Malbex Reports 67 Metres Grading 2.76 g/t Gold and 14.8 g/t Silver from Rojo Grande; Extends Resource Envelope Beyond Previou...

Malbex Resources Inc. (TSX VENTURE:MBG) announces results for eleven diamond
drillholes from the Rojo Grande deposit and other targets at its Del Carmen
gold-silver project in San Juan province, Argentina. Hole DDHC-12-080
intersected 67 metres (m) of 2.76 grams per tonne (g/t) gold and 14.8 g/t silver
outside the Rojo Grande inferred resource envelope, about 100 m from the nearest
previous holes (038, 064) and over 150 m from hole 057A (109 m grading 2.0 g/t
gold, Malbex press release 12 Jan 2012). This drillhole has expanded the
mineralized envelope at Rojo Grande to the southwest where it remains open to
the west and southwest. The 2011 resource envelope contained a pit-constrained
inferred resource of 25.4 million tonnes grading 1.0 g/t gold and 13.3 g/t
silver (NI43-101 compliant). 


Within the existing resource envelope, drillhole DDHC-12-076 reported a 54-metre
long, near surface intersection grading 0.42 g/t gold and 9.7 g/t silver with a
second deeper higher-grade intersection of 23 metres grading 1.8 g/t gold and
2.1 g/t silver. Nearby drillhole DDHC-12-079 reported near surface intersections
of 11 m at 0.70 g/t gold and 8 m at 1.33 g/t gold. Almost all gold-bearing
intersections found at Rojo Grande over the past two years of drilling occur
within a 200 metre thick horizontal zone that shows good continuity and may
represent a paleo-boiling horizon. Deeper high grade structures have also been
intersected in drilling that may represent feeder zones for the fluids that
created the oxide mineralization encountered to date. 


Metallurgical studies that were designed to test the amenability of the oxidized
mineralization to heap leaching methods are expected to be completed in the next
few weeks. These column tests have been extensive and have tested various grades
of mineralization at various crush sizes. Preliminary results are encouraging
and the Company expects to be able to release final results shortly. 


Maps and sections related to this press release are available at
www.malbex.ca/Projects/Del_Carmen. 


"We're pleased to have demonstrated that the Rojo Grande deposit continues to
the southwest of the resource envelope with a new zone of high-grade
mineralization in hole 80" said Joe Hamilton, CEO. "This press release marks the
end of our drill season at Del Carmen having completed 7,385 metres in 28 holes.
This year's campaign has extended mineralization and proven continuity in the
main Rojo Grande zone. We anticipate receipt of the second round of
metallurgical testing in upcoming weeks and confirmation that good recoveries
will be possible from the oxidized ore at Rojo Grande using heap leach
technology at coarse crush sizes." 


Del Carmen Concession - Other Exploration Drilling 

Malbex also conducted exploration drilling on other prospective targets
elsewhere on the Del Carmen property in the recently completed field season. Two
drillholes at the Naciente Quebrada Pedregosa target were positioned to
follow-up on the previously reported interval of 49 m grading 1.51 g/t gold
(Malbex press release 19 April 2010). Step-out drillholes DDHC-12-81 and -83
encountered oxidized quartz-alunite alteration and silicification in dacite
breccia with drill intersections of 9 m at 1.51 g/t gold and 5 m grading 1.31
g/t gold, respectively, the latter beginning at surface. This encouraging target
is over 1000 m south of the Rojo Grande deposit, remains open and requires
further exploration drilling. 


A single drillhole (DDHC-12-77) tested the Cerro Frio target and returned 8
metres grading 1.08 g/t gold from 42 metre depth. This area is over 500 m from
the northern end of the Cresta del Gallo target and was discovered as a 6 metre
wide zone of silicified hydrothermal breccias and quartz veinlets with up to
11.8 g/t gold in trenching. This area requires further follow-up work. 


The two latest drillholes to test the Ladera Sur Tortolas enargite veins were
exceptionally wide step outs positioned 250 (DDHC-12-74) and 500 metres
(DDHC-12-75) from known veins. While neither hole intersected enargite veins or
other significant mineralization, hole 75 contained broad intervals of anomalous
gold up to 76 metres long. 


About Del Carmen Norte 

The 151 km2 Del Carmen concession package is located near the southern end of
the El Indio Gold Belt, and hosts two high sulphidation epithermal gold-silver
alteration systems. The Del Carmen Norte hydrothermal alteration system covers
approximately 9 km2 and contains the Rojo Grande deposit and numerous other
targets based on outcropping gold-silver mineralization. The second, less
exposed, high sulphidation epithermal system at Del Carmen Sur is some 5 km to
the south. 


The Del Carmen Norte hydrothermal system consists of a strongly altered,
sub-horizontal sequence of andesitic volcanic rocks that are cut by numerous
faults. Volcanic and/or hydrothermal breccias appear to be selectively
silicified with mineralization hosted by silicification and quartz-alunite
alteration between less favourable argillic (quartz-kaolinite) alteration in
volcanic lithologies. Steep structures and the margin of dacite domes appear to
have also strongly influenced hydrothermal fluid flow within the andesitic
volcanic sequence. High-sulphidation alteration is therefore zoned outward from
the combination of both lithological and structural controls.


