Mandalay to a multiple in line with or superior to other mid-tier precious metals producers based on Mandalay's low-cost production, free cash flow, dividend policy, proven management team and a fully funded growth trajectory going forward through to the scheduled construction in 2016 of the Challacollo silver-gold project currently in feasibility.

Benefits for Elgin Shareholders

significant and immediate premium to the current common share price;

strong re-rate potential as Mandalay continues to grow to a mid-tier profitable producer;

diversifies our asset base while remaining in politically stable jurisdictions;

provides the cash and balance sheet to accelerate the continued ongoing growth at Björkdal;

proven combined management and technical teams with extensive exploration, development and operations experience; and

the combined company will have increased market presence and enhanced trading liquidity.

Transaction Details

The transaction will be completed by way of a statutory plan of
arrangement pursuant to the Business Corporations Act (Ontario).
Under the terms of the arrangement,
Elgin shareholders may elect
to receive, in exchange for each of their Elgin common shares,
C$0.37 in cash or
0.4111 of a Mandalay share.
Elections will be subject to pro ration based on a maximum
aggregate amount of Mandalay common shares of 50,000,000 and a
maximum aggregate amount of cash of $25,000,000.
The transaction is not conditional on any financing.
As part of the transaction, all of Elgin's C$0.20 common share
purchase warrants (to the extent not otherwise exercised prior
to closing) will be cancelled at closing in exchange for
a cash payment of C$0.17 per common share purchase warrant.

The transaction has been unanimously approved by
Mandalay's board of directors and no further corporate or
shareholder approvals are required by
Mandalay to complete the transaction.
The Elgin board of directors has unanimously approved the
transaction and has resolved to unanimously recommend that
Elgin shareholders vote in favor of the transaction at a special
meeting of the shareholders to approve the transaction.
Primary Capital Inc. has provided an opinion to
the Elgin board of directors that, as of June 2, 2014,
the consideration under the proposed transaction is fair,
from a financial point of view, to Elgin's shareholders.

Completion of the transaction is subject to customary closing conditions, including Ontario court approvals and a favorable vote of at least two-thirds of the votes cast by Elgin shareholders as well as the resolution, to Mandalay's satisfaction, of Elgin's outstanding reclamation obligations relating to its former coal operations in Kentucky.

In connection with the execution of the arrangement agreement,
shareholders who collectively own approximately 41.4% of
Elgin's issued and outstanding common shares have entered into
agreements with Mandalay pursuant to which they have agreed,
among other things, that they will vote all of their
Elgin common shares in favour of the transaction.

The arrangement agreement includes customary non-solicitation provisions applicable to Elgin and provides for the payment of a C$2,000,000 break-up fee to Mandalay if the transaction is terminated in certain circumstances.

Elgin will seek shareholder approval for the transaction at
its annual general meeting, which it expects will be held in
the third quarter of 2014.
In connection with the meeting, Elgin will mail an information
circular to its shareholders providing further details of the
transaction.
Assuming timely receipt of all necessary court and shareholder
approvals and the satisfaction of all other conditions, closing is
expected to occur shortly after the Elgin shareholder meeting.
Elgin has obtained the approval of the Toronto Stock Exchange to
defer holding its annual meeting until September 30, 2014.

Bridge Loan

In connection with the transaction, Mandalay has agreed to provide
a convertible bridge loan of approximately $5,000,000 to Elgin.
Elgin will use the proceeds of the loan to repay its existing
bridge loan from Sprott Resource Lending Partnership, which
contains restrictions on Elgin's ability to satisfy its Kentucky
coal reclamation obligations.
The Bridge Loan will (i) bear interest at a rate of 10% per annum,
(ii) have a term of six months, (iii) subject to TSX approval,
be convertible into Elgin common shares at Mandalay's option at a
price of C$0.1565 per share and (iv) be secured by, among other
things, a pledge of all of the shares of
Elgin's Swedish subsidiaries (Björkdalsgruvan Aktiebolag and
Björkdal Exploration AB).

Advisors

Raymond James Ltd. is acting as financial advisor to
Mandalay and Goodmans LLP is acting as legal counsel to Mandalay.

Primary Capital Inc. is acting as financial advisor to
Elgin and Cassels Brock & Blackwell LLP is acting as
legal counsel to Elgin.

Conference Call

Interested Analysts and investors are invited to participate in a conference call which will be held on June 4, 2014 at 11:00 am (ET), using the following dial-in numbers:

Participant Number (International/Local): (647) 427-7450
Participant Number (Toll free North America): (888) 231-8191
Conference ID: 56501272
A replay of the conference call will be available until 23:59 pm (ET),
June 11, 2014 and can be accessed using the following dial-in
numbers:

1.855.859.2056
416.849.0833
403.451.9481
778.371.8506
Password: 56501272

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and producing and development projects in Chile. Mandalay is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value.

About Elgin Mining Inc.

Elgin is a Canadian-based company focused on production at the Björkdal gold mine in Sweden. In addition, Elgin's portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of securities legislation and which are based on the expectations, estimates and projections of management of the parties as of the date of this news release unless otherwise stated. Forward-looking statements are generally identifiable by use of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" or the negative of these words or other variations on these words or comparable terminology. More particularly, and without limitation, this news release contains forward-looking statements and information concerning expectations regarding the consideration to be issued pursuant to the transaction, the ability of Mandalay and Elgin to consummate the transaction on the terms and in the manner contemplated thereby, the anticipated benefits of the transaction, the anticipated timing of the transaction and forecast production amounts for both Mandalay and Elgin. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the time required to prepare and mail meeting materials to Elgin shareholders, the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary court, shareholder, stock exchange and regulatory approvals and the ability of the parties to satisfy, in a timely manner, the conditions to the closing of the transaction, as well as other uncertainties and risk factors set out in filings made from time to time by Mandalay and Elgin with the Canadian securities regulators, including, without limitation, Mandalay's annual information form dated March 28, 2014 and Elgin annual information form dated March 21, 2014, both of which are available on SEDAR at www.sedar.com. Actual results, developments and timetables could vary significantly from the estimates presented. Readers are cautioned not to put undue reliance on forward-looking statements.

