Posted in | Gold | Silver

Mandalay Resources Begins Operations at Cerro Bayo, Chile

Mandalay Resources Corp (TSX: MND, MND.WT) has reported that it has begun mining operations at the Chilean mine Cerro Bayo.

The first blast was at the Fabiola vein to facilitate underground mining in the gold silver mine. The mine has been under care and maintenance since October 2008 before being recently acquired by the Canadian company.

Mandalay Resources is hoping to reach targeted production of 12,000 ounces of gold and 1.89 million ounces of silver at the mine by the third quarter of 2011. This would mean that the mine will be able to get an annual saleable production of roughly 20,000 to 25,000 ounces of gold and 3 million ounces of silver.

Mandalay Resources Corp bought the Cerro Bayo mine from Cerro Bayo Ltd, a wholly owned subsidiary of Coeur d'Alene Mines Corp. in Patagonia this year in the month of August. Since the deal the shares in the company have risen 34% on the Toronto Stock Exchange.

Brad Mills, Chief Executive Officer of Mandalay Resources said that the company was pleased to begin mining on schedule after closing the transaction on Cerro Bayo. All permits were in hand and the core leadership group was retained through the transaction.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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