Tuesday, February 19, 2008
Breakwater + Midland Exploration Starts Drill
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
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