Midex Gold Corp.
OTC Bulletin Board : MDXO

July 23, 2009 16:42 ET

Midex Gold Management Announces Five for One Forward Share Split

DAR ES SALAAM, TANZANIA--(Marketwire - July 23, 2009) - Midex Gold Corp. (OTCBB:MDXO) (www.midexgold.com), announced today its board of directors has approved a forward split of its common stock at a ratio of five shares for each issued and outstanding share. Details of the forward split will be filed with the U.S. Securities and Exchange Commission and its effectiveness will be subject to regulatory approval. "With the announcement of the purchase of our 100% owned Magembe Diamond Property, we have had significant investor interest in Midex Gold. To enable new investors to purchase our stock at an affordable price, management decided to forward split the stock five shares for each share issued," stated Morgan Magella, President of Midex Gold. "We believe that with the acquisition of our diamond property located directly next to the world famous Williamson Diamond Mine, investor interest will only continue to grow."


The Magembe property is part of a two kilometer buffer zone created to surround the world-renown Williamson Diamond Mine as part of the original mine development in the 1940s and 50s. This buffer zone was formed with the intention of ensuring that 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 operation. Local artisanal 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, management believes there's considerable potential for a commercially profitable diamond mine.


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 to be 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 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 filings with the SEC.

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