Business
Malaga reports its financial results for Q3 2009
Malaga reports its financial results for Q3 2009
About this update from Dynacor Group Inc
[{"type":"text","content":"\n\n\n\nNov. 16, 2009 (Canada NewsWire Group) -- MONTREAL, Nov. 16 /CNW Telbec/ -- Malaga Inc. (TSX:MLG) is pleased to report its financial results for the three-month period ended September 30, 2009. The interim consolidated financial statements (all currency figures appear in Canadian dollars unless otherwise specified) along with the management's discussion and analysis are available on the Company's website www.malaga.ca; the documents have been filed with SEDAR at www.sedar.com.Q3 2009 HIGHLIGHTS- Issuance of 9.0M common shares for gross proceeds of $0.9M.- Q3 sales revenue of $2.8M ($3.2M in Q3 2008).- Q3 sales volume of 15,529 MTUs of tungsten concentrate (15,795 MTUs inQ3 2008).- Net loss in Q3 of $2.0M ($0.4M in Q3 2008)- Tungsten ore grade of 0.84% (0.78% Q3 2008)The increase in the net loss in comparison to the second quarter isprincipally due to the decrease in the market price of tungsten and theforeign exchange loss in the amount of $0.3M.Management expects that, by the end of November, the production capacitywill reach 325 tons per day and in excess of 500 tons per day by the end ofthe first quarter of 2010. At September 30, 2009, the Company has invested$4.3M on this project.PRODUCTIONProduction is summarized in the table below:Three-month Nine-monthperiods ended periods endedSeptember 30th September 30th--------------------------------------------2009 2008 2009 2008-------------------------------------------------------------------------Tons processed 24,111 23,176 66,831 65,297-------------------------------------------------------------------------Grade (%) 0.84 0.78 0.85 0.80-------------------------------------------------------------------------Production (MTU) 17,177 14,975 47,713 42,288-------------------------------------------------------------------------ABOUT MALAGA INC.Malaga Inc. is a tungsten mining company that uses modern, efficient and productive mining technology. The Company is committed to growth, via increasing its tungsten concentrate production, through continuing the exploration of the Pasto Bueno property, and via strategic acquisitions. It also seeks diverse growth opportunities such as developing the hydroelectric potential of the 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 own...