Midlands Minerals Corporation

Midlands Minerals Corporation

June 15, 2010 16:22 ET

Midlands Receives TSX-V Approval for Share Buyback

TORONTO, ONTARIO--(Marketwire - June 15, 2010) - Midlands Minerals Corporation ("Midlands" or the "Company") (TSX VENTURE:MEX) is pleased to announce the Company has applied to the TSX Venture Exchange seeking approval to repurchase its stock on the open market in accordance with TSX Venture Exchange rules and policies. Management views the Company's shares to be significantly undervalued.

"With a growing resource on the fully permitted Sian property, and with accelerated drilling commencing within weeks based on compilation of soil geochemistry and airborne results, with sufficient cash to drill 20,000 metres to get to our goal of the initial one million ounces of gold on Sian and Praso in Ghana, we know, as do our shareholders, that our Company's stock is significantly undervalued," said Kim Harris, President and Chief Executive Officer.

"In demonstrating Management's confidence in future results and in the interest of enhancing value for shareholders, the Company finds no better investment opportunity than to recognize the inherent value of investing back into the Company. The repurchasing of Midlands shares will not affect our exploration and drilling activities; Sian, Praso, and Kaniago remain the Company's top priorities, and our focus remains on Ghana," said Kim Harris.

The repurchasing of Company stock will commence Friday, June 18, 2010, and conclude at the latest date of June 17, 2011. The buyback will occur in accordance with TSX Venture Exchange Policy 5.6, Normal Course Issuer Bid. There currently 104,249,791 shares issued and outstanding, and the total public float is 80,272,339. The percentage of securities that may be repurchased by the Company, subject to regulatory approval, will not exceed 5,212,489, or 5% of the issued and outstanding shares of the Company. The Company will work with D & D Securities Company as broker on this NCIB.

No director or senior officer of the Company intends to sell securities during the course of this Normal Course Issuer Bid (NCIB). To the best knowledge of the Company, and following reasonable enquiry, no associate or any director or senior officer of the Company whether acting jointly or in concert with the Company, or person(s) holding 10% or more of the Company shares, intends to sell securities during the course of the NCIB.


Midlands is a growth oriented and value based gold exploration company operating in Ghana and Tanzania, two stable countries with a history of gold mining. Midlands' top priority project is the fully permitted Sian gold project in Ghana. The Sian property contains Esaase and Ampeha, two previously producing open pit mines with a resource with significant growth potential. Midlands' contiguous Kwahu Praso project, which was once part of Sian, contains extensions of the Esaase and Ampeha trends. Sian and Praso are just 30 kilometres northeast of Newmont Mining's +8.7 million ounce Akyem gold deposit. Midlands also holds highly prospective licences for gold and diamonds in the Lake Victoria Goldfields in Tanzania.

The Company has a highly qualified management and technical team with broad African experience and extensive experience in the countries in which the Company operates. For more information on the Company, please visit Midlands' website at www.midlandsminerals.com.

On behalf of the Board

Kim Harris, President and Chief Executive Officer

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.

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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