Mandalay Resources Corporation
Bradford Mills
Chief Executive Officer
647.260.1566

Mandalay Resources Corporation
Greg DiTomaso
Investor Relations
647.260.1566
g.ditomaso@mandalayresources.com
http://www.mandalayresources.com

Elgin Mining Inc.
Patrick Downey
President and Chief Executive Officer
(604) 682-3363
(604) 682-3366
info@elginmining.com



http://www.elginmining.com

http://web.tmxmoney.com/article.php?newsid=68223029&qm_symbol=ELG:TSX
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
ONLY 1 SAFE-HAVEN REMAINS 'GOLD' !!! jmho

I feel good Bjorkdal Gold Mine is in Sweden amd
Lupin Goild Mine in Canada

Any GOLD, Mines or investments; has to be in safe jurisdiction - outside of US -
outside of Rothschild/hitler/osama ussr land -
even Zimbabwe (old Rhodesia) is a safer area today vs.
ex... US Bundy land grabs ussr repeat itself -

Banks Sued on Claims of Fixing Price of Gold -

http://dealbook.nytimes.com/2014/05/05/banks-sued-on-claims-of-fixing-price-of-gold/?_php=true&_type=blogs&_r=0

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=101938742

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=101808540
God Bless
๐Ÿ‘๏ธ0
nagoya1 nagoya1 11 years ago
No problem Bob, I own some as well ELG.
ELG
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
nagoya1 thank you. Elgin Mining Reports First Quarter 2014 Results
Vancouver, British Columbia, May 13, 2014 -



Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX: ELG) reports its financial
and operational results for the three months ended March 31, 2014.

Elgin Mining owns and operates the Björkdal gold mine
("Björkdal Mine") in Sweden, and holds the past-producing
Lupin gold mine ("Lupin") and the Ulu gold property in Nunavut,
Canada.
All figures are in United States dollars1 ($ or USD) unless
otherwise indicated.

A copy of the Company's financial statements and Management's
Discussion and Analysis can be viewed on the Company's website at
http://www.elginmining.com
or on SEDAR at www.sedar.com.

http://www.elginmining.com/s/NewsReleases.asp?ReportID=653251&_Type=News-Releases&_Title=Elgin-Mining-Reports-First-Quarter-2014-Results

May 12, 2014
Elgin Mining Announces First Quarter 2014 Conference Call Details
Vancouver, British Columbia, May 12, 2014 -
Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX: ELG and ELG.WT) announces
that the Company will release its first quarter 2014 financial and
operational results after the close of business on Tuesday,
May 13th, 2014.
A conference call will follow on Wednesday, May 14th, 2014 at 2pm
(Eastern Time) for management to discuss the results. This
discussion will be followed by a question and answer period.

Live Dial-In Information
Toronto and International: 416-695-7806 passcode - 7551641
North America (Toll Free): 866-696-5910 passcode - 7551641

Replay Call Information
Toronto and International: 905-694-9451 passcode 9378295
North America (Toll Free): 800-408-3053 passcode 9378295

The conference call replay will be available from 7 pm (Eastern
Time) on May 14th, 2014, until 11:59 pm (Eastern Time) on May 28,
2014.

Elgin Mining Inc.

Elgin Mining is a Canadian based company focused on production at
the Björkdal gold mine in Sweden.
In addition, Elgin Mining's portfolio includes
the Lupin and Ulu gold projects located in Nunavut, Canada.

For further information, please visit the Company's web site at www.elginmining.com.

Elgin Mining Inc.
Patrick Downey
President and Chief Executive Officer
Tel: (604) 682-3366 / Fax: (604) 682-3363
info@elginmining.com /www.elginmining.com

View News Release in PDF Format:
File: http://www.elginmining.com/i/pdf/2014-05-06_NR.pdf
422 KB, approx. 1 minute, 20 seconds at 56.6Kbps


You can view the Next News Releases item:
Tue May 13, 2014, Elgin Mining Reports First Quarter 2014 Results
You can view the Previous News Releases item: Mon Mar 24, 2014,
Elgin Mining Reports Fourth Quarter and 2013 Results
You can return to the main News Releases page, or press the Back
button on your browser.

http://www.elginmining.com/s/NewsReleases.asp?ReportID=653084&_Type=News-Releases&_Title=Elgin-Mining-Announces-First-Quarter-2014-Conference-Call-Details
God Bless
๐Ÿ‘๏ธ0
nagoya1 nagoya1 11 years ago
Elgin Mining Reports First Quarter 2014 Results
Date : 05/13/2014 @ 5:30PM
Source : Marketwired Canada
Stock : Elgin Mining (ELG)
Quote : 0.24 0.02 (9.09%) @ 3:59PM
Elgin Mining Reports First Quarter 2014 Results
Print
Alert
Elgin Mining Inc. ("Elgin Mining" or the "Company") (TSX:ELG) reports its
financial and operational results for the three months ended March 31, 2014.
Elgin Mining owns and operates the Bjorkdal gold mine ("Bjorkdal Mine") in
Sweden, and holds the past-producing Lupin gold mine ("Lupin") and the Ulu gold
property in Nunavut, Canada. All figures are in United States dollars(1) ($ or
USD) unless otherwise indicated.


A copy of the Company's financial statements and Management's Discussion and
Analysis can be viewed on the Company's website at www.elginmining.com or on
SEDAR at www.sedar.com.


First Quarter 2014 Financial Highlights



-- Gold production of 10,812 ounces which was ahead of plan for the
quarter;

-- Cash cost of $932 and all-in sustaining cost ("AISC") of $1,161 per gold
ounce sold;

-- Cash cost of $1,049 and AISC of $1,284 per gold ounce produced;

-- Cash flow from operating activities was $2.0 million, and increased to
$4.2 million when non-cash working capital movements are excluded; and

-- Cash improved by $0.1 million during the quarter after debt repayments
of $0.3 million.



