|February 03, 2012|
Midlands Minerals Announces Settlement with Euro Pacific and Grant of Incentive Stock Options
|Toronto, Ontario - February 3, 2012: Midlands Minerals Corp. ("Midlands" or the "Company") (TSX-V:MEX; OTCQX:MDLXF) announces that it has agreed on the terms of a full settlement and mutual release with Euro Pacific Canada Inc. relating to the claims that were disclosed in the Company's news release dated October 19, 2011. The settlement with Euro Pacific Canada Inc. removes a liability issue and will allow management to focus on the future growth of the Company. Mr. Craig Pearman, President and CEO of Midlands commented: "The Euro Pacific settlement is another stepping stone in the rebuilding of Midlands. With this issue behind us, the Board and management team is looking forward to reenergizing our exploration programs in Ghana and Tanzania, and getting back to the business of building a successful Africa-focused exploration and mine development company."|
Midlands also announces that it has granted 2,000,000 stock options to Mr. Craig Pearman, the Company's President and Chief Executive Officer, pursuant to the Company's stock option plan. The stock options are exercisable for a period of five years at a price of $0.10 per share and 25% shall vest on the date of grant and on each of the first, second and third anniversary of October 26, 2011.
About Midlands Minerals:
Midlands Minerals is focused on developing a portfolio of high quality gold exploration projects in Ghana and Tanzania, countries with exceptional histories of gold production and home to some of the most profitable gold mines in Africa. Midland's flagship gold property is the Sian project, site of a past producing open pit gold mine located in the Ashanti gold belt. Sian has NI 43-101 compliant Indicated gold resources of 2.6 million tonnes grading 2.33 gpt gold (192,400 ounces) and Inferred gold resources of 2.7 million tonnes grading 2.35 gpt gold (203,350 ounces). Extensions to these resources are open along strike and at depth, highlighting the potential to grow the gold resource at Sian. Midlands' Kaniago gold project is located in Ghana's Asankrangwa gold belt and is contiguous to two past open pit gold producers: Abore to the north and Obotan to the south. Recent drilling and exploration has produced encouraging results, demonstrating the gold resource potential of the project.
Midlands also holds licences for gold and diamonds in two regions in Tanzania. The first is found in the Lake Victoria Goldfields region and includes its advanced Itilima Gold Project, which lies within the Geita-Bulyanhulu-Sekenke Trend, which hosts over 40 million ounces in gold reserves. The second region lies within the Kilindi-Handeni Trend and includes the New Kilindi-Handeni prospecting licences.
Please note: mineral resources that are not mineral reserves do not have demonstrated economic viability. Craig Pearman, President and CEO of Midlands, is a "qualified person" as defined by National Instrument 43-101, and has reviewed and approved the technical information and data included in this press release. Additional information on Midlands can be viewed under the Company's profile at www.sedar.com or on Midlands' website: www.midlandsminerals.com.
FOR ADDITIONAL INFORMATION PLEASE CONTACT:
President and CEO
Telephone: +233 24 4323820
Telephone: +1 416 987 0855
Telephone: +1 530 414 4400
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 relating to the potential mineralization and geological merits of the company's projects and other future plans, objectives or expectations of Midlands Minerals Corp. (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 actual results of current exploration activities, 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.
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