TORONTO, ONTARIO -- (Marketwire) -- 03/20/12 -- Malbex Resources Inc. (TSX VENTURE: MBG) has filed its interim financial statements and MD&A for the three months ended December 31, 2011 on SEDAR (www.sedar.com). The documents are also available at www.malbex.ca/Investors/Reports.
"While we are in the midst of the drill season at our lead Del Carmen project, we have only released results from seven drill holes to date. The majority of our results are yet to come, including drill holes already completed on four new targets as well as drilling to expand our Rojo Grande deposit," said Tim Warman, President and CEO. "The recent acquisition of two promising copper-gold projects in Argentina positions us well for year-around exploration and news flow."
Recent highlights:
-- Drilling is underway at our lead Del Carmen project, with 1,818 metres
in 7 holes reported to date for the 2011/2012 season. Significant
results include:
-- Hole 57A with 109 metres grading 2.05 g/t gold and 7.3 g/t silver
-- Hole 63 ended in mineralization after 157.5 metres grading 0.42 g/t
gold and 7.7 g/t silver
-- Completion of a 45 line-kilometre Titan 24 geophysical survey, which has
identified new drill targets in the Del Carmen Norte hydrothermal
alteration system
-- Commencement of phase 2 metallurgical (column leach) testing of seven
composites from the Rojo Grande deposit
-- Acquisition of two copper-gold projects in the Argentinean provinces of
Catamarca (Quebrada Seca) and La Rioja (Chalchalero)
-- December 31, 2011: Working capital of $11.6 million and cash-on-hand of
$11.3 million compared with working capital of $15.8 million and cash-
on-hand of $16.1 million at September 30, 2011
Peter Stewart, PhD, Vice-President Exploration of Malbex Resources Inc., is a Professional Geoscientist in the Province of Ontario, and is the Qualified Person as defined by NI 43-101 responsible for the technical information presented in this news release.
About Malbex
Malbex Resources Inc. is a gold exploration company led by experienced management and directors with projects in Argentina and Peru. In April 2010, Malbex made a near-surface, gold-silver oxide discovery at Del Carmen, its lead project in Argentina. Released in September 2011, the first-ever National Instrument 43-101-compliant, inferred mineral resource estimate for the Rojo Grande deposit at Del Carmen measured 25.4 million tonnes grading 1.00 g/t gold and 13.3 g/t silver for 816,600 ounces of contained gold and 10.9 million ounces of contained silver. The Del Carmen project is located in the El Indio Gold Belt, which contains more than 35 million ounces of gold in current reserves and past production, including Barrick's Veladero mine and Pascua-Lama project. For more information, please visit www.malbex.ca.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments (including those under the option agreement), future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's annual information form under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Malbex Resources Inc.
Tim Warman
President and Chief Executive Officer
(416) 628-0215
Malbex Resources Inc.
Marla Gale
VP Investor Relations
(416) 628-0215
ir@malbex.ca
www.malbex.ca