First Quarter 2014 Operational Highlights



-- Underground ("UG") mine productivity continued to exceed early
expectations with the UG unit mining rate reaching close to 2,000 ore
tonnes per day. Lower UG head grades in the quarter were due to a three
week delay in mine sequencing to finalize a ventilation raise, with
higher planned grades expected for the remainder of the year;

-- Open Pit ("OP") head grades were above plan reflecting the benefits of
the mine's on-going grade control efforts;

-- Unit mining costs in both the UG and OP have trended significantly
downwards from elevated levels in 2013 due to the Company's continued
focus to reduce costs and optimize operational efficiencies. In the OP,
the mine has reverted to the previous lower-cost drill and blast
patterns for the full quarter, and in the UG, the transition from
contractor to owner-operated mining that commenced in Q4-2013 continues
to deliver a high-level of productivity, helping to drive down unit
costs;

-- Plant reached record daily throughput towards the end of the quarter
without any loss in the plant's metallurgical recovery rate, mainly due
to improvements in the flotation circuit;

-- Permit application to expand the plant's annual throughput limit from
1.3 million tonnes to 1.5 million tonnes remains on track with receipt
of the temporary expansion permit anticipated by the end of 2014; and

-- Completed a detailed structural and geological review of the deposit
which has led to the identification of several potential high-grade UG
targets at the Bjorkdal Mine which the Company will drill test in the
coming quarters.



(1) Effective January 1, 2014, the Company changed its presentation currency
from the Canadian dollar to the United States dollar to improve comparability of
its financial results with those of its gold mining peers and to allow easier
comparison of the Company's financial numbers to other measures that are quoted
in USD, including the price of gold and key performance indicators used within
the gold mining industry.


Re-affirmation of Bjorkdal Mine 2014 Guidance

The Bjorkdal Mine's first quarter gold production is traditionally the weakest
quarter of the year due to the cold weather impact on the plant's crushing and
milling circuits, and on labour and equipment productivity within the mines, in
addition to being the shortest quarter in the year. Despite these factors,
production is still ahead of target and was in fact the best Q1 since the
restart of mining operations in 2006.


The ongoing improvements have definitely taken hold and now that the UG mine
sequencing is back on track, second quarter gold production to May 12, 2014 (42
days out of the 91 days in the quarter) currently stands at 6,242 gold ounces
from the processing of an approximate equal mix of UG and OP ore feed. The
strong start to this quarter is attributable to higher UG grades as planned and
continued higher OP head grades which have put the Company on track year-to-date
to meet or exceed the higher end of production guidance for 2014.


The Company's full year 2014 guidance for gold production and unit cash cost is
as follows:




----------------------------------------------------------------------------
2014 Gold Production Guidance Production Low-end Production High-end
----------------------------------------------------------------------------
Gold production (ounces) 44,000 49,000
----------------------------------------------------------------------------
Cash cost per gold ounce produced
(USD/ounce) $982 $886
----------------------------------------------------------------------------
AISC per gold ounce produced
(USD/ounce) $1,227 $1,106
----------------------------------------------------------------------------
AISC per gold ounce produced
excluding non-cash accretion and
share-based payment expense
(USD/ounce) $1,207 $1,088
----------------------------------------------------------------------------
Sustaining capital (USD) $7.9 million $7.9 million
----------------------------------------------------------------------------
SEK per USD FX rate assumption 6.50 6.50
----------------------------------------------------------------------------
CAD per USD FX rate assumption 1.10 1.10
----------------------------------------------------------------------------



The above AISC guidance includes all capital expenditures (including capitalized
exploration) expected to be incurred at the Bjorkdal Mine for 2014, and all
general and administration costs incurred at the Company's corporate office in
Canada.


Management forecasts that full year gold production will be at the high end of
the range while AISC per gold ounce produced will be at the low-end of the range
provided.


Patrick Downey, President and CEO, commented, "We have had a good start to 2014
as our operational improvements have continued to provide increased productivity
and improved unit costs. The OP and UG operations are performing extremely well,
and we can expect to see greater UG productivity and lower unit costs as final
ramp-up is achieved later in 2014. These improvements have continued well into
Q2 where our grades to the mill have continued to ramp up and we expect to have
a very solid Q2 in terms of gold ounces produced, cash cost per ounce, and AISC
per ounce. There are now three expected quarters in a row where the mine and
overall operation have performed at or above plan. We are also now proceeding
with our 15% mill expansion to increase processing capacity from 1.3 million
tonnes to 1.5 million tonnes annually. This additional capacity should increase
overall gold production to 55,000 to 60,000 ounces per year with expected low
capital expenditures, mainly related to mill upgrades.


Following up on our successful exploration program during 2013, we have recently
completed a detailed structural and geological study of the ore body and have
now identified some very exciting targets which will be drilled tested in 2014
as part of our exploration budget."


First Quarter 2014 Financial and Operational Summaries



For the three For the three
months ended months ended
March 31, 2014 March 31, 2013
----------------------------------------------------------------------------
----------------------------------------------------------------------------
FINANCIAL DATA
Revenue $ 14,884,095 $ 16,601,659
Production costs, excluding depreciation and
depletion $ 10,535,150 $ 13,195,614
Income from mining operations $ 1,056,709 $ 951,485
Exploration expense $ 2,939 $ 122,882
Corporate administration $ 703,179 $ 1,293,904
Lupin care and maintenance $ 390,718 $ 2,485,195
Net loss $ (613,961) $ (3,569,845)
Net loss per share
- Basic $ (0.00) $ (0.02)
- Diluted $ (0.00) $ (0.02)
Cash flow provided by operating activities $ 2,006,167 $ (2,772,394)
Cash and cash equivalents $ 12,501,725 $ 10,861,475
Working capital $ 9,975,100 $ 16,212,713
Long-term debt, non-current $ 3,048,271 $ 612,470
Capital expenditures $ 1,808,910 $ 2,779,943
----------------------------------------------------------------------------

----------------------------------------------------------------------------
OPERATING DATA
Gold ounces produced 10,812 10,034
Gold ounces sold 11,136 10,644
Average realized gold price (USD per ounce) $ 1,384 $ 1,618
Cash cost per gold ounce sold (USD per
ounce) $ 932 $ 1,246
All-in sustaining cost per gold ounce sold
(USD per ounce) $ 1,161 $ 1,606
Cash cost per gold ounce produced (USD per
ounce) $ 1,049 $ 1,347
All-in sustaining cost per gold ounce
produced (USD per ounce) $ 1,284 $ 1,729
----------------------------------------------------------------------------
----------------------------------------------------------------------------



Conference Call Details

Elgin Mining will host a conference call on Wednesday, May 14th, 2014 at 2:00 pm
(Eastern Time).


