TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Malbex Resources Inc. (TSX VENTURE:MBG) has filed its interim financial statements and MD&A for the three months ended December 31, 2010 on SEDAR (www.sedar.com).
"We are currently half-way through our 2010/2011 drill campaign at the Del Carmen project and we are pleased with the results to date, particularly the higher grade intercepts in holes 35 and 42," said Tim Warman, President and CEO. "Our major focus has been proving up the near-surface gold-silver discovery at Rojo Grande, which has grown to 500 metres in strike length and remains open at depth and along strike. In addition, preliminary metallurgy has confirmed the potential for low-cost heap leach processing of the Del Carmen Norte mineralization. Elsewhere at Del Carmen Norte, a second rig has been testing the first of several large geophysical targets."
Mr. Warman added, "We are exploring a number of options to accelerate our drilling in order to achieve our 10,000-metre goal at Del Carmen, including extending our work season by a few weeks and/or securing a third drill rig. Drill results should continue to flow regularly over the next few months as assays are received from the lab."
Q1 and recent highlights:
Drilling at the flagship Del Carmen project for the 2010/2011 field season began in November 2010, with assays reported for nine holes (1,601 m) to date. Significant results include:
hole 33 with 70 m grading 0.46 grams per tonne (g/t) Au and 12.8 g/t Ag (0.67 g/t Au-EQ)
hole 34 with 73 m grading 0.74 g/t Au and 17.4 g/t Ag (1.03 g/t Au-EQ)
including 16 m grading 0.97 g/t Au and 20.0 g/t Ag (1.30 g/t Au-EQ)
hole 35 with 49 m grading 1.41 g/t gold and 3.2 g/t silver (1.46 g/t Au-EQ)
including 8 m grading 7.08 g/t gold and 11.6 g/t silver (7.27 g/t Au-EQ)
hole 38 with 24 m grading 0.90 g/t gold and 13.25 g/t silver (1.12 g/t Au-EQ)
hole 39 with 86 m grading 0.77 g/t gold and 9.3 g/t silver (0.92 g/t Au-EQ)
hole 42 with 103 m grading 2.84 g/t gold and 6.4 g/t silver (2.94 Au-EQ)
including 5 m grading 48.34 g/t gold and 15.4 g/t silver (48.60 Au-EQ)
Encouraging preliminary metallurgical results for five samples from Del Carmen Norte indicate the mineralization is strongly oxidized with an average gold recovery of 76.5% that appears to be amenable to low-cost heap leach processing
Working capital of $8.4 million and cash-on-hand of $9.0 million at December 31, 2010 compared with working capital of $11.3 million and cash-on-hand of $11.6 million at September 30, 2010
Access further information on Del Carmen at www.malbex.ca/Projects/Del_Carmen.
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.
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 35 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.
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For more information, please contact
Malbex Resources Inc.
President and Chief Executive Officer
Malbex Resources Inc.
VP Investor Relations