Malbex Adds Third Drill Rig, Completes Geophysical Survey at Del Carmen

TORONTO, ONTARIO -- (Marketwire) -- 02/21/12 -- Malbex Resources Inc. (TSX VENTURE: MBG) announced today that a third diamond drill rig is now on-site at its Del Carmen project in San Juan province, Argentina. In addition, Malbex has completed the previously announced Titan 24 induced polarization/resistivity (DCIP) survey of the Del Carmen Norte alteration system.

In total, the DCIP survey measured more than 45 line-kilometres on 200 metre spaced lines that completely cover the entire 9 km2 of visible hydrothermal alteration zone. Partial results were released on January 20, 2012, including several promising new drill targets, with the remainder of the results to be announced once data processing and integration and 3-D analysis of the results are complete.

'Results from the geophysical survey are already guiding this season's drilling, including testing of the potential copper-gold porphyry targets beneath Rojo Grande,' said Tim Warman, President and CEO. 'Having three rigs on-site will allow us to test the full range of targets identified by the geophysical survey, as well as those known from previous drilling, geological mapping and rock sampling. We expect to release additional drill results and the remaining geophysical targets soon.'

View further information on the Del Carmen project at www.malbex.ca/Projects/Del_Carmen.

Del Carmen

The Rojo Grande deposit has the following known features:

- consists of disseminated very fine-grained mineralization that is:

-- shallow, commonly commences within 20 metres of the surface, on the shoulder of a mountain

-- hosted principally in silicified breccias but also occurs locally in quartz-alunite alteration

-- hosted by both altered andesite and dacite

-- forms an inferred resource of 25.4 million tonnes grading 1.0 g/t gold and 13.3 g/t silver (0.3 g/t gold-equivalent lower cutoff) containing 816,000 ounces of gold and 10.9 million ounces of silver;

-- is oxidized, with preliminary metallurgical testing showing it is amenable to low-cost heap leach processing similar to Veladero ore;

- Remains open at depth, to the southwest, and possibly to the northwest.

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. The second, less exposed, high sulphidation epithermal system at Del Carmen Sur is some 5 km to the south.

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

Technical information

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.

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.

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.

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Contacts:

Malbex Resources Inc.

Tim Warman

President and Chief Executive Officer

(416) 628-0215


Malbex Resources Inc.

Marla Gale

VP Investor Relations

(416) 628-0215
ir@malbex.ca
www.malbex.ca