Mandalay Resources Corporation Announces the Results of its Annual and Special Meeting of Shareholders and Filing of Initial ESTMA Report

TORONTO, May 11, 2017 (GLOBE NEWSWIRE) -- 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.

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.

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.

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.