🕐29.10.09 - 16:48 Uhr
Midland Starts First Exploration Program With North American Palladium on the Laflamme Gold Project
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Midland Exploration Inc.
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MD
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Recent News
October 29, 2009
Midland Starts First Exploration Program With North American Palladium on
the Laflamme Gold Project
MONTREAL, QUEBEC--(Marketwire - Oct.
29, 2009) - Midland Exploration Inc.
("Midland") (TSX VENTURE:MD), in partnership with North American Palladium
Ltd.
("North American Palladium"), is pleased to announce the start of its
first exploration program on the Laflamme project, located about 25
kilometres west of the town of Lebel-sur-Quevillon in Abitibi, Quebec.
This first exploration program, with a total budget of $300,000, will
initially involve an extensive helicopter-borne magnetic and electromagnetic
(VTEM) geophysical survey covering a total of about 1,100 line kilometres.
The VTEM survey is designed to detect new gold-bearing zones on the property
and will also help define the structural framework of this vast unexplored
terrain.
This type of survey is known for its exceptional depth penetration,
up to 300 metres deep, and its ability to define targets more accurately
than conventional systems.
The preliminary results of the survey will be
available in the coming weeks.
Upon receiving the results, Midland and North
American Palladium will establish a list of priority anomalies to be
ground-checked prior to drill-testing in early 2010.
The Laflamme property is wholly-owned by Midland and consists of 449 claims
covering a total of about 236 km2.
It hosts many new exploration targets
recently outlined based on the results of the Octave till sampling project,
a joint project led by the Ministere des Ressources naturelles et de la
Faune ("MRNF") and the Geological Survey of Canada ("GSC").
These new
exploration targets include geochemical glacial dispersal trains with strong
gold and copper anomalies, for which potential sources remain unexplained.
The Laflamme property is strategically positioned between the Sleeping Giant
mine held by North American Palladium, which to date has produced more than
1 million ounces of gold, and the Comtois high-grade gold deposit held by
Maudore, which contains an uncut inferred resource of 524,000 ounces of gold
in the Osbourne and Bell zones (Source: May 2002 NI 43-101 technical report
by Roscoe Postle Associates Inc.).
Terms of Exploration Agreement
North American Palladium has the option to acquire 50% interest in the
Laflamme property for a consideration of $1,000,000 in exploration work and
payments totalling $100,000 over a period of four years.
The company has a
firm commitment to spend $300,000 in exploration work during the first year
of the agreement.
North American Palladium will be project operator until
completion of a positive pre-feasibility study.
Following acquisition of an
initial 50% interest, North American Palladium will have the option to
acquire an additional 15% interest upon delivery of a bankable feasibility
study.
About Midland Exploration
Midland targets the excellent mineral potential and the favourable
investment climate of Quebec to make the discovery of new world-class
deposits of gold, base metals, uranium and REE.
Midland is proud to count on
reputable partners such as North American Palladium Limited, Agnico-Eagle
Mines Limited, Osisko Mining Corporation and Soquem Inc.
Midland prefers to
work in partnership and intends to quickly conclude additional agreements in
regard to newly acquired properties.
Midland is currently evaluating new
opportunities and other projects in order to increase the portfolio of the
Company.
About North American Palladium
NAP is a precious metals company that owns the Lac des Iles mine, which
produced platinum group metals for 15 years until October 2008 when it was
placed on temporary care and maintenance due to low metal prices.
Prior to
the temporary shutdown, the mine had annual production of 270,000 ounces of
palladium, 20,000 ounces of platinum and 20,000 ounces of gold.
The company
also owns and operates the Sleeping Giant gold mine located in the Abitibi
region of Quebec, which produced over 1 million ounces of gold from
1988-2008 at an average grade of 11.44 g/t.
North American Palladium has
resumed gold production at the Sleeping Giant mine and expects to achieve
commercial production in the fourth quarter of 2009 at an annual rate of
50,000 ounces.
This press release was prepared by Mario Masson, Midland registered
geologist and a Qualified Person as defined by NI 43-101.
For further
information, please consult Midlands 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 Midlands periodic reports including the annual
report or in the filings made by Midland from time to time with securities
regulatory authorities.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
CONTACT INFORMATION:
Midland Exploration Inc.
Gino Roger
President and Chief Executive Officer
450-420-5977
Fax: 450-420-5978
www.midlandexploration.com
INDUSTRY: Manufacturing and Production - Mining and Metals
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