Live Dial-In Information

Toronto and International: 416-695-7806 passcode: 7551641

North America (Toll Free): 866-696-5910 passcode: 7551641

Replay Call Information

Toronto and International: 905-694-9451 passcode: 9378295

North America (Toll Free): 800-408-3053 passcode: 9378295

The conference call replay will be available from 7 pm (Eastern Time) on May
14th, 2014, until 11:59 pm (Eastern Time) on May 28th, 2014.


Elgin Mining Inc.

Elgin Mining is a Canadian based company focused on production at the Bjorkdal
gold mine in Sweden. In addition, Elgin Mining's portfolio includes the Lupin
and Ulu gold projects located in Nunavut, Canada.


Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" within the meaning of
Canadian securities legislation and "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform Act of 1995.
Except for statements of historical fact relating to the Company, information
contained herein constitutes forward-looking statements, including any
information as to the Company's strategy, plans or future financial or operating
performance. Forward-looking statements are characterized by words such as
"plan," "expect", "budget", "target", "project", "intend," "believe",
"anticipate", "estimate" and other similar words, or statements that certain
events or conditions "may" or "will" occur. Forward-looking statements are based
on the opinions, assumptions and estimates of management considered reasonable
at the date the statements are made, and are inherently subject to a variety of
risks and uncertainties and other known and unknown factors that could cause
actual events or results to differ materially from those projected in the
forward-looking statements.


These factors include risks relating to variations in the mineral content within
the material identified as mineral reserves and mineral resources from that
predicted, changes in development or mining plans due to changes in logistical,
technical or other factors, the impact of general business and economic
conditions, global liquidity and credit availability on the timing of cash flows
and the values of assets and liabilities based on projected future conditions,
fluctuating metal prices and currency exchange rates, possible variations in ore
grade or recovery rates, changes in accounting policies, changes in the
Company's corporate resources, changes in project parameters as plans continue
to be refined, changes in project development and production time frames, the
possibility of project cost overruns or unanticipated costs and expenses, higher
prices for fuel, steel, power, labour and other consumables contributing to
higher costs and general risks of the mining industry, failure of plant,
equipment or processes to operate as anticipated, unexpected changes in mine
life, unanticipated results of future studies, seasonality and unanticipated
weather changes, costs and timing of the development of new deposits, success of
exploration activities, successful completion of proposed acquisitions,
permitting time lines, government regulation of mining operations, environmental
risks, unanticipated reclamation expenses, title disputes or claims, limitations
on insurance coverage and timing and possible outcome of pending litigation and
labour disputes as well as those risk factors discussed or referred to in the
Company's Annual Information Form dated March 21, 2014, a copy of which is filed
on SEDAR at www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to differ
materially from those described in forward-looking statements, there may be
other factors that cause actions, events or results not to be anticipated,
estimated or intended.


There can be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. The Company undertakes no obligation to update
forward-looking statements if circumstances or management's estimates,
assumptions or opinions should change, except as required by applicable law. The
reader is cautioned not to place undue reliance on forward-looking statements.
The forward-looking information contained herein is presented for the purpose of
assisting investors in understanding the exploration and development plans and
objectives and may not be appropriate for other purposes.


FOR FURTHER INFORMATION PLEASE CONTACT:
Elgin Mining Inc.
Patrick Downey
President and Chief Executive Officer
(604) 682-3366
(604) 682-3363 (FAX)
info@elginmining.com
www.elginmining.com
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
nagoya1 MY FRIEND welcome to Elgin -

good to see you @ ELG

right on -

Elgin Mining Provides Strong Fourth Quarter Cash Costs and Positive 2014 Outlook -

http://www.elginmining.com/s/NewsReleases.asp?ReportID=643636&_Type=News-Releases&_Title=Elgin-Mining-Reports-Fourth-Quarter-and-2013-Results

http://www.elginmining.com/i/pdf/Investor_Fact_Sheet_February_2014.pdf

http://www.elginmining.com/s/Home.asp
God Bless
๐Ÿ‘๏ธ0
nagoya1 nagoya1 11 years ago
Elgin Mining Provides Strong Fourth Quarter Cash Costs and Positive 2014 Outlook
Date : 03/03/2014 @ 10:14PM
Source : Marketwired
Stock : Elgin Mining (ELG)
Quote : 0.28 0.06 (27.27%) @ 3:59PM
Elgin Mining Provides Strong Fourth Quarter Cash Costs and Positive 2014 Outlook
Print
Alert
Elgin Mining (TSX:ELG)
Intraday Stock Chart
Today : Monday 3 March 2014

Click Here for more Elgin Mining Charts.
Elgin Mining Provides Strong Fourth Quarter Cash Costs and Positive 2014 Outlook
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 3, 2014) - Elgin Mining Inc. ("Elgin Mining" or the "Company") (TSX:ELG)(TSX:ELG.WT) released today its gold production and operating outlook for 2014. The Company expects to see a significant year-over-year improvement in the operating and cost performance of its Björkdal mine with gold production consistent with the previous year. At current gold prices above US$1,300 per ounce, the Company expects AISC* to be below $1100/oz boosting its cash and working capital, and reducing its current modest long-term debt, in 2014.

