Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND) announced today its production and sales results for the fourth quarter and full year 2013. The Company is also re-affirming its production guidance for 2014.
Brad Mills, Chief Executive Officer of Mandalay, commented: "The strong fourth quarter at both operations led to record metal production from both operations for the full year: Costerfield produced 28,758 ounces of gold and 3,275 tonnes of antimony, while Cerro Bayo produced 21,482 ounces of gold and 3,145,537 ounces of silver. Total gold equivalent production for the year was 126,908 ounces, approximately 18% greater than the previous record year of 2012. Total gold equivalent sales were 126,095 ounces, approximately 22% greater than the previous year."
Mr. Mills continued, "Both our planned growth projects are on track, supporting our reiteration of 2014 production guidance and continuing our organic growth trajectory. At Costerfield, the Cuffley decline has reached the target Cuffley mineralization and on-vein drifting is exposing the vein as we expected from the resource model. As stated previously, we expect to be able to convert the Cuffley Measured and Indicated Mineral Resource declared in the September 2013 Preliminary Economic Assessment (see Mandalay news release dated September 10, 2013) to Proven and Probable Mineral Reserves in the year-end 2013 Mineral Reserves update anticipated for release later in the first quarter of 2014. Construction of the return air shaft and escapeway for Cuffley, on the critical path to continuing development and making a production decision, is nearly complete. At Cerro Bayo, the second access to the Delia NW vein is also proceeding on schedule, which will allow us to increase nominal production to about 1,400 tonnes per day by the end of the first quarter of 2014."
"I wish to thank all Mandalay staff for their strong efforts this year, helping us extend our organic growth plans and providing the foundation for continued excellent business performance in the current metal price environment."