Malaga Inc.
TSX : MLG

Malaga Inc.

November 17, 2010 11:29 ET

Malaga Announces Changes in Senior Management as it Prepares to Expand Its Mining Activities in Peru

MONTREAL, QUEBEC--(Marketwire - Nov. 17, 2010) - The Board of Directors of Malaga Inc. (TSX:MLG) is pleased to announce the following changes in senior management, and more specifically the appointments of Pierre Monet as President and Joey Trombino as Vice-President and Chief Financial Officer. Jean Martineau remains Chairman of the Board and Chief Executive Officer.

"These senior management changes are being instituted at a turning point in Malaga's growth. Our tungsten production capacity now reaches a record level, but there are more improvements to make in terms of production in light of future expansion. Exploration of the property will also become more and more important in the coming year. With the appointments of Pierre Monet and Joey Trombino and my involvement in strategic development axes and special projects such as the start of a second phase of hydropower development at the Pasto Bueno mine, the Company should be in a position to reach another level in its development" said Jean Martineau.

Before this appointment, Pierre Monet was Vice-President and Chief Financial Officer since 2007, during which time he helped restructure Malaga, spin off 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, 10 of which were at Iron Ore Company of Canada, a subsidiary of Rio Tinto, and at Alliance Forest Products. He is an experienced finance professional who has managed large acquisition, restructuring and financing projects for public and private companies. Mr. Monet has been a member of the Chartered Institute of Canadian Accountants since 1986.

"I am very enthusiastic in meeting the challenges related to this role. Malaga has an enormous growth potential and with the support of our employees, I strongly believe that we could become the leading producer of tungsten outside of China. I am pleased to benefit from the support of Jean Martineau who was successful in putting the Pasto Bueno mine back into production in 2007 and brought it to the current level. I thank him for his confidence and we intend to multiply our efforts of mine development and exploration in order to continue on our growth path", commented Pierre Monet, President of Malaga.

An experienced accounting and finance executive, Joey Trombino joined Malaga in February 2009 as Director of Finance. He participated in the Company's development and managed the transition to the International Financial Reporting Standards. Prior to this, Mr. Trombino was Vice President and Chief Financial Officer of Positron Technologies and worked in several private and public companies in senior roles. He started his career at KPMG and is member of the Canadian Institute of Chartered Accountants since 1990.

Pierre Monet added, "Joey has a solid knowledge base, a diversified experience and great rigor in his work that will allow him to contribute to the growth of Malaga".

CORPORATE INFORMATION

Management of Malaga will be attending the San Francisco Hard Assets Conference at the Marriott Marquis in San Francisco on November 21 and 22. Malaga's booth number is 311.

ABOUT MALAGA

Malaga Inc. owns and operates a mine in Peru and is one of the few companies outside of China that produces tungsten. Malaga is a low cost producer due to the availability of hydroelectric power at its Pasto Bueno property in Peru and has a current production capacity of 500 tpd. Future plans are to increase production and thoroughly explore the property to increase reserves and resources.

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.

Contact Information

  • Malaga Inc.
    Jean Martineau
    CEO, Chairman of the Board
    514-288-3224
    or
    Malaga Inc.
    Pierre Monet
    President
    514-288-3224
    or
    Sun International Communications
    Nicole Blanchard
    Corporate Strategy and Investor Relations
    450-973-6600