Malaga Inc. to receive US$ 2.5 million from recycling copper-silver rich mine tailings from Pasto Bueno – February 3, 2010
Sep 30, 2011
OTC Disclosure News Service
Montreal, QC, Canada –
Malaga Inc. (malaga)
Symbole : MLG
Bourse de Toronto (TSX)
Malaga: Pasto Bueno Mill up to 450 tpd while Tungsten Prices Hit a New High
Montreal, Quebec, August 4, 2010 — Malaga Inc. (TSX: MLG) is pleased to announce that its Pasto Bueno mill in Peru is now producing at a rate of 450 tonnes per day (tpd), while the price of APT has reached a new high of US $237. The increase in production level was achieved through the upgrading of all the milling equipment.
Many new pieces of equipment have been added to the mill in recent months. Having renewed the entire crushing circuit in late 2009, the Company has now added new, more powerful equipment throughout the milling circuit. A new rod mill was commissioned in the past few months, and several shaking tables have been added. An entire series of state-of-the-art control devices have also just been installed. The tungsten ore is milled solely by gravity methods, and requires high-performance magnets at the end of the circuit. New electromagnets have therefore been purchased and will be installed as soon as they are delivered to Peru in the coming days. Once these electromagnets are installed, the new mill will be able to produce over 500 tpd. Given the very strong growth of the Peruvian economy largely due to the mining industry, there have been substantial delays in the delivery of numerous pieces of equipment that have in turn caused a delay in meeting the 500 tpd objective. The mill is nevertheless expected to be fully operational at 500 tpd during the month of August.
“We are entering the second half of 2010 determined to profit from the steady increase in APT prices. We are in a country where the mining industry is currently very active, and we intend to take full advantage of this economic growth. We expect to reach our production objective of 500 tpd during the month of August, and will continue to forge ahead thereafter,” stated Jean Martineau, President and Chief Executive Officer of Malaga.
Malaga Inc. owns the only operating tungsten mine in the Americas. Current tungsten concentrate production is approximately 7,500 MTUs per month and is expected to increase to above 9,500 MTUs, in the near future. Malaga also seeks diverse growth opportunities such as developing the hydroelectric potential of its Pasto Bueno property, through Hidropesac a joint venture with EPD (Emerging Power Developers – a subsidiary of Stucky S.A a worldwide Swiss company specialized in hydroelectric projects) in which Malaga holds 49% and through its 13.5% participation in Dynacor Mines.
Certain statements in the foregoing may constitute forward-looking statements which involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Malaga or industry results to be materially different from any future result, performance or achievement expressed or implied by such forward-looking statements. These statements reflect management’s current expectations regarding future events and operating performance as of the date of this news release.
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