TORONTO, July 20,
2023 /PRNewswire/ - Mandalay Resources Corporation
("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF) is pleased
to receive the mining concession permit to produce in the Eastern
Extension Zone at its Björkdal operation from Bergsstaten (Mining
Inspectorate of Sweden).
Frazer Bourchier, President and CEO of Mandalay commented:
"I am very pleased to announce that we have successfully
obtained the mining concession for the newly designed Eastern
Extension of our Björkdal mine. This significant development grants
us the extension of the mining envelope by an additional 350
metres, effectively encompassing the entire resource base that has
been drilled and defined over the past two years.
"The inclusion of the Eastern Extension area aligns with our
strategic objective of incorporating higher gold grade and margin
ounces into our near-term production profile at Björkdal. By
integrating this addition into our mine schedule, we believe that
it will further contribute to our intended growth and success at
Björkdal."
Exploration to Date
In 2021, the Company discovered the Eastern Extension of the
Main Zone and Central Zone. Following the recognition of the
mineralized potential, a series of drilling programs were dedicated
to defining this enriched veining, with each program yielding
exceptional grades and furthering our understanding of this domain.
For further details, please refer to the news releases dated:
July 18, 2023; February 22, 2023; June
21, 2022; and January 24,
2022.
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), with projects in
Chile and Canada under
closure or development status. 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.
Mandalay's mission is to create shareholder value through the
profitable operation and continuing the regional exploration
program, at both its Costerfield and Björkdal mines. Currently, the
Company's main objective is to continue mining the high-grade Youle
vein at Costerfield, bring online the deeper Shepherd veins, both
of which will continue to supply high-grade ore to the processing
plant, and to extend Youle Mineral Reserves. At Björkdal, the
Company will aim to increase production from the Aurora zone and
other higher-grade areas in the coming years, in order to maximize
profit margins from the mine.
Forward-Looking
Statements:
This news release contains "forward-looking statements" within
the meaning of applicable securities laws. Readers are cautioned
not to place undue reliance on forward-looking statements. Actual
results and developments may differ materially from those
contemplated by these statements depending on, among other things,
changes in commodity prices and general market and economic
conditions. The factors identified above are not intended to
represent a complete list of the factors that could
affect Mandalay. A description of additional risks that could
result in actual results and developments differing from those
contemplated by forward-looking statements in this news release can
be found under the heading "Risk Factors" in Mandalay's annual
information form dated March 31,
2023, a copy of which is available under Mandalay's profile
at www.sedar.com. In 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.
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SOURCE Mandalay Resources Corporation