Midland Exploration Inc.
TSX VENTURE : MD

Midland Exploration Inc.

March 08, 2007 08:30 ET

Midland Exploration Inc.: Agnico-Eagle Resumes Drilling on Maritime Cadillac Property

MONTREAL, QUEBEC--(CCNMatthews - March 8, 2007) - Midland Exploration Inc. ("Midland") (TSX VENTURE:MD) is pleased to announce the resumption of drilling by Agnico-Eagle Mines Ltd ("Agnico-Eagle") on its wholly-owned Maritime Cadillac Property. The Maritime Cadillac Property is contiguous to the Lapa gold mine property (proven and probable reserve of 1.15 million ounces) held by Agnico-Eagle. A second phase of drilling totalling 2400 metres was recently undertaken to follow up on new gold-bearing zones intersected in November 2006 in drillhole 141-06-02. Drillhole 141-06-02 intersected two zones of interest with grades of 0.37 g/t Au over 6.00 m from 112 to 118 metres depth, and 3.45 g/t Au over 4.90 m from 265.0 to 269.9 metres depth, including 8.38 g/t Au over 1.50 m from 265.0 to 266.5 metres. The latter interval is particularly interesting, in that it is associated with the southwest contact of the main chlorite-talc-carbonate schist zone of the Cadillac Fault, which also hosts the Lapa deposit.

On June 1, 2006, the Company entered into an option agreement with Agnico-Eagle whereby Agnico-Eagle was granted the right to earn a 50% undivided interest in the Maritime Cadillac Property and, after having earned such interest, to participate with Midland in a joint operation to further explore and develop the property. The consideration is:

- $25,000 upon signature and three annual payments of $25,000 each, for a total of $100,000;

- a commitment to carry out exploration work in the amount of $300,000 the first year, $300,000 the second year and $400,000 the third year, for a total of $1,000,000; and

- Agnico-Eagle contributed up to $200,000 in Midland's initial public offering.

- Agnico-Eagle is the operator of the project.

Following the acquisition of a 50% undivided interest upon exercising its option, Agnico-Eagle will have the option to increase its undivided interest in the Property from 50% to 65% over a period of 3 years, by solely financing a bankable feasibility study on the Maritime Cadillac Property or by solely assuming all mining operations on the Maritime Cadillac Property, earning 1% additional interest for every $1,000,000 spent on the Maritime Cadillac Property (up to 15% by spending $15 million).

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. Midland prefers to work in partnership and fully intends to quickly secure new partnerships for its new properties to be acquired in 2007.

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.

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