Midland Exploration Begins First Exploration Program With JOGMEC on Its Rare Earth Ytterby Project
MONTREAL, QUEBEC -- (Marketwire) -- 08/05/10 -- Midland Exploration Inc. ('Midland')(TSX VENTURE: MD) is pleased to announce that in partnership with Japan Oil, Gas and Metals National Corporation ('JOGMEC') beginning first exploration program on the Ytterby rare earth elements ('REE') project. This first exploration program, with a total budget of $1,000,000, will initially involve a magnetometric and radiometric airborne survey follow-up by reconnaissance mapping and prospecting. In a second fold, magnetometric and radiometric ground surveys are foreseen to better evaluate the best newly found REE occurrences.
The project, currently held 100% by Midland, consists of 1804 claims covering a surface area of about 679 square kilometres. The Ytterby project comprises 4 distinct claim blocks located between 200 to 230 kilometres east and northeast of Schefferville, Quebec. Midland's Ytterby 1 main claim block is strategically well located 5 km south of the Strange Lake REE deposit and the B-Zone REE new deposit discovered by Quest Rare Metals Ltd. (previously named Quest Uranium Corporation) in 2009 (see its press release dated August 19th, 2009). With this position, Midland controls almost entirely the Napeu Kainiut Pluton which hosts the Strange Lake Peralkakine Complex.
As featuring the main claim block, Ytterby 2, 3 and 4 are also marked by extensive strong unsourced yttrium, uranium, lanthanum and beryllium lake bottom sediment anomalies combined with uranium (eU) and thorium (eTh) airborne radiometric anomalies within the Mistastin Batholith. All these indications point to the presence of systems similar in nature to the Strange Lake and the B-Zone Deposits. Geo Data Solutions of Laval, Quebec were granted the contract to fly this 3,129 lines-kilometres airborne survey to cover Ytterby 1, 2 and 3 claim blocks with lines 250 metres apart.
In 2009, a detail magnetometric and radiometric airborne survey conducted jointly by the Canadian the Newfoundland and the Quebec governments was completed over the Ytterby 4 claim block. This new survey outlined an airborne broad circular magnetic low combined with strong uranium (eU) and thorium (eTh) radiometric anomalies which suggests a possible alkalinee complex similar to Strange Lake.
Midland is very enthusiastic to begin this new exploration program because already historical lake bottom sediment, geology and airborne geophysical data suggest the presence of alkalinee complex on their properties.
Terms of the Exploration Agreement
JOGMEC has the option to acquire 50% interest in the Ytterby project prior to March 31, 2012 by funding $2,500,000 in exploration expenditures including $1,000,000 in work expenditures during the first year. Midland will be operator as long as it will hold an interest equal to or higher than 50% in the project. JOGMEC also has the right to transfer its interests in the Ytterby project, in whole or in part, to one or more Japanese companies or a consortium of Japanese companies.
About JOGMEC
JOGMEC was established in February, 2004, following the integration of the former Japan National Oil Corporation (JNOC) and Metal Mining Agency of Japan (MMAJ). It is a corporation under the Japanese Ministry of Economy, Trade and Industry (METI), with a mandate of investing in developing minerals projects worldwide to help secure a stable supply of natural resources for Japanese industry.
About Midland
Midland targets the excellent mineral potential and the favourable investment climate of Quebec to make the discovery of new world-class deposits of gold, base metals and REE. Midland is proud to count on reputable partners such as Japan Oil, Gas and Metals National Corporation , Agnico-Eagle Mines Limited, Osisko Mining Corporation, North American Palladium Limited, Zincore Metals Inc. and SOQUEM Inc. Midland prefers to work in partnership and intends to quickly conclude additional agreements in regard to newly acquired properties. Midland is currently evaluating new opportunities and other projects in order to increase the portfolio of the Company.
This press release was prepared by Gino Roger, registered engineer and Qualified Person as defined by NI 43-101. For further information, please consult Midland's website or contact:
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.
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.
Contacts:
Midland Exploration Inc.
Gino Roger
President and Chief Executive Officer
450-420-5977
450-420-5978 (FAX)
info@midlandexploration.com
www.midlandexploration.com