Midex Gold Corp.
OTC Bulletin Board : MDXO

August 24, 2009 16:00 ET

Midex Gold Announces Finalizing Agreement With Douglas Lake Minerals on Magembe Diamond Property

DAR ES SALAAM, TANZANIA--(Marketwire - Aug. 24, 2009) - Midex Gold Corp. (www.midexgold.com) (OTCBB:MDXO),  management announced today that, effective August 13, 2009, the Company entered into an Agreement with Douglas Lake Minerals Inc. ("Douglas Lake") on the Magembe diamond property in the Shinyanga district of Tanzania. The Magembe diamond property consists of 46 square kilometers directly adjacent to the eastern, northern, and western boundaries of the Williamson (Mwadui) Mine, the world's largest diamond pipe and one of Africa's most prolific diamond producers.

Morgan Magella, president of Midex Gold stated that, "Under the terms of the Agreement, Midex has the right to enter, sample, drill and explore for minerals on the property as defined by the Prospecting License granted by the Government of Tanzania under the Mining Act of 1998. In consideration of this Agreement, Douglas Lake Minerals will be issued one million shares of Midex and receive a five percent NSR. To earn 100% interest in the property, Midex's obligation is to commit US$2,000,000 in exploration expenditures prior to the second anniversary of the Agreement."

The Magembe Diamond Property is part of a two kilometer buffer zone surrounding the world-renown Williamson (Mwadui) Diamond Mine that was created as part of the original mine development in the 1940s and 50s. Local artisanal mining operations were previously active in recovering diamonds from surface alluvial deposits on the western boundary of the Magembe property. Because of the past local native mining activity, the recent 80 carat diamond discovery, and our 2008 exploration results, management believes there's considerable potential for a commercially profitable diamond mine. To date a total of 41 diamonds and diamond cleavages were recovered from 12 of the 60 samples gathered during our 2008 exploration program.

The Williamson (Mwadui) Mine is currently owned 75% by De Beers and 25% by the Government of Tanzania, and has a production history that spans six decades. The Williamson (Mwadui) kimberlite pipe covers 360 acres and at the time of its discovery in 1940, was considered to be the largest economically exploitable pipe in the world. The mine is renown for its original source of pink diamonds and has produced notable stones including a 54-carat flawless pink diamond and a 388-carat diamond found in 1990.

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.

The Company is an emerging mining company focused on exploring and developing mineral opportunities in Tanzania. The Company has a portfolio of gold, copper, nickel, uranium and diamond prospecting licenses. For more information, go to www.douglaslakeminerals.com.

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

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