MBG Malbex Resources Inc.

Malbex Resources Inc. (TSX VENTURE:MBG) has filed its interim financial
statements and MD&A for the three and six months ended March 31, 2012 on SEDAR
(www.sedar.com). The documents are also available at
www.malbex.ca/Investors/Reports. 


"With our fieldwork at the Del Carmen project completed, we are shifting our
geological team to our other lower altitude projects," said Tim Warman,
President and CEO. "Over the coming months we expect to announce the remaining
11 drill holes from Del Carmen, the results from advanced metallurgical testing
of the Rojo Grande deposit, progress on our search for a partner for Del Carmen
and exploration results from our other projects. In response to the severe
downturn in the financing market for junior explorers, we have made some
adjustments to our plans, such as seeking to joint venture Del Carmen in order
to maximize our investment in exploration at our lower-cost projects in Peru and
Argentina." 


Recent highlights:



--  Completion of the 2011-2012 field season at the Del Carmen project that
    included: 
    
    --  7,385 metres (m) of core drilling in 28(1) holes that tested Rojo
        Grande and seven other targets at Del Carmen Norte; assays for 17
        holes have been released to the date of this discussion including 10
        after the quarter ended 31 March 2012 (Press release dated 24 April
        2012); results are pending for 11 holes 
        
--  Significant results from the Rojo Grande deposit are: 
    
    --  Hole 57A with 109 m grading 2.05 grams per tonne (g/t) gold and 7.3
        g/t silver 
        
    --  Hole 63 that ended in mineralization of 157.5 m grading 0.42 g/t
        gold and 7.7 g/t silver 
        
    --  Hole 64 with 61 m grading 0.30 g/t gold and 14 m at 0.52 g/t gold 
        
    --  Hole 73 with 15 m grading 3.87 g/t gold and 4.3 g/t silver and 54.3
        m grading 0.18 g/t gold and 2.3 g/t silver 
        
--  Significant results at other targets are: 
    
    --  Hole 65 at Lion King with 18 m grading 1.10 g/t gold and 19.5 g/t
        silver, including 3 m grading 5.66 g/t gold and 76.6 g/t silver 
        
    --  Hole 68 at Cerro San Pablo with 19 m grading 0.46 g/t gold and 3.8
        g/t silver 
        
    --  Hole 72 at Ladera Sur Tortolas with 6 m grading 1.25 g/t gold and
        30.6 g/t silver 
        
--  Completion of option agreements to acquire new exploration projects in
    Argentina: 
    
    --  Quebrada Seca Cu-Au porphyry project in Catamarca province 
        
    --  Chalchalero Cu-Au porphyry project in La Rioja province 
        
--  The establishment of a dedicated legal, management and community social
    relations team in Peru to negotiate community agreements for the Wayra
    (formerly Grace) project 
    
--  March 31, 2012: Working capital of $5.8 million and cash-on-hand of $6.7
    million compared with working capital of $15.8 million and cash-on-hand
    of $16.1 million at September 30, 2011 
    
--  Subsequent to the end of the quarter, Malbex announced several
    management and board changes. Malbex founder and director, Joe Hamilton,
    has been appointed CEO effective June 1st, while Frank L. Davis, also a
    Malbex founder, has joined the Board of Directors. The Company's
    outgoing CEO, Tim Warman, and its VP Investor Relations, Marla Gale,
    have resigned effective May 31st. Tim Warman and Patrick F.N. Anderson
    have also stepped down from the Board with immediate effect. 



During the current quarter, there are approximately 20 million common share
purchase warrants due to expire on June 21, 2012. Each warrant is exercisable
into one common share for consideration of $0.40. 


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 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 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.


(1) This total does not include hole 57 which was re-drilled as hole 57A after
being lost in mineralization.

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