Malaga Inc.

Published : November 13th, 2007

Pasto Bueno: Drilling Reveals New Tungsten Mineralized Zones

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Keywords :   Growth | Tungsten |

Pasto Bueno: Drilling Reveals New Tungsten Mineralized Zones

Montr�al, Qu�bec, November 13, 2007 - Malaga Inc. (TSX: MLG) is pleased to report that recent drilling data from its Pasto Bueno property confirms the presence of new tungsten (WO3) mineralized zones. According to Alonso Sanchez, Malaga's chief geologist "these results are very encouraging since they support the idea that most of the tungsten mineralization at Pasto Bueno is to be found within the intrusive body itself."

He further states that the findings are particularly significant since: 1) the data suggests that mineralization extends from the currently exploited Huaura zone right across a north-south 1,100 meters transect, to the previously mined Maria Ofelia zone, located on the other side of the mountain; and 2) the data shows that WO3 mineralized structures extend from the peripheral zones right into the core of the intrusive body. This result had never been demonstrated before and is very important since previously it was thought that tungsten-mineralized zones at Pasto Bueno were only located at the lithological contact zone - the interface between the intrusive body and the overlying rock.

Current tungsten mining and processing operations at Pasto Bueno are located in the Huaura zone and the main vein that is being mined is the Consuelo vein. Current mining operations at Pasto Bueno were restarted in October 2006. 

Drilling Results
The 2007 drilling campaign at Pasto Bueno began in May 2007 and 4 holes have been completed representing a total length of 1,733 meters. The primary objective of the 2007 drilling campaign was to investigate possible extensions of the known areas of tungsten mineralization: a) in the Pt-2 area located between the Huaura zone and Maria Ofelia sector located 1,100 meters to the south on the other side of the mountain; and b) to demonstrate that WO3 mineralized structures extend from the periphery right into the core of the intrusive body.

Hole HHD1
The first drill hole was laid approximately 600 meters south of the current Huaura mining operation site. The drill pad was located at a height that is equivalent to the Level 9 shaft at Huaura, and is 500 meters north of the Maria Ofelia zone.

The hole was drilled to a depth of 400.05 meters. It crossed a first vein, thought to be an extension of the main Consuelo vein, at a depth of 230.1 meters. This intersection measured 1.63 meters with an average grade of 3.12% WO3 over 1.24 meters. The second intersection occurred at a depth of 271.75 meters, where it crossed the Consuelo Vein over 5.23 meters with an average grade of 0.43 % WO3 over 1.38 meters.

Hole HHD2
This second drill hole was laid 850 meters south of Huaura and 250 meters north of the Maria Ofelia zone. The drilling pad was located at a height equivalent to Huaura Level 11.

The total length of this drill hole was 364.15 meters. The first intersection occurred at a depth of 203.38 meters crossing the Consuelo Vein over 1.17 meters with an average grade of 0.11% WO3.

A second intersect occurred at a depth of 324.85 meters, where a secondary vein named "Consuelo Piso" was encountered with an average grade of 0.14% WO3 over 1.60 meters.

Hole HHD3
This third hole (277.7 meters long) was drilled below the former mining zone of Maria Ofelia.

The first intersection occurred at a depth of 169.95 meters where it crossed the Consuelo Piso vein, and contained 0.01% WO3 over 1.25 meters. A second intersect occurred at a depth of 196.42 meters crossing the Consuelo vein which is also referred to as the Maria Ofelia vein in this zone. The intersect had a average grade of 0.03% WO3 over 1.58 meters.

Hole HHD4
The fourth drill hole (691.7 meters long) was laid 600 meters south of Huaura and 500 north of the Maria Ofelia zone.

Once again, the Consuelo Vein was intersected at a depth of 460.45 meters with a width of 1.73 meters. An average grade of 0.80% WO3 over 1.50 meters was found within this intersect.

