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
- Gold production for October totalled 765oz, Bullion sold totalled 361oz for total revenue of CAD 559k (PHP 23.1m) more than double September sales, and Gold in Circuit (GIC) totalled 404oz.
- The project achieved an operating loss of CAD 36k (PHP 1.4m) versus a loss in September CAD 115k (PHP 4.7m).
- Gross revenue increased by 56% from September
- Operating costs rose by 61%, mainly due to the move to owner mining.
- Total capex for October was CAD 438k (PHP 18.2m) of which Mine capex was 97%
- Total of 116 meters of horizontal advance was achieved in October, 63 metres capital drive and 52 metres of development drive - a significant improvement on development metres during September.
- Mill availability was 98%, less than planned mill feed resulted in utilisation of only 62%.
- Mill throughput was 3760 tonnes, a marginal increase over September’s 3,561 tonnes.
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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