Mandalay Resources Corporation Moves to Care and Maintenance at its Cerro Bayo (Chile) Mine
Mandalay Resources (“Mandalay” or the “Company”) (TSX: MND), announced today that it is moving to care and maintenance status at its Cerro Bayo operations effective today. Mine production there has been suspended since the June 9, 2017 inundation of the Delia NW mine. In the transition to care and maintenance, the workforce is being substantially … Continued
Mandalay Resources (“Mandalay” or the “Company”) (TSX: MND), announced today that it is moving to care and maintenance status at its Cerro Bayo operations effective today. Mine production there has been suspended since the June 9, 2017 inundation of the Delia NW mine. In the transition to care and maintenance, the workforce is being substantially reduced in order to preserve the Company’s financial capacity to invest in restarting operations once it is confident that this can be accomplished safely and all permits are obtained.
The technical investigation and risk assessment to support safe future mining in the Laguna Verde area will be completed in the fourth quarter of 2017. These studies are necessary to ensure Mandalay, its employees, and the Chilean regulators that the Company can operate safely around Laguna Verde.
Mark Sander, President and CEO of Mandalay Resources, commented:
“The Company wishes to express its gratitude to its employees, suppliers, and Chilean authorities for their support since the inundation. We are committed to safe mining at Cerro Bayo and delivering the value this operation can create for employees through well-paid jobs; for the community through the purchase of goods and services from local businesses; for Chilean local and national governments through the payment of taxes on future operations; and for our shareholders.
While we regret the impact this situation has on our employees and the community, in order to deliver this future value, we must take steps now to ensure we have the financial capacity to invest in the restart once all permits are received.”
