Mandorin Goldfields Inc.

Mandorin Goldfields Inc.

May 16, 2006 01:34 ET

Mandorin Goldfields Inc.: Update on Status of Late Filing of Financial Statements

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 16, 2006) - The following is a Default Status Report of Mandorin Goldfields Inc. (the "Company") (TSX VENTURE:MGD) further to the Company's Notice of Default contained in its news release of May 2, 2006 (the "Notice of Default"):

1. The Company advises that there is no material change in the information contained in the Notice of Default.

2. The Company has not, however, been able to file its audited financial statements for its fiscal year ended December 31, 2005 (the "Annual Financial Statements") by May 15, 2006 as originally contemplated. The Company's auditor continues to be in the process of completing the reviews and related report for the Annual Financial Statements. The Company now expects to file the Annual Financial Statements by May 30, 2006.

3. The Company advises that there is no actual or anticipated default of a financial statement filing requirement subsequent to that disclosed in the Notice of Default.

4. The Company advises that there is no other material information concerning the affairs of the Company that has not been generally disclosed.

Mandorin Goldfields Inc. is a company focused on developing "low technical risk" advanced resource projects.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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