2014 Gold Production and Cost Guidance

2014 Forecast 2013 Actual(1) Q4-2013 Actual(1)
Gold production (ounces) 44,000 - 49,000 46,946 13,818
Cash cost per ounce produced (USD/ounce) $ 890 - $975 $ 1,095 $ 870
Plant throughput (tonnes) 1,300,000 1,261,368 314,975
Open pit 483,200 515,225 153,121
Underground 649,700 699,880 155,485
Stockpile 167,100 46,263 6,369
Plant head grade (Au grams per tonne) 1.21 - 1.33 1.32 1.55
Plant recovery rate (%) 87.7 % 87.7 % 88.0 %
Capital expenditures at Björkdal (USD) $ 7.9 million $ 14.1 million $ 2.1 million
Corporate general & admin costs(2) (USD) $ 1.9 million $ 4.0 million $ 1.0 million
Debt principal and interest payments (USD)(3) $ 1.6 million $ 1.0 million $ 0.4 million
SEK per USD exchange rate 6.50 6.51 6.51
CAD per USD exchange rate 1.10 1.03 1.05
Figures are unaudited and subject to final year-end adjustments.
Costs shown exclude non-cash stock-based compensation.
Cash amounts only as non-cash accretion of loan set-up charges are excluded.
* "All-in Sustaining Costs" as shown follow the published definition provided by the World Gold Council in June 2013 except for the exclusion of: (a) non-cash share-based remuneration and (b) accretion expense on the Björkdal mine's provision for closure and reclamation which is not significant.

Patrick Downey, the Company's President and Chief Executive Officer stated, "We had a very strong Q4-2014 at the Björkdal mine where the transition to owner-operated mining underground went much better than anticipated. Our costs per tonne mined decreased significantly and we also increased our mine head grade by better ore sequencing. Furthermore, we successfully completed the drill and blast changes in the open pit which led to better costs and more consistent grades from the pit. I am also pleased to state that we continue to see these improvements in the early part of 2014. For 2014, we remain steadfastly focused on executing the operational improvements that commenced in the last quarter of 2013. We expect the initiatives undertaken at the Björkdal mine in 2013 to gain further traction in 2014, allowing the Björkdal mine to continuously move down the industry cost curve. However, we are being reasonably conservative in our guidance for 2014 in terms of mill head grade and, should the mill feed grade continue at current levels, we should see better costs and production than current guidance. Furthermore, with the higher productivity we are seeing in the underground operations, we are planning to expand the Björkdal operations in both the underground and the plant. With this modest expansion, we expect production to ramp up to between 55,000 to 60,000 gold ounces per annum."

2014 Gold Production

Gold production is estimated to be in the range of 44,000 to 49,000 ounces for 2014. Plant throughput is expected to reach 1,300,000 tonnes with plant head grade between 1.21 to 1.33 grams per tonne ("gpt") from a mix of open pit (37%), underground (50%) and stockpile ore (13%).

In the open pit ("OP"), the Company expects to realize better grades in 2014 from the mining of higher grade benches and from the continuation of its stringent grade control practices. OP grades were negatively impacted in the first 8 months of 2013 by an unsuccessful drill and blast pattern change. This was rectified in Q3 which had a positive impact on grades and costs in Q4-2013. Based on the lower gold price environment in late Q4, the Company revised its open pit mine plan in order to mine less open pit tonnes. However, the Company has continued to see better grades from the open pit ore to date in 2014 and if gold price remains at or above US$1,300 per ounce, the Company may not reduce open pit tonnages below 2013 levels, and this adjustment would further boost 2014 guidance.

In the underground ("UG"), the Company transitioned from contractor to owner-operated mining starting in early Q4-2013. As stated, the transition has exceeded early expectations and has allowed the mine to improve its UG mine planning, pace of UG development, and grade control practices. To date this has resulted in lower costs per tonne and better mill feed grades. The ramp-up to owner-mining is still on-going with additional hiring of skilled UG miners and mechanics, and the cross-training of newly-hired and existing UG operators, all of which is expected to be completed in H1-2014. The Company anticipates that UG productivity and equipment utilization could exceed that forecasted in the latter half of 2014.

In the plant, the Company is planning for an expansion to increase its maximum annual plant throughput from 1.3 million tonnes to 1.5 million tonnes. Site management is currently working with local consultants in preparing the expansion application for submission before the end of Q2-2014. A response from the Swedish mining authorities on the expansion request is expected by the end of 2014. Based on its preliminary analysis, the Company does not expect the capital investment required to increase the plant's nameplate capacity to 1.5 million tonnes annually to be significant, allowing for a short pay-back and commissioning period.

The Company has not included the above-mentioned upside potential for its OP, UG and plant in its 2014 guidance.

Operating Costs

Cash cost per ounce for 2014 is expected to be between US$890 to US$975 per ounce, a significant improvement from the cash cost reported for 2013. Lower per ounce cash cost in 2014 will be achieved through a combination of lower per tonne mining costs in the OP and UG, and from potentially better OP and UG grades.

In the OP, mining cost per ore tonne will be lower in 2014 due to a decrease in the strip ratio in the 2014 OP mine plan and cost savings associated with returning to the previous drill and blast patterns. In addition, the higher predicted OP grades should lead to an improved per ounce cash cost.

In the UG, the transition to owner-operated mining commencing in Q4-2013 has led to savings in unit mining costs. As the ramp-up continues into 2014, the Company expects to realize a further reduction in unit mining costs from greater manpower productivity and equipment utilization. In addition, the Company is forecasting a smaller number of on-vein development metres in 2014 as the mine is no longer obliged to provide a minimum number of payable metres to the UG contractor. For 2014, the Company is budgeting for a greater proportion of stope tonnes, which are cheaper to mine, in its UG ore feed. Specifically, the planned 2014 UG ore feed is estimated to consist of 51% development tonnes (2013 - 59%) and 49% stope tonnes (2013 - 41%) due to fewer on-vein development metres and the mining of more stope tonnes. Beyond the operating costs included in the Company's per ounce cash cost calculation, the Company is not subject to any royalties or mining taxes on its gold sales, and enjoys a low corporate income tax rate of 22% on its net income earned in Sweden with no withholding taxes on any future repatriation of funds.

