Malaga Inc. (malaga)
Toronto Stock Exchange (TSX)
MONTREAL, March 24 /CNW Telbec/ - Malaga Inc. (TSX:MLG) is pleased to announce sales of 1,000 tonnes of copper /silver concentrate for the months of January and February 2010. This concentrate was extracted from the Pasto Bueno mine tailings, a by-product accumulated from tungsten ore processing. It is expected that an additional 1,000 tonnes will be sold in March, generating an expected $1,000,000 US during the first quarter of 2010. We anticipate selling 5,000 tonnes of accumulated material for at least 2,500,000$ US by the end of June 2010.
During 2009, Malaga invested in a small pilot plant to concentrate the mine tailings produced at Pasto Bueno and succeeded in producing a tailing concentrate enriched in copper and silver. Malaga's metallurgical engineers were instrumental in implementing novel solutions and positively impact the Company's operational cash flow and act in an environmentally responsible manner. An agreement was signed with a Peruvian company to process 5,000 tonnes of the enriched tailings. We expect to expand this agreement afterwards.
ABOUT MALAGA INC.
Malaga Inc. is the Americas leading producer of tungsten ore and owns the only operating tungsten mine in the Americas. Current tungsten concentrate production is approximately 7,500 MTUs per month and is expected to increase to above 9,000 MTUs, in the near future. Malaga also seeks diverse growth opportunities such as developing the hydroelectric potential of its Pasto Bueno property, through Hidropesac, in which the Company holds 44%, as well as through its holding in Dynacor Gold Mines Inc., in which the Company owns 13.5%.
The Company's shares trade on the Toronto Stock Exchange (TSX:MLG). Malaga is currently the only publicly traded tungsten producing company outside of China. Updates and information on Malaga are available at its web site www.malaga.ca.
Certain statements in the foregoing may constitute forward-looking statements, which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Malaga, or industry results, to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management's current expectations regarding future events and operating performance as of the date of this news release.
SOURCE MALAGA INC.
For further information: For further information: Jean Martineau, President & CEO, Malaga Inc., (514) 288-3224; Dale Nejmeldeen, Investor Relations, Malaga Inc., (778) 574-2806, firstname.lastname@example.org; Nicole Blanchard, Corporate Strategy and Investor Relations, Sun International Communications, (450) 973-6600