Technical information 

Diamond drillhole samples consist of core that is sawn in half by electric saw
on site. Core samples are sealed in new plastic bags, which are inserted into
rice sacks for transport by Malbex personal or commercial trucking service to
ALS Global prep lab in Mendoza. All samples are crushed and pulped and powders
sent by ALS to one of their laboratories (La Serena, Chile, Lima, Peru or North
Vancouver, Canada). Fire assay for gold is conducted on 30 gram (g) pulps with
atomic absorption finish. Over limits (greater than 10 g/t gold) are fire
assayed with gravimetric finish. In addition, all samples receive multi-element
analysis including silver by ICP after aqua regia digestion and mercury
concentrations are determined by cold vapour atomic absorption. 


Malbex's quality assurance-quality control (QA-QC) program consists of the
insertion in every 21 samples of one certified standard of known gold content,
one blank and one field duplicate. Samples of significant drill intercepts may
be sent to two additional independent laboratories to verify gold and silver
analyses when necessary. Metallic screen fire analyses for gold may also be run
as an additional QA-QC check on high grade intercepts as deemed necessary. The
half core remaining after sampling is stored in a Malbex-run facility in San
Juan for verification and other purposes. 


About Malbex 

Malbex Resources Inc. is a gold exploration company led by experienced
management and directors with projects in Argentina and Peru. In April 2010,
Malbex made a near-surface, gold-silver oxide discovery at Del Carmen, its lead
project in Argentina. Released in September 2011, the first-ever National
Instrument 43-101-compliant, inferred mineral resource estimate for the Rojo
Grande zone at Del Carmen measured 25.4 million tonnes grading 1.00 g/t gold and
13.3 g/t silver for 816,600 ounces of contained gold and 10.9 million ounces of
contained silver. 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. 


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. 


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 strategic plans, spending
commitments, future operations, results of exploration, anticipated financial
results, future work programs, capital expenditures and objectives.
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 Company'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. The Company 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. 


Del Carmen results 



Table 1 - Mineralized intercepts in the holes released today are tabulated  
below                                                                       
                                                                            
----------------------------------------------------------------------------
                                     From    To Length     Au     Ag  Au-EQ 
Target           Hole ID              (m)   (m)    (m)  (g/t)  (g/t)  (g/t) 
----------------------------------------------------------------------------
Rojo Grande      DDHC-12-076            6    60     54   0.42    9.7   0.58 
                                                                            
                 includes              47    56      9   1.00   21.8   1.36 
                                       78    94     16   0.41   12.9   0.63 
                                      100   125     25   0.21    nsv   0.21 
                                      167   190     23   1.82    2.1   1.85 
                 includes(i)          174   184     10   3.72    4.5   3.79 
                ------------------------------------------------------------
                 DDHC-12-078           15    48     33   0.27    7.8   0.40 
                 includes              38    46      8   0.40   17.2   0.68 
                ------------------------------------------------------------
                 DDHC-12-079           19    30     11   0.70    1.7   0.73 
                                       35    43      8   1.33    nsv   1.33 
                ------------------------------------------------------------
                 DDHC-12-080           79    82      3   0.88    nsv   0.88 
                                      100   167     67   2.76   14.8   3.01 
                 includes             116   123      7   2.25   34.5   2.83 
                 and includes(i)      134   152     18   8.06   19.8   8.39 
                 which includes       150   152      2  40.27   11.8  40.47 
                ------------------------------------------------------------
                 DDHC-12-082           23    48     25   0.55    2.3   0.58 
                                       57    65      8   0.78    1.1   0.79 
                ------------------------------------------------------------
                 DDHC-12-084(i)        27    29      2   2.19    nsv   2.19 
                                       62    94     29   0.61    0.5   0.62 
                 includes              62    77     12   1.06    nsv   1.06 
                                      138   169     31   0.33    nsv   0.33 
----------------------------------------------------------------------------
NQP              DDHC-12-081(i)       178   187      9   1.51    nsv   1.51 
                ------------------------------------------------------------
                 DDHC-12-083            0     5      5   1.31    nsv   1.31 
----------------------------------------------------------------------------
Cerro Frio       DDHC-12-077(i)        42    50      8   1.08    nsv   1.08 
----------------------------------------------------------------------------
Ladera Sur       DDHC-12-074                                                
 Tortolas                                   No significant results          
                ------------------------------------------------------------
                 DDHC-12-075            2    10      8   0.12    nsv   0.12 
                                       21    28      7   0.19    nsv   0.19 
                                       40    50     10   0.12    nsv   0.12 
                                       60   136     76   0.16    nsv   0.16 
                                      206   218     12   0.35    nsv   0.35 
                                      230   268     38   0.18    nsv   0.18 
                                      284   326     42   0.17    nsv   0.17 
                                      358   366      8   0.21    8.1   0.35 
                                      372   376      4   0.22    nsv   0.22 
----------------------------------------------------------------------------
Intercepts are based on a 0.1 g/t Au cutoff, with up to 3 continuous metres 
 of internal dilution. Those marked with an asterisk (i) are based on a   
 1.0 g/t Au cutoff. Gold-equivalent (Au-EQ) values are calculated using 60  
 g/t Ag = 1 g/t Au and assuming 100% metallurgical recovery. There are      
 insufficient data to calculate true widths of the intercepts.              
Abbreviations: gold (Au), silver (Ag), metres (m), grams per tonne (g/t) and
 no significant values (nsv).