Malaga Inc.
TSX : MLG

Malaga Inc.

June 23, 2011 10:52 ET

Malaga Appoints Three New Board Members

Launches Exploration Program to Support Growth Phase as Tungsten Reaches Record Prices

MONTREAL, QUEBEC--(Marketwire - June 23, 2011) - Malaga Inc. (TSX:MLG), a leading producer of tungsten, today announced that Ms. Anne-Marie Sheahan, Mr. Quinn Roussel, and the Company's President, Mr. Pierre Monet, have joined Malaga's Board of Directors. Adding substantial senior management experience to the Company's already solid leadership team, the appointments are intended to help support Malaga as it pursues its growth. The 2011 expected production at the Pasto Bueno tungsten mine is 80,000 MTUs, and a new exploration program is underway to increase its resources as the price of APT, a semi-finished product of tungsten, reaches record prices of US $460-485.

Ms. Sheahan is the senior partner of Sheahan and Partners, a law firm specializing in environmental counselling, new regulation analysis, and environmental issues arising in commercial transactions. She is an executive member of the National Environmental, Energy and Resources Law Section of the Canadian Bar Association, as well as a member of the Permanent Committee on the Environment of the Quebec Bar. She has also authored several articles on environmental law which have appeared in a variety of publications. Since 1997, Ms. Sheahan has been listed as a leading lawyer in environmental law in the Canadian Legal Lexpert Directory, and she is ranked "Band 1 – Notable Practitioner" for Canada in the British directory Chambers Global. Additionally, she has been included in Martindale Hubbell, PLC Which Lawyer, Best Lawyers in Canada, Who's Who Legal for Canada and the World Leading Environmental Lawyers. Ms. Sheahan received BCL and LLB degrees from McGill University in 1989 and was admitted to the Quebec Bar in 1991.

Mr. Roussel is a Principal with Resource Capital Fund (RCF) of Denver, Colorado and Perth, Australia. He holds a degree in Mining Engineering from the Colorado School of Mines and Masters of Business Administration from the University of South Carolina and the Wirtschafts Universitat Wien. His career has focused entirely within the minerals industry, with prior direct engineering experience in operating coal, gold and oil assets. Mr. Roussel also brings international business experience, having worked as Director of Business Development of Asian American Coal in China where he focused on acquisitions and financing, and as an Associate focused on Pacific Rim and African projects for RCF's Perth office in Australia. Mr. Roussel also serves on the Board of Directors of Finders Resources Limited, an Australian listed company with a development stage copper heap leach SX/EW project and a gold exploration project in Indonesia.

Mr. Monet was named President of Malaga in November 2010.Previously he served as 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. Mr. 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 Alliance Forest Products. He is an experienced finance professional who has managed major 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.

ABOUT MALAGA INC.

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 at Pasto Bueno. Malaga's current production accounts for 15% of the tungsten produced outside of China. The Company plans to increase production and explore the property to develop its reserves and resources.

FORWARD‐LOOKING STATEMENTS

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

  • Jean Martineau
    Chairman of the Board and Chief Executive Officer
    Malaga Inc.
    514 288-3224

    Pierre Monet
    President
    Malaga Inc.
    514 288-3224

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