Midland Exploration Inc.
TSX VENTURE : MD

Midland Exploration Inc.

October 23, 2009 16:15 ET

Midland Exploration Announces a Private Placement

MONTREAL, QUEBEC--(Marketwire - Oct. 23, 2009) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce that it has signed an engagement letter with Laurentian Bank Securities Inc. to complete a private placement for gross proceeds of $2.3 million. The private placement will consist of 1,708,333 units at a price of $1.20 per unit and 166,667 flow-through shares at $1.50 per share. Each unit will be comprised of one common share and one-half of a common share purchase warrant. Each whole common share purchase warrant will entitle the holder to purchase one additional common share of Midland at a price of $1.75 for a period of 18 months from the closing date of the private placement.

Midland will use the proceeds from the private placement to fund its exploration plan and for working capital purposes.

Closing of the proposed private placement is conditional upon preparation of standard documentation and regulatory approval, including that of the TSX Venture Exchange. Closing is expected to take place on or about November 6, 2009. Under applicable securities legislation, the securities to be issued in the proposed private placement will be subject to a four-month hold period.

There are currently 21,636,546 common shares of Midland issued and outstanding.

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 Agnico-Eagle Mines Limited, Osisko Mining Corporation, North American Palladium Limited 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.

This press release was prepared by Gino Roger, registered engineer and Qualified Person as defined by NI 43-101.

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.

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 Midland's periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities.

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