Midex Gold Corp.
OTC Bulletin Board : MDXO

July 22, 2009 16:01 ET

80 Carat Diamond Discovered on Midex's Magembe Property, Directly Adjacent to De Beers' Williamson Mine

DAR ES SALAAM, TANZANIA--(Marketwire - July 22, 2009) - Midex Gold Corp. (OTCBB:MDXO) (www.midexgold.com) president, Morgan Magella announced the vendor of their newly acquired Magembe Diamond Property reported that a local miner recently discovered an 80 carat diamond. "This is one of those good news, bad news stories," he stated. "It's good news that we've had reports of a huge diamond along with numerous other large diamonds being discovered on our property. The bad news is that the local artisan miners are taking our diamonds without us knowing. To discourage them from continuing to take them, we've implemented on-site security."

"We're convinced this project is a once in a lifetime opportunity," said Morgan Magella. "We walked the property and reviewed the exploration data with some top resource industry experts and their excitement was contagious. Management is enthusiastic about the huge opportunity this property represents, and humbled by the confidence shown by our local partners."

MAGEMBE IS DIRECTLY ADJACENT TO WORLD'S LARGEST DIAMOND PIPE

The Magembe diamond property is 46 square kilometers and consists of consists of a number of prospecting licenses that are located directly adjacent to the eastern, northern and western boundaries of the Williamson Mine, one of Africa's most significant diamond producers. Currently owned by De Beers and the Government of Tanzania, the Williamson Mine production history that spans 60 years and the pipe covers 360 acres. When it was discovered in 1940, it was considered the largest economically exploitable pipe in the world.

Production in the 1950s and 1960s was between 500,000 and 750,000 carats (100 and 150 kg) per year; the peak year of production was 1966, when 924,984 carats (185 kg) were produced. Today, production levels for all Williamson mine diamond recovery activities is about 300,000 carats (60 kg) per year. Notable stones produced at the Williamson mine include a 54 carat (10.8 g) flawless pink diamond (presented to then Princess Elizabeth and Prince Philip upon their wedding in 1947), and a 388 carat (77.6 g) diamond found in 1990. Since 1994, De Beers has improved the performance of the Williamson diamond mine by making needed capital investments in equipment, and bringing in expertise in technology, technique, and exploration. De Beers has identified several possible avenues for development that would keep the mine operating well into the future. Note: Source for Williamson Mine data contained in this release is http://en.wikipedia.org/wiki/Williamson_diamond_mine.

ABOUT MIDEX GOLD CORP.

Midex Gold is positioned to take advantage of Tanzania's rich mineral resources by developing a select portfolio of near-term gold and diamond production projects. With the company's network of strategic relationships with senior mining professionals and government officials in Tanzania, it is poised to identify key mining concession targets that are ready to be developed.

FORWARD LOOKING STATEMENT

This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control and actual results may differ materially from the expected results. The Company does not expect to update forward-looking statements continually as conditions change. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's quarterly filings with the SEC and other periodic filings.

No Exchange has either approved or disapproved of the information contained herein.

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