Midland Exploration Inc.: Drill Program Commences on Maritime Cadillac Gold Property
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MONTREAL, QUEBEC--(Marketwire - Feb. 19, 2007) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the start of a drilling program on its 100%-owned Maritime Cadillac Property. The Maritime Cadillac Property is contiguous to the Lapa gold mine property (1.15 million ounces of gold in proven and probable reserves), which will go into production in early 2009.
The project, operated by Agnico-Eagle, will include 8 holes totalling 3,000 metres of drilling. These drillholes will test the talc-chlorite schist horizon (Piche Group) that hosts the Lapa ore deposit. Two drillholes will test the south extension of the Zulapa gold deposit (mined from 1938 to 1943 and where 346,000 tonnes were extracted at 4.3 g/t). Three drillholes are planned to test the depth extension to the north of the Maritime Cadillac gold deposit(historical value up to 17.7 g/t /7.70m), located in the centre of the property. Finally, two drillholes will test two unexplained induced polarization (IP) anomalies located approximately 200 metres northeast of the Maritime Cadillac deposit and along the favourable contact between the Piche and Cadillac groups.
The Maritime Cadillac Property is well located in the eastern part of the Cadillac mining camp, south of the Lapa gold mine. The presence of major lithological contacts (Pontiac-Piche-Cadillac) within the deformation zone associated with the Cadillac-Larder Lake Break provides a highly prospective setting for lode gold or disseminated gold deposits.
Agnico-Eagle signed an option agreement on June 1, 2006, to acquire a 50% interest in the Maritime Cadillac Property by investing $1,000,000 in exploration and by making payments totalling $100,000 over a 3-year period. The company will have the option to increase its undivided interest in the Property from 50% to 65% over a period of 3 years, by solely financing a bankable feasibility study on the Maritime Cadillac Property, or by solely assuming all mining operations on the Maritime Cadillac Property, earning 1% additional interest for every $1,000,000 spent on the property (up to 15% by spending $15 million).
About Midland Exploration
Midland's strategy to discover new world-class gold, base metal, and uranium deposits is based on Quebec's excellent mineral potential and favourable investment climate. Midland is proud to work with reputable partners such as Agnico-Eagle Mines Limited, Breakwater Resources Limited, Soquem Inc. and Quest Uranium Corporation. The Company quickly implemented its business plan during the second half of 2007, by signing four important agreements totalling nearly $16,000,000 in work commitments and $1,000,000 in payments over four years. Management is currently considering other opportunities and other projects in order to expand the Company's portfolio. Midland prefers to work in partnership and intends to quickly secure new agreements to this effect for its newly acquired properties.
Gino Roger, P. Eng., is the qualified person who has reviewed the content of this news release.
FOR FURTHER INFORMATION PLEASE CONTACT:
Midland Exploration Inc.
Gino Roger, President and Chief Executive Officer
450-420-5977
450-420-5978 (FAX)
gino.roger@midlandexploration
www.midlandexploration.com
eviewed and does not accept responsibility for the adequacy or accuracy of this release.
Copyright 2001 The Globe and Mail
Tuesday, February 19, 2008
Breakwater + Midland Exploration Starts Drill
Consumer weakness challenges markets
Stock markets are in for a challenging week as indices trade above January lows, despite growing signs of weaker consumer demand.
"The evidence is starting to look pretty good that those late January lows have a good chance of holding," said John Johnston, chief strategist at RBC Dominion Securities' Harbour Group in Toronto.
"But we're probably going to be in a long, grinding base-building pattern with the risk of new lows because the 20 per cent bear market decline we've seen in the S&P 500 is very much like the '90-'91 bear market, which was a 20 per cent decline and a similar credit background."
Yesterday, European stocks rose on speculation about possible new investment in the banking sector, while Asian markets were mixed and North American exchanges closed for holidays.
London's benchmark FTSE 100 rose 2.75 per cent to 5,946.6, while Germany's DAX index gained 2 per cent to 6,967.55 and the Paris CAC 40 added 1.9 per cent to 4,861.80.
"It seems to be a combination of factors," said Keith Bowman, a broker at Hargreaves Lansdown Stockbrokers in London. "There was press speculation over the weekend that banks reporting this week may raise their dividends and possibly sovereign investment funds will increase their investments."
U.S. financial markets observed Presidents Day, while the TSX and TSX Venture Exchange were shut for Ontario's first Family Day.
North American stock markets eked out a slight gain last week despite a litany of more bad news. The TSX is 8.9 per cent above its Jan. 21 low while the Dow is still up just over 3 per cent from its most recent low the following day.
Last Thursday, U.S. Federal Reserve chair Ben Bernanke told the Senate Banking Committee that business prospects have worsened and predicted the economy will grow at a "sluggish" pace before recovering later in the year and that banks' mortgage investments could lose more value.
And the next day, worries about the ability of consumers to hold out deepened after the University of Michigan consumer sentiment survey for January came in at 69.6 – much lower than the expected reading of 78.
"The consumer is softening here and this drop in sentiment tells me that it tracks quarterly spending growth pretty well and it's telling us the consumer is very soft," said Johnston.
"And when you look at it, their asset prices are falling – housing, now their equity portfolios are down, gasoline prices are up, OPEC is talking about cutting production and a lot of people still have jobs, but they're more nervous," he added.
Adding to investor woes was an announcement from consumer-electronics retailer Best Buy, owner of the Future Shop chain, that it will earn less than expected in fiscal 2008 due to weak January sales.
There was some good news at the end of the week.
"The labour market isn't crumbling like it often does when you seem to be sliding into recession," Johnston noted. "Like those jobless claims, usually in this kind of environment we would be spiralling towards 400,000 (a week). Now, they're just kind of meandering up towards 400,000 right now."
Quick action by the U.S. Federal Reserve Board to cut interest rates has also buoyed markets since the January trough. The central bank has cut its key funds rate by 1.25 percentage points since then and Bernanke reassured investors the Fed would cut as warranted.
Japanese stocks were flat yesterday, while Hong Kong shares sank amid concerns about further monetary tightening in China.
But Chinese stocks jumped after securities regulators approved new wealth management operations, regarded as likely to increase sales of shares to the public. The Shanghai composite index gained 1.58 per cent to 4,568.15.
Tokyo's Nikkei index edged up 12.84 points to 13,635.40. Market observers said it may take a while for the Nikkei to resume a stable upward trend even though current levels are above the January lows.
Hong Kong's blue-chip Hang Seng index lost 1.6 per cent to 23,759.25, after gaining 6.8 per cent in the previous four sessions.
Analysts said traders were cautious due to concerns about the U.S. economy. The latest inflation data for the U.S. is due next week, but Johnston doesn't think they will derail rate cut expectations.
"The big issue for most people is the economy – inflation is not the main issue right now," he said.
"The issue is how you manage inflation after the economy turns around."
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