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News Release - Thursday, March 29, 2007
Mandalay Announces Additional Six Holes
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March 29, 2007, Vancouver, BC: Mandalay Resources Corporation (TSX.V:
MLR) (the "Company") is pleased to report results from six additional
reverse circulation ("RC") drill holes and seven trenches from what
is
referred to as Zone B of the Las Dalmatas area on the
Company's La
Quebrada Project located in
north-central Chile. Results from the Zone
B drilling are as follows:
View Table:
http://www.mandalayresources.com/s/NewsReleases.asp?ReportID=179046#tab1
These drill holes are in an area that is 900 metres by 500 meters with
and average integrated thickness of 9.3 meters, with a weighted average
grade of 0.3% copper, 4 g/t silver. This zone is approximately 1,200
meters to the northeast Zone A at Las Dalmatas, where
15 holes have
been drilled, outlining mineralization over an area of
1,500 meters
by
700 meters. Results from this Zone A drilling were
announced by the
Company in a news release dated March 21, 2007. The average weighted
grade of that group of 15 holes is 0.392% copper and 4.2 g/t silver
over an average integrated thickness of 13.8 meters. The
combined
weighted grade, to date, of the two target blocks in the Las Dalmatas
area of a total of 21 RC holes is calculated as 0.369% copper and 4.1
g/t silver over an average integrated horizons width of 12.52 meters.
In the Dalmatas Zone B area, a further seven hand dug trenches were
completed, parallel to the group of six RC drill holes reported above.
These trenches were located approximately 110 meters from the
drill
holes; the results are as follows:
View Table:
http://www.mandalayresources.com/s/NewsReleases.asp?ReportID=179046#tab2
The Las Dalmatas area is one of four areas currently being tested by
trenching and drilling, targeting multiple mineralized horizons hosted
in calcareous sandstone units. Mineralization is hosted in the
Cretaceous aged Argueros Formation, in two calcareous sandstone beds,
or arenites, the K2 and the K4, which is found
throughout the La
Quebrada and Leoncita properties. The copper and silver
mineralization
occurs as finely disseminated primary chalcocite, covelite, bornite and
chalcopyrite.
The gently folded sedimentary units on the property are repetitively
block faulted, exposing the mineralized units, facilitating mapping and
trenching. The dip of these units ranges from relatively flat-lying to
a maximum of 25 degrees. The K2 and K4 are
separated by 30 to 50
meters
and mineralized horizons within these units are separated by 4 to 10
meters.
Trenching in extended and untested areas will continue onwards, while a
large volume of data generated by RC and diamond core drilling is being
organized, updated, and evaluated. The drill program has been
temporarily been shut down, until this data processing task has been
completed, and the large volume of samples delivered to the labs has
been processed and evaluated. It is estimated that drilling will begin
again around June 30, 2007.
In the meantime, a metallurgical testing
program is has being organized in Santiago.
Mandalay has
implemented a quality control program to ensure accuracy
in the collection and analysis of samples. Accuracy of results is
tested through the systematic inclusion of certified reference
standards, field blanks and duplicate samples. The information
contained in this news release, has been reviewed, approved, and deemed
relevant by Stephen Kenwood P. Geo., a qualified person as defined
under National Instrument 43-101.
On behalf of the Board of Directors:
MANDALAY RESOURCES CORPORATION
/s/ "Karl R. Antonius"
Karl R. Antonius
President
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.
Cautionary note: This report contains forward looking statements,
particularly those regarding cash flow, capital expenditures and
investment plans. Resource estimates, unless specifically noted, are
considered speculative. The company has filed a National Instrument
43-101 report. By their nature, forward looking statements involve
risk and uncertainties because they relate to events and depend on
factors that will or may occur in the future. Actual results may vary
depending upon exploration activities, industry production, commodity
demand and pricing, currency exchange rates, and, but not limited to,
general economic factors. Cautionary Note to US investors: The U.S.
Securities and Exchange Commission specifically prohibits the use of
certain terms, such as "reserves" unless such figures are based upon
actual production or formation tests and can be shown to be
economically and legally producible under existing economic and
operating conditions.
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Copyright (c) 2007 MANDALAY RESOURCES CORPORATION (MLR) All rights
reserved. For more information visit our website at
http://www.mandalayresources.com/ or send
mailto:contact@mandalayresources.com
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