Malaga Inc. (TSX:MLG) is pleased to report record tungsten sales for the first quarter of 2011. Malaga generated US $4.5 million in tungsten sales, up nearly 55% from US $2.9 million in the fourth quarter of 2010. As of April 8, 2011, the APT reference price was US $405 per MTU(i), 23% higher than the price of US $330 at December 31, 2010. This price increase is primarily due to strong tungsten demand that exceeds global supply. Company management is of the opinion that this supply shortage will persist throughout 2011. The Company still expects to generate net earnings in the first quarter of 2011 and produce 80,000 MTU in 2011.
WLF Price at posting:
42.0¢ Sentiment: Buy Disclosure: Held
