Malaga Generates a Postive Income From Mining Activities for a Third Consecutive Quarter

Malaga Inc.(TSX:MLG)  announced that Q3 has produced positive income, for the third quarter in a row.

The press release is quoted as saying:

Malaga generated $0.2 million in income from mining activities in the third quarter of 2010, $1.0 million better than the $0.8 million loss reported for the same quarter in 2009. The increase was mainly due to 20% sales volume growth and a $12 reduction in the cash cost of sales per Metric Tonne Unit (“MTU”) compared to Q3-2009.

Pierre Monet, Malaga’s Vice President and Chief Financial Officer, says:

“We are pleased to note that our results are continuing to improve. Malaga has generated positive cash flow from operations before working capital for the year to date, and reduced its cash cost per MTU by $11 relative to the nine-month period ended September 2009. In combination with the new APT market price, this will enable us to generate more funds for investment in exploration. We have also requested the repayment of the $2.6 million promissory note receivable from Dynacor Gold Mines Inc., and expect to receive these funds by mid-December,”

To access the full release, click here.