Mandalay Resources Corporation Announces Filing of Annual Information Form and Updated NI 43-101 Technical Reports For its Björkdal and Costerfield Operations

Rhea-AI Summary

Mandalay Resources Corporation (MNDJF) has filed its Annual Information Form for the year ending December 31, 2021, which is available on the Company's website and SEDAR. Additionally, the company released updated NI 43-101 compliant Technical Reports for its Björkdal gold mine in Sweden and Costerfield gold-antimony mine in Australia. Both reports were prepared by Mining Plus, with qualified individuals overseeing the resource estimates. Mandalay aims to grow production while maintaining safety and environmental responsibility in its operations.

Positive

• Filed Annual Information Form, enhancing transparency.
• Updated NI 43-101 Technical Reports may improve investor confidence.
• Focus on growing production and generating positive cash flow.

Negative

• None.

TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announces that it has filed its Annual Information Form for the year ended December 31, 2021. The Annual Information Form can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at www.mandalayresources.com.

Mandalay has also filed an updated National Instrument 43-101 compliant Technical Report ("NI 43-101") documenting its recent work at its Björkdal gold mine in Sweden and its Costerfield gold-antimony mine in Australia. These Technical Reports can be accessed under the Company’s profile at www.sedar.com and on the Company’s website at www.mandalayresources.com.

The technical report for Costerfield, entitled “Costerfield NI 43-101 Technical Report” (the “Costerfield Technical Report”), was prepared by Mining Plus, and the Mineral Resource Estimate was carried out under the supervision of Andrew Fowler, MAusIMM CP (Geo), an employee of Mining Plus and independent of Mandalay. He is a Qualified Person for the purpose of National Instrument 43-101. The Mineral Reserve Estimate was carried out under the supervision of Aaron Spong, FAusIMM CP(Min), an employee of Mining Plus and independent of Mandalay. He is a Qualified Person for the purposes of NI 43-101.

The technical report for Björkdal entitled “Björkdal NI 43-101 Technical Report” (the “Björkdal Technical Report”) was prepared by Mining Plus and the Mineral Resource Estimate was carried out under the supervision of Andrew Fowler, MAusIMM CP (Geo), an employee of Mining Plus and independent of Mandalay. He is a Qualified Person for the purpose of NI 43-101. The Independent Qualified Person for Norrberget Mineral Resource estimate is Reno Pressacco, P.Geo., Principal Geologist with SLR Consulting Ltd. (“SLR”), who is a Qualified Person as defined by NI 43-101. The Mineral Reserve Estimate was independently verified by Aaron Spong, FAusIMM CP (Min), an employee of Mining Plus and independent of Mandalay. He is a Qualified Person for the purposes of NI 43-101. The Independent Qualified Person for the Norrberget Mineral Reserve estimate is Rick Taylor, MAusIMM (CP), Principal Mining Engineer with SLR, who is a Qualified Person as defined by NI 43-101.

For Further Information:

Dominic Duffy
President and Chief Executive Officer

Edison Nguyen
Director, Business Valuations and IR

Contact:
647.260.1566

About Mandalay Resources Corporation:

Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia (Costerfield gold-antimony mine) and Sweden (Björkdal gold mine). The Company is focused on growing its production and reducing costs to generate significant positive cashflow. Mandalay is committed to operating safely and in an environmentally responsible manner, while developing a high level of community and employee engagement.

FAQ

What is the significance of Mandalay Resources' Annual Information Form filed on March 31, 2022?

The Annual Information Form provides shareholders and investors with essential information about Mandalay's financial performance and operations for 2021.

What does the updated NI 43-101 compliant Technical Report include for MNDJF?

The updated Technical Reports document recent work at the Björkdal and Costerfield mines, outlining resource estimates and compliance with industry standards.

Who prepared the Technical Reports for Mandalay Resources?

The Technical Reports were prepared by Mining Plus, with independent qualified persons supervising the resource estimates.

How does Mandalay Resources plan to generate positive cash flow?

Mandalay focuses on growing production and reducing costs, aiming for significant positive cash flow generation.

Where can I find Mandalay Resources' Annual Information Form and Technical Reports?

These documents are accessible on the Company's website and SEDAR.