Mandalay Resources Corp. completed the previously announced sale of its Cerro Bayo mine in Region XI, Southern Chile. Equus Mining Ltd. acquired the Cerro Bayo mine, including its mining properties, resources and mine infrastructure as well as a 1,500-metric-ton-per-day processing plant, in exchange for 587.5 million shares of Equus. Mandalay also retains a 2.25% net smelter royalty on production from the Cerro Bayo mining claims once the mine has produced at least 50,000 ounces (oz) of gold equivalent, subject to a repurchase option in favor of Equus, and remains responsible for 50% of approved site closure costs at Cerro Bayo.
In addition, Equus will appoint Ryan Austerberry, Mandalay’s Costerfield mine general manager, to the Board of Equus as a non-executive director representing Mandalay.
