PERTH, AUSTRALIA — (Marketwired) — 11/13/13 — Mawson West Limited (TSX: MWE) („Mawson West“ or „the Company“), an Africa-focused copper producer, developer and explorer, has released its financial results and related management discussion and analysis (MD&A) for the three months ended 30 September 2013 („Third Quarter“ or „Period“).
Mawson West continued processing high grade stockpiles from the Company-s Dikulushi project in the Democratic Republic of Congo („DRC“) following completion of mining from the open pit in July 2013. Another period of excellent operational performance was achieved, keeping Mawson West on track to meet full-year production guidance of between 20,000 and 22,000 tonnes of copper in concentrate.
Subsequent to period end, Mawson West announced the Company-s intention to commence underground mining operations at Dikulushi. In parallel, construction work at the Kapulo project continued at a rate in line with cash flows from Dikulushi.
Maintenance of the Company-s strong balance sheet remained a key focus during the Period, with cash and cash equivalents increasing to $52.5 million, and loans and borrowings reduced to $15.3 million at 30 September 2013.
Key highlights of the Third Quarter include:
Financial
Operational
Dikulushi Underground
Kapulo Project
Corporate and Outlook
Mawson West Chief Executive Officer and Managing Director Bruce McFadzean said: „Our track record of delivering against our targets continued during Q3, with production from Dikulushi rising above 6,000 tonnes for the Period, keeping Mawson West on track to achieve its full-year production guidance. The start of production from the underground will sustain our cash flow into 2014.
About Mawson West
Mawson West is an Australian copper and silver-focused resource company listed on the Toronto Stock Exchange, with its head office in Perth, Western Australia.
The Company-s approximate 7,300km2 ground position in the DRC contains Mawson West-s two key projects, the Dikulushi copper-silver mine and the Kapulo copper mine and provides multiple near-mine and stand-alone exploration opportunities.
Forward-looking statements
This news release contains certain „forward looking statements“. These statements reflect management-s current beliefs with respect to future events and are based on information currently available to management of the Company. Forward-looking statements involve significant risks, uncertainties and assumptions. Many factors could cause the Company-s actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including (without limitation) the risks identified in the „Risk Factors“ section of the Company-s Annual Information Form and other public filings (copies of which may be obtained at ). The results or events depicted in these forward-looking statements may differ materially from actual results or events. Any forward-looking statement speaks only as of the date of this news release and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this press release.
Contacts: Mawson West Limited Bruce McFadzean Chief Executive Officer and Managing Director +61 8 9485 9800
Mawson West Limited Mark Di Silvio Chief Financial Officer +61 8 9485 9800
MAGNUS Investor Relations Dudley White +61 2 8999 1010
Roth Investor Relations Inc. Michelle Roth +1 732 792 2200
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