Capital Budget

Capital expenditures at the Björkdal mine are budgeted at US$7.9 million for 2014 and consist of:

Area of Operations 2014 Budgeted Expenditures Capital Spending
Underground US$5.4 million UG capital development (US$3.5 million); UG capitalized diamond drilling (5,000 metres) and in-fill drilling (3,000 metres) programs (US$1.0 million) and other UG sustaining capex (US$0.9 million)
Open Pit US$1.6 million Capitalized OP waste pushback and till removal (US$1.6 million)
Processing US$0.8 million Tailings (US$0.7 million) and concentrator (US$0.1 million)
Administration US$0.1 million Miscellaneous
Total US$7.9 million
No other capital expenditures are budgeted for in 2014.

Regional Exploration

The Company expects to incur a small amount of regional exploration costs in drill testing prospective brownfield targets near its Björkdal mine.

General and Administration

The Company is budgeting corporate general and administration costs (cash component) of US$1.9 million for 2014, a reduction of over 50% from costs incurred in the previous year, as the Company remains focussed on eliminating non-essential expenditures. The substantial cost decrease from the prior year is primarily the result of staff reductions and non-recurring severance charges undertaken in 2013 in response to the drop in the price of gold and the placement of the Lupin gold project back into care and maintenance.

Liquidity

Despite lower gold prices in Q4-2013, and certain non-recurring severance expenses, the Company was able to add to its cash position, ending the year with CAD 13.3 million (unaudited), an increase of CAD 0.3 million from its September 30, 2013 cash balance of CAD 13.0 million.

Elgin Mining Inc.

Elgin Mining is a Canadian based company focused on production at the Björkdal gold mine in Sweden. In addition, Elgin Mining's portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.

For further information, please visit the Company's web site at www.elginmining.com.
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
ELGIN MINING RELEASES FURTHER DRILL RESULTS
AT THE BJÖRKDAL GOLD MINE -


Vancouver, British Columbia, January 14, 2014 โ€“

Elgin Mining Inc. (โ€œElgin Miningโ€ or the โ€œCompanyโ€)
(TSX: ELG and ELG.WT) is pleased to announce further drill
results from its exploration program at its
wholly-owned Björkdal Gold Mine (โ€œBjörkdal Mineโ€) in Sweden.

This underground drilling is part of an ongoing program to
expand the underground resource and to define areas of higher-
grade mineralization.

The current drilling is a follow-up to the exploration work
reported during 2012 and 2013, which identified a new gold vein
system (โ€œLake Zoneโ€) located adjacent to active mining areas
that are only 200 to 400 metres below surface.

This most recent drilling was planned to test the up-dip and
down-dip extensions of the Lake Zone vein system and the down-
dip extensions of the 610, 620 and Main Zone vein systems,
located to the southeast (see attached map).

The areas of drilling of 610, 620, and Main vein systems are in
zones that are actively being mined, and have produced very
good mill feed grades.

These zones are developed on several levels and the Company
plans to continue to open up these very prospective areas
for active mining later in 2014.

The Lake Zone is also being extensively developed and the
Company expects to be stoping a number of these veins starting
in Q2/2014.

The results were very positive for all vein systems drilled,
with some of the best intercepts to date

including (see Table 1 and Map 1):

http://www.elginmining.com/i/pdf/2014-01-14_NR.pdf

http://www.elginmining.com/s/NewsReleases.asp?ReportID=619401&_Type=News-Releases&_Title=Elgin-Mining-Releases-Further-Drill-Results-at-the-Bjrkdal-Gold-Mine

http://www.elginmining.com/i/pdf/InvestorFactSheet-June2013.pdf

http://www.elginmining.com/s/Presentation.asp

http://www.elginmining.com


God Bless

๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Elgin Mining Reports Record Fourth Quarter And Full Year 2013 Production



http://www.elginmining.com/s/NewsReleases.asp?ReportID=618640&_Type=News-Releases&_Title=Elgin-Mining-Reports-Record-Fourth-Quarter-And-Full-Year-2013-Production

http://www.elginmining.com/s/Home.asp


God Bless


๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Elgin Mining (ELG)
0.125 ? 0.005 (4.17%)
Volume: 128,500 @ 3:59:01 PM ET
Bid Ask Day's Range
0.115 0.125 0.12 - 0.125
TSX:ELG Detailed Quote Wiki

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=93256028
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Elgin Mining Reports Third Quarter 2013 Production and Provides Operational and Corporate Update



VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 21, 2013) -

http://www.elginmining.com/s/NewsReleases.asp?ReportID=608263&_Type=News-Releases&_Title=Elgin-Mining-Reports-Third-Quarter-2013-Production-And-Provides-Operational...

Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX:ELG)(TSX:ELG.WT) is pleased
to announce production results for the third quarter of 2013 at
its Björkdal gold mine in Sweden.

The Company also provides preliminary operating and cost details
for 2014 based on a recently completed revised mine plan.
The plan is based upon achieving all-in-cash costs, including
capex and corporate general and administration, of below
US$1,200/ounce.

Third Quarter 2013 Production

http://web.tmxmoney.com/article.php?newsid=63377886&qm_symbol=ELG

During the third quarter the Company reported quarterly production of 10,751 ounces of gold as detailed in the following table:

Q3-2013 Q3-2012 % Change
Tonnes milled 328,441 328,347 0
Tonnes per day 3,570 3,569 0
Au grade (g/t) 1.17 1.15 3.2
Recovery % 87.3% 87.6% -0.3
Gold production (ozs) 10,751 10,460 2.8
The focus in Q3-2013 was in reducing operating costs per tonne moved in the open pit back to recent historical costs. This changeover commenced in August and is progressing well. We expect to have open pit costs back at or near historical levels in mid Q4-2013. In the underground mine the switch to owner operated mining continued through the quarter with the final equipment delivered. Once the changeover is completed and productivity is at planned levels we expect that unit operating costs will continue to improve.

