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Mandalay Resources Begins Commercial Production at Cerro Bayo Silver-Gold Mine, Chile

Mandalay Resources Corporation (TSX: MND, MND.WT) has announced that it has commenced commercial production at its wholly owned Cerro Bayo silver-gold mine in Patagonia, Chile, on February 11, 2011, with the shipment of its first concentrate. 

The commencement of commercial production is an important milestone for the Company, which acquired the mine on care and maintenance from Coeur d'Alene Mines on August 10, 2010; began underground mining on September 16, 2010; and began processing ore through the restarted mill on January 10, 2011. The first concentrate shipment, to a smelter in Japan, consists of 327 tonnes of concentrate containing approximately 215 ounces of payable gold and 68,000 ounces of payable silver. The Company is ramping up production at Cerro Bayo to a planned steady state of production by the 4th quarter of 2011 of 1,500 to 2,000 ounces of payable gold and 250,000 to 300,000 ounces of payable silver per month.

Qualified Person:

Mark Sander, Chief Operating Officer of Mandalay Resources and a member of the Australasian Institute of Mining and Metallurgy, is a Qualified Person as defined by NI 43-101 and has reviewed and approved the technical and scientific information pertaining to the Cerro Bayo mine contained in this release.

Source: Mandalay Resources Corporation

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