Net Income of $5.6M and Income From Mining Activities of $7.8M in 2011 Announced by Malaga Inc.

In its 2011 financial results, Malaga Inc.(TSX:MLG,OTCQX:MLGAF) reported a net income of $5.6M compared to $1.2M in 2010; income from mining activities of $7.8M compared to $1.7M in 2010; and
revenues of $20.9M compared to $14.2M in 2010.

As quoted in the press release:

2011 Full Year Highlights

• Net income of $5.6M compared to $1.2M in 2010;
• Income from mining activities of $7.8M compared to $1.7M in 2010;
• EBITDA of $6.1M compared to $2.4M in 2010;
• Cash flow from operations before changes in non-cash working capital items of $5.9M, an increase of $4.6M over 2010;
• Revenues of $20.9M compared to $14.2M in 2010;
• A 77% increase in the APT average reference selling price, from $240 in 2010 to $424 in 2011;
• Increase in reserves of 16%, increasing from 169,427 tonnes (“t”) as at January 1, 2010 to 195,880 t as at November 25, 2011 and an increase for the same comparative period of 104% in measured and indicated resources increasing from 398,845 t to 814,097 t and 129% increase in inferred resources (4,168,216 t compared to 1,820,641 t);
• First exploration campaign of the mantos structures on the southern part of the property and in the Consuzo zone initiated in 2011 and is ongoing with a total of 2,572 meters of diamond drill holes completed;
• Trading on the OTCQX International began in 2011.

Malaga President and CEO, Pierre Monet, said:

“I am pleased that Malaga has increased its profitability in 2011 and continues to be the lowest cost producer of the publicly traded companies producing tungsten. We plan to increase our production and grow the size of our mine through exploration and development during 2012 in order to fully benefit from this very favorable price environment”.

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