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Malaga Inc.

Published : April 13th, 2007

files its audited consolidated financial statements and announces fourth quarter and year-en

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Keywords :   Canada | Gold | Gold Production | Gold Sale | Peru | Tungsten |

Dynacor Mines Inc. (dynacor)
Symbol: DYN
Toronto Stock Exchange

Dynacor files its audited consolidated financial statements and announces fourth quarter and year-end results

Montr�al, Qu�bec, April 13, 2007 - On April 12, 2007, Dynacor has filed its audited consolidated financial statements for the year ended December 31, 2006 and the other required documents with the regulatory authorities. Dynacor expects that the cease-trade order issued by the regulatory authorities will be lifted early next week.

OVERVIEW
Dynacor is a public company listed on the Toronto Stock Exchange under the symbol DYN. It has been involved in acquisition, exploration, development and operation of mining properties in Peru for the past 11 years.

The Company is mainly active in southern Peru with gold production derived from custom milling operations at the Acari plant, and in northern Peru with the Pasto Bueno tungsten mine where pre-production has begun in September 2006. The first container of concentrate was shipped in October 2006 and that year, the sales of concentrate represented $1,235,460. This amount was reduced from the related deferred exploration according to accounting policies.

GOLD PRODUCTION
In 2005 and 2006, gold sales revenues are derived from ore purchased from local miners. These sales and related costs are recorded in the consolidated statements of earnings.

Total gold production derived from ore purchased from local miners was 14,312 ounces for 2006 compared to 14,301 ounces for 2005. Total gold production was as follows:

 

 

2006

 

 

2005

 

 

 

 

 

 

Gold sale

$

9,394,817

 

$

7,497,786

Cost of gold sale

 

8,406,253

 

 

6,464,807

 

 

 

 

 

 

 

Margin

 

$

 

988,564

 

 

$

 

1,032,979

 

 

 

 

 

 



OUTLOOK
Pasto Bueno
Since September 20, 2006, production is in excess of 50 tonnes/day. Production is expected to increase in order to achieve, by the second quarter of 2007, the maximum capacity of 250 tonnes/day.

Acari
Over the next months, Dynacor plans to increase the mill capacity at Acari from 100 t/d to 130 t/d and reach a gold production of 25,000 ounces per year through custom milling operations.

Spin-off
On February 20, 2007, the Company announced its intention to roll over its gold assets into a new subsidiary and to give its shareholders ownership of such subsidiary. Dynacor will continue to focus on developing its tungsten production at the Pasto Bueno mine, in Peru.

The new company, to be named later, will hold all the current gold assets of Dynacor, namely the Acari property and mill, and all the gold exploration properties, which include the Tumipampa and Casaden properties.

OPERATING ACTIVITIES
For the year ended December 31, 2006, the Company reported a net loss of $2,978,470 compared to a net loss of $592,763 during the same period in 2005. The gross margin decreased from $1,032,979 in the year ended December 31, 2005 to $988,564 for the same period in 2006. The increase of the loss is due to general and administrative expenses that have increased to $2,025,796 in 2006 compared to $1,048,849 in 2005. This increase is due to a rise in activities related to the start-up of production at the Pasto Bueno mill. In addition, a charge of $135,604 for foreign exchange loss was recorded in 2006 compared to $54,214 in 2005. Also, a charge of $1,220,100 for stock-based compensation was recorded during the year ended December 31, 2006 compared to nil during the same period in 2005. This factor has contributed to the increase in the loss for the year.

General and administrative expenses increased to $2,025,796 for the year ended December 31, 2006 compared to $1,048,849 for the year 2005. The increase is due mainly to office expenses and general exploration - Peru that have increased by $189,039 due to the set-up of a corporate structure to include the Pasto Bueno operation. Exploration expenses not related to specific properties owned by the Company are presented in the table above under office expenses and general exploration in Peru.  

General and Administrative Expenses

 

2006

 

 

2005

 

 

 

 

 

 

Professional fees

$

324,264

 

$

195,015

Office expenses - Canada

 

93,580

 

 

72,413

Office expenses and general exploration - Peru

 

 

888,805

 

 

343,642

Travel and representation

 

124,056

 

 

77,297

Salaries and remuneration

 

304,174

 

 

239,782

Transfer agent and listing fees

 

290,917

 

 

120,700

 

 

 

 

 

 

Total general and administrative expenses

$

2,025,796

 

$

1,048,849

 

 

 

 

 

 

Assets
The value of properties, plants and equipments increased by $1,845,796, and amounted to $3,211,067 as at December 31, 2006 compared to $1,365,271 as at December 31, 2005, due in part to the rehabilitation of the Pasto Bueno mill, the purchase of mining equipment and the purchase of a building in Lima.

