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MONTREAL, QUEBEC -- (MARKET WIRE) -- 05/09/07 -- Midland Exploration Inc. ("Midland") (TSX VENTURE: MD) is pleased to announce the resumption of drilling on its Maritime Cadillac Property. The Maritime Cadillac Property is contiguous to the Lapa gold mine property (proven and probable reserve of 1.15 million ounces). Early this winter, Agnico-Eagle Mines Ltd ("Agnico-Eagle") following up potential gold-bearing zones in the southern portion of the property obtained sufficiently encouraging results to warrant more drilling (news release April 24, 2007). The company is planning 2 new holes for a total of 1,100 meters. These holes will test the down plunge extension of the north and south gold-bearing talc-chlorite schistose zones which host the Lapa deposit.
Agnico-Eagle signed an option agreement on June 1, 2006, to acquire a 50% interest in the Midland Maritime Cadillac property by investing $1,000,000 in exploration and by making payments totalling $100,000 over a 3-year period. Agnico-Eagle, the operator of the project, 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 gold and base metal deposits is based on Quebec's excellent mineral potential and favourable investment climate. Midland further intends to be pro-active in 2007 in the acquisition of new mineral exploration properties in Quebec. The Company recently acquired 100% interest in the Weedon property and controls more than 30 kilometres of favourable VMS stratigraphy in the volcano-sedimentary belt of Ascot-Weedon. Management is currently considering other opportunities and other projects in order to expand the Company's portfolio.
Gino Roger, P.Eng., is the qualified person who has reviewed the content of this news release.
This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland's periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities. Midland undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Midland Exploration Inc.
Gino Roger
President and Chief Executive Officer
(450) 420-5977
(450) 420-5978 (FAX) rogino@videotron.ca www.explorationmidland.com