$MANDALAY RESOURCES CORPORATION CONFIRMS EXCELLENT RESULTS FROM ITS BJÖRKDAL EASTWARD MINE EXTENSION DRILLING AND REPORTS ENCOURAGING RESULTS FROM THE NORTH ZONE DRILLING PROGRAM TORONTO, ON, June 21, 2022 –
MANDALAY RESOURCES CORPORATION INTERSECTS 1,780 G/T GOLD OVER 0.17 M IN ITS COSTERFIELD REGIONAL DRILLING PROGRAM AT THE ROBINSON PROSPECT
$COSTERFIELD GOLD & ANTIMONY MINE IN AUSTRALIA - beside Fosterville Kirklands Lake highgrade mine
The initial four holes in the 2022 Robinson program have intercepted visible gold in the immediate surrounds of the historic Robinson Mine approximately 2 km from Costerfield’s operating underground infrastructure. TORONTO, ON, June 09, 2022
For Further Information Dominic Duffy President and Chief Executive Officer Edison Nguyen Director, Business Valuations and Investor Relations Contact: 647.260.1566 ext. 1 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. 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 objectives are to continue mining the high-grade Youle vein at Costerfield, bring online the deeper Shepherd veins, both of which will continue to supply highgrade 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 statement HIGH-POTENTIAL EXPLORATION UPSIDE
CONTINUING REGIONAL EXPLORATION
programs on known targets; seeking repetition of mineralization
BJÖRKDAL
Extensional drilling at aurora Defining mineralization and assessing the economics of the high-grade skarn deposit
FULLY-FUNDED
Cash position of $34.2M at 2020 year-end affords Mandalay with the financial flexibility to continue funding its exploration programs and sets the Company up for future profitability and growth
COSTERFIELD High-grade Youle vein the major growth catalyst
BJÖRKDAL Ramping up underground production, focusing on higher-cash margin ore
2021 GUIDANCE LATEST PRESENTATION Q4 2020 PRODUCTION REPORT Q4 AND YE2020 FINANCIAL 2020 RESERVES AND RESOURCES