LONDON, UK, Oct. 10, 2017 /CNW/ - Meridian Mining SE
(TSX V: MNO) ("Meridian " or the "Company")today announced
production and sales results from its Espigão manganese project for
the third quarter ending September 30,
2017. All financial results are reported in US dollars
unless otherwise stated.
"Q3 has seen record production levels from our Rio Madeira plant
which has enabled the Company to exceed production targets for the
quarter." said Anthony Julien,
President and CEO of Meridian. "The Rio Madeira plant has carried
the business, as we complete the upgrades to our Jaburi plant. We
have now cold commissioned the Jaburi plant and plan to ramp up its
production this month."
Production & Sales Results
(Unless otherwise
noted, comparisons are made between Q3 fiscal 2017 and Q3 fiscal
2016)
- Meridian achieved production of 18,488 tonnes in the third
quarter, compared to 13,445 tonnes in Q3 2016. This represents a
38% increase in line with the forecasted ramp up of manganese
operations as planned for 2017.
- The Rio Maderia plant achieved a record production in August of
7,091 tonnes
- Sales in the third quarter were 8,056 tonnes of manganese oxide
mineral product compared with 6,622 tonnes in Q3 2016, a increase
of 22%
- Meridian has confirmed orders for 2017 totalling 53,129 tonnes,
which will account for all planned production in 2017.
- CIF Tianjin pricing for 44% manganese was $6.54 per dmtu as of September 30th, 2017. (source:
www.metalbulletin.com).
Offtake Sales Update
The Company has signed an offtake contract for a minimum sale of
20,000 tonnes and the option to increase to 30,000 tonnes for 2018.
This offtake is to the same international customer that purchased
20,000 tonnes in 2017 (see news release dated June 21, 2017).
The sales contract will consist of shipments to be completed
before year-end 2018. Given that Meridian's product is high
grade, it will be priced at a premium to benchmark.
The first shipment for 2017 is underway with product been
stockpiled at Porto Velho port, in Rondonia and is being loaded
onto barges to be trans-shipped in bulk at Outeiro port in Para
State.
QUALIFIED PERSON
The technical information about the Company's production and
sales activities has been prepared under the supervision of and
verified by Carlos Braga (B.Sc.,
MBA, member of the Chilean Mining Commission), the Chief Operating
Officer of Meridian Mining, who is a "qualified person" within the
meaning of National Instrument 43-101.
On behalf of the Board of Directors of
Meridian Mining SE
"Anthony Julien"
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining SE is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the Espigão manganese and gold projects,
the Bom Futuro tin JV area, and adjacent areas in the state of
Rondônia. The Company employs a two-pronged strategy with the
objective of growing pilot production while advancing a parallel
multi-commodity regional exploration program. Meridian is currently
producing high grade manganese at its project located at Espigão do
Oeste.
Further information can be found at www.meridianmining.co.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking
information or forward-looking statements for the purposes of
applicable securities laws. These statements include, among others,
statements with respect to the Company's plans for exploration and
development of its properties and potential mineralization. These
statements address future events and conditions and, as such,
involve known and unknown risks, uncertainties and other factors,
which may cause the actual results, performance or achievements to
be materially different from any future results, performance or
achievements expressed or implied by the statements. Such risk
factors include, among others, failure to obtain regulatory
approvals, failure to complete anticipated transactions, the timing
and success of future exploration and development activities,
exploration and development risks, title matters, inability to
obtain any required third party consents, operating hazards, metal
prices, political and economic factors, competitive factors,
general economic conditions, relationships with strategic partners,
governmental regulation and supervision, seasonality, technological
change, industry practices and one-time events. In making the
forward-looking statements, the Company has applied several
material assumptions including, but not limited to, the assumptions
that: (1) the proposed exploration and development of mineral
projects will proceed as planned; (2) market fundamentals will
result in sustained metals and minerals prices and (3) any
additional financing needed will be available on reasonable terms.
The Company expressly disclaims any intention or obligation to
update or revise any forward-looking statements whether as a result
of new information, future events or otherwise except as otherwise
required by applicable securities legislation.
The Company cautions that it has not completed any feasibility
studies on any of its mineral properties, and no mineral reserve
estimate has been established. In particular, because the Company's
production decision relating to BMC's manganese project is not
based upon a feasibility study of mineral reserves, the economic
and technical viability of the Espigão manganese project has not
been established.
The TSX Venture Exchange has in no way passed upon the merits of
the proposed Arrangement and has neither approved nor disapproved
the contents of this news release. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Meridian Mining S.E.