Malbex Year End Update
17 12월 2013 - 11:00PM
Marketwired
Malbex Year End Update
TORONTO, ONTARIO--(Marketwired - Dec 17, 2013) - Malbex
Resources Inc. (TSX-VENTURE:MBG) has filed its financial statements
and MD&A for the year ended September 30, 2013 on SEDAR
(www.sedar.com). As of September 30, 2013, Malbex had negative
working capital of $0.3 million and cash-on-hand of $0.44 million
compared with working capital of $1.8 million and cash-on-hand of
$2.3 million at September 30, 2012.
Technical information contained in this news release has been
reviewed and approved by Joseph A Hamilton, M.Sc., P.Geo. a
Qualified Person as defined by National Instrument 43-101.
About Malbex
Malbex is a gold exploration company led by experienced
management and directors with projects in Argentina. In April 2010,
Malbex made a near-surface, gold- silver oxide discovery at Del
Carmen, its lead project in Argentina.
In October 2013, Malbex released the results of a Canadian
National Instrument 43-101 compliant Preliminary Economic
Assessment. Inferred resources included in the study were stated as
30.97 million tonnes grading 1.01 g/t gold and 11.0 g/t silver. The
PEA contemplates a conventional open pit mining operation with
heap-leach gold recovery. Contract mining would be employed in the
initial years of mining to pre-strip almost the entire pit ( strip
ratio in first two years is 8.4:1 reducing to 1.2:1 in later
years.). The mine plan would call for the extraction of 37.5
million tonnes of heap leach material at an average grade of 0.87
gram gold per tonne (gpt) yielding 842,000 ounces of recoverable
gold. The PEA indicates that the Del Carmen project could generate
average annual heap leach gold production of 105,000 oz at $650/oz
total cash cost after by-product credits. Capital costs were
estimated at US$261 million over life-of-mine and the project
showed an pre-tax NPV of US$166 million (17% IRR) using a US$1400
gold price.
The Del Carmen project is located in the El Indio Gold Belt,
which contains more than 35 million ounces of gold in current
reserves and past production, including Barrick's Veladero mine and
Pascua-Lama project. 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 closing of the private placement and
joint venture transaction with Barrick and obtaining consent from
IPEEM for the transfer of the Exploration Agreement.
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
Malbex'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. Malbex 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-V nor its Regulation Services Provider (as
that term is defined in the policies of the TSX-V) accepts
responsibility for the adequacy or accuracy of this
release.
Malbex Resources Inc.Joe HamiltonPresident and Chief Executive
Officer(416) 628-0215ir@malbex.cawww.malbex.ca
Malbex Resources Inc. (TSXV:MBG)
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