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MEX Mexican Gold Mining Corp

0.085
0.00 (0.00%)
16 Jul 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Mexican Gold Mining Corp TSXV:MEX TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.085 0.085 0.105 0 12:01:06

Midlands To Defend Claim By Euro Pacific Canada Inc.

19/10/2011 9:23pm

Marketwired Canada


Midlands Minerals Corp. ("Midlands" or the "Company") (TSX
VENTURE:MEX)(OTCQX:MDLXF) announces that Euro Pacific Canada Inc. ("Euro
Pacific") has filed a Statement of Claim (the "Claim") in the Ontario Superior
Court of Justice on October 17, 2011 naming Midlands as defendant. Management
believes that the Claim has no merit and intends to vigorously defend this
action. A Notice of Intent to Defend, as well as a counterclaim, will be filed
on behalf of Midlands in this regard. 


In the Claim, Euro Pacific alleges that a letter agreement (the "Letter") that
was signed by former management of Midlands gave Euro Pacific a right of first
refusal that was allegedly breached in connection with the private placement
Midlands completed on August 29, 2011. Accordingly, Euro Pacific is requesting
$10 million in damages for breach of contract, plus costs and interest, in
respect of a financing that raised total gross proceeds of $7.3 million. The
Letter was allegedly entered into four days before the negotiated change in
management and board of directors of the Company on June 30, 2011. Midlands
believes the Letter is not binding or enforceable and that, in any event, Euro
Pacific never fulfilled the express obligations prescribed by the Letter so as
to either earn the upfront work fee of $50,000 that it was paid or so as to be
in a position to try and enforce or claim breach of the right of first refusal
in the Letter. Midlands believes that even if the Letter was enforceable at some
point in time, Euro Pacific was in material and fundamental breach of its
prescribed obligations and is therefore precluded from claiming breach of such
terms, as provided in the Claim.


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' highly prospective Kaniago gold project is located in Ghana's
Asankrangwa gold belt and contiguous to two past open pit gold producers: Abore
to the north and Obotan to the south. Recent drilling and exploration has
produced highly encouraging results, demonstrating the gold resource potential
of the project. 


Midlands also has two gold exploration projects in the Lake Victoria Goldfields
in Tanzania. The Itilima project is located in the prolific
Geita-Bulyanhulu-Sekenke gold belt, host to over 40 million ounces in gold
reserves, as well as the Kilindi-Handeni project. 


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: 

Nick Tintor 

Chairman of the Board

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.


1 Year Mexican Gold Mining Chart

1 Year Mexican Gold Mining Chart

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1 Month Mexican Gold Mining Chart