Malbex Q1 Update

TORONTO, ONTARIO -- (Marketwire) -- 02/24/11 -- Malbex Resources Inc. (TSX VENTURE: MBG) has filed its interim financial statements and MD&A for the three months ended December 31, 2010 on SEDAR (www.sedar.com).

'We are currently half-way through our 2010/2011 drill campaign at the Del Carmen project and we are pleased with the results to date, particularly the higher grade intercepts in holes 35 and 42,' said Tim Warman, President and CEO. 'Our major focus has been proving up the near-surface gold-silver discovery at Rojo Grande, which has grown to 500 metres in strike length and remains open at depth and along strike. In addition, preliminary metallurgy has confirmed the potential for low-cost heap leach processing of the Del Carmen Norte mineralization. Elsewhere at Del Carmen Norte, a second rig has been testing the first of several large geophysical targets.'

Mr. Warman added, 'We are exploring a number of options to accelerate our drilling in order to achieve our 10,000-metre goal at Del Carmen, including extending our work season by a few weeks and/or securing a third drill rig. Drill results should continue to flow regularly over the next few months as assays are received from the lab.'

Q1 and recent highlights:

--  Drilling at the flagship Del Carmen project for the 2010/2011 field
    season began in November 2010, with assays reported for nine holes
    (1,601 m) to date. Significant results include:

    --  hole 33 with 70 m grading 0.46 grams per tonne (g/t) Au and 12.8 g/t
        Ag (0.67 g/t Au-EQ)
    --  hole 34 with 73 m grading 0.74 g/t Au and 17.4 g/t Ag (1.03 g/t Au-
        EQ)
        --  including 16 m grading 0.97 g/t Au and 20.0 g/t Ag (1.30 g/t Au-
            EQ)
    --  hole 35 with 49 m grading 1.41 g/t gold and 3.2 g/t silver (1.46 g/t
        Au-EQ)
        --  including 8 m grading 7.08 g/t gold and 11.6 g/t silver (7.27
            g/t Au-EQ)
    --  hole 38 with 24 m grading 0.90 g/t gold and 13.25 g/t silver (1.12
        g/t Au-EQ)
    --  hole 39 with 86 m grading 0.77 g/t gold and 9.3 g/t silver (0.92 g/t
        Au-EQ)
    --  hole 42 with 103 m grading 2.84 g/t gold and 6.4 g/t silver (2.94
        Au-EQ)
        --  including 5 m grading 48.34 g/t gold and 15.4 g/t silver (48.60
            Au-EQ)

--  Encouraging preliminary metallurgical results for five samples from Del
    Carmen Norte indicate the mineralization is strongly oxidized with an
    average gold recovery of 76.5% that appears to be amenable to low-cost
    heap leach processing

--  Working capital of $8.4 million and cash-on-hand of $9.0 million at
    December 31, 2010 compared with working capital of $11.3 million and
    cash-on-hand of $11.6 million at September 30, 2010

Click the following links to view maps and sections and a complete assay table showing all drill results to date from Del Carmen Norte. Or access further information on Del Carmen at www.malbex.ca/Projects/Del_Carmen.

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. Malbex holds an indirect 100% interest in three exploration projects in Argentina's El Indio Gold Belt, which hosts over 35 million ounces of gold in past production and current reserves. Two of the projects are in close proximity to Barrick's Veladero and Pascua-Lama gold deposits. 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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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