1Payments made to Sailfish
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1Payments made to Sailfish
595 Burrard Street, Suite 2833
Vancouver, BC V7X 1K8
Tel: (604) 646-1580
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
Suite 700 - 838 West Hastings St.
Vancouver, BC - V6C 0A6
IR: (647) 203-8793
www.makominingcorp.com
TSX-V: MKO | OTCQX: MAKOF
October 11th, 2023
TSX-V: MKO; OTCQX: MAKOF
MAKO MINING ANNOUNCES RECORD AU PRODUCTION IN SEPTEMBER
Mako Mining Corp. (TSX-V: MKO; OTCQX: MAKOF) (“Mako” or the “Company”) is pleased to
provide the following update:
After the Company resumed its original processing plan of producing 50% high grade diluted vein
material mixed with 50% lower grade stockpile material, which resulted in substantial
improvements in head grades and recoveries (see Press Release dated Sep 20 th, 2023), Mako
has recorded outstanding production results, reaching a record 3,817 Au Oz recovered in
September. A comprehensive quarterly production update will be released later this month.
Head grades averaged 8.4 g/t Au with recoveries of 85.5% during September. We expect this
trend to continue as the Company accesses the high er-grade zones at Las Conchitas while
maintaining an optimal blend to the plant.
On August 23rd, the Company increased its Wexford Loan by US$2M to ensure there was enough
working capital during the ramp -up at Las Conchitas. Since then, the Company has repaid
approximately US$1.0M in principal1 while increasing its cash and bullion from US$1.8M at the
end of Q2 2023 to approximately US$ 4.7M as of today.
Akiba Leisman, CEO of Mako states that “operating improvements, resulting from permits to begin
mining Las Conchitas in parallel with San Albino, have significantly improved free cash flow
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1 Refer to Page 2: Non-GAAP Measures
generation from the mine. This allows the Company to rapidly repay debt while investing heavily
in exploration. A maiden resource for Las Conchitas is very nearly complete, which will allow the
Company to be operating at these levels for year to come.”
Qualified Person
John Rust, a metallurgical engineer, and qualified person (as defined under NI 43-101) has read
and approved the technical information contained in this press release . Mr. Rust is a senior
metallurgist and a consultant to the Company.
On behalf of the Board,
Akiba Leisman
CEO
About Mako
Mako Mining Corp. is a publicly listed gold mining, development and exploration company. The
Company operates the high -grade San Albino gold mine in Nueva Segovia, Nicaragua, which
ranks as one of the highest -grade open pit gold mines globally . Mako’s primary objective is to
operate San Albino profitably and fund exploration of prospective targets on its district-scale land
package.
For further information: Mako Mining Corp., Akiba Leisman, Chief Executive Officer, Telephone:
203-862-7059, E -mail: [email protected] or visit our website at
www.makominingcorp.com and SEDAR www.sedar.com.
Forward-Looking Information: Some of the statements contained herein may be considered “forward -
looking information” within the meaning of applicable securities laws. Forward -looking information can be
identified by words such as, without limitation, “estimate", "project", "believe", "anticipate", "intend",
"expect", "plan", "predict", "may" or "should" or variations thereon or comparable terminology. The forward-
looking information contained herein reflects the Company’s current beliefs and expectations, based on
management’s reasonab le assumptions, and includes, without limitation, that the Company’s maiden
resources at Las Conchitas (expected to be published by the end of the quarter) will allow Mako to generate
a 5-year interim mining plan. Mako’s primary objective to operate San Albino profitably and fund exploration
of prospective targets on its district -scale land package. Such forward -looking information is subject to a
variety of risks and uncertainties which could cause actual events or results to differ materially from those
reflected in the forward -looking information, including, without limitation, changes in the Company’s
exploration and development plans and growth parameters and its ability to fund its growth to reach its
expected new record production numbers; unanticipat ed costs; the October 24 measures having impacts
on business operations not current expected, or new sanctions being imposed by the U.S. Treasury
Department or other government entity in Nicaragua in the future; and other risks and uncertainties as
disclosed in the Company’s public disclosure filings on SEDAR at www.sedar.com. Such information
contained herein represents management’s best judgment as of the date hereof, based on information
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1 Refer to Page 2: Non-GAAP Measures
currently available. Mako does not undertake to update any forward -looking information, except in
accordance with applicable securities laws.
Neither the 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.