Midlands Minerals Corporation

Midlands Minerals Corporation

May 01, 2008 08:30 ET

Midlands Minerals Announces 2007 Year End Results

TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) is pleased to announce the financial results for the year ended December 31, 2007. The Company's Consolidated Financial Statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP) and were audited by the firm Schwartz, Levitsky, Feldman LLP. The audited Consolidated Financial Statements and the accompanying Management's Discussion and Analysis are available on www.sedar.com as well as on the Company's Web Site at www.midlandsminerals.com.


Midlands is a growth oriented and value based gold exploration company operating in Ghana and Tanzania, two stable low risk countries with a history of gold mining. The Company mitigates potential risk to investors by operating in two safe countries with well established mining laws, and by having several high quality projects located near major gold deposits and on known prolific gold producing belts. The Company has a highly qualified management and technical team with extensive experience in the countries in which the Company operates. The Company's priority project is the fully permitted and past gold producer, Sian gold project, located on the Ashanti Gold Belt in Ghana.


2007 exploration expenditures increased by 89% over the previous year, from $2,325,971 to $4,387,326. The increase of $2,061,355 is attributable to an increase in drilling activities on the Sian project as well as other exploration activities on the contiguous Kwahu Praso project and on the Kaniago project also in Ghana. Please refer to Consolidated Financial Statements and Management's Discussion and Analysis for details.

2007 Results: Sian Project, Ghana

- Indicated resource on Sian increased by 92% from 100,000 ounces to 192,000 ounces

- Inferred resource on Sian increased by 103% from 100,000 ounces to 203,400 ounces

In a very short period of time following approximately 11,000 meters of drilling in 2007, the indicated resource on Sian increased by 92% up from 100,000 ounces of gold to 192,400 ounces (2,568,000 tonnes at 2.33 g/t Au) and the inferred resource went up from 100,000 ounces to 203,350 ounces (2,694,000 tonnes at 2.35 g/t Au), an increase of 103.4%. Sian, which is a fully permitted past open pit gold producer, is located on the prolific Ashanti Goldbelt, just 30 kilometres northeast of Newmont Mining's 8.7 million ounce Akyem gold deposit. The Sian gold mineralization type is a silica-carbonate alteration with disseminated pyrite similar to that found at Newmont's Akyem gold deposit. (Resources reported above are National Instrument 43-101 compliant.)

2007 Results: Kaniago Project, Ghana

The Kaniago Project is located on the Asankrangwa Gold Belt and is contiguous to Obotan Open Pit Mine with a 2.8 million oz of gold, Adubiaso Open Pit Mine to the south, and Abore Open Pit Mine with 295,400 oz gold to the north.

- There is a soil gold corridor, 7 kilometres in strike length and on direct strike with Abore Open Pit Mine

- On the eastern part of the project, there is a gold soil anomaly zone which is on strike with the Obotan Open Pit Mine;

- On the central southern part of the project is a gold soil anomaly, which is the extension of the Adubiaso Open Pit Mine, previously operated by Resolute Mining Ltd.

2007 Results: Itilima Gold Project, Tanzania

Eastern part of the project is drill ready and an induced polarization survey (IP) is planned before drilling commences on the Itilima project.


Following the success of the Company's 2007 drilling program, Midlands' short term target is to increase the resource on the Sian project by drilling on the direct extensions of the Esaase gold deposit, and within a 3 kilometre radius of the Esaase open pit and CIL milling plant. The second objective is to drill the other new zones discovered through the scout drilling program conducted between April 2007 and September of 2007 to find additional gold resources on the Sian project.

- Drilling commenced again in March 2008 on the Sian project;

- Over 20,000 meters of drilling are planned for 2008 on the Sian project.

The scientific and technical information contained in this press release has been reviewed by Marc Boisvert, P.Eng., Vice President Exploration, who is a Qualified Person within the meaning of National Instrument 43-101.

On behalf of the Board

Kim Harris, President and Chief Executive Officer

Research Coverage

Midlands Minerals is one of 30 junior exploration companies covered in the Haywood Securities Junior Exploration Index. The Haywood Junior Explorer Index ("HJEI") tracks the performance of the group of junior exploration companies relative to the market. The HJEI is a bi- monthly publication by Haywood Securities Inc. Midlands Minerals Corporation is also covered by e-Research and Objective Capital Limited (UK).

Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from actual results and achievements expressed or implied by such forward-looking statements. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect.

The Company adds a cautionary statement to the effect that the potential quantity and grades referred to in this press release are conceptual in nature and there has been insufficient exploration to define a mineral resource. Further, the Company is uncertain if further exploration will result in discovery of a mineral resource. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward looking statements while considering the risks inherent in the business of mineral exploration. For more information, investors should review the Company's filings that are available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.

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