Deferred exploration and development expenses increased by $2,021,655 compared to $868,205 as at December 31, 2005, due mainly to additional exploration work done on the Pasto Bueno mine for $3,052,977.

Shareholder's Equity
Increase in the shareholder's equity for the year ended December 31, 2006 comes from the issuance of 29,639,539 common shares through private placements for a gross total of $9,055,122 less issuance fees of $703,256 for net proceeds of $8,351,866. The importance of the cost of issuance fees is mainly due to the adjustment of the value of the warrants granted with the Black-Scholes model.

For more information, please contact:

Marc Blais, President
Dynacor Mines Inc.                                                                                                  
450 667-3224 

Jean Martineau, Chairman of the Board
Dynacor Mines Inc.
450 667-3224

Renmark Financial Communications Inc.
Danielle Velez: dvelez@renmarkfinancial.com
Christina Lalli: clalli@renmarkfinancial.com
Media - Vanessa Napoli: vnapoli@renmarkfinancial.com
Tel.: 514 939-3989
Fax: 514 939-3717
www.renmarkfinancial.com

 

Data and Statistics for these countries : Canada | Peru | All
Gold and Silver Prices for these countries : Canada | Peru | All

Malaga Inc.

PRODUCER
CODE : MLG.TO
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Malaga is a gold and tungsten producing company based in Canada.

Malaga holds various exploration projects in Peru.

Its main asset in production is PASTO BUENO in Peru.

Malaga is listed in Canada and in United States of America. Its market capitalisation is CA$ 918 375 as of today (US$ 881 456, € 674 490).

Its stock quote reached its highest recent level on June 20, 2008 at CA$ 0.49, and its lowest recent point on July 15, 2013 at CA$ 0.01.

Malaga has 183 675 000 shares outstanding.

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Annual reports of Malaga Inc.
2007 Annual Report
Nominations of Malaga Inc.
12/2/2011Announces Appointment of Pierre Monet as President and Chief...
6/23/2011Appoints Three New Board Members
7/8/2008appoints Paul Cregheur to the Board of Directors
6/26/2008appoints three new Directors
12/20/2007Appoints a new board member
Financials of Malaga Inc.
4/3/2013Publishes Year-End Results
8/22/2008Q2 2008 financial results and outlook for 2008
4/14/2008Reports its year end financial results for 2007
11/15/2007reports net earnings in its third quarter 2007
8/16/2007Reports $6,749,432 revenue from the sale of gold and tungste...
5/23/2007reports sales of $2.3 million of tungsten concentrate for th...
4/13/2007files its audited consolidated financial statements and anno...
Project news of Malaga Inc.
5/31/2011(Pasto Bueno)Announces a $1.5 Million Diamond Drilling Campaign in the Co...
4/24/2008(Pasto Bueno) Pasto Bueno: Commissioning of the first phase of the Pasto ...
3/3/2008(Pasto Bueno)discovers new tungsten mineralized vein structures at Pasto ...
11/13/2007(Pasto Bueno) Pasto Bueno: Drilling Reveals New Tungsten Mineralized Zone...
5/15/2007(Pasto Bueno)commercial production begins at the Pasto Bueno mine
Corporate news of Malaga Inc.
6/6/2013Files a Notice of Intention to Make a Proposal Under the Ban...
5/21/2013Publishes Q1 Results
4/9/2013Sells Its Hydro Electric Power Plant
11/9/2012Update on Mining Operations
11/9/2012Update on Mining Operations
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
8/15/2012Announces Its Q2 Results
5/9/2012Maintains Profitability and Generates Cashflow From Operatin...
4/17/2012to Recover Additional Tungsten From Its Tailings Pond
3/28/2012Improves Profitability and Generates a Net Income of $5.6M a...
2/27/2012(Pasto Bueno)Increases Its Resources by More Than 140% and Its Reserves b...
2/16/2012to Build New Hydroelectric Plant in Peru
1/9/2012(Pasto Bueno)Announces Appointment of Fernando Pajuelo Rincon as General ...
10/4/2011Joins OTCQX-"MLGAF"
8/15/2011Reports Financial Results for Second Quarter 2011: Generates...
6/17/2011Generates a Net Income of $0.8 Million and an EBITDA of $1.3...
5/20/2011Says it is Not Aware of Any Undisclosed Development That Wou...
4/11/2011Reports Record Sales of US $4.5 Million in the First Quarter...
3/31/2011Reports Income of $1.1 Million From Mining Activities
10/30/2007 Announces the Final Distribution Ratio of Dynacor Gold Mine...
9/26/2007senior management changes within the company
7/17/2007Change of corporate name and trading symbol (previously Dyna...
4/17/2007has 100% ownership of its Acari property in Peru
3/21/2007signs an engagement letter of up to CA$5 million with D&D Se...
2/20/2007To Spin Off Gold Assets To Shareholders
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