TORONTO, ONTARIO--(Marketwire - May 4, 2010) - Malbex Resources Inc. (TSX VENTURE:MBG) has filed its unaudited financial statements and MD&A for the second quarter of fiscal 2010 ended March 31, 2010 on SEDAR (www.sedar.com).
"We've made excellent progress on our El Indio Gold Belt projects since beginning exploration just over a year ago," said Tim Warman, President and CEO. "This is especially true for our lead project, Del Carmen, with five zones of outcropping gold mineralization identified and successfully drill tested. Among the most promising mineralized zones are Rojo Grande, Naciente Quebrada Pedregosa and Brecha Límite, where drilling has returned long intercepts with grades comparable to the nearby bulk tonnage deposits at Pascua-Lama and Veladero."
"We've made excellent progress on our El Indio Gold Belt projects since beginning exploration just over a year ago," said Tim Warman, President and CEO. "This is especially true for our lead project, Del Carmen, with five zones of outcropping gold mineralization identified and successfully drill tested. Among the most promising mineralized zones are Rojo Grande, Naciente Quebrada Pedregosa and Brecha Límite, where drilling has returned long intercepts with grades comparable to the nearby bulk tonnage deposits at Pascua-Lama and Veladero."
Highlights from the Q2 report include:
* The best drill results from the five mineralized zones discovered at Del Carmen Norte:
* With unreleased results on 11 holes, news flow from the drilling program should continue to early June 2010
* Sampling at Del Carmen Sur identified a new area of mineralization within this 5 km2 epithermal system, where the best grab sample results included 4.24 g/t Au, 43.5 g/t Ag and 4.57% Cu
* The Company successfully completed its USD$6 million 2009/2010 field season on all three of our exploration properties: the program consisted of drilling, sampling, mapping and geophysics at Del Carmen; rock sampling, mapping and geophysical surveying at Despoblados; rock and stream sediment sampling, mapping and geophysical surveying at Amarillos
* Working capital of $3.0 million and cash-on-hand of $4.1 million at March 31, 2010
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. Malbex holds an indirect 100% interest in three exploration projects in Argentina's El Indio Gold Belt, which hosts over 40 million ounces of gold in past production and current reserves. Two of the projects are in close proximity to Barrick's Veladero and Pascua-Lama gold deposits. 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, 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.
* Sampling at Del Carmen Sur identified a new area of mineralization within this 5 km2 epithermal system, where the best grab sample results included 4.24 g/t Au, 43.5 g/t Ag and 4.57% Cu
* The Company successfully completed its USD$6 million 2009/2010 field season on all three of our exploration properties: the program consisted of drilling, sampling, mapping and geophysics at Del Carmen; rock sampling, mapping and geophysical surveying at Despoblados; rock and stream sediment sampling, mapping and geophysical surveying at Amarillos
* Working capital of $3.0 million and cash-on-hand of $4.1 million at March 31, 2010
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. Malbex holds an indirect 100% interest in three exploration projects in Argentina's El Indio Gold Belt, which hosts over 40 million ounces of gold in past production and current reserves. Two of the projects are in close proximity to Barrick's Veladero and Pascua-Lama gold deposits. 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, 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.
For more information, please contact
Malbex Resources Inc.
Tim Warman
President and Chief Executive Officer
(416) 628-0215
or
Malbex Resources Inc.
Marla Gale
VP Investor Relations
(416) 628-0215
ir@malbex.ca
www.malbex.ca
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