Malaga to Build New Hydroelectric Plant in Peru
Published : February 16, 2012

- Additional power will continue to significantly reduce tungsten production costs at Pasto Bueno mine

- Construction permit expected by end of 2012

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Keywords :   China | Market | Peru | Swiss | Tungsten |

MONTREAL, QUEBEC--(Marketwire - Feb. 16, 2012) - Malaga Inc. ("MLG")(News - Market indicators)(OTCQX:MLGAF) and Hidropesac, a joint venture between Malaga and its Swiss partners, Emerging Power Developers and Stucky S.A., are pleased to announce that they will build a new hydroelectric power plant on Malaga's Pasto Bueno property in Peru. While initial capacity is expected to be 20 MW, given the area's watershed and water flow characteristics, as well as enhanced dam retention capacity, potential capacity could subsequently be increased up to 38 MW.

"Tungsten concentrate at the Pasto Bueno mine is currently produced using a gravimetric process that's powered by a 600-kW feed from a hydroelectric plant (about 70% of the power requirements) built by Hidropesac in 2007," stated Pierre Monet, President and Chief Executive Officer of Malaga. "Given the access to the large rivers on the property, we are now planning an expansion that would enable us not only to meet our long-term power requirements, estimated at 3-4 MW, but also sell surplus power to private users or the Peruvian national power grid."

Monet noted that Malaga's goal in terms of energy has always been to ensure an adequate supply of power, control the related costs, be as environmentally friendly as possible and, provided the opportunity, maximize the value of this asset, which until now has been intangible. "The bottom line is that the new hydroelectric power plant will provide Malaga's Pasto Bueno mine with a distinct advantage."

The decision to build a new power source was based on Hidropesac's updated feasibility study on the construction of a hydroelectric power plant using the water resources of the Pelagatos and Plata rivers. Hidropesac has a temporary concession permit and is presently updating the environmental assessment and archeological artefacts study. When those studies are finished, it will then complete the generation and transmission technical specification, a feasibility study for the electromechanical equipment, engineering for the civil and electromechanical works, and engineering for the substations and transmission line in order to obtain the permanent concession.

Malaga expects to obtain final approval early in the fourth quarter of 2012, which would allow building to begin the following quarter. Construction is expected to take 18 to 24 months, followed by a six-month commissioning period.

ABOUT MALAGA INC.

Malaga Inc. owns and operates the Pasto Bueno mine in Peru, and is one of the few publicly-traded producers of tungsten outside of China. Malaga is a low cost producer due to its gravimetric ore concentration process and the availability of hydroelectric power generated on its property. Malaga's production capacity represents about 10% of the tungsten available for sale outside of China, and the Company plans to increase production and is currently exploring the property to develop its reserves and resources.

HIDROPESAC - A joint venture between Malaga (49%) and its Swiss partner EPD (Emerging Power Developers, a subsidiary of Stucky S.A.) has invested over US $3 million at Pasto Buena to build and commission a hydroelectric power plant with a nominal capacity of 600 kW. The plant includes two hydroelectric generators - one 150 kW vertical and one 450 kW horizontal - couple to Pelton-type turbines, as well as a 22.9 kV/400 V transformer and a 15-km transmission line that connects Pasto Bueno to the Peruvian national power grid.

FORWARD-LOOKING STATEMENTS

Certain statements in the foregoing may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause Malaga's actual results, performance or achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. The information provided reflects management's current expectations regarding future events and performance as of the date of this news release.

 


Pierre Monet
President and Chief Executive Officer
Malaga Inc.
(514) 288.3224
or
Nicole Blanchard
Corporate Strategy and Investor Relations
Sun International Communications
(450) 973.6600
Data and Statistics for these countries : China | Peru | All
Gold and Silver Prices for these countries : China | 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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