Mandalay Resources Corporation announces new members of management team &
grant of options

VANCOUVER , Dec. 9 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX-V: MND) is pleased to announce that the Board of Directors has appointed Sanjay Swarup to the position of Chief Financial Officer and Mark Sander to the position of Chief Operations Officer, effective immediately.

Mr. Swarup holds a Masters of Business Administration from Cranfield School of Management (Bedforshire, UK) and is a Chartered Accountant from India with over 20 years experience in accounting and business consulting, with 10 of those years in the resource industry. Mr. Swarup has worked with a range of businesses that include small and medium enterprises and multinationals such as BP plc and Lonmin plc.

Dr. Sander holds a PhD in Ore Deposits and Exploration from Stanford University (USA) and has been active in the mineral resource industry for the last 25 years in operations, strategy and exploration, with a focus on Copper, Gold and PGM projects. Dr. Sander was formerly the VP of Strategy and Planning for BHP Copper and serves as Director of Stillwater Mining Company.

Brad Mills , CEO of Mandalay commented: "We are pleased to add Sanjay and Mark to our management team. Both individuals bring tremendous experience and talent to their respective positions. The addition of these two officers will undoubtedly prove to strengthen the Company as we continue to ramp up production at Costerfield and grow through further aggregation and acquisition."

The Company also announced it has granted an aggregate of 7,974,086 options under its 2009 Share Option Plan to members of its Board of Directors, management, and employees. Of the total options granted, 5,609,086 options were granted to the Board of Directors and management, and 2,365,000 options were granted to employees. The options have a five year term, an exercise price of $0.255 per share and will vest at a rate of 25% every six months.

    
    About Mandalay Resources Corporation:
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Mandalay Resources is a Canadian-based natural resource company with assets in production. The Company is focused on executing a roll-up strategy which involves aggregation of gold, copper, silver and antimony projects, creating critical mass through the acquisition of near-term or in-production assets in Australia and the Americas.

    
    Forward-looking statements:
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This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the proposal to complete the proposed transaction, including statements regarding the terms and conditions of the proposed transaction and its anticipated completion. 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, Mandalay's ability to secure additional financing, 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. 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.

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.

For further information: Bradford Mills, Chief Executive Officer, Greg DiTomaso, Investor Relations, Contact: [phone]