Malaga Inc.

Malaga Inc.

December 02, 2011 07:00 ET

Malaga Announces Appointment of Pierre Monet as President and Chief Executive Officer

MONTREAL, QUEBEC--(Marketwire - Dec. 2, 2011) - The Board of Directors of Malaga Inc. ("MLG") (TSX:MLG)(OTCQX:MLGAF) today announced the appointment of Pierre Monet as President and chief executive officer, replacing Jean Martineau who will remain Chairman of the Company and President and CEO of Dynacor Gold Mines Inc.

"I look forward to leading the growth potential of Malaga by bringing our production to its optimal capacity and by optimizing our processes and upgrading our hydro electrical power plant. A key element I have at heart is to unveil the mineral potential of our Pasto Bueno property through extensive exploration and increasing its reserves and resources", commented Mr. Monet.

Mr. Monet added that he was pleased to benefit from the ongoing support of Jean Martineau as Chairman. Jean was successful in putting the Pasto Bueno mine back into production in 2007 and brought it to its current level. His extensive experience of Peru will continue to be a valuable asset for Malaga.

Prior to this appointment, Pierre Monet was President since November 2010 and before that served as Vice-President and Chief Financial Officer. As CFO he was responsible for helping restructure Malaga's spin-off from Dynacor Gold Mines, negotiate a long-term contract with a major tungsten user, and arrange debt and equity financings. M. Monet has close to 15 years of experience in the resources industry, 5 of which were at Iron Ore Company of Canada, a subsidiary of Rio Tinto. He is also an experienced finance professional who has managed large acquisition, restructuring and financing projects for public and private companies and a member of the Chartered Institute of Canadian Accountants since 1986.

"Pierre has made important contributions to Malaga and is well positioned to help the Company continue to grow," said Jean Martineau. "His deep knowledge of the mining industry combined with an extensive financial background will play a key role in Malaga's future successes and accomplishments."


Malaga Inc. owns and operates the Pasto Bueno tungsten mine in Peru and is one of the few publicly-traded producers of tungsten outside of China. Malaga is a low cost producer due to its gravimetric ore concentration process and the availability of hydroelectric power on its property. Malaga's production capacity represents approximately 10% of the tungsten produced outside China. The Company plans to continue to increase production and explore other deposits on its property to expand its reserves and resources.


Certain statements in the foregoing may constitute forward‐looking statements which involve known and unknown risks, uncertainties and other factors that may cause Malaga's actual results, performance or achievements or industry results to be materially different from any future result, performance or achievement expressed or implied by such forward‐looking statements. The information provided reflects management's current expectations regarding future events and performance as of the date of this news release.

Contact Information

  • Pierre Monet
    President and CEO
    Malaga Inc.
    514 288-3224

    Nicole Blanchard
    Corporate Strategy and Investor Relations
    Sun International Communications
    450 973-6600