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TORONTO, May 11, 2017 -- Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX:MND) is pleased to announce the results of its Annual and Special 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 74.27% of the total shares outstanding as of the proxy cut-off date, May 9, 2017.
Election of Directors
The number of directors was fixed at six members and each of the six nominees listed in the Company’s management information circular dated April 11, 2017 (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 Chair. The vote was conducted by a show of hands. Detailed results of the votes cast by proxy are set out below.
| Motion | Votes Cast by Proxy For | % For | Votes Cast by Proxy Withheld | % Withheld |
| Number of Directors | 335,006,431 | 99.97 | 93,232 | 0.03 |
| Abraham Jonker | 314,102,561 | 99.68 | 1,000,716 | 0.32 |
| Amy Freedman | 314,446,995 | 99.79 | 656,282 | 0.21 |
| Bradford A. Mills | 311,821,079 | 98.96 | 3,282,198 | 1.04 |
| Mark Sander | 314,767,313 | 99.89 | 335,964 | 0.11 |
| Peter R. Jones | 314,655,405 | 99.86 | 447,872 | 0.14 |
| Robert Doyle | 314,531,812 | 99.82 | 571,465 | 0.18 |
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. The vote was conducted by a show of hands. Detailed results of the votes cast by proxy are set out below.
| Motions | Votes Cast by Proxy For | % For | Votes Cast by Proxy Withheld | % Withheld |
| Appointment of Auditors | 334,554,097 | 99.84 | 545,566 | 0.16 |
Restricted Share Unit Plan
The resolution to ratify the Company’s restricted share unit plan and to approve all unallocated options, rights and entitlements thereunder was passed. The vote was conducted by a show of hands. Detailed results of the votes cast by proxy are set out below.
| Motions | Votes Cast by Proxy For | % For | Votes Cast Against | % Withheld |
| Restricted Share Unit Plan | 282,789,839 | 89.75 | 32,313,438 | 10.25 |
Restricted Share Unit Issuance
The resolution to ratify the issuance of 573,339 restricted share units issued by the Company since May 12, 2016 was passed. The vote was conducted by a show of hands. Detailed results of the votes cast by proxy are set out below.
| Motions | Votes Cast by Proxy For | % For | Votes Cast Against | % Withheld |
| Restricted Share Unit Issuance | 282,879,672 | 89.77 | 32,223,605 | 10.23 |
Stock Option Plan
The resolution to ratify the Company’s amended stock option plan and to approve all unallocated options, rights and entitlements thereunder was passed. The vote was conducted by a show of hands. Detailed results of the votes cast by proxy are set out below.
| Motions | Votes Cast by Proxy For | % For | Votes Cast Against | % Withheld |
| Restricted Share Unit Plan | 282,752,261 | 89.73 | 32,351,016 | 10.27 |
ESTMA REPORT
The Company has filed its Extractive Sector Transparency Measures Act Report for the year ended December 31, 2016. The Extractive Sector Transparency Measures Act Report can be accessed on the Company’s website at www.mandalayresources.com.
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
