MONTREAL, QUEBEC--(Marketwired - May 17, 2013) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the acquisition of 100% interest in a gold property comprising twenty-nine (29) claims in two blocks located along and proximal to the prolific Cadillac Break. This new strategic acquisition, totalling more than 1,200 hectares, is located less than 5 kilometres northwest of the town of Malartic, Quebec.
The Heva West block consists of 4 contiguous claims adjacent to the west of the Maritime-Cadillac property, currently a 50/50 joint venture between Midland and Agnico-Eagle Mines Limited ("Agnico-Eagle"). The Heva West block covers nearly 1 kilometre along the contact between Pontiac Group sediments and mafic volcanic rocks of the Piché Group and is located less than 1 kilometre south of Agnico-Eagle's Lapa gold mine (2.1 million tonnes in proven and probable reserves at a grade of 6.0 grams per tonne of gold, for 395,000 ounces of gold), which has been in commercial production since May 2009.
The Heva East block is located about 4 kilometres to the southeast of the Heva West block and consists of 25 contiguous claims largely covering sedimentary rocks of the Cadillac Group just north of the Piché Group. This block encompasses several historical gold occurrences with grades up to 91.2 g/t Au and 3.12 g/t Au in surface grab samples, and up to 6.2 g/t Au over 0.9 metre in drill hole. In addition, the Heva East block covers a 4-kilometre segment along an underexplored gold trend that graded 11.7 g/t Au over 0.5 metre in a historical drill hole located less than 500 metres northwest of the property boundary (Source:MRNF SIGEOM NTS sheet 32D01).
In consideration for the acquisition of 100% interest in the Heva property, Midland will proceed with a cash payment in the amount of $30,000 and will issue 60,000 common shares to the vendor, Arianne Resources Inc.
A location map showing the new acquisition is available on Midland's website.
Midland targets the excellent mineral potential of Quebec to discover new world-class deposits of gold, base metals, and rare earth elements. Midland is proud to count on reputable partners such as Agnico-Eagle Mines Limited, Osisko Mining Corporation, Maudore Minerals Limited, Japan Oil, Gas and Metals National Corporation and SOQUEM Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Management is currently reviewing other opportunities and projects to build up the Company portfolio.
This press release was prepared by Mario Masson, P.Geo., VP Exploration for Midland and Qualified Person as defined by NI 43-101. For further information, please consult Midland's website.
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.