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Malaga Inc.

Published : November 15th, 2007

reports net earnings in its third quarter 2007

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Keywords :   Gold | Gold Mines | Gold Production | Growth | Peru | Tungsten |

Malaga inc. reports net earnings in its third quarter 2007

Montreal, Quebec, November 15, 2007 - Malaga Inc. (TSX: MLG) reports its financial results for the three-month period ended September 30, 2007 (all currency figures appear in Canadian dollars unless otherwise specified). The consolidated financial statements 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.

SUMMARY OF FINANCIAL RESULTS FOR THE THIRD QUARTER 2007
Compared to results for the same period in 2006

  • Cash flow from operations before non-cash working capital variation was $704,994 in Q3 2007 compared to a utilization of $519,709 for the same period in 2006. The improvement is attributed mainly to an increase in gold sales and the attainment of commercial operating capacity at the Pasto Bueno tungsten mine, in April 2007.
  • Malaga recorded net earnings of $101,349 in Q3 2007 compared to a net loss of $536,801 for the same period in 2006. The improvement is attributed to the same reasons mentioned in the above paragraph. The costs since the beginning of the year have been high because of the start-up of Pasto Bueno and reorganisation in Peru. These costs will be lower and the company expects further improvement as the production capacity at the tungsten mine will be increased.
  • Revenue generated from the sale of gold and tungsten is $8,061,216 in Q3 2007, compared to $2,117,836 in Q3 2006. The gross margin deriving from gold and tungsten sales increased from $202,245 in Q3 2006, to $937,829 in Q3 2007. This significant increase is largely due to an increase in gold sales and the start-up of the commercial operation of the Pasto Bueno tungsten mine during the second quarter of 2007.
  • Tungsten production recorded in Q3 2007 was 16 044 MTU's. Revenue generated from the sale of tungsten during Q3 2007 was $2,809,936. The gross margin, before depreciation, deriving from tungsten production for Q3 2007 was $994,992. The average production rate for the three-month period was 250 tonnes/day, as the full capacity rate of 250 tonnes was reached in June 2007.
  • Gold production, deriving from custom milling at the Acari plant, increased to a record 7,478 ounces in Q3 2007, compared to 3,200 ounces in Q3 2006. The average sale price was US$658 per ounce in Q3 2007, compared to US$589 for the same period in 2006. The average cost of sales per ounce of gold was US$603 in Q3 2007, compared to US$527 in Q3 2006. The gross margin (before depreciation) deriving from gold production for Q3 2007 was $450,426 as compared to $223,112 for the same period 2006. The increase in the gross margin is directly related to the increase in production volume.
  • Working capital at September 30, 2007 was $3,707,460 compared to a working capital of $3,003,895 on December 31, 2006. Also, between October 1st, 2007 and November 9, 2007, funds amounting to $2,579,771 were raised following the exercise of options and warrants.

SPIN-OFF
On October 24, 2007, 16,000,000 common shares (representing 80%) of Dynacor Gold Mines Inc. owned by the Company have been redistributed to their shareholders. As a result Malaga owns 13.3% of Dynacor Gold Mines Inc.

UPDATE ON PASTO BUENO
Throughout the third quarter, the Pasto Bueno mine has been producing at a steady level of 250 tonnes/day. The company is currently working on upgrading the mill, in order to increase production levels to 300 tonnes/day by Q1 2008. Also, the Company expects to be connected to the Peruvian National Electric grid by Q1 2008, which will greatly reduce the operating cost per MTU, therefore having a favourable impact on the gross margin.

COMPANY PROFILE
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 Compa ny 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 INC.
BARBARA KOMOROWSKI : BKOMOROWSKI@RENMARKFINANCIAL.COM
ERIC ST-PIERRE: ESTPIERRE@RENMARKFINANCIAL.COM
TEL. : 514 939-3989
FAX : 514 939-3717
WWW.RENMARKFINANCIAL.COM

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