TORONTO, ONTARIO--(Marketwired - May 30, 2014) - Midlands Minerals Corporation (TSX VENTURE:MEX) announces that Phase 1 drilling has begun at the Parlozi prospect on the Parlozi project in Serbia. The objectives of the 1,500 metre core drilling program are to:
- Extend the validation of the historical resource, and the presence of both vein and carbonate replacement mineralization over wide intervals at the Parlozi prospect;
- Test the extrapolation from depth toward surface of the historical resource at the Parlozi prospect;
- Test the down-dip extension of mineralization beneath the underground workings at the Plandiste prospect where the Company recently released the analytical results of underground chip sampling, which provided a true width of 6.0 metres grading 670.6 g/t silver, 20.8% lead, 0.13% zinc and 0.44 g/t gold (see news release May 13th, 2014);
- Identify additional targets for exploration drilling in Phase 2.
The Parlozi project has not been severely affected by the regional flooding in Serbia and the exploration drill program has remained on schedule.
Midlands to Exhibit at Canadian Investor Conference:
Midlands will be exhibiting (Booth #236) at the Cambridge House Canadian Investor Conference June 1-2, 2014 at the Vancouver Convention Centre West, in Vancouver, BC. The conference annually hosts several thousand Canadian investors seeking new ideas for investment opportunity and diversification. The Canadian Investor Conference will be held at the Vancouver Convention Center and will bring together industry participants from resource, technology and diversified industries with top industry analysts, CEOs, fund managers and investment specialists. https://cambridgehouse.com/.
The Parlozi Project, the Company's flagship, is a 91 square kilometre exploration permit which is conveniently located 35 kilometres south of Belgrade, the capital of Serbia. The Parlozi permit covers occurrences of historical lead-zinc-silver mining in the Kosmaj-Babe area of the Sumadija mining district in central Serbia.
The historical resource at the Parlozi prospect is 6.5 million tonnes at an average grade of 4.1% lead, 2.1% zinc, 0.3% copper and 130 g/t silver (Serbian Geo Institute, Radulovic, 1986). This historical resource estimate was not estimated under the guidance of National Instrument (NI) 43-101 and does not meet the CIM definition standard for classification as mineral resources or mineral reserves. Investors are further cautioned that a qualified person has not yet completed, on behalf of Midlands, sufficient work to be able to verify the historical resource estimate, and therefore it should not be relied upon. The historical resource estimate is only considered as relevant as a guide to future exploration.
The mineralization in the permit comprises silver-bearing vein and replacement-type lead-zinc sulphides hosted by carbonate sedimentary rocks associated with intrusive Tertiary quartz latite dykes and volcanic breccias. This type of mineralization has long supported lead-zinc-silver mining operations in the region.
The Company and Reservoir Minerals Inc. entered into an Option Agreement which provides that Midlands can earn up to a 75% interest in the Project (see news release April 7th, 2014).
Dr. Dominique Fournier, EurGeol, a "qualified person" as defined by National Instrument 43-101, has reviewed and approved the technical information and data included in this press release.
About Midlands Minerals Corporation:
Midlands is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol "MEX". Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com.
On behalf of the Board of Directors of Midlands Minerals Corporation
Craig Pearman, President and CEO
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the completion of the Transaction, the receipt of regulatory approvals, the Company's future plans, objectives or expectations of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to the fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture Exchange, its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.