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Published: Mandalay Negotiates Financing and Drilling
Mandalay Negotiates Financing and Drilling
VANCOUVER, BRITISH COLUMBIA - (CCNMatthews - Oct. 3, 2006) - Karl Antonius, the President of Mandalay Resources Corp. (the "Company") (TSX VENTURE:MLR) announces the negotiation of a non-brokered private placement through the issuance of up to 4,000,000 units at a price of $0.26 per unit. Each unit is comprised of one common share and one non-transferable share purchase warrant exercisable at the price of $0.30 for six months. The proceeds of this private placement will be used to help fund the ongoing exploration of the Company's 100% wholly owned La Quebrada project located in Chile. Work will include an extensive drilling program during the remainder of 2006 as well as the continuation of prospecting mapping and trenching in under-explored areas of the 15,000 hectare property. The Company plans to drill an approximate total of 5000 meters of both diamond and reverse circulation drill holes. Initial drill targets will be near-surface intersections of the copper and silver mineralization found in the hand-dug trenches that the Company cut into surface exposures of the K2 and K4 units at the Leoncita, Dalmatas and Casa de Piedra areas on the property. To date, drill access roads are completed in all targeted areas and drill platforms constructed 100 meters from trenches which assays are in targeted grade ranges. The drilling will begin in the Leoncita where 50 preliminary holes are planned, 10- to-15 holes will be drilled, then the drills will shift to Casa de Piedra to drill 6- to- 8 holes of a 16 hole program, then to The Las dalmatas in a similar format. The campaign will cycle back to Leoncita to follow the trend of the most favorable assay results. This cycling will be repeated until about 100 holes are completed. The second stage will concentrate drilling in the most favorable blocks to outline a resource. The Company is currently negotiating with several drilling companies at this time. The La Quebrada project is located just thirty kilometers east of the coastal city of La Serena. The average elevation on project is 1200 meters and can be explored all year around. Shareholders will be updated as to its progress.
A finder's fee may be payable through the issuance of common shares and/or cash, in accordance with the policies of the regulatory authorities. The issuance of the private placement securities and payment of the finder's fee are subject to regulatory approval.
On behalf of:
MANDALAY RESOURCES CORPORATION
Karl Antonius, President
This press release has been prepared by management. This news release may contain forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Website: www.mandalayresources.com
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