Toronto, Ontario -- April 23, 2015: Midlands Minerals Corporation ("Midlands" or the "Company") (TSX-V: MEX) would like to update shareholders that it has given notice to terminate the unexercised portion of the Parlozi option agreement in Serbia with Reservoir Minerals Inc. ("Reservoir"; TSX-V: RMC), effective May 6, 2015.
Craig Pearman, President and CEO stated: "This decision is strategic and does not reflect on the exploration calibre of the Parlozi project. The decision has hinged on the level of exploration success on the project after one year, and the anticipated cost to Company to advance the current exploration targets in the context of the treasury, the current market, and the associated Company risk. During the winter, a ground magnetic survey and structural mapping exercise were conducted over the southern prospects as a low-cost approach to providing needed geological context around our Phase 1 drill results with the aim of improving our Phase 2 drill success. This work greatly improved the geological model, modified the project exploration plan going forwards, and provided Midlands with a technical perspective that has led to the decision to terminate the option."
On April 24, 2014 Midlands announced the signing of the option agreement with Reservoir to earn up to a 75% interest in Reservoir's Parlozi zinc-lead-silver project in Serbia.
Additional information is found on SEDAR (
www.sedar.com), in the updated Independent Technical Report on the Parlozi property prepared in compliance with NI 43-101 filed on April 24, 2014. 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.
On behalf of the Board of Directors of
Midlands Minerals Corporation,
Craig Pearman
President and CEO
Telephone: +1 604 366 2229
FOR ADDITIONAL INFORMATION PLEASE CONTACT
Nick Tintor
Chairman
Telephone: +1 416 987 0855
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.
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