VANCOUVER, British Columbia, Dec. 04, 2017 (GLOBE NEWSWIRE) -- Rizal Resources Corporation (TSXV:RZL) (“Rizal” or the “Company”)
Rizal has continued to focus on advancing the T’Boli. Project. Development of the first production drives and preparation for stope development has continued as the mine is being prepared to significantly increase output. During the September quarter the ramp up of the T’Boli mine continued and the project continues to advance toward achieving the plant design output of 200 tonnes per day (72,000tpa). The key immediate objective is to continue to advance the decline to open access and drive development toward material identified in the NI 43-101 Inferred resource as the South Vein.
Once the T’Boli operation is achieving sustainable steady output and generating positive cashflow, Rizal will plan and implement a drill program with the objective of extending and upgrading the resource below the existing workings. The company also continues to implement a strategy for restructuring of its balance sheet.
Operational highlights for the September 2017 quarter
PRODUCTION AND SALES SUMMARY - GOLD | ||||||
September 2017 Quarter | ||||||
Grams | oz. | Tons Milled | Ave. grade (grams/ton) | Total Proceeds | ||
PHP | CDN($) | |||||
July | 3,706.20 | 119.16 | 3,061.00 | 1.13 | 7,258,715.00 | 178,461.69 |
August | 2,577.80 | 82.88 | 3,312.00 | 1.03 | 5,348,184.00 | 131,901.51 |
September | 5,338.76 | 171.64 | 3,561.00 | 1.94 | 10,840,689.29 | 263,709.83 |
Total, 2017 | 11,622.76 | 373.68 | 9,934.00 | 1.39 | 23,447,588.29 | 574,073.03 |
PRODUCTION AND SALES SUMMARY - SILVER | |||||
September 2017 Quarter | |||||
Grams | oz. | Tons Milled | Total Proceeds | ||
PHP | CDN($) | ||||
July | 10,231.00 | 328.93 | 3,061.00 | 207,004.00 | 5,089.37 |
August | 5,060.00 | 162.68 | 3,312.00 | 106,260.00 | 2,620.68 |
September | 10,601.00 | 340.83 | 3,561.00 | 233,222.00 | 5,673.34 |
Total, 2017 | 25,892.00 | 832.45 | 9,934.00 | 546,486.00 | 13,383.39 |
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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