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Press release from CNW Group

Mandalay Resources receives final approval to graduate to TSX

Wednesday, June 23, 2010

Mandalay Resources receives final approval to graduate to TSX15:27 EDT Wednesday, June 23, 2010TORONTO, June 23 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") is pleased to announce that the Company has received final approval from the Toronto Stock Exchange (the "TSX") to graduate from the TSX Venture Exchange and list its common shares on the TSX (the "TSX"). Mandalay's common shares will commence trading on the TSX on Friday, June 25, 2010 under the symbol "MND".Brad Mills, CEO of Mandalay said, "We are extremely pleased to have received final approval from the TSX. Graduating to the TSX will help us provide access to new capital and financing." << About Mandalay Resources Corporation: ------------------------------------- >> Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and exploration projects in Chile. The Company is focused on executing a roll-up strategy, creating critical mass by aggregating advanced or in-production gold, copper, silver and antimony projects in Australia and the Americas to generate near-term cash flow and shareholder value. << Forward-Looking Statements: --------------------------- >> This news release contains "forward-looking statements" within the meaning of applicable securities laws, including statements relating to the Mandalay's anticipated graduation from the TSXV to the TSX. 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, Mandalay's ability to satisfy TSX listing requirements. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. 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.THE TSX VENTURE EXCHANGE HAS NOT YET REVIEWED AND DOES NOT TAKE RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.For further information: Bradford Mills, Chief Executive Officer, Greg DiTomaso, Investor Relations, Contact: 647.260.1566, Email: