TORONTO, June 30, 2017 (GLOBE NEWSWIRE) — Mandalay Resources Corporation (“Mandalay” or the “Company”) (TSX:MND) announcement today that the Company’s subsidiary, Compañía Minera Cerro Bayo, it has begun to give notice of force majeure to the primary customers, suppliers, and contractors at the Cerro Bayo mine. This notice cancels avtalsskyldigheterna at the Cerro Bayo against these parties on account of the overflow at the Delia NW mine on June 9, 2017. Mandalay initiates the call with the trade unions about the potential impact on employees during this time of interrupted production.
Mandalay has initiated an independent technical investigation of the flood at the Delia NW mine, as well as a risk assessment to take up activities again at the mines, Coyita, Delia SEE, Marcela and Raul, which form the basis for the Cerro Bayos current gruvplan. The company is seeing across several different options for the future mining operations at the Cerro Bayo and for discussions with stakeholders during this process, including employees, trade unions and public authorities. The company expects to be able to give a more detailed update on their plans for Cerro Bayo and the impact of the outage on the Company’s produktionsvägledning for 2017 in connection with the accounting of the financial results for the second quarter of 2017, for the current is expected to occur after the market has closed on 10 August 2017.
About Mandalay Resources Corporation:
Mandalay Resources is a canadian company that works with natural resources, which has production assets in Australia, Chile and Sweden, and a development project in Chile. The company is focused on an acquisition strategy and to generate the necessary volume by adding projects, which are in a far developed stage or already in production in the gold, copper, silver and antimony in Australia, America and Europe to create short-term cash flow and value for shareholders.
Forward-looking statements:
This news release contains “forward-looking statements” within the meaning of applicable securities laws. These include statements regarding the company’s production of gold, silver and antimony for the fiscal year 2017. Readers are cautioned not to place too much emphasis and reliance on forward-looking statements. Actual developments and results may differ from those estimated in these statements, which, among other things, may be due to changes in commodity prices and general economic and market conditions. The factors identified above are not intended to constitute a complete list of the factors that could affect Mandalay. You will find a description of additional risks that could cause actual developments and results to differ from those estimated in the forward-looking statements in this news release under the heading “Risk Factors” in the mayor of mandalay annual report by 31 march 2017, of which there is a copy of the mayor of mandalay’s profile at
www.sedar.com
. In addition, it can never be guaranteed that the assets detected on the basis of additional drilling will 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 the forward-looking statements, there may be other factors that cause actions, events or results not be as anticipated, estimated or intended. There is no assurance that the forward-looking statements will prove to be correct as actual results and future events could differ materially from those anticipated in these statements. Thus, readers should not place too much emphasis and reliance on forward-looking statements.
For more information:
Mark Sander
President and Chief Executive Officer
Greg DiTomaso
Director of Investor Relations
Contact:
+1.647.260.1566
