Mandalay lifts Björkdal gold reserves, resources

Canadian gold producer Mandalay Resources has reported significant exploration success at its 100%-owned Björkdal mine, in Sweden, lifting the measured and indicated resource estimate 52% from 598 000 oz gold, to 911 000 oz as at September 30. The Toronto-based company, which acquired the mine in 2014 from Elgin Mining for C$70-million, also reported a 40% increase in the reserves as of September 30, to 586 000 oz, which supports a mine life of about ten years (up from eight years previously), based on the 2017 production guidance range of 50 000 oz to 55 000 oz.