VANCOUVER, British Columbia, Dec. 14, 2017 (GLOBE NEWSWIRE) -- Rizal Resources Corporation (TSXV:RZL) (“Rizal” or the “Company”)
During October, Rizal continued to advance the T’boli project with gold sales more than doubling September sales at 361oz for the month. The project was very close to breaking even, with a result of CAD 36k loss for the month, a significant improvement on the September quarter.
Results from the mine were very encouraging with the average grade increasing to 4g/t for the month. Mine development continued to advance on several levels, the south Access, 525 and 505. The main objective over the next few months is to achieve a cashflow positive position.
Operational highlights for October 2017
Operations Financial Summary
Summary | September | October | Variance % | ||
Gold in Circuit | oz | 212 | 404 | 91 | % |
Gold Produced | oz | 172 | 361 | 110 | % |
Silver Produced | oz | 341 | 489 | 43 | % |
Total Gold | oz | 383 | 765 | 100 | % |
Total Silver | oz | 341 | 411 | 21 | % |
Gold Revenue | CAD | 261,430 | 552,269 | 111 | % |
Silver Revenue | CAD | 5,624 | 6,781 | 21 | % |
TOTAL REVENUE | CAD | 267,054 | 559,050 | 109 | % |
Mining Costs | CAD | 63,973 | 172,828 | 170 | % |
Milling Costs | CAD | 271,291 | 368,155 | 36 | % |
TOTAL OPERATING COSTS | CAD | 335,264 | 540,982 | 61 | % |
General & Admin Cost | CAD | 38,368 | 52,557 | 37 | % |
Social Dev and Environment | CAD | 7,924 | 1,452 | -82 | % |
TOTAL COSTS | CAD | 381,555 | 594,991 | 56 | % |
OPERATING PROFIT/LOSS | CAD | -114,501 | -35,941 | 69 | % |
Capital Expenditure | |||||
Mill Capex | CAD | 0 | 10,378 | N/A | |
Mine Capex | CAD | 380,225 | 426,842 | 12 | % |
Admin Capex | CAD | 0 | 1,180 | N/A | |
Total Capital | CAD | 380,225 | 438,400 | 15 | % |
Processing Facility
Processing | September | October | Variance % | ||||
Tonnes Milled | t | 3,561 | 3,760 | 6 | % | ||
Grade Au | g/t | 3.52 | 4.04 | 15 | % | ||
Recovery Au | % | 95.2 | % | 94.1 | % | -1 | % |
Gold in Circuit | oz | 212 | 404 | 91 | % | ||
Gold Produced | oz | 172 | 361 | 110 | % | ||
Silver Produced | oz | 341 | 411 | 21 | % | ||
Total Gold | oz | 383 | 765 | 100 | % |
Mining Operation
Mining | September | October | Variance % | ||
Decline advance | m | 55.80 | 63.50 | 14 | % |
Development advance | m | 12.00 | 52.50 | 338 | % |
Stoping | t | 336 | 232 | -31 | % |
ROM Stockpile | t | 3,201 | 2,297 | -28 | % |
Tonnes Sent to Mill | t | 3,986 | 2,589 | -35 | % |
Mr Dirk Richards, BSc (Met/Chem), MAusIMM (CP Met), RPEQ, MRACI is nominated as a "Qualified Person" as such term defined under National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43- 101"), has reviewed and verified the validity of the scientific and technical disclosure in this news release.
Peter Main President and CEO
pmain@rizalresources.com
For further information please visit our website at www.rizalresources.com, email us at info@rizalresources.com
Phone: 778-370-1372 Fax: 604-608-5442
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