TORONTO, ONTARIO--(Marketwire - Aug. 10, 2011) - Malbex Resources Inc. (TSX VENTURE:MBG) has filed its interim financial statements and MD&A for the three and nine months ended June 30, 2011 on SEDAR (www.sedar.com).
"Our technical team has made significant strides recently," said Tim Warman, President and CEO. "Our first-ever resource estimate on the gold-silver oxide discovery at Rojo Grande is advancing and should be completed by the end of Q4. Sample collection and preparation for the second round of metallurgical testing will commence in August, and preparations are well advanced for our next field season. We expect to complete some 15,000 metres of drilling, geophysical surveying and other exploration activities on our lead Del Carmen project beginning in October. Within the next few months we also hope to announce the acquisition of one or more early-stage South American gold exploration projects, augmenting our portfolio with projects that can be explored year-round."
Q3 and recent highlights:
* Completion of a 25-hole (5,538 metre) drill program at the flagship Del Carmen project during the 2010/2011 field season (November 2010 - April 2011). Significant results released since the Q2 report include:
Rojo Grande target
* hole 54 – 18.7 metres (m) at 0.79 grams per tonne (g/t) gold and 7.8 g/t silver
o and 62.9 m at 0.80 g/t gold and 11.4 g/t silver
* hole 55 – 104 m at 1.96 g/t gold and 25.2 g/t silver
o including 58 m at 2.95 g/t gold and 35.0 g/t silver
o and 67 m at 0.51 g/t gold and 1.5 g/t silver
* hole 56 – 14 m at 2.89 g/t gold and 45.4 g/t silver
* and 42 m at 1.10 g/t gold and 4.0 g/t silver
Cerro Amarillo target
* hole 53 – 27 m at 0.55 g/t gold and 2.0 g/t silver
o including 13 m at 0.85 g/t gold and 2.0 g/t silver
* Initiation of the first-ever National Instrument 43-101 resource estimate for the Rojo Grande target at Del Carmen Norte
* Working capital of $17.1 million and cash-on-hand of $17.6 million at June 30, 2011 (includes net proceeds of May 9, 2011 $15 million financing) compared with working capital of $11.3 million and cash-on-hand of $11.6 million at September 30, 2010
Further information on the Del Carmen project, including maps, sections and a complete assay table, can be accessed 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.
About Malbex
Malbex Resources Inc. is a gold exploration company led by experienced management and directors. Malbex holds an indirect 100% interest in two exploration projects in Argentina's El Indio Gold Belt, which hosts over 35 million ounces of gold in past production and current reserves, including 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.
Contact Information
Malbex Resources Inc.
Tim Warman
President and Chief Executive Officer
"Our technical team has made significant strides recently," said Tim Warman, President and CEO. "Our first-ever resource estimate on the gold-silver oxide discovery at Rojo Grande is advancing and should be completed by the end of Q4. Sample collection and preparation for the second round of metallurgical testing will commence in August, and preparations are well advanced for our next field season. We expect to complete some 15,000 metres of drilling, geophysical surveying and other exploration activities on our lead Del Carmen project beginning in October. Within the next few months we also hope to announce the acquisition of one or more early-stage South American gold exploration projects, augmenting our portfolio with projects that can be explored year-round."
Q3 and recent highlights:
* Completion of a 25-hole (5,538 metre) drill program at the flagship Del Carmen project during the 2010/2011 field season (November 2010 - April 2011). Significant results released since the Q2 report include:
Rojo Grande target
* hole 54 – 18.7 metres (m) at 0.79 grams per tonne (g/t) gold and 7.8 g/t silver
o and 62.9 m at 0.80 g/t gold and 11.4 g/t silver
* hole 55 – 104 m at 1.96 g/t gold and 25.2 g/t silver
o including 58 m at 2.95 g/t gold and 35.0 g/t silver
o and 67 m at 0.51 g/t gold and 1.5 g/t silver
* hole 56 – 14 m at 2.89 g/t gold and 45.4 g/t silver
* and 42 m at 1.10 g/t gold and 4.0 g/t silver
Cerro Amarillo target
* hole 53 – 27 m at 0.55 g/t gold and 2.0 g/t silver
o including 13 m at 0.85 g/t gold and 2.0 g/t silver
* Initiation of the first-ever National Instrument 43-101 resource estimate for the Rojo Grande target at Del Carmen Norte
* Working capital of $17.1 million and cash-on-hand of $17.6 million at June 30, 2011 (includes net proceeds of May 9, 2011 $15 million financing) compared with working capital of $11.3 million and cash-on-hand of $11.6 million at September 30, 2010
Further information on the Del Carmen project, including maps, sections and a complete assay table, can be accessed 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.
About Malbex
Malbex Resources Inc. is a gold exploration company led by experienced management and directors. Malbex holds an indirect 100% interest in two exploration projects in Argentina's El Indio Gold Belt, which hosts over 35 million ounces of gold in past production and current reserves, including 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.
Contact Information
Malbex Resources Inc.
Tim Warman
(416) 628-0215
Malbex Resources Inc.
Marla Gale
VP Investor Relations
(416) 628-0215
ir@malbex.ca
www.malbex.ca
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