Drill Hole

Intersect

Structure

Mineralized Width

WO3

Cu

Ag

Zn

 

(depth in m)

Width (m)

(m)

%

%

(oz/tn)

%

HHD1-1

230.10 - 232.40

1.63

1.24

3.12

0.22

0.26

0.07

HHD1-2

271.75 - 279.15

5.23

1.38

0.43

0.1

0.46

0.24

 

 

 

 

 

 

 

 

HHD2-1

203.38 - 204.55

1.17

1.17

0.11

Trace

0.13

0.01

HHD2-2 

324.85 - 344.50

1.60

1.60

0.14

0.03

0.05

0.11

 

 

 

 

 

 

 

 

HHD3-1

169.95 - 171.20

1.25

1.25

0.01

Trace

0.02

Trace

HHD3-2 

196.42 - 198.00

 1.58

 1.58

 0.03

 0.05

0.15 

0.01

 

 

 

 

 

 

 

 

HHD4

460.45 - 462.90

1.73

1.50

0.80

0.20

0.84

0.43


In conclusion, the above drilling results confirm that tungsten mineralization:

  • Extends from the currently exploited Huaura zone right across the north-south transect to the previously mined Maria Ofelia zone.
  • Is found deep within the intrusive body and not only in the surface areas as was previously thought. This would suggest that significant tungsten   mineralization at Pasto Bueno is present in the mineralized structures found within the intrusive body itself.

Furthermore, it should be underlined that with respect to the drilling data at Pasto Bueno, it is important to bear in mind that the mineralized structures are quite erratic (for instance WO3-rich zones adjacent to WO3-depleted zones and pinch and swell structures and lenses are commonly encountered). Exact quantification of WO3 resources by drilling alone is therefore quite difficult and exploratory excavation work is also necessary.

Malaga also wishes to report on new exploratory excavation work at the Pasto Bueno mine site, in the Huaura sector, located some 600 meters north from the drilling campaign area. The work consists of excavating new underground drifts, access crosscuts and vertical chimneys in order to further the exploration of levels 11 and 12 of the mine which are located within the intrusive body. A series of 57 samples were taken from three tungsten-bearing veins (Consuelo, Alonso and Maria Luisa) that were intersected in various points by the newly excavated areas. These tungsten-bearing zones can be readily visually identified on the walls of the newly excavated underground accesses. Tungsten grades ranged from 0.45% to 8.02% WO3 and the average grade for all 57 samples was 2.15%. Since all of the samples were taken from within the intrusive body this study clearly demonstrates that WO3 mineralization occurs within the intrusive rock, which opens new potential for mineralization.

The current drilling campaign is ongoing and further drill results will be announced by way of press release, as soon as available.

All chemical analyses were done by ALS CHEMEX laboratories in Lima and samples for tungsten was analysed by the ME-XRF-10 method.

Iv�n Quiroz, General Manager and Director, is a mining engineer and metallurgist, and a member of the Collegio de Ingenieros del Per�. He is the "Qualified Person" and is responsible for the technical information contained in this press release. Thus, Mr. Quiroz can testify to the precision and exactitude of the data and the mining and geological knowledge of the Pasto Bueno property as required by National Instrument 43-101 and its annexes with respect to the reporting and content of this press release.

ABOUT MALAGA INC.
Malaga Inc. is a tungsten mining company that uses modern, efficient and productive mining technology. The Company is committed to growth, through increasing its tungsten concentrate production, continuing the exploration of the Pasto Bueno property, and through strategic acquisitions. It also seeks diverse growth opportunities such as developing the hydroelectric potential of the Pasto Bueno property, through Hidropesac S.A., in which the Company holds 44%.

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 reflec t management's current expectations regarding future events and operating performance as of the date of this news release.

For more information, please contact:

Jean Martineau 
President & CEO 
Malaga Inc. 
514.288.3224

Christina Lalli
Investor Relations
Malaga Inc.
514.288.3224 ext. 224 

RENMARK FINANCIAL COMMUNICATIONS INC.
BARBARA KOMOROWSKI: BKOMOROWSKI@RENMARKFINANCIAL.COM
�RIC SAINT-PIERRE: ESTPIERRE@RENMARKFINANCIAL.COM
TEL.: 514.939.3989
FAX: 514.939.3717
WWW.RENMARKFINANCIAL.COM

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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