Certain of GMTCapital Corp.'s hedge fund and private client managed accounts haveacquired an aggregate of 62,607,300 Mandalay Resources Corp. common shares, representing about15.05% of the company's outstanding common shares.

The common shares were acquired for investment purposes onlyand not for exercising control over Mandalay.

GMT specifically disclaims any beneficial ownership of the commonshares, but as investment manager of its managed accounts, GMT has exclusivepower to exercise investment control over the common shares.