Malbex Resources Inc.
August 10, 2011 - 09:10:00 AM
Malbex Q3 Update
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
-- 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
-- including 58 m at 2.95 g/t gold and 35.0 g/t silver
-- 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
-- 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.