Midasco Capital Corp.
TSX VENTURE : MGC

Midasco Capital Corp.

September 11, 2007 10:20 ET

Midasco Capital Corp.: Field Samples From Old Workings Ave. 0.88% Uranium and 1.2 % Vanadium

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2007) - Midasco Capital Corp. (TSX VENTURE:MGC)

The Company is pleased to announce the completion, by the Gault Group Inc. ("GGI"), of a Technical Report ("TR").

This TR was prepared in partial fulfillment of the Scope of Work ("SOW") services agreement set forth on June 21, 2007. As part of the defined SOW, GGI was instructed to prepare an independent TR using the guidelines of National Instrument 43-101 ("NI 43-101") as a basis for the assessments of the properties at Carpenter Ridge and Wild Steer Canyon of Montrose County, Colorado and Bush Canyon of San Miguel County, Colorado.

Carpenter Ridge Site History

In 1957 there were 27 mines within the immediate vicinity of the Carpenter Ridge claim block. Between 1939 and 1957 these produced a total of about 75,000 tons of uranium-vanadium ore. The ore was mined from deposits ranging in size from a few tons to 16,000 tons and had a combined average grade of 0.32 percent Uranium and 2.02 percent Vanadium. The grade of ore differs from deposit to deposit with uranium:vanadium ratios ranging from 1:4 to 1:14 with an average of 6 parts Vanadium to one part Uranium.

Wild Steer Canyon Site History

Production records from the Colorado Bureau of Mines are unclear as to, whether Wild Steer Canyon was host to several steady producing mines or not. Given the amount of historical mine features surrounding the Wild Steer area, it is very likely that the frequent 20+ operating mines would include nearby Wild Steer Canyon area.

Bush Canyon Site History

The Company is in pursuit of useful historical information in regards to the thus far un-named mines that occur inside the Bush Canyon claim block. At this point, no historical records have been recovered that apply to production rates, ore grades, ore reserves, mineralogical ratios or exploratory detail inside the Bush Canyon block.

To date, no drilling data is available for any of the deposits on the properties; therefore mineral resource and reserve estimates cannot be made at this point. The table below summarizes assay values of hand samples collected in July 2007 from outcrops and underground workings at the properties. Samples were collected by GGI geologists and submitted to Energy Laboratories, Inc. of Casper, Wyoming. The lab report is provided in its entirety in the TR.



Uranium Concentrations Vanadium Concentrations
Lab ID Field ID mg/kg % lbs/ton mg/kg % lbs/ton U:V Ratio
---------------------------------------------------------------------------
Carpenter
Ridge

C07071106
-001 RB001 24700 2.4700% 49.40 10500 1.0500% 21.00 1: 0.43
C07071106
-002 RB002 14200 1.4200% 28.40 19700 1.9700% 39.40 1: 1.39
C07071106
-003 RB003 1460 0.1460% 2.92 14900 1.4900% 29.80 1: 10.21
C07071106
-004 RB004 3750 0.3750% 7.50 15100 1.5100% 30.20 1: 4.03
C07071106
-005 RB005 46 0.0046% 0.09 199 0.0199% 0.40 1: 4.36
---------------------------------------------------------------------------
AVERAGES 8831 0.8831% 17.66 12080 1.2080% 24.16 1: 4.08
---------------------------------------------------------------------------
Carpenter
Ridge

C07071106
-006 AJ001 7310 0.7310% 14.62 3250 0.3250% 6.50 1: 0.44
C07071106
-007 AJ002 1810 0.1810% 3.62 1350 0.1350% 2.70 1: 0.75
C07071106
-008 AJ003 1370 0.1370% 2.74 1060 0.1060% 2.12 1: 0.77
C07071106
-009 AJ004 3610 0.3610% 7.22 1220 0.1220% 2.44 1: 0.34
---------------------------------------------------------------------------
AVERAGES 3525 0.3525% 7.05 1720 0.1720% 3.44 1: 0.58
---------------------------------------------------------------------------
Wild Steer

C07071106
-010 WSC001 5600 0.5600% 11.20 33800 3.3800% 67.60 1: 6.04
C07071106
-011 WSC002 6820 0.6820% 13.64 28800 2.8800% 57.60 1: 4.22
C07071106
-012 WSC003 4840 0.4840% 9.68 21900 2.1900% 43.80 1: 4.52
---------------------------------------------------------------------------
AVERAGES 5753 0.5753% 11.51 28167 2.8167% 56.33 1: 4.93
---------------------------------------------------------------------------
Bush Canyon

C07071106
-013 BCST01 20 0.0020% 0.04 37 0.0037% 0.07 1: 1.88
C07071106
-014 BC002 3430 0.3430% 6.86 9220 0.9220% 18.44 1: 2.69
C07071106
-015 BC003 1160 0.1160% 2.32 5680 0.5680% 11.36 1: 4.90
C07071106
-016 BC004 1280 0.1280% 2.56 9390 0.9390% 18.78 1: 7.34
C07071106
-017 BC004
Contd 2100 0.2100% 4.20 3850 0.3850% 7.70 1: 1.83
C07071106
-018 BC004B 1630 0.1630% 3.26 11100 1.1100% 22.20 1: 6.81
---------------------------------------------------------------------------
AVERAGES 1603 0.1603% 3.21 6546 0.6546% 13.0924 1: 4.24
---------------------------------------------------------------------------


Conclusions

It is evident that all of three properties have seen varying degrees of significant development and have undergone production in the past. This alone indicates that the properties have potential for production capability in the future.

Carpenter Ridge

Carpenter Ridge demonstrates the greatest potential of the three properties. This is largely due to the possibility of mineralization extending from the Red Bird through to the Applejack Mines and the very thick prominent channel sand-body where the mines occur. ("see picture below"). This zone represents multiple exploration targets that have high potential.

A picture is available at the following address: http://www.ccnmatthews.com/docs/Carpenter_Ridge.pdf

Wild Steer Canyon

The Salt Wash is known to host mineralization in the uppermost and lowermost sand-bodies within and immediately adjacent to the Wild Steer claim block. Throughout most of the claim block, the Salt Wash remains fully intact and serves as an excellent exploration target particularly in areas adjacent to previous production.

Bush Canyon

The Salt Wash is host to a plethora of small to large ore deposits within the vicinity of the Bush Canyon claim block. The Salt Wash targets identified in outcrops in the Morrison Canyon represent quality exploration targets (assuming that underground mining has not intercepted the zone already). The Chinle Formation is also a potential target that could be tested from the bottom of Bush Canyon. The mid-Jurassic Kayenta Formation is exposed at the bottom, leaving roughly 500-600 feet down-section to reach the Chinle. This type of exploration is being conducted by Atomic Minerals, Ltd. throughout the Dolores Anticline, including in the immediate vicinity of the Bush Canyon block.

The TR in it's entirety can be viewed on Sedar and the Company's website.

The Company also wishes to announce the appointment of Mike Thompson, a resident of Cortez Colorado, as VP of Exploration and Development for the Company's wholly owned subsidiary, Midasco Uranium, Llc. Mr. Thompson has been granted an incentive stock option to acquire 500,000 common shares of the Company at a price of $0.35 per share for a period of two years.

On behalf of the Board of Directors,

Dustin A. Elford, President

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release

Contact Information

  • Midasco Capital Corp.
    Dustin A. Elford
    President
    (604) 669-2901 or Toll Free: 1-888-669-2901
    (604) 669-8922 (FAX)