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2016-05-12

Mandalay Resources Corporation: Mandalay Resources Corporation Announces the Results of its Annual General Meeting of Shareholders

TORONTO, May 12, 2016 (GLOBE NEWSWIRE) -- Mandalay Resources Corporation
("Mandalay" or the "Company") (TSX:MND) is pleased to announce the results of
its Annual General Meeting of Shareholders held today in Toronto, Ontario.
All of the resolutions presented at the meeting were approved by the
shareholders, with the votes cast by proxy representing 68.63% of the total
shares outstanding as of the proxy cut-off date, May 10, 2016.

Election of Directors

The number of directors was fixed at five members and each of the five
nominees listed in the Company's management information circular dated April
15, 2016 (the "Circular") were re-elected to the Company's Board of
Directors. Abraham Jonker remains the lead independent director and Bradford
Mills continues as the Executive Chairman. The vote was conducted by a show
of hands. Detailed results of the votes cast by proxy are set out below.

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| Nominee Votes Cast by Proxy For % For Votes Cast by Proxy Withheld % Withheld |
| Abraham Jonker 266,375,274 99.72 760,298 0.28 |
| Robert Doyle 261,417,372 97.86 5,718,200 2.14 |
| Peter R. Jones 261,418,372 97.86 5,717,200 2.14 |
| Bradford A. Mills 266,715,274 99.84 420,298 0.16 |
| Mark Sander 266,720,964 99.84 414,608 0.16 |
| |
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Appointment of Auditors

Ernst&Young LLP was appointed as the auditor of the Company to hold office
until the close of the next annual meeting of the Shareholders, or until
their successor is otherwise appointed and the directors were authorized to
fix the auditor's remuneration.

About Mandalay Resources Corporation

Mandalay Resources is a Canadian-based natural resource company with producing
assets in Australia, Chile and Sweden, and a development project in Chile.
The Company is focused on executing a roll-up strategy, creating critical
mass by aggregating advanced or in-production gold, copper, silver and
antimony projects in Australia, the Americas, and Europe to generate
near-term cash flow and shareholder value.

For Further Information

Mark Sander
President and Chief Executive Officer

Greg DiTomaso
Director of Investor Relations

Contact:
647.260.1566

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Mandalay Resources Corporation via Globenewswire

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