Provides Production and Cost Guidance for 2020
TORONTO, ON, January 16, 2020 — Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX: MND, OTCQB: MNDJF) announced today its production and sales results for the fourth quarter and full-year 2019.
In the fourth quarter of 2019, Mandalay produced a consolidated 18,594 saleable ounces of gold equivalent and sold 16,228 ounces of gold equivalent. For the full-year ended December 31, 2019, Mandalay produced 76,659 saleable ounces of gold equivalent and sold 77,043 ounces of gold equivalent.
Dominic Duffy, President and Chief Executive Officer of Mandalay, commented, “Mandalay’s consolidated full-year 2019 production met the revised guidance as announced in October 2019, for gold, antimony and gold equivalent ounces. The fourth quarter saw Björkdal maintain its steady performance with production of 10,990 ounces of saleable gold and 51,498 ounces of saleable gold for the full-year, an approximate 12% increase year-over-year. At Costerfield, results were encouraging with production from Youle positively impacting fourth quarter operations and – more importantly – confirming its potential for the upcoming years.”

Mr. Duffy continued, “At Björkdal, in the fourth quarter we were able to mine and process some of the higher-grade skarn zone material, after infill drilling was carried out during the third quarter. Aurora continued as planned with five levels now in development and the first stope in Aurora initiated in the final weeks of the year. The operation is well situated for the planned underground ramp-up and increased ore contribution from the Aurora zone to the mill during 2020.”
Mr. Duffy continued, “During the fourth quarter of 2019, Costerfield produced 4,749 ounces of saleable gold and 684 tonnes of saleable antimony, or 7,604 ounces of gold equivalent. The improved results are due to production from the high-grade Youle vein. Even though Youle tonnage was not significant during the quarter, the higher-grades from Youle provided a substantial boost to production. Youle production continued to increase throughout the quarter, leading to December production of 2,018 ounces of gold and 237 tonnes of antimony, the highest production levels achieved for gold and antimony since March 2018, and December 2017, respectively. We will continue to mine the Brunswick vein for the first six months of 2020, however, we anticipate Youle’s growing influence will lift metal production going into 2020.”
Mr. Duffy concluded, “2019 was a challenging year for Mandalay’s Costerfield operation as the site’s
production was severely impacted by excess dilution and poor recoveries from the Brunswick vein. As a multi-mine Company, we were able to remain resilient and push onwards and resolve these challenges. I am proud of the teams’ hard work and dedication to put the Company into a very good position going into 2020, which is reflected in the guidance figures. 2020 is a transitional year for Mandalay as we expect to see continual growth from Costerfield, setting the Company up for anticipated higher production figures in 2021.”

Saleable Production For The Quarter Ended December 31, 2019:
• In the fourth quarter of 2019, the Company produced a total of 15,739 ounces of gold and 684 tonnes of antimony, representing a total of 18,594 ounces of gold equivalent, versus 15,430 ounces of gold and 561 tonnes of antimony in the fourth quarter of 2018, representing a total of 19,173 ounces of gold equivalent.
• Production at Björkdal was 10,990 ounces of gold in the fourth quarter of 2019, as compared to 10,482 ounces of gold in the fourth quarter of 2018.
• Production at Costerfield was 4,749 ounces of gold and 684 tonnes of antimony in the fourth quarter of 2019, versus 4,948 ounces gold and 561 tonnes antimony in the fourth quarter of 2018.
Saleable Production For The Year Ended December 31, 2019:
• In 2019, the Company produced a total of 66,756 ounces gold and 2,032 tonnes antimony, representing a total of 76,659 ounces of gold equivalent production; versus 67,329 ounces gold and 2,173 tonnes of antimony, representing a total of 81,568 ounces of gold equivalent in 2018.
• Production at Björkdal was 51,498 ounces gold.
• Production at Costerfield was 15,258 ounces gold and 2,032 tonnes antimony.
Table 1 – Fourth Quarter and Full-Year Saleable Production for 2019 and 2018
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