AMSTERDAM, The Netherlands,
July 12, 2017 /CNW/ -
Meridian Mining S.E. (TSX V: MNO) ("Meridian " or the
"Company") today announced production and sales results from
its Espigão manganese project for the second quarter of the year
ending December 31, 2017. All
financial results are reported in US dollars unless otherwise
stated.
"Production has successfully been ramped up according to our
forecasts for the year and in fact surpassed our projections for
the quarter," said Anthony Julien,
President and CEO of Meridian. "In addition, with the pilot plant
nearing completion, this will allow us to further increase
production to achieve the planned 50,000 tons in 2017."
Production & Sales Results
(Unless otherwise
noted, comparisons are made between Q2 fiscal 2017 and Q2 fiscal
2016)
- Meridian achieved production of 10,775 tonnes in the second
quarter, compared to 5,239 tonnes in Q2 2016. This represents a
106% increase, in line with the forecasted ramp up of manganese
operations as planned for 2017.
- Sales in the second quarter were 5,901 tonnes of manganese
oxide mineral product compared with 9,112 tonnes in Q2 2016, a
decrease of 35%. This decrease was expected, as during the same
period last year Meridian sold inventories built during 2015.
- Meridian has confirmed orders for 2017 totalling 52,832 tonnes,
which will account for all planned production in 2017.
- CIF Tianjin pricing for 44% manganese was $5.87 per dmtu as of June
30th , 2017 and was $3.17 per dmtu as of June 24th, 2016. (source:
www.metalbulletin.com).
Pilot Plant Update
As previously advised, construction of the pilot plant began in
early June and has advanced significantly. Construction components
completed to date are topography, civil works, new feeder and
primary crusher, and roll crusher. Final components that are
in construction are the electrical room, jigs building and
equipment, belt conveyors, trommel and screening. Commissioning is
on budget and on target to be completed by mid-August.
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.
The technical information about the Company's exploration
activity has been prepared under the supervision of and verified by
Dr. Adrian McArthur (B.Sc. Hons,
PhD. FAusIMM), the Chief Geologist 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 S.E.
"Anthony Julien"
Anthony Julien
President, CEO and Director
ABOUT MERIDIAN
Meridian Mining S.E. is focused on the acquisition, exploration,
development and mining activities in Brazil. The Company is currently focused on
exploring and developing the Espigão manganese project, 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.