Business
Malaga narrows its net loss by $245,000 during Q1 2009
Malaga narrows its net loss by $245,000 during Q1 2009
About this update from M3 Metals Corp.
[{"type":"text","content":"\nMalaga narrows its net loss by $245,000 during Q1 2009\n\n\n May 19, 2009 (Baystreet.ca) -- MONTREAL -- Malaga Inc. (TSX: MLG) is pleased to report its financial results for the 3-month period ended March 31, 2009. The consolidated financial statements (all currency figures appear in Canadian dollars unless otherwise specified) along with the management's discussion and analysis are available for the viewing on the Malaga website at www.malaga.ca and the documents have been filed with SEDAR at www.sedar.com. \n\nQ1 2009 HIGHLIGHTS\n\n- Signing of a new 5-year tungsten supply contract as well as a financing\nagreement that was closed on April 1st by which Malaga is to receive US\n$5.0 million (US$3.4 million has already been received), without\ninterest for the first 12-month period. The funds are to be used to\nincrease the production capacity from 250 tons per day to 500 tons per\nday\n- Sales of 17,092 MTUs (11,850 MTUs for Q1 2008), an increase of 44%\n- Sales of $3.4 million, an increase of 78% as compared to $1.9 million\nfor Q1 2008\n- Net loss in Q1 2009 of $0.6 million ($0.8 million in Q1 2008), a\ndecrease of $0.2 million\n- Ore grade of 0.90% of WO(3) for MTUs produced and sold, as compared to\n0.82% for Q1 2008\n- Production from the Huayllapon I sector began during Q1\n\nMine development and underground exploration will be aggressively pursued\nduring Q2 2009 following the closing of the above-mentioned financing\nagreement on April 1st. Purchasing of the new mining equipment (front loaders,\nelectric carts and electrical transformers, etc.) that will be needed to\nincrease the production capacity in 2010 is underway.\nThe existing 250 tons per day (tpd) ore processing plant will be upgraded\nto a capacity of more than 500 tpd (maximum planned capacity is 600 tpd). All\nthe necessary engineering studies have been completed and the construction\nphase is to begin shortly. This phase will take about 5 months to complete.\n\nPRODUCTION\n\nMine production for the 3-month period ending March 31, 2009 is summarized\nbelow:\n\n2009 2008\n-------------------------------------------------------------------------\nTons of ore mined 20,179 20,253\n-------------------------------------------------------------------------\nGrade (%) 0.9 0.79\n-------------------------------------------------------------------------\nProduction ...