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October Operations Update

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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

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.

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