Midex Gold Corp.
OTC Bulletin Board : MDXO

July 20, 2009 17:14 ET

Midex Gold Acquires 100% of the Magembe Diamond Project Located Next to De Beers World-Renown Williamson Diamond Mine

DAR ES SALAAM, TANZANIA--(Marketwire - July 20, 2009) - Midex Gold Corp. (OTCBB:MDXO) (www.midexgold.com), announced today the company has acquired the rights to the Magembe Diamond Project located in the Shinyanga district of northwestern Tanzania. The Magembe property is part of a two kilometer buffer zone created to surround the world-renown Williamson (Mwadui) Mine as part of the original mine development in the 1940s and 50s. 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.


"With all the local native artisanal mining activity, we believe there's considerable potential for a commercially profitable diamond mine," stated Morgan Magella, president of Midex Gold enthusiastically when speaking about the Magembe Property. "These local mining operations are already active and recovering diamonds from surface alluvial deposits on the western boundary of our Magembe property. The potential is so significant that a security system was established in the areas of the property where the largest number of alluvial diamonds related to the Williamson (Mwadui) kimberlite have been found."


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, at the time of its discovery in 1940, was considered the largest economically exploitable pipe in the world. The mine at Williamson is notable as the original source of pink diamonds and has produced notable stones including a 54-carat flawless pink diamond and a 388-carat diamond found in 1990.


"The previous owners have explored and evaluated indicated diamond potential from both alluvial and kimberlite sources." stated Morgan Magella, president of Midex. "The program followed up on the reconnaissance scale exploration completed in 2007. The initial work consisted of data compilation, remote sensing, geological mapping and prospecting, and was successful in identifying geological environments favorable for hosting surficial and bedrock diamond deposits. On the northern part of the property, regional geophysical data indicate the presence of four unexplored kimberlite targets with magnetic expressions similar to that of the Williamson (Mwadui) kimberlite."


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.


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.

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