|November 15, 2011|
Midlands Announces Re-grant of Stock Options
|Toronto, Ontario -- November 15, 2011: Midlands Minerals Corp. ("Midlands" or the "Company") (TSX-V:MEX; OTCQX:MDLXF) announces that it has granted an aggregate of 8,500,000 stock options to directors, officers and consultants of the Company pursuant to the Company's stock option plan (the "Plan"). These stock options vest immediately, have an exercise price of $0.10 per share and an expiry date of November 14, 2016. These stock options were issued in place of the stock options granted by the Company on September 22, 2011 and September 29, 2011 (as announced in the press releases dated September 23, 2011 and October 3, 2011, respectively, which options have been rescinded and cancelled) because the exercise price was below the minimum exercise price required by the TSX Venture Exchange.|
KA Gold LLC ("KA Gold") was also granted 100,000 stock options pursuant to the Plan, including vesting provisions, in place of the stock options granted on September 22, 2011. The stock options granted to KA Gold have an exercise price of $0.10 per share and an expiry date of November 14, 2016. In addition to the disclosure included in the press release dated September 23, 2011, KA Gold provides investor relations services to Midlands, including distribution of press releases, preparation of marketing documents and marketing support, and is a limited liability company incorporated in the state of Nevada whose principal place of business is Tahoe City, California. KA Gold is arm's length from Midlands and has no interest in Midlands, other than the stock options referred to above.
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. 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:
Chairman of the Board
FOR FURTHER INFORMATION, PLEASE CONTACT:
Midlands Minerals Corporation
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.
You can return to the main News Releases page, or press the Back button on your browser.