The Board of Directors of Malaga Inc.
(TSX:MLG - News) 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.
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