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Re-Pricing Of Stock Options
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May 24, 2007, Vancouver, BC: Mandalay Resources Corporation (TSX.V:MLR)
(the "Company") announces that it intends to re-price stock options
previously granted to Insiders entitling them to purchase a total of
2,436,550 common shares at exercise prices varying from $0.19 per share
to $0.26 per share, to $0.10 per share, subject to receipt of
regulatory and shareholder approval.
The Company is seeking shareholder approval to this repricing at its
Annual and Special General Meeting scheduled to be held on June 28,
2007.
About Mandalay Resources Corporation:
Mandalay Resources owns 100% of the La Quebrada Project; a 15,150
hectare copper-silver prospect located approximately 25-kilometers
northeast of the major port of La Serena-Coquimbo, in northern Chile.
The Company is currently undertaking an extensive exploration program
which includes drilling, trenching, mapping, and metallurgical testing.
On behalf of the Board of Directors:
MANDALAY RESOURCES CORPORATION
"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 not filed a National Instrument
43-101 report on any property, but will do so as soon as the
information is available. Any and all other resource or reserve
estimates are historical in nature, and should not be relied upon. 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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