Midland Exploration Inc.

Midland Exploration Inc.

April 11, 2007 08:30 ET

Midland Exploration Inc.: Acquisition of Weedon Cu-Zn-Pb-Au-Ag Property

MONTREAL, QUEBEC--(CCNMatthews - April 11, 2007) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the acquisition of a 100% interest in the Weedon property, formerly held by a privately owned company (Ressources Tectonic) as well as the acquisition of 188 claims, whereby Midland now covers and controls more than 30 kilometres in the volcano-sedimentary belt of Ascot-Weedon. This belt hosts several volcanogenic massive sulphide (VMS) deposits including the former Cupra-d'Estrie mine (2.43 Mt at 2.74% Cu, 3.28% Zn, 38 g/t Ag, and 0.5 g/t Au), the Solbec mine (2.06 Mt at 1.57% Cu, 4.57% Zn, 0.68% Pb, 48.6 g/t Ag, and 0.61 g/t Au) and the Weedon mine (1.6 Mt at 2.33% Cu, 0.86% Zn, and 0.56 g/t Au). The Ascot-Weedon belt shows many similarities with other prolific VMS mining camps, namely Bathurst in New Brunswick and Buchans in Newfoundland. This acquisition is located in the Eastern Townships, about 120 kilometres south of Quebec City.

The new acquisition contains part of the Lingwick showing (historical mineral resource of 350,000 t grading 5.84% Zn, 0.61% Cu, 0.14% Pb, and 0.35 g/t Au estimated by SOQUEM in the 1970s and not compliant with National Instrument 43-101) located in the south part of the Weedon property. Many other Cu-Zn-Pb-Au-Ag showings are also known along the strike extensions of the Lingwick showing. A new surface showing was recently discovered in the fall 2006 by Ressources Tectonic. The semi-massive sulphide lens was stripped and sampled. Grab samples from the lens, located 500 metres south of the Lingwick showing, yielded grades reaching 2.23% Cu, 23.7% Zn, 5.95% Pb, 263 g/t Ag, and 9.22 g/t Au. No previous work is reported on this showing.

Historically, exploration work on the Weedon property and adjacent claims largely dates back to the 1970s and beyond. Midland believes the area has great potential for the discovery of economic VMS deposits given its favourable geological setting spanning more than 30 kilometres and tested at very shallow depths over most of this extent. Moreover, the Weedon property provides an excellent opportunity to apply new exploration techniques specific to VMS deposits in an area with proven potential.

Midland acquires a 100% interest in the claim block held by Ressources Tectonic, in exchange for 3 payments totalling $60,000, including $15,000 upon signing the agreement. Midland has also agreed to pay a net smelter return (NSR) royalty of 1% to Ressources Tectonic in the event the property reaches commercial production. Midland can buyback the royalty interest, in total or in two parts of 0.5% each, upon payment to Ressources Tectonic of $500,000 per 0.5%, for a total amount of $1,000,000.

In unrelated news, Midland is pleased to report that Agnico-Eagle has completed its 2007 Phase I drilling campaign on the Maritime-Cadillac property. The full results of this campaign will be released shortly. Agnico-Eagle signed an option agreement on June 1, 2006, to acquire a 50% interest in the Maritime-Cadillac property by investing $1M in exploration and by making payments totalling $100,000 over a period of 3 years.

Midland further intends to be pro-active in the acquisition of new mineral exploration properties in Quebec. Management is currently considering other opportunities and other projects in order to expand the Company's portfolio.

Gino Roger, P.Eng., is the qualified person who has reviewed the content of this news release.

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in Midland's periodic reports including the annual report or in the filings made by Midland from time to time with securities regulatory authorities. Midland undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated events.

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

Contact Information

  • Midland Exploration Inc.
    Gino Roger
    President and Chief Executive Officer
    450-419-9422 (FAX)