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Malaga Inc.

Published : April 14th, 2008

Reports its year end financial results for 2007

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Keywords :   Gold | Gold Mines | Growth | Tungsten |

Malaga Inc. reports its year end financial results for 2007

Montr�al, Qu�bec, April 14, 2008 - Malaga Inc. (TSX: MLG) reports its financial results for the year ended December 31, 2007. The consolidated financial statements (all currency figures appear in Canadian dollars unless otherwise specified) along with the management's discussion and analysis are available for the viewing on the Malaga website at www.malaga.ca and the documents have been filed with SEDAR at www.sedar.com.

Highlights for 2007

  • The Pasto Bueno tungsten mine began commercial operation in April 2007 and attained its full production capacity of 250 tons per day in June 2007.

  • Tungsten sales reached a record of 43,821 MTU's generating $8.033 million.

  • Gross earnings totalled $2,029,601 for the year.

  • Important corporate reorganization by which the gold assets of Malaga were transferred to Dynacor Gold Mines Inc. and of which 80% of the common shares were distributed to the Company's shareholders before the issuance of 10,000,000 common shares. Dynacor Gold Mines Inc. was listed on the Toronto Stock Exchange in October 2007. Following this transaction, the earnings from gold activities are presented in the Company's financial statements as discontinued operations

Principal Financial Data (in 000$)

 

2007

 

2006

Sales (tungsten)

8,033

 

-

Net loss

2,358

 

2,978

Cash flow used by continuing operations

(1,828)

 

(3,960)

Property, plant and equipment investment

1,003

 

1,812

Addition to mining properties

2,140

 

1,580

Working Capital (December 31, 2007)

4,367

 

3,003

 

Total assets

25,210

 

26,476

Shareholders' equity

19,826

 

22,364

 

 

 

 

Outstanding shares as at December 31 (000)

137,117

 

112,290

Weighted average number of outstanding common shares (000)

122,391

 

108,969

Loss per share ($)

0.02

 

0.03

Loss per share from continuing activities ($)

0.03

 

0.03


Operating Activities
The Company recorded a net loss of $2,357,574 compared to $2,978,470 in 2006. This improvement is due to increased gold sales (discontinued activities) and the beginning of commercial production of tungsten in the second quarter of 2007. Gross earnings were $2,029,601 but were offset by the increase in administrative costs. This increase comes mainly from setting up a corporate structure to manage commercial operations of the Pasto Bueno tungsten mine, and the creation and spin off of Malaga's gold assets into a new corporation Dynacor Gold Mines Inc. The Company expects improved results in 2008, for several reasons, namely, an increase in production, a reduction in operating costs especially by a significant decrease in costs related to electricity, and finally, a significant reduction in administrative costs as compared to those of the first year of operation.

Working capital at December 31, 2007 was $4,367,057 compared to a working capital of $3,003,895 on December 31, 2006.

Update on Pasto Bueno Mine
The Company plans to continue upgrading the mill throughout 2008 step by step in order to accomplish its objective of doubling production levels, by the beginning of 2009.

In 2007, Malaga decided to allocate financial resources of about 2 million dollars for the next 2 years for exploration purposes in order to discover and increase current tungsten reserves at Pasto Bueno. An important 10,650 meter drilling program, as well as an underground exploration program in the Huaura and Huayllapon sectors has been initiated and the Company is confident that it will renew and increase its reserves in order to insure its long-term production goals. The first results are very positive, new WO3 mineralized structures have been discovered and our understanding of the geology of the mine has increased considerably and underscore the very significant potential of this tungsten mine (see press releases dated November 13, 2007 and March 3, 2008).

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, in which the Company holds 44%, as well as through its holding in Dynacor Gold Mines Inc., in which the Company owns 13.3%.

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
JAMES BUCHANAN: JBUCHANAN@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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