2014 Mine Plan

The Company has also completed its preliminary mine plan for 2014. The plan is based on a schedule of ore that will maintain all-in-cash costs below US$1,200/ounce, based on a Swedish krona/USD exchange rate of 6.5:1.

General details are shown in the tables below.

Mill Feed Tonnes Average Grade Recovered Ounces Cash Cost (USD/oz)
1,299,600 1.17 42,936 990
The above tonnage and grades are based on approximately 40% open pit, 40% underground and 20% stockpile and cash cost includes TC/RC's, based on a FX rate of 6.50 SEK per USD.

2014 Cash Flow Estimates (USD millions)*
Bjorkdal Operating Cash Flow 9.0
Bjorkdal Capex (3.8)
Corporate G & A (1.9)
Lupin/Ulu (Care and Maintenance) (0.9)
Principal and Interest Payments (net) (1.1)
Net Cash Flow 1.3
based on USD$1,200/oz gold price; FX rate of 6.50 SEK per USD and parity between CAD and USD
During 2014 capital projects will be carefully controlled and exploration will be limited to underground planning.

The Company has over 6 months of underground stope inventory developed and ready for mining which will act as a buffer to the underground mine plan, if necessary.

Commenting on the above, Mr. Patrick Downey, President and CEO, stated, "Our team has worked diligently over the past number of months to achieve all-in-cash costs that can be sustainable within the current volatile gold price environment. We expect to see continued cost improvements through to the end of 2013 and further into 2014.

Mining underground is now fully owner-operated and we shall see ongoing cost savings in this key area of the mine. The new equipment is better suited to mining narrower on-vein widths which should reduce mine dilution. It should be noted that the mine previously delivered over 1.1 million tonnes at an average head grade of 1.77 g/t Au and, with the new equipment, careful planning and development, these recent historical feed grades should be readily achievable."

Corporate Update

The Company also announces that, with operational changes now in-place and the placement of Lupin and Ulu under long-term care and maintenance, Jim Currie, Chief Operating Officer, has left the Company. The Company thanks Mr. Currie for his efforts and contributions to Elgin Mining and wishes him the best in future endeavours.

Elgin Mining Inc.

Elgin Mining is a Canadian based company focused on production at the Björkdal gold mine in Sweden. In addition, Elgin Mining's portfolio includes the Lupin and Ulu gold projects located in Nunavut, Canada.

For further information, please visit the Company's web site at

http://www.elginmining.com



http://investorshub.advfn.com/Elgin-Mining-Inc-(Gold-Ore-Resourses)-TSX-ELG-6067/
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
GULDFABRIKEN VÄSTERBOTTEN
30 januari, 2012

http://bloggar.expressen.se/lars/2012/01/guldfabriken-vasterbotten/

http://bloggar.expressen.se/lars/2012/01/guldfabriken-vasterbotten/guldfabrik/



http://bloggar.expressen.se/lars/files/2012/01/guldfabrik.jpg

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92493633

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92493015
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Welcome to Elgin Mining Inc. (Gold Ore Resourses) (TSX:ELG)



Some 12 miles in from the coast in the Västerbotten forests of
Björkdal Gold Mine in Sweden.
And this is actually the time that the glitters really is gold.
Bjorkdal Gold Mine is quite unique with coarse gold is visible to
the naked eye and unusually dense with quartz veins that follow
the drilling underground.

http://www.bjorkdalsgruvan.se/

http://www.bjorkdalsgruvan.se/om-foretaget

http://www.bjorkdalsgruvan.se/process

http://www.bjorkdalsgruvan.se/entreprenorer

http://www.bjorkdalsgruvan.se/miljo

http://www.bjorkdalsgruvan.se/historia

http://www.bjorkdalsgruvan.se/kontakt

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92493015


http://norran.se/2012/03/ekonomi/ljust-for-bjorkdalsgruvan/


http://pure.ltu.se/portal/sv/studentthesis/utvecklingspotentialer-i-bjoerkdals-anrikningsprocess(e4753c8a-1d37-4753-a553-ec1793bc8b50).html
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Elgin Mining Closes Bridge Loan Facility



September 25, 2013

View News Release in PDF Format


Vancouver, British Columbia, September 25, 2013 -

Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX: ELG and ELG.WT)
is pleased to announce that, further to its news release of
August 27, 2013, it has completed the bridge loan credit
facility (the "Facility") with Sprott Resource Lending
Partnership (the "Lender").

The Facility is for the principal amount of $5 million at an
interest rate of 10 percent per annum, compounded and payable
monthly.
The term of the Facility is eighteen months, at which time the
Facility will be due and payable in full.
In consideration for the advance of the Facility, the Company
has made a bonus payment in cash to the Lender in the amount of
$350,000, being 7% of principal amount.
In consideration for the structuring and syndication of the
Facility, the Company has paid to the Lender a cash structuring
fee of $50,000.
The proceeds of the Facility will provide the Company with
additional liquidity to continue development of the Company's
Bjorkdal Mine in Sweden and to fund working capital and general
and administrative costs.

As a result of the fact that the Lender is an affiliate of an
insider of the Company and that a director of the Company will
participate in the syndication of the Facility, the Facility is
considered a "related party transaction" pursuant to
Multilateral Instrument 61-101 -- Protection of Minority
Securityholders in Special Transactions ("MI 61-101").
The transaction is exempt from the requirements to obtain a
formal valuation, pursuant to Section 5.5(a) of MI 61-101, and
minority shareholder approval, pursuant to Section 5.7(a) of MI
61-101, as the fair market value of the Facility and any
consideration paid by the Company in connection with it, will
not exceed 25% of the Company's market capitalization.

The Facility was considered and approved by the board of
directors of the Company, other than the director who will
participate on syndication of the Facility and who abstained
from such approval.

