Midlands Minerals (MEX.V) gold intercepts in Ghana
FOR IMMEDIATE RELEASE November 8th, 2007
MIDLANDS MINERALS REPORTS EXPLORATION
UPDATE ON SIAN - GHANA
TSX-VN: MEX
TORONTO CANADA, November 8th, 2007: Midlands Minerals Corporation ("Midlands" or "the Company") is pleased to report on more assay results from the diamond drilling program on Sian in Ghana. With more assays now having been received, the Company is compiling all exploration results on the Sian property to date, and we will shortly be reporting on overall drilling results with drill location maps illustrating the significant gold system that is emerging on the Sian property, said Kim Harris, President and Chief Executive Officer.
The diamond drilling program resumed on September 10, 2007 and ten holes were completed by October 28, 2007. The ten holes were designed to test the north extension, the south extension as well as depth extensions of the Esaase gold deposit of 1.3 million tonnes at 2.3 g/t. The holes we are reporting on in this update, (holes MEDD 10 and MEDD 11) were drilled to test the north extension on section N290m located 95 meters north of hole MEDD-001 which was previously reported, and which was testing the north limit of the indicated resource on section N165m. This has extended the Esaase mineral zone toward the north by an additional 95 meters said Marc Boisvert P.Eng, Vice President Exploration.
Both holes intersected at 10 meters horizontally, with several gold anomalous intervals averaging between 0.2 and 0.4 g/t Au between the two gold grade intervals. The 10 meter zone is a carbonate-potassium alteration with local silicification and pyrite mineralization. The following is a summary of diamond drill results from holes 10 and 11:
MEDD10 Zone 1: 1.02 g/t Au over 12 meters from 46 meters to 58 meters
Zone 2: 2.71 g/t Au over 3 meters from 95 meters to 98 meters
MEDD11 Zone 1: 1.70 g/t Au over 8 meters from 127 meters to 135 meters
Zone 2: 1.87 g/t Au over 12 meters from 240 meters to 252 meters
Intercepts shown above were calculated using a minimum of a 0.5 g/t cut-off at the beginning and end of the intercept and allowing for no more than 3 consecutive samples (three meters) of less than 0.5 g/t Au. The holes MEDD 10 and 11 were drilled in direction of 300º, at an angle of 90º with the deposit trend. The dip of the holes was planned to intersect at a specific vertical depth. The dip of the deposit varies between70 to 80 degrees. It is expected to have a true width between 60 to 70% of the reported intervals. Core samples are generally taken at 1 meter intervals with exceptions varying from 0.3 to 1.3 meters due to the particular rock type. Sampling is done utilizing a core saw to split the core in two parts, sending one half to the laboratory and keeping the other half as witness core. All core drill samples are described and sampled at the property field core shack facilities. All samples were sent to SGS Laboratory in Tarkwa, Ghana where they are assayed using standard 50 gram fire assay with atomic absorption finish. QA/QC programs are in place using blanks and external standard samples.
Positioned for fast track production, Midlands is a junior exploration company with a gold deposit on the Sian property in Ghana. Sian, a past open pit gold producer located on the Ashanti Goldbelt 30 kilometers northeast of Newmont Mining’s 8+ million Akyem gold deposit, produced gold between 2001 and 2004 with a gold recovery rate of 91%. The Sian gold mineralization type is a silica-carbonate alteration with disseminated pyrite similar to that found at Newmont’s Akyem gold deposit.
With economic grades and widths and a 91% gold recovery rate, a 30 year mining lease, infrastructure, roads, water, and power on Sian, what remains is to increase the tonnage and move the project to a feasibility study by the end of 2008 and gold production 2009/2010 with a minimum threshold mining scenario of 10 years/50,000 oz/year.
Midlands Minerals is one of 30 companies covered in the Haywood Securities Junior Exploration Index. The Haywood Junior Explorer Index (HJEI) tracks the performance of the group of junior exploration companies relative to the market. The HJEI is a bi-monthly publication by Haywood Securities Inc. Midlands Minerals Corporation is also covered by e-Research and Objective Capital Limited (UK) and all research reports and updates are available on the Company’s Web Site at www.midlandsminerals.com.
The scientific and technical information contained in this press release has been reviewed by Marc Boisvert, P.Eng., who is a Qualified Person within the meaning of National Instrument 43-101. Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from actual results and achievements expressed or implied by such forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. The Company adds a cautionary statement to the effect that the potential quantity and grades referred to in this press release are conceptual in nature and there has been insufficient exploration to define a mineral resource. Further, the Company is uncertain if further exploration will result in discovery of a mineral resource. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward looking statements while considering the risks inherent in the business of mineral exploration.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information, please contact:
Kim Harris, CEO
1210 Sheppard Avenue East, Suite 302
Toronto, Canada M2K 1E3
CEO Direct Line: +1 (416) 447-6882
Tel: +1 (416) 492-6992
Fax: +1 (416) 492-6993
E-Mail: info@midlandsminerals.com Website: www.midlandsminerals.com
