TORONTO, March 6, 2023 /PRNewswire/ -- Mandalay Resources
Corporation ("Mandalay" or the "Company") (TSX: MND) (OTCQB: MNDJF)
is pleased to announce that Frazer Bourchier has been appointed by
the Board of Directors ("Board") to lead Mandalay as the new
President and Chief Executive Officer effective April 3, 2023. Mr. Bourchier will also be
appointed to the Board. In the interim, current CEO, Dominic Duffy, will be working closely with Mr.
Bourchier to support a smooth transition. Mr. Duffy will remain on
the Board as a non-executive director.
Mr. Bourchier has over 32 years of industry experience with a
proven track record of operational success and executing upon
growth strategies across multiple mining jurisdictions. He
previously served as CEO of Harte Gold Corp., COO for Detour Gold
Corporation and Nevsun Resources Ltd. and VP Business Development
& Technical Services at Silver Wheaton (Wheaton Precious
Metals). He has held numerous executive leadership roles and was
instrumental in creating meaningful growth in numerous gold and
polymetallic operations in North
America and internationally.
Bradford Mills, Executive Chair,
commented:
"We are delighted to welcome Frazer to Mandalay as our new CEO.
With his extensive industry knowledge, operational track record and
deep understanding of capital markets, Frazer is well suited to
lead Mandalay in executing our long-term objectives and maximizing
shareholder value. I would also like to thank Dominic for his
strong leadership over the last five years that has seen the
Company's reserves grow significantly and our balance sheet improve
to the point where we are able to start returning capital to our
shareholders again. Frazer inherits this strong foundation and the
Board believes that this positions the Company for further success
in the years ahead."
Incoming CEO Frazer Bourchier, commented:
"I am thrilled and energized to be joining Mandalay and believe
there is tremendous opportunity ahead to continue to transform and
grow the Company. I am excited to get started and work towards
these goals, while unlocking further long-term value for all
stakeholders with the support of an excellent team. Mandalay is
uniquely positioned with its diversified asset base and healthy
balance sheet and I look toward leveraging our competitive
advantages and momentum to further develop our operations, grow the
Company and deliver world-class results."
In addition, Terry Ackerman has
advised the Board that he will not be standing for re-election at
the next annual general meeting of shareholders. We thank
Terry for his contribution to the Board during his years of
service.
About Mandalay Resources
Corporation
Mandalay Resources is a Canadian-based natural resource company
with producing assets in Australia
(Costerfield gold-antimony mine) and Sweden (Björkdal gold mine), with projects in
Chile and Canada under closure or development status.
The Company is focused on growing its production and reducing costs
to generate significant positive cashflow. Mandalay is committed to
operating safely and in an environmentally responsible manner,
while developing a high level of community and employee
engagement.
Mandalay's mission is to create shareholder value through the
profitable operation and continuing the regional exploration
program, at both its Costerfield and Björkdal mines. Currently, the
Company's main objectives are to continue mining the high-grade
Youle and Shepherd veins at Costerfield, which are expected to
continue to supply high-grade ore to the processing plant, while
extending Mineral Reserves. At Björkdal, the Company will aim to
increase production from the Aurora zone and other higher-grade
areas in the coming years in order to maximize profit margins from
the mine.
Forward-Looking
Statements:
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. A description of additional risks that could result in
actual results and developments differing from those contemplated
by forward-looking statements in this news release can be found
under the heading "Risk Factors" in Mandalay's annual information
form dated March 31, 2022, a copy of
which is available under Mandalay's profile at www.sedar.com. 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.
Contact: Dominic Duffy, President
and Chief Executive Officer; Edison
Nguyen, Director, Business Valuations and IR; Contact:
647.260.1566
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