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| LA QUEBRADA PROJECT
The La Quebrada copper silver property, located about 15 kilometers from the coastal city of La Serena in north central Chile, represents approximately 150 sq. kilometers of mineral concessions at an elevation of between 1,000 and 1,500 meters. Relief is moderate except where drainage incision has formed local canyons. Most of the property is accessible by a network of roads and vegetation comprises sparse desert grasses, shrubs and cactus. Both the location and climate afford favorable conditions for potential year-round mining. 
The Property is situated within a back arc basin environment located eastward of the Cretaceous magmatic arc and is characterized by submarine volcanism and shallow marine sedimentation. The Early Cretaceous Arqueros Formation consists of 5 conformable members with an approximate thickness of 1,250 meters. Two of the members, the Ka2 and Ka4 are calcareous near surface sedimentary units, separated by intervening andesite flow sequences. These gently dipping sedimentary strata host disseminated primary chalcocite, covellite, bornite, and chalcopyrite with lesser pyrite and galena. 
Previous exploration efforts including the United Nations-ENAMI drill results returned 1.07% Cu over 10 meters, 1.06% Cu over 9 meters, 1.01% Cu over 9 meters, and 1.11% Cu over 4.6 meters. Placer Dome drill results returned 1.47% Cu over 9 meters, 1.47% Cu over 6.9 meters, and 0.58% Cu over 5.8 meters. Noranda reported 0.54% Cu over 43.5 meters, 1.06% Cu over 26.2 meters, 0.64% Cu over 19.5 meters, 2.8% Cu over 10 meters, and 2.07% Cu over 10 meters. Recent rock chip, channel, and stratigraphic profile sampling throughout the Leoncita concessions returned 0.47% Cu over 100 meters, 1.69% Cu over 36 meters, 1.69% Cu over 30 meters, and 1.525% Cu over 29.5 meters These values are comparable to the previous sampling programs carried out in other areas of the La Quebrada Property. (See Sandidge -- Cox, 7/14/05). The 100% controlled copper-silver property affords Mandalay Resources Corporation more than 20km of continuous north-south strike that exhibits remarkable grade continuity within the mineralized host Formation. Based on the composition and texture of the host rocks these copper occurrences belong to the reduced-facies subtype of Sediment-hosted Copper Deposits (SCD) Exploration to date indicates potential for a bulk-tonnage Cu-Ag resource and may represent a Chilean analog to the world-class Kupferschiefer Sediment-hosted Copper Deposit of southern Poland. 
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