Midlands Minerals Corporation Acquires a 70% Interest in the Esaase Open Pit Mine on the Ashanti Goldbelt in Ghana
Posted on: Friday, 18 November 2005, 12:00 CST
Kim Harris, Chief Executive Officer of Midlands Minerals Corporation (TSX VENTURE:MEX) ("Midlands" or the "Company") is pleased to provide additional clarification of the press release dated November 17, 2005.
The ounces of gold reported in the Company's press release dated November 17, 2005, are historical resources according to NI 43-101 Section 2.4 definition, therefore, they are not indicative of nor do they qualify as Mineral Resources or Mineral Reserves under NI 43-101. No estimates of Mineral Resources or Reserves (as defined by NI 43-101) have been made on the Esaase open pit mine since the date NI 43-101 came into effect. Although the Lanzhou Engineering feasibility study was reviewed by a Qualified Person, Pierre Lalande P.Geo., these historical resources have not been verified by a qualified person and should not be relied upon by the reader.
According to the pre- 43-101 feasibility study done for Sian Goldfields Ltd. by the Lanzhou Engineering and Research Institute for Non Ferrous Metallurgy (China) 1995, the tonnage on the Esaase open pit mine, which was based on the historical resource for 400 meters being extrapolated over the 1,000 meters of the strike length, was estimated at 2,987,198 tonnes at an average of 4.71 g/t. Sian Goldfields Ltd reported historical production recovery at 3.5 g/t.
All figures presented in the November 17, 2005 press release are, therefore, historical estimates presented only to assist the reader to understand the range and size of possible mineral deposits that are to be the targets for further exploration.
The Sian mineral property was visited by a Qualified Person, Marc Boisvert, P. Eng. in December, 2004. As the Company has only just entered into an agreement with Sian Goldfields Ltd., the Company has not done any exploration work on the Sian Goldfields property.
Due diligence is expected to commence shortly which will include evaluation of the geological potential. Exploration will be required in order to define Mineral Resources on the Esaase and Besease, as defined by NI 43-101, and it is not certain that such further exploration will result in the discovery and definition of a Mineral Resource on that property.
1220 Sheppard Avenue East, Suite 402, North York, Toronto, Canada M2K 2S5
The TSX-VN has in no way passed upon the merits of the transaction s and has neither approved nor disapproved the contents of this press release.
Midlands Minerals Corporation (TSX VENTURE:MEX)
Source: Business Wire
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