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Malagasy Minerals Gravity Surveys Completed

International minerals company Malagasy Minerals Ltd (ASX Code: MGY) is pleased to advise that it has received results from recently completed gravity surveys undertaken over selected magmatic massive sulphide gossans at its 100%-owned Ianapera (Ampanihy) project and over previously identified VTEM anomalies and gossans at its 100%-owned Vohibory project, both located in southern Madagascar. Results at Ampanihy show strong gravity highs associated with adjacent anomalies AMC-49 and AMC-50 at Ianapera. This supports the interpretation of the presence of associated massive sulphide bodies below the identified gossans. Drilling of these targets is scheduled to commence in the last week of August 2010. An initial programme comprising 1,850 metres of drilling has been proposed by the Company’s geophysical consultants, Southern Geoscience Consultants; with the Phase I programme of approximately 1,000 metres designed to test priority targets along both eastern and western trends. The Company is engaging the services of an experienced expatriate drilling manager to oversee the management and operations of its own recently refurbished diamond drilling rig. Additionally, detailed (i.e. 50m x 100m) soil geochemical orientation sampling over gossans AMC-49, 50 and AMC-47 has been completed, with samples currently being prepared for submission to Intertek-Genalysis for analysis. The objective is to determine the optimal sample spacing from elemental dispersion characteristics for adjacent and other areas within the Ampanihy Project area. Detailed surface geological mapping is currently underway over the gossans to determine the precise lithological assemblage present and to assist in identifying any additional gossans not detected by the VTEM survey. At Vohibory, moderate gravity highs have been identified associated with previously reported copper-silver gossans in the central-east of the project area. The results are summarised on attached. Multiple linear trends of local gravity highs have been identified associated with both interpreted faults from interpreted airborne magnetic data and lines of previously-reported historical workings over copper-silver gossans. The trends of the gravity anomalies parallel those of their associated gossan trends, and are of sufficient tenor to justify follow-up drill testing. The eastern gravity trends adjacent to VC-11 is of a relatively higher tenor than those in the western area south of VC-10 and are therefore of higher priority. Additionally, a sub-trend associated with both the junction of VC-10 and VC-11 and interpreted conjugate faults from airborne magnetic data warrant investigation by drilling. It is anticipated that drilling at Vohibory will follow completion of the Phase I drilling programme at Ampanihy-Ianapera.