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New Exploration Program on Midland James Bay Gold Project
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Midland Exploration Inc.
TSX VENTURE:
MD
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Recent News
February 24, 2009
New Exploration Program on Midland James Bay Gold Project
MONTREAL, QUEBEC--(Marketwire - Feb.
24, 2009) - Midland Exploration Inc.
("Midland") (TSX VENTURE:MD) is pleased to announce that a new exploration
program will start on its 100%-owned James Bay Gold project which is
currently under an option agreement with Agnico-Eagle Mines Limited
("Agnico-Eagle").
The 2008 first year exploration campaign has been very
successful in finding several new gold bearing outcrops with values as high
as 9.1 g/t Au.
Prospecting along aeromagnetic anomalies high has led also to
the discovery of a significant new base metal and precious metal showing
returning 6.1% Cu, 0.26 g/t Au and 30.8 g/t Ag.
Elsewhere on the properties,
prospecting and reconnaissance mapping has identified other anomalous
gold-bearing outcrops and boulders which require further investigation.
A winter exploration program has been recently laid out and approved by
Agnico-Eagle to further evaluate the precious and base metal targets
identified during the 2008 field season.
Prior to the 2009 spring break-up,
the program will consist of more than 75 kilometres of line cutting which
will include 75 kilometres of magnetometric survey, 30 kilometres of HLEM
and 27 kilometres of IP surveys over 5 grids distributed on Midlands
Lasalle (3 grids) and Galinee (2 grids) properties.
Moreover, detailed
geological mapping, stripping and channel sampling on well exposed showings
will complete the geophysical survey follow-up.
Midland is very optimistic
of identifying new geophysical anomalies advancing thereby the project
closer to the drilling stage.
Midland controls more than 1240 claims totalling 640 km2 in this James Bay
favourable area.
The Midland properties are associated with first order,
isolated or combined strong unexplained gold, arsenic and antimony
lake-bottom sediment anomalies.
Midlands properties are located near the
contact between volcanic-plutonic units of the La Grande Subprovince and the
metasedimentary units of the Opinaca Subprovince.
This contact is recognized
as a favourable setting for gold mineralization in the northeast Superior
Province.
The Eleonore gold deposit is also located along this favourable
contact.
Terms of the Exploration Agreement
Agnico-Eagle paid to Midland the second year cash payment of $60,000 and
enters into the second year of the agreement.
The company may earn 50% of
Midlands interest in the property, by spending a total of $4,500,000 in
exploration work and making payments totalling $300,000 over four years.
Midland will be the initial operator until Agnico-Eagle acquires a 50%
interest in the project.
Upon acquiring 50% interest, the company will have
the option to increase its undivided interest in the project from 50% to 65%
over a period of three years, by solely financing a bankable feasibility
study on the James Bay Gold project or by solely assuming all mining
operations on the project, earning a 1% additional interest for every
$1,000,000 spent on the property (up to 15% by spending $15 million).
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 and uranium.
Midland is proud to count on
reputable partners such as Agnico-Eagle, Soquem Inc.
and Quest Uranium
Corporation.
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.
This press release was prepared by Gino Roger, geological engineer and a
Qualified Person as defined by NI 43-101.
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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