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Malaga Inc. (malaga)
Symbol: MLG
Toronto Stock Exchange(TSX)
MONTREAL, March 3 /CNW Telbec/ - Malaga Inc. (TSX: MLG) is pleased to publish a technical report on its tungsten reserves and resources on its Pasto Bueno property located in the Ancash Province in Peru. The report which complies with the requirements of Canadian National Instrument 43-101 was prepared by Vector Engineering Inc. This report describes 98,448 metric tons of proven and probable reserves with a WO3 average grade of 0.95%, 142,490 metric tons of measured and indicated resources with a WO3 average grade of 1.05% and 1,204,000 metric tons of presumed resources with a WO3 grade of 0.82%. The complete report and its appendixes have been filed on SEDAR (www.sedar.com) on March 3, 2009 and are also available on the Company's website www.malaga.ca.
The detailed reserves and resources as of December 1, 2008 are given in the tables, below.
Reserves Quantity (metric tons) Grade (% WO3) ------------------------------------------------------------------------- Proven 28,234 1.21 Probable 70,214 0.85 ------------------------------------------------------------------------- Proven + Probable 98,448 0.95 ------------------------------------------------------------------------- Resources Quantity (metric tons) Grade (% WO3) ------------------------------------------------------------------------- Measured 35,646 1.28 Indicated 106,844 0.98 ------------------------------------------------------------------------- Measured + Indicated 142,490 1.05 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Presumed 1,204,000 0.82 -------------------------------------------------------------------------
The resources given in the above table do not include the proven and probable reserves.
Strict QA/QC procedures were followed for all the samples and the quality of sample preparation, security, integrity and chemical analyses was equal or exceeded current industrial standards and the requirements of NI 43-101.
The calculation of the above reserves and resources was based on samples that were taken from only 7 of the more than 70 known WO3-mineralized veins found on the Pasto Bueno property.
In 2007, Malaga undertook an important drilling campaign as well as an extensive underground exploration program in order to define its tungsten reserves and resources. More than 7,752 meters of drilling was done and Malaga firmly intends to pursue the exploration on all the significant mineralized structures to further define and increase the reserves and the resources.
HISTORICAL PRODUCTION
Tungsten concentrates have been produced at Pasto Bueno for the last 100 years, since 1910 it has been reported that more than 6 million tons of ore has been processed yielding more than 42,000 tons of WO3 concentrates. No drilling had been performed on this property, prior to Malaga's 2007 campaign and all the mine's previous owners had generally favoured surface exploration, leading to the discovery of an mineralized outcropping and followed by mining of this vein inwards. Historical production at Pasto Bueno came from the mining of 6 main veins.
Malaga's approach to defining reserves has the advantage of enabling the Company to target and mine the most profitable zones.
This Press Release has been read and approved Alain-Jean Beauregard, who is Malaga's qualified person, and is a geologist affiliated to FGAC, OGC and AEMQ and who is therefore in full compliance with requirements of the pertinent paragraphs NI 43-101.
ABOUT MALAGA INC.
Malaga Inc. is a tungsten mining company that uses modern, efficient and productive mining technology. The Company is committed to growth, through increasing its tungsten concentrate production, continuing the exploration of the Pasto Bueno property, and through 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 owns 13.3%.
FORWARD-LOOKING INFORMATION
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.