TORONTO, Sept. 12, 2019 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) is pleased to announce that the first access drive has been completed at the Youle lode with level development now commenced.
Dominic Duffy, President and CEO of Mandalay, commented, "We are extremely pleased with the team's execution in accessing Youle on the 957 level safely and sooner than originally planned. Furthermore, on vein development was initiated on the lode, and we will begin processing ore during September. We foresee the first stope being mined late in the fourth quarter of this year."
Mr. Duffy continued, "Initial assays have been as expected with the most significant being 118 g/t gold and 55.3% antimony over a true width of 0.2 metres."
Mr. Duffy continued, "We were able to access the Youle lode sooner though design changes allowing the access drive to begin higher up the primary access ramp. With the orebody accessed, development and stoping will be ramping up and we expect a continual uplift in Youle production over the next 12 months."
Mr. Duffy concluded, "On the exploration side, due to the late start to our drilling programs in 2019, assays have been delayed on key exploration holes although we will be providing an update on all of our drilling programs by the end of September."
Table 1: Initial Youle Vein Grades
| Vein Sampled | Sampled Date | Intercept Easting (Mine Grid) | Intercept Northing (Mine Grid) | Intercept Elevation (Mine Grid) | True Width (m) | Au Grade (g/t) | Sb Grade (%) |
| Main Vein North Wall | 2/9/19 | 15413 | 6751 | 960 | 0.15 | 78.1 | 59.5 |
| Main Vein North Wall Duplicate | 2/9/19 | 15413 | 6751 | 960 | 0.15 | 36.9 | 60.3 |
| Main Vein North Wall Duplicate | 2/9/19 | 15413 | 6751 | 960 | 0.15 | 49.1 | 60.9 |
| Main Vein South Wall | 2/9/19 | 15413 | 6747 | 960 | 0.20 | 64.8 | 37.1 |
| Main Vein North Wall Duplicate | 2/9/19 | 15413 | 6747 | 960 | 0.20 | 118.0 | 55.3 |
| Main Vein North Wall Duplicate | 2/9/19 | 15413 | 6747 | 960 | 0.20 | 55.3 | 49.2 |
| Splay Vein North Wall | 28/8/2019 | 15409 | 6751 | 960 | 0.11 | 14.0 | 31.4 |
| Splay Vein South Wall | 28/8/2019 | 15408 | 6747 | 960 | 0.08 | 24.0 | 19.2 |
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For Further Information
Dominic Duffy
President and Chief Executive Officer
Edison Nguyen
Manager, Analytics and Investor Relations
Contact:
647.260.1566
About Mandalay Resources Corporation
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Sweden, and care and maintenance and development projects in Chile. The Company is focused on growing production at its gold and antimony operation in Australia, and gold production from its operation in Sweden to generate near term cash flow.
Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements regarding the exploration and development potential of the Youle depositIn addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever be upgraded to proven or probable reserves. Although Mandalay has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
