Midlands Minerals Enters Into a Definitive Agreement to Option Parlozi Lead-Zinc-Silver Project From Reservoir Minerals
07 Abril 2014 - 3:45PM
Marketwired
Midlands Minerals Enters Into a Definitive Agreement to Option
Parlozi Lead-Zinc-Silver Project From Reservoir Minerals
TORONTO, ONTARIO--(Marketwired - Apr 7, 2014) - Midlands
Minerals Corporation ("Midlands" or the "Company")
(TSX-VENTURE:MEX) is pleased to announce that, further to its
January 10, 2014 press release, the Company has entered into a
definitive agreement (the "Option Agreement") with Reservoir
Minerals Inc. ("Reservoir") (TSX-VENTURE:RMC) for an option to earn
up to a 75% interest in Reservoir's Parlozi Lead-Zinc-Silver
Project (the "Project") in Serbia (the "Transaction").
The Option Agreement provides that Midlands can earn an initial
51% interest in the Project by spending CDN$4.5 million on
exploration over four years. A minimum spend of CDN$500,000 before
September 30, 2014, including reimbursement of exploration
expenditures on the project by Reservoir since June 6th, 2013 and
1,500 meters of drilling, are firm commitments. Thereafter,
Midlands can earn an additional 14% interest over two years by
obtaining a mining exploitation permit from the Serbian Government
and a further 10% (for a total of 75%) by completing a bankable
feasibility study within two years of obtaining a mining
exploitation permit.
Completion of the Transaction is subject to customary closing
conditions, including receipt of all regulatory approvals,
including the consent of the TSX Venture Exchange.
The Project is a 91 square kilometre exploration permit and 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 mineralization in the permit
comprises silver-bearing vein and replacement-type lead-zinc
sulphides hosted by carbonate sedimentary rocks associated with
intrusive Neogene quartz latite dykes and volcanic breccias. This
type of mineralization has long supported lead-zinc-silver mining
operations in the region.
Craig Pearman, President and CEO of Midlands, stated that,
"Midlands is pleased to present the result of its strategic review
and its plan to rebuild value for shareholders. The Company has
leveraged off the weak markets to identify an exceptional project,
partner, and jurisdiction, and the parties have concluded the
agreement in good time to take full advantage of the rising market.
Parlozi is well located in Serbia which has a strong tradition of
mining, with infrastructure and skills, and is affordable and
highly prospective for a junior explorer. We are looking forward to
the first phase of drilling."
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 which is currently under
re-construction.
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.
Midlands Minerals CorporationCraig PearmanPresident and CEO+1
604 366
2229cpearman@midlandsminerals.comwww.midlandsminerals.comMidlands
Minerals CorporationNick TintorChairman+1 416 987
0855ntintor@rgmi.ca
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