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Message: Exploration Update - 816,600 contained ounces of gold,10.9m contained oz silver
TORONTO, ONTARIO--(Marketwire - Nov. 1, 2011) - Malbex Resources Inc. (TSX VENTURE:MBG) today provided an exploration update for the fiscal year ended September 30, 2011.
"We are very pleased with the progress of our exploration to date at Del Carmen," commented Tim Warman, President and CEO. "Our ratio of metres drilled to ounces discovered at Rojo Grande is among the best in the industry. This coming field season, we are aiming to continue that record by showing significant growth in the Rojo Grande near-surface, oxide resource and discovering additional gold zones in the 9 km2 Del Carmen Norte alteration system. Given that Rojo Grande covers less than 5% of the overall alteration system, the potential for expansion is substantial."
Mr. Warman added, "Our camp set-up is nearing completion at Del Carmen and we expect to mobilize our field crew and begin the exploration program of diamond drilling, geophysical surveying and geological mapping shortly."
Fiscal 2011 Highlights:
- September 2011: Release of the first-ever in-pit mineral resource for the Rojo Grande target on our flagship Del Carmen project, consisting of 25.4 million tonnes of inferred resources grading 1.0 g/t gold and 13.3 g/t silver for 816,600 contained ounces of gold and 10.9 million contained ounces of silver
- August 2011: Option agreement to earn up to 75% of the undrilled Grace high sulphidation epithermal gold project in Peru, which can be explored during the Del Carmen off-season
- May 2011: Closing of a $15 million equity financing
- April 2011: Completion of the 2010/2011 exploration program at Del Carmen, including 5,538 metres in 25 holes of diamond drilling. In addition to long intervals of continuous gold-silver mineralization at Rojo Grande such as hole 52 (with 267 m averaging 2.05 g/t gold and 29.3 g/t silver), high grade intercepts such as hole 42 (5 m at 48.34 g/t gold and 15.4 g/t silver) and hole 52 (34 m at 8.31 g/t gold and 70.1 g/t silver) were obtained
- January 2011: Release of positive Phase 1 (bottle roll) metallurgical test results, including average gold recovery of 76.5% demonstrating amenability of the Del Carmen Norte mineralization to low-cost heap leaching methods, similar to that used at Barrick's Veladero mine
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.
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