Midex Gold Corp.
OTC Bulletin Board : MDXO

July 26, 2009 20:28 ET

Midex Reviews Phase One Exploration at Magembe Diamond Project, Tanzania

DAR ES SALAAM, TANZANIA--(Marketwire - July 26, 2009) - Midex Gold Corp. (OTCBB:MDXO) (www.midexgold.com), announced today it will be the Phase One exploration at the company's Magembe Diamond Project located in the Shinyanga district of northwestern Tanzania.

The objectives for the first exploration program at Magembe was to confirm and evaluate indicated diamond potential from both alluvial and kimberlite sources. This program was followed up with reconnaissance scale exploration competed earlier in 2007. This initial work consisted of compilation, remote sensing, geological mapping and prospecting and was successful in identifying geological environments favorable for hosting surficial and bedrock diamond deposits.

Local artisanal mining operations are active and recovering diamonds from surface alluvial deposits on the western boundary of the Magembe property. Security has been established in areas of the property where significant potential exists for the recovery of alluvial diamonds related to the Mwadui (Williamson) kimberlite and other possible sources in the region. The Phase One exploration program evaluated the concentrations of recoverable diamonds from alluvial material through systematic bulk sampling and processing.

On the northern part of the property, regional geophysical data indicated the presence of four unexplored kimberlite targets with magnetic expressions similar to that of the Williamson (Mwadui) kimberlite. Phase One exploration evaluated these targets through the completion of ground geophysics and bedrock sampling.

The Magembe property is part of a two kilometer buffer zone created to surround the Williamson (Mwadui) Mine as part of the original mine development in the 1940's and 50's. This buffer zone was formed with the intention of ensuring that the mining operations could proceed in a safe and orderly manner through the prohibition of the mining of surficial diamond deposits in the area immediately adjacent to the mining operation.

The exploration at Magembe was conducted under the terms of an option agreement with Douglas Lake Minerals whereby Midex earns 75% of Douglas Lake's interest in the property through cash and share payments and spending US$2.5 million in exploration expenditures over four years.

NEXT TO DE BEERS' WORLD-RENOWN WILLIAMSON MINE

The Williamson 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 pipe covers 360 acres and was considered the largest economically exploitable pipe in the world. The mine is notable as the original source of pink diamonds and has produced famous stones including a 54 carat flawless pink diamond, and a 388 carat diamond found in 1990.

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.

Contact Information