DEVELOPING THE PAST-PRODUCING SIAN GOLD DEPOSIT IN GHANA
The Indicated Gold Resource at Sian/Praso Now Stands at 192,000 oz (NI 43-101 Compliant); Up 92% Since Last Report
Message: Announces 2008 Year End Results
| May 5, 2009 |
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Midlands Minerals Announces 2008 Year End Results
- Over 78% of funds raised to date have gone directly into gold exploration |
| TORONTO, ONTARIO--(Marketwire - May 5, 2009) - Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) is pleased to announce Audited Consolidated Financial Statements and the accompanying Management's Discussion and Analysis for the year ended December 31, 2008 are now available on www.sedar.com as well as on the Company's Web Site at www.midlandsminerals.com. The Company's Consolidated Financial Statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP) and were audited by the firm Schwartz, Levitsky, Feldman LLP. SUMMARY: 2008 PERFORMANCE HIGHLIGHTS With over 78% of available resources in 2008 going into Ghana gold projects, the Company added value to its core assets, primarily to the Sian and Kwahu Praso gold projects. Drill results from the Sian project placed Sian at approximately 18 months to a production decision from the start of the next phase of work. During 2008, an additional $891,994 was spent directly on Sian, bringing the total spent on that project to $4,534,700 as at December 31, 2008. GHANA HIGHLIGHTS Sian - Increased resources on the Sian gold project in Ghana was announced in May 2008 with : -- Indicated resource of 2.6 million tonnes at 2.3 g/t for 192,000 oz Au -- Inferred resource of 2.7 million tonnes at 2.4 g/t for 208,000 oz Au; - Soil geochemistry, geology and drilling completed to the end of June 2008 point to an additional gold potential of 10 to 20 million tonnes grading between 0.4 and 1.2 g/t that requires follow-up prior to inclusion in resource estimates; Kwahu Praso - Midlands exercised its right to acquire an additional 20% of Kwahu Praso ("Praso") from its local partner, and Midlands now holds a 100% undivided interest in Kwahu Praso - Kwahu Praso which was once part of Sian, contains extensions of the Esaase and Ampeha trends in which are two past gold producers with significant growth potential; - Sian/Praso, which together, form a highly prospective 160 square kilometre gold district, are just 30 kilometres northeast of Newmont Mining's +8.7 million-ounce Akyem gold deposit. TANZANIA HIGHLIGHTS - Three new highly prospective gold properties were acquired in the Lake Victoria Goldfields in Tanzania (Llwenge, Kishapu and Lalago totaling 230 square kilometers of exploration ground) - Tamota project, a 175 square kilometer gold project in the Kilindi-Handeni area, approximately 160 kilometers north west of the town of Morogoro. Itilima Gold Project, Tanzania - The eastern part of the project requires further soil geochemical and geophysical surveys prior to the next drill program. The Itilima project was drilled in 2004 (RC) and in 2006 (DDH). OUTLOOK FOR 2009: GHANA: SIAN/PRASO Midlands will continue to focus on the Sian and Praso projects in Ghana with the objective to bring the Sian project to a production decision within 18 months from date of financing. In order to advance and add further value to Sian, the Company has outlined the following priorities for the next work program, subject to financing: 1. definition and in-fill drilling on Sian to increase the gold resource to at least one million ounces while upgrading the category from an indicated to a measured resource; 2. complete an engineering review of the existing Sian CIL plant with the view to determining the merits of re-commissioning the plant; 3. complete a scoping study on the Sian project; 4. conduct an airborne VTEM survey which would allow the company to accelerate its drilling activities. "We are looking forward to 2009, which we believe, will be a defining year for the company. With an adequate level of financing, we plan to execute a very focused program on Sian and Praso with the view to get Sian to a production decision within 18 months", said Kim Harris, President and Chief Executive Officer. Please click on the links below to view the documents: Auditor's report: www.midlandsminerals.com/financials/... Financial statements: www.midlandsminerals.com/financials/... MD&A: www.midlandsminerals.com/financials/... The scientific and technical information contained in this press release has been reviewed by Pierre Lalande, P.Geo., Midlands' Senior Geologist, who is a Qualified Person within the meaning of National Instrument 43-101. ABOUT MIDLANDS MINERALS Midlands is a growth oriented and value based gold exploration company operating in Ghana and Tanzania, two stable countries with a history of gold mining. Midlands' top priority project is the fully permitted Sian gold project in Ghana. The Sian property contains Esaase and Ampeha, two previously producing open pit mines with a resource with significant growth potential. Midlands' contiguous Kwahu Praso project, which was once part of Sian, contains extensions of the Esaase and Ampeha trends. Sian and Kwahu Praso are just 30 kilometers northeast of Newmont Mining's +8.7 million ounce Akyem gold deposit. The Company has a highly qualified management and technical team with extensive experience in the countries in which the Company operates. For more information on the Company, please visit Midlands' Web Site at www.midlandsminerals.com. On behalf of the Board Kim Harris, President and Chief Executive Officer |
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