Midland Options its Valmond Gold Property to Donner Metals
10 Dezember 2013 - 3:00PM
Marketwired
Midland Options its Valmond Gold Property to Donner Metals
MONTREAL, QUEBEC--(Marketwired - Dec 10, 2013) - Midland
Exploration Inc. ("Midland") (TSX-VENTURE:MD) is pleased to
announce the execution of a new option agreement with Donner Metals
Limited ("Donner") for its Valmond gold property, currently wholly
owned by Midland. The Valmond property consists of 62 claims
covering a surface area of about 35 square kilometres. This
property is located about 50 kilometres west of the town of
Matagami, in Abitibi, Quebec.
Under the terms of this new agreement, Donner may earn 50% of
Midland's interest over a period of four (4) years, by fulfilling
the following conditions:
- Cash payments totalling $250,000, including a $20,000 payment
upon signing the agreement;
- Exploration expenditures totalling $2,500,000, including a firm
commitment of $300,000 during the first year. Midland will be
project operator during the option period.
The Valmond property covers, over more than 10 kilometres, an
important gold-bearing structure trending NW-SE, which hosts
several historical gold occurrences with drill intercepts grading
2.3 g/t Au over 4.57 metres and 5.22 g/t Au over 1.55 metres. This
structure has seen very little exploration in the past and the main
showing known to date has been traced over more than 300 metres
along strike. This gold showing is characterized by an extensive
hydrothermal alteration zone more than 70 metres wide, and remains
open beyond 200 metres vertical depth, where the deepest drill hole
yielded a grade of 3.77 g/t Au over 1.50 metres. In addition, a
recent helicopter-borne magnetic survey covering the entire
property was used to generate a new detailed structural
interpretation and identify several new promising exploration
targets.
Over the coming weeks, geophysical work including a ground-based
induced polarization survey (50 km) and a helicopter-borne
electromagnetic survey (900 km) will be completed to define new
drilling targets along the extensions of the main gold
occurrences.
Maps showing the location of the new option agreement with
Donner for the Valmond property may be consulted using the
following link:
http://media3.marketwire.com/docs/Valmond_Donner_Dec_10_2013.pdf
About Midland
Midland targets the excellent mineral potential of Quebec to
make the discovery of new world-class deposits of gold, PGE, base
metals and rare earth elements. Midland is proud to count on
reputable partners such as Donner Metals Limited, Teck Resources
Limited, Agnico Eagle Mines Limited, Maudore Minerals Limited,
Japan Oil, Gas and Metals National Corporation and SOQUEM Inc.
Midland prefers to work in partnership and intends to quickly
conclude additional agreements in regard to newly acquired
properties. Management is currently reviewing other opportunities
and projects to build up the Company portfolio and generate
shareholder value.
This press release was prepared by Mario Masson, VP Midland
Exploration and Qualified Person as defined by NI 43-101. For
further information, please consult Midland's website:
www.midlandexploration.com.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this 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.
Gino RogerPresident and Chief Executive Officer450 420-5977450
420-5978info@midlandexploration.comwww.midlandexploration.com
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