Midex Gold Corp.
OTC Bulletin Board : MDXO

September 02, 2009 16:01 ET

Midex Gold Corp. Announces $5 Million Financing

DAR ES SALAAM, TANZANIA--(Marketwire - Sept. 2, 2009) - Midex Gold Corp. (OTCBB:MDXO) (www.midexgold.com), Morgan Magella, president of Midex Gold stated, "Management has been in discussions with the investment arm of a large mining entity domiciled in Russia. The parent company has extensive experience in diamond exploration and mining in East Africa. We are very pleased at this new potential partner and the expertise they bring as well as the preliminary evaluation of our diamond property which yields a financing price significantly above market at $.40 USD".


The Magembe Diamond Property is part of a two kilometer buffer zone surrounding the world-renown Williamson (Mwadui) Diamond Mine that was created as part of the original mine development in the 1940s and 50s. Local artesian mining operations were previously active in recovering diamonds from surface alluvial deposits on the western boundary of the Magembe property. Because of the past local native mining activity, the recent 80 carat diamond discovery, and our 2008 exploration results, management believes there's considerable potential for a commercially profitable diamond mine. To date a total of 41 diamonds and diamond cleavages were recovered from 12 of the 60 samples gathered during our 2008 exploration program.


The Williamson (Mwadui) 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 (Mwadui) kimberlite 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 is renown for its 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.


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.


No Exchange has either approved or disapproved of the information contained herein. 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 because 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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