Midlands Minerals Corporation

Published : April 07th, 2014

Midlands Minerals Enters Into a Definitive Agreement to Option Parlozi Lead-Zinc-Silver Project ...

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Keywords :   Gold | Lead | Market | Serbia | Silver | Zinc |

Midlands Minerals Enters Into a Definitive Agreement to Option Parlozi Lead-Zinc-Silver Project From Reservoir Minerals

TORONTO, ONTARIO--(Marketwired - Apr 7, 2014) - Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) is pleased to announce that, further to its January 10, 2014 press release, the Company has entered into a definitive agreement (the "Option Agreement") with Reservoir Minerals Inc. ("Reservoir") (TSX VENTURE:RMC) for an option to earn up to a 75% interest in Reservoir's Parlozi Lead-Zinc-Silver Project (the "Project") in Serbia (the "Transaction").

The Option Agreement provides that Midlands can earn an initial 51% interest in the Project by spending CDN$4.5 million on exploration over four years. A minimum spend of CDN$500,000 before September 30, 2014, including reimbursement of exploration expenditures on the project by Reservoir since June 6th, 2013 and 1,500 meters of drilling, are firm commitments. Thereafter, Midlands can earn an additional 14% interest over two years by obtaining a mining exploitation permit from the Serbian Government and a further 10% (for a total of 75%) by completing a bankable feasibility study within two years of obtaining a mining exploitation permit.

Completion of the Transaction is subject to customary closing conditions, including receipt of all regulatory approvals, including the consent of the TSX Venture Exchange.

The Project is a 91 square kilometre exploration permit and is conveniently located 35 kilometres south of Belgrade, the capital of Serbia. The Parlozi permit covers occurrences of historical lead-zinc-silver mining in the Kosmaj-Babe area of the Sumadija mining district in central Serbia. The mineralization in the permit comprises silver-bearing vein and replacement-type lead-zinc sulphides hosted by carbonate sedimentary rocks associated with intrusive Neogene quartz latite dykes and volcanic breccias. This type of mineralization has long supported lead-zinc-silver mining operations in the region.

Craig Pearman, President and CEO of Midlands, stated that, "Midlands is pleased to present the result of its strategic review and its plan to rebuild value for shareholders. The Company has leveraged off the weak markets to identify an exceptional project, partner, and jurisdiction, and the parties have concluded the agreement in good time to take full advantage of the rising market. Parlozi is well located in Serbia which has a strong tradition of mining, with infrastructure and skills, and is affordable and highly prospective for a junior explorer. We are looking forward to the first phase of drilling."

Dr. Dominique Fournier, EurGeol, a "qualified person" as defined by National Instrument 43-101, has reviewed and approved the technical information and data included in this press release.

About Midlands Minerals Corporation:

Midlands is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol "MEX". Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com which is currently under re-construction.

This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the completion of the Transaction, the receipt of regulatory approvals, the Company's future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.

Read the rest of the article at finance.yahoo.com
Data and Statistics for these countries : Serbia | All
Gold and Silver Prices for these countries : Serbia | All

Midlands Minerals Corporation

EXPLORATION STAGE
CODE : MEX.V
ISIN : CA59780W1014
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Midlands Min. is a gold exploration company based in Canada.

Midlands Min. holds various exploration projects in Ghana.

Its main exploration properties are ITILIMA in Tanzania and KANIAGO, KWAHU PRASO and SIAN in Ghana.

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Corporate Presentations of Midlands Minerals Corporation
10/15/2007Featured in the October 19, 2007 Edition of the Investor's D...
Financings of Midlands Minerals Corporation
5/28/2007Announces up to $2.4 Million Private Placement to Accelerate...
Project news of Midlands Minerals Corporation
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3/7/2011(Kaniago)Drilling for Gold on Midlands' Kaniago Commences in Ghana, W...
2/20/2008(Sian)Reports New Resource Estimate Expected on Sian - Ghana
2/4/2008(Kaniago)Confirms Kaniago Soil Zones are on Direct Strike with Signif...
1/9/2008(Sian) Reports Two Significant Gold Structures 1.5km Southwest of ...
12/14/2007(Sian) Follow up Drill Results Confirm New Zones At Sian - Ghana
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10/29/2007(Kaniago)Announces Drill Results Indicate Esaase Gold Deposit is part...
10/11/2007Intersects Akyem Type Carbonate-Silica Mineralization and Po...
7/24/2007Hole # 5 Intersects 3 Significant Gold Intervals Distributed...
6/11/2007INTERSECTS NEW PREVIOUSLY UNKNOWN GOLD ZONE EAST OF ESAASE P...
Corporate news of Midlands Minerals Corporation
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8/18/2015Midlands Minerals Corporation provides update on business co...
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4/29/2014Midlands Minerals Announces the Parlozi Zinc-Lead-Silver Pro...
4/24/2014Midlands Minerals receives TSXV approval for Parlozi
4/7/2014Midlands Minerals Enters Into a Definitive Agreement to Opti...
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6/21/2013(Sian)Enters into Share Purchase Agreement to Sell Shares of Akrom...
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2/21/2008Interview With Wall Street Reporter
11/16/2007Drilling Extends Esaase Zone 400 Meters North and 200 Meters...
11/8/2007Reports Exploration Update on Sian - Ghana
10/16/2007Announces New Gold Zone Grading 2.77 G/T Over 3 M, 940 Meter...
10/12/2007Toronto Resource Investment Conference
9/12/2007Announces Commencement of Second Half of Drilling on Sian - ...
9/5/2007Announces Gold Zone Extends North and at Depth at Midpoint o...
8/9/2007Expands Gold Zone Southwest of Esaase Pit on Sian-Ghana
6/28/2007Announces the Emergence of a Gold Bearing Structure Parallel...
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6/21/2007Extends Mineralization to Vertical Depth of 220m and Reports...
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