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UPDATE: Mandalay Resources Digs 1% Gain As Doubles Silver Reserves, Increases Gold Reserves by 85%

Mandalay Resources Corporation (MND.TO) added 1% to its value, reaching 76 cents in the morning, after announcing earlier that its exploration efforts during 2011 have resulted in significant increases to its silver, gold and antimony reserves relative to the amounts estimated in previous technical reports for its Cerro Bayo, Chile and Costerfield, Australia mines.

The company's contained Ag reserves have more than doubled, contained Au reserves have increased by 85%, and the Sb reserves mined in 2011 have been replaced.

So far, 39,000 MND shares have already changed hands.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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