Press release from CNW Group
Mandalay Resources Corporation Receives Declaration of Force Majeure from Dowa Metals and Mining Co.
Wednesday, March 16, 2011
TORONTO, March 16 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, MND.WT) has received notice today from Dowa Metals and Mining Co., the Company's primary customer for its Cerro Bayo mine silver-gold concentrate, of the force majeure suspension of Cerro Bayo's sales contract as a result of damage suffered to infrastructure and power at Dowa's Akita refinery in the March 11 Japanese earthquake and Tsunami.
Mandalay's deepest sympathies go out to the people of Japan and our friends at Dowa and we will assist them in any way possible to help recover from this terrible tragedy.
For its part, Mandalay will review its operating strategy at Cerro Bayo and inform the market of any changes of status.
About Mandalay Resources Corporation:
Mandalay Resources is a Canadian-based natural resource company with producing assets in Australia and Chile, 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.
This news release contains "forward-looking statements" within the meaning of applicable securities laws. 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, changes in commodity prices and general market and economic conditions. The factors identified above are not intended to represent a complete list of the factors that could affect Mandalay. In addition, there can be no assurance that any inferred resources that are discovered as a result of additional drilling will ever 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 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.
For further information:
Chief Executive Officer
Company website: www.mandalayresources.com