Cancana Resources Corp. (TSXV:CNY) and its joint venture partner Ferrometals, which operate together as Brazil Manganese Corp. (BMC), announced Q3 results. Record production was achieved during the period, and a new monthly record was set in August.

 

As quoted in the press release:

 

Production

 

Third quarter production at BMC totalled 6,976 tonnes of manganese mineral product, bringing the current stockpile to 13,563 tonnes (net of sales). A new monthly production record was achieved in August with 2,489 tonnes. Assays for the second quarter production reported an average grade of 50.8% Mn. Full assays for the third quarter production are pending. The average grade of the overall stockpile after sales based on available assay data for Q2 2015 was 51.4% Mn(i).

 

Since reporting on activities at the Dnei site, an additional 2,165 tonnes of manganese oxide was produced bringing the total to 4,665 tonnes (included in quarterly production above). Drilling at the site has been initiated to provide data to assist with forward planning for further extraction, with results pending.

 

Sales

 

Third quarter sales at BMC totalled 469 tonnes and sales prices continued to average more than a 30% premium on current CIF prices. CIF Tianjin pricing for 44% manganese was $2.79 per dmtu as of October 1st, 2015

 

 

Anthony Julien, presidenta nd CEO of Cancana, commented:

 

This is the second straight quarter that we report record production at BMC. Our output is surpassing expectations. Monthly production has more than tripled since the beginning of the year and is demonstrating increasing scalability. The growing stockpile and stabilization of production is providing BMC with an improved ability to negotiate fulfilment contracts, and the JV hopes to secure more significant sales as we head into 2016.