Mandalay Resources Corporation Announces the Results of its Annual General
Meeting

TORONTO, April 22 /CNW/ - Mandalay Resources Corporation ("Mandalay" or the "Company") (TSX-V: MND) is pleased to announce the results of its Annual General Meeting (the "Meeting"), held on April 21, 2010.

    
    Election of Directors
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At the Annual General Meeting, the following directors were re-elected to the Company's Board of Directors ("Board"): John Byrne, Brad Mills, John Conlon, and Gordon Watts. The Meeting also saw the election of two new directors, Sanjay Swarup and Robert Doyle to the Board. Both Mr. Swarup and Mr. Doyle were elected for one year terms, expiring at the close of the Company's next Annual General Meeting.

Each new director brings to the Company extensive public and private company experience. Mr. Swarup, also Chief Financial Officer for the Company, holds a Masters of Business Administration from Cranfield School of Management (Bedfordshire, UK) and is a Chartered Accountant with over 20 years experience in accounting and business consulting; 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.

Mr. Doyle has over 30 years of experience in all facets of international resource exploration, development and production. Mr. Doyle is a director of Golden Star Resources Ltd. and NXA Inc. He was Chief Executive Officer of Medoro Resources Limited, a public company that consolidates and develops gold in Colombia, from 2008 to 2009 and remains currently on its Board of Directors. From 2005 to 2007, Mr. Doyle was the Executive Vice President of Pacific Stratus Energy, the largest independent oil and gas producer in Colombia. He was also Chief Financial Officer and founding partner of Bolivar Gold Corp. from 2003 to 2006.

Brad Mills, Chief Executive Officer for Mandalay commented: "On behalf of Mandalay Resources, I wish to thank Mr. Swarup and Mr. Doyle for agreeing to join the Company's Board of Directors. Their extensive experience will help the Company move toward its goal of creating critical mass through the acquisition of near-term or in-production mining assets. I'd like to welcome them to the Mandalay Board and look forward to working closely with both of them as we reach our objectives."

    
    Appointment of Auditors:
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The Company appointed Deloitte and Touche as external auditors for the coming year.

    
    Approval of Stock Option Plan:
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The Company's stock option plan was approved by shareholders during the Meeting. Further details regarding the option plan can be found in the Company's management information circular dated March 24, 2010, which is available at www.sedar.com.

    
    New Company Website
    

The Company is also pleased to announce that it launched its newly-designed website on Friday, April 16, 2010. Please visit www.mandalayresources.com.

    
    About Mandalay:
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Mandalay 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. 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], [email protected]