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Malaga Inc.

Published : May 23rd, 2007

reports sales of $2.3 million of tungsten concentrate for the first quarter 2007

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

Malaga reports sales of $2.3 million of tungsten concentrate for the first quarter 2007

Montr�al, Qu�bec, May 23, 2007 - For the quarter ended March 31, 2007, Malaga inc. (previously Dynacor Mines Inc.) (TSX: DYN) reports gross sales deriving from tungsten concentrate from its Pasto Bueno mine, in the amount of $2.3 million. Also, as previously announced, the Pasto Bueno mine began commercial production as of April 1, 2007.

It is important to note that due to the fact that commercial production was announced after the closing of Q1-2007, the gross sales amount of $2.3 million was presented on the Q1 financial statements, under deduction of deferred development and exploration expenses. For further detail, see the complete consolidated financial statements for Q1-2007.

REORGANIZATIONAL UPDATE
On February 20, 2007, the Company announced, by way of press release, its intention to roll over its gold assets into a new subsidiary (the "Reorganization"). During the Annual Shareholders Meeting, held May 16, 2007, the Reorganization was voted in. Pursuant to a share purchase agreement to be entered into between the Company and its subsidiary Dynacor Gold Mines Inc., the Company transferred to Dynacor Gold Mines Inc. the shares of Minera Dynacor del Per� S.A.C., a wholly-owned subsidiary of the Company which owns the gold interests in the Acari, Casaden and Tumi pampa properties, located in Peru. The Pasto Bueno property, therefore the tungsten assets, is to remain the principal asset of the Company, newly named Malaga Inc.

Malaga Inc. reports its financial results for the three-month period ended March 31, 2007. The consolidated financial statements along with management's discussion and analysis are available for viewing on the Malaga Inc. website at www.dynacor.com. The documents can also be found on SEDAR (www.sedar.com).

SUMMARY OF FINANCIAL RESULTS FOR THE FIRST QUARTER 2007
compared to results for the first quarter 2006

  • The Company reported a net loss of $932,920 compared to a net loss of $367,560 for the same three-month period in 2006. Included in this, is an increase in administrative expenses from $344,275 in Q1-2006 to $711,532 in Q1-2007. The increase is due to the rise in activity related to the start-up of production at the Pasto Bueno mill in Peru.

  • During the first quarter of 2007, the Company has continued increasing its production at the Pasto Bueno mine. The mine's current production rate is at 186 tonnes/day. Increases are expected to continue in order to achieve by Q2-2007, the mill's maximum capacity of 250 tonnes/day.

  • Total gold sales at the Acari mine, derived from ore purchased from local miners, were 4,312 ounces in Q1-2007, compared to 2,336 ounces in Q1-2006.

  • The average selling price per ounce of gold was US$644 in Q1-2007, compared to US$543 per ounce in Q1-2006.

  • Operating costs per ounce of gold sold increased to US$572 per ounce in Q1-2007, compared to US$487 per ounce in Q1-2006.

  • Along with the increase of gold production at the Acari mine, and the increase in the price of gold, the Company's gross margin increased from $169,982 in Q1-2006 to $378,583 in Q1-2007.

Working capital at March 31, 2007 was $2,686,936 compared to $1,655,837 at March 31, 2006.

COMPANY PROFILE
Malaga Inc. is a mining company which owns and operates, through its subsidiaries, a tungsten mine and gold plant with mining and exploration activities focused in Peru. It holds 100% interest, and operates the Pasto Bueno tungsten mine. In addition, the Company holds 44% interest in the Peruvian company called Hidroelectrica Pelagatos. This corporation operates the hydroelectric potential of the Pasto Bueno property.

The Company focuses on efficient and productive mining practices, in order to optimize current operations. The Company is committed to growth, through increasing its production levels, continuing exploration projects on existing properties and through strategic acquisitions. It also seeks diverse growth opportunities such as the hydroelectric potential through Hidroelectrica Pelagatos.

For more information, please contact:

MARC BLAIS 
PRESIDENT 
MALAGA INC. 
450 667-3224 

JEAN MARTINEAU / CHRISTINA LALLI
CHAIRMAN OF THE BOARD / INVESTOR RELATIONS
MALAGA INC.
450 667-3224

RENMARK FINANCIAL COMMUNICATIONS INC.
BARBARA KOMOROWSKI: BKOMOROWSKI@RENMARKFINANCIAL.COM
TINA CAMERON : TCAMERON@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 : 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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