MONTREAL, QUéBEC announces today that it is examining all possible alternatives to obtain financing or conclude a transaction with a strategic investor that could result in a merger or sale of a portion or all of its assets. Malaga is currently evaluating a formal offer to sell certain assets. The Corporation has sold and monetized a portion of its copper by-product that was stored on site, and expects to sell the balance in the coming months.
In addition, Malaga is currently not capable of discharging all of its financial obligations as they become due. The mine and plant at Pasto Bueno are still on care and maintenance. The Corporation is putting in place additional measures to further reduce costs.
Lastly, Malaga also announces the resignation of Me. Anne-Marie Sheahan from the Board of Directors.
Forward-looking Statement
This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2011 and dated March 27, 2012. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of tungsten, that the Pasto Bueno property is a technical viable and economic operation and that the Corporation can access financing. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. The information provided reflects management's current expectations regarding future events and performance as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.
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