PERTH, AUSTRALIA--(Marketwired - Oct. 8, 2013) - Mawson West Limited (TSX:MWE) ("Mawson West" or "the Company") is pleased to provide an update on copper and silver output from its Dikulushi mine in the Democratic Republic of Congo ("DRC") where steady state production continued during the quarter.
Production of 6,006 tonnes of copper was achieved in the three months ended 30 September 2013, in line with guidance, with silver production totaling 589,392 ounces.
Mawson West remains on track to meet full-year guidance of 20,000 - 22,000 tonnes of copper production with year-to-date production totaling 16,392 tonnes of copper, and silver production totaling 1,514,467 ounces.
The Company continues to assess the viability of transitioning to underground operations at Dikulushi. Mawson West is currently completing an underground mine study to examine the feasibility of longer term underground mining operations at Dikulushi. The study is scheduled to be completed during Q4 2013.
Mawson West continued to receive strong revenue from copper and silver sales which totalled $53 million for Q3 2013 at an average copper price received of $3.18 per pound (US$7,011 per tonne) and an average silver price received of $21.71 per ounce.
The Company's cash position continued to increase through Q3 2013, with cash on hand at 30 September 2013 totaling approximately US$52 million, an increase of US$13 million from 30 June 2013. Mawson West also continued to reduce current debt obligations, with debt falling by US$7.5 million during the quarter, bringing total debt outstanding to US$15 million at 30 September 2013.
(i) Revenue includes revenue from silver sales and are stated net of smelter recovery, treatment, refining and transport costs
To view the chart "2013 Copper and Silver Production Chart", please visit the following link: http://media3.marketwire.com/docs/mawson_west_table_oct8.pdf
Mawson West Chief Executive Officer and Managing Director Bruce McFadzean said: "Since the successful completion of mining at our Dikulushi open-pit operations in July 2013, plant performance has continued to be strong, with the processing of stockpiled material ensuring that the Company continues to remain on track to meet full-year production guidance of 20,000 - 22,000 tonnes of copper for 2013."
About Mawson West
Mawson West is a copper and silver-focused resource company listed on the Toronto Stock Exchange (TSX) and based in Perth, Australia.
The Company's two key projects are the Dikulushi copper-silver mine and the Kapulo copper mine located in the Katanga province of the DRC. Mawson West also continues to focus on exploring multiple prospective targets located within its significant land holding of approximately 7,300km2 in the copper rich DRC.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.