Elgin Mining Inc.

Elgin Mining is a Canadian based company focused on production
at the Björkdal gold mine in Sweden.
In addition, Elgin Mining's portfolio includes
the Lupin and Ulu gold projects located in Nunavut, Canada.

For further information, please visit the Company's web site at

http://www.elginmining.com.

Elgin Mining Inc.
Patrick Downey,
President and Chief Executive Officer
Tel: (604) 682-3366 / Fax: (604) 682-3363
info@elginmining.com /

http://www.elginmining.com/s/Bjorkdal_Gold_Mine.asp

http://www.elginmining.com/i/pdf/ELG-Investor-Presentation-May2013.pdf



http://www.elginmining.com/i/pdf/InvestorFactSheet-June2013.pdf



http://www.elginmining.com/s/Other_Properties.asp

http://www.elginmining.com/s/Investors.asp

http://www.elginmining.com/s/Properties_Overview.asp

http://www.elginmining.com/s/RegulatoryFilings.asp

http://investorshub.advfn.com/Elgin-Mining-Inc-(Gold-Ore-Resourses)-TSX-ELG-6067/

Why $50,000 Gold?

http://www.jsmineset.com/2013/04/19/why-50000-gold/

http://www.biblebelievers.org.au/monie.htm




God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Company Update for Gold Ore at the 2012 PDAC in Toronto -

http://www.youtube.com/watch?v=p1DCL4SLi70



http://investorshub.advfn.com/boards/read_msg.aspx?message_id=90980936

http://www.elginmining.com/s/Presentation.asp

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=90969670
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Great Au buy opportunity -



http://www.elginmining.com/i/pdf/ELG_Investor_Presentation_Dec_4_2012.pdf

http://www.elginmining.com/s/Presentation.asp

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=90969670
God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Elgin Mining Reports Second Quarter 2013 Results

http://www.elginmining.com/s/NewsReleases.asp?ReportID=597598&_Type=News-Releases&_Title=Elgin-Mining-Reports-Second-Quarter-2013-Results

Vancouver, British Columbia, August 12, 2013 -

Elgin Mining Inc.
("Elgin Mining" or the "Company") (TSX: ELG and ELG.WT) reports its
financial and operational results for the three months ended
June 30, 2013.
Elgin Mining owns and operates the Björkdal gold mine ("Björkdal")
in Sweden, and holds the past-producing Lupin gold mine ("Lupin")
and the Ulu gold property in Nunavut, Canada. All figures are in
Canadian dollars ($ or CAD) unless otherwise indicated.

A copy of the Company's financial statements and Management's
Discussion and Analysis can be viewed on the Company's website at

http://www.elginmining.com
or on SEDAR at www.sedar.com.

Second Quarter 2013 Highlights

Gold production of 12,343 gold ounces;

Cash cost per gold ounce sold of US$1,198;

Cash cost per gold ounce produced of US$1,134;

Cash provided by operating activities was $1.9 million;

Net loss of $10.6 million which included $1.3 million in Lupin pre-
development costs, $4.3 million in after-tax impairment charges
relating to mineral properties and investment in associate, and
$0.7 million in employee severance costs;

Basic and diluted loss per share of $0.07;

Gold production and cash cost per ounce produced for the first six
months of 2013 in line with previously stated guidance for this
year (see "Outlook" section below);

To address the rapid decline in the price of gold experienced in the
current period, the Company undertook the following actions to
manage the Company's existing treasury:

Significantly reduced the Company's cash burn outside of Björkdal by
deferring all planned programs at Lupin for 2013, including placing
the Lupin camp on care and maintenance indefinitely, and by
significantly reducing all corporate general and administration
costs through the reduction in staff and elimination of
expenditures to essential levels needed to support the Company's
key operations and projects; and

Initiated work on a revised flexible short-term mine plan for
Björkdal that maximizes cash flow over the next 12 to 18 months
that will be based on the optimum mix of open pit, underground and
stockpile ore to the plant while minimizing sustaining capital
expenditures without jeopardizing the long-term health of the open
pit and underground, respectively;

Received the mining permit for the Lake Zone at Björkdal in May 2013
which allowed the Company to process ore stockpiled from this zone
in earlier quarters and to extend development drifts to commence
further mining of these veins;

Continued progress on the transition from contractor to owner mining
in the underground through the receipt of further equipment
deliveries and the hiring of more underground miners;
and
Released an updated mineral resource and reserve estimation for the
Björkdal Mine in June 2013 showing an overall increase in reserves
and resources, net of mine depletion, from the previous estimation
released in March 2012.

http://www.elginmining.com/s/NewsReleases.asp?ReportID=597598&_Type=News-Releases&_Title=Elgin-Mining-Reports-Second-Quarter-2013-Results

Elgin Mining Inc. (Gold Ore Resourses) (TSX:ELG) Presentations -

http://www.elginmining.com/i/pdf/ELG-Investor-Presentation-May2013.pdf

http://www.elginmining.com/i/pdf/ELG-Q1-2013-Financial-Presentation.pdf

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=88730047

ELITE Hoarding GOLD In Face Of Coming COLLAPSE & The End of The USD YouTube -

http://www.youtube.com/watch?v=n05VxACK0Ks


God Bless
๐Ÿ‘๏ธ0
NYBob NYBob 11 years ago
Elgin Mining Reports Record Second Quarter 2013 Production,
Updated Mineral Resource and Reserve Estimates for
Björkdal Gold Mine and Provides Operational and
Corporate Updates

http://web.tmxmoney.com/article.php?newsid=61394303&qm_symbol=ELG

Elgin Mining Inc. (Gold Ore Resourses) (TSX:ELG) Presentations -

http://www.elginmining.com/i/pdf/ELG-Investor-Presentation-May2013.pdf

http://www.elginmining.com/i/pdf/ELG-Q1-2013-Financial-Presentation.pdf

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=88730047
God Bless
๐Ÿ‘๏ธ0

Your Recent History

Delayed Upgrade Clock