Malaga Inc.
TSX : MLG

Malaga Inc.

December 23, 2010 12:56 ET

Malaga Receives $2.6 Million

MONTREAL, QUEBEC--(Marketwire - Dec. 23, 2010) - Malaga Inc. (TSX:MLG) is pleased to announce that it has received $2.6 million from Dynacor Gold Mines (TSX:DNG) in reimbursement for promissory notes issued in 2007. Malaga owns 10.2% of Dynacor Gold Mines.

« We are foreseeing the New Year 2011 as one of growth for Malaga, at the mine operations for production of tungsten as well as on the exploration front on the Pasto Bueno property, in particular as the APT price is reaching record levels around US$330 per mtu (metric ton unit)1. We take this opportunity to thank our shareholders for their support throughout the year», said Mr Pierre Monet, President of Malaga.

(1) MTU or Metric Ton Unit equals 10 kg; 1 tonne is equal to 100 MTU

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.
    Pierre Monet
    President
    450-973-6600
    or
    Sun International Communications
    Nicole Blanchard
    Corporate Strategy and Investor Relations
    450-973-6600