Click here to close now.




















Welcome!

News Feed Item

Midlands Minerals Options Parlozi Lead-Zinc-Silver Project from Reservoir Minerals

TORONTO, ONTARIO -- (Marketwired) -- 01/10/14 -- Midlands Minerals Corp. ("Midlands" or the "Company") (TSX VENTURE:MEX) is pleased to announce that it has signed a Letter of Intent with Reservoir Minerals Inc. ("Reservoir") (TSX VENTURE:RMC) for an option to earn up to a 75% interest in the Parlozi Lead-Zinc-Silver Project in Serbia ("Parlozi" or "the project").

The Letter of Intent provides that Midlands can earn an initial 51% interest in the project by spending CDN$4.5 million on exploration over four years, of which the first year expenditure of CDN$500,000 is a firm commitment. 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. Reservoir will be the project operator until Midlands has earned the initial 51%.

The grant of the option is subject to completion by Midlands of legal and financial due diligence and the execution of a definitive agreement.

The Parlozi project is a 91 square kilometre exploration permit and is conveniently located 35 kilometers 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. An example is the Trepca mining complex which has geological similarities with Parlozi and which produced from 1931 to 1998 over 34 million tonnes averaging 6% lead, 4% zinc, 75 g/t silver and 102 g/t bismuth.

Mineral exploration in the permit area during the 1970s and 1980s by state-controlled companies of the former Yugoslavia included 36 drill holes totalling 15,105 meters, exploration adits, airborne and ground geophysical surveys, and detailed geological and mineralogical studies. Based on this work, the Serbian Geo Institute calculated in 1986 an historical resource estimate at Parlozi prospect, classified as C1 plus C2 resources according to the Yugoslav reporting system of 6.5 million tonnes at an average grade of 4.1% lead, 2.1% zinc, 0.3% copper and 130 g/t silver within the Permit area. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources, the issuer is not treating the historical estimate as current mineral resources.

Reservoir validated these base metal grades in a single confirmatory hole (PA-1 of 600 meters) and also achieved encouraging base metals, silver and gold intercepts (6.15 m averaging 2.81 g/t Au from 121.60m; 7.8 m averaging 214 g/t Ag, 1.4% Zn and 4.8% Pb from 195.30m and 7.2m @ 129.0 g/t Ag, 5.7% Pb, 0.8% Zn from 242.2m including 2.1m averaging 386.2 g/t Ag, 15.8% Pb, 2.2% Zn and 0.7% Cu from 247.3m). Reservoir filed a National Instrument 43-101 compliant Independent Technical Report on the Parlozi Property on October 11, 2011. This report is available on SEDAR (www.sedar.com).

Craig Pearman, President and CEO of Midlands stated that "We are energized by the expansion potential of the historic resource at Parlozi and the upside of the other prospects on the permit, some of which have an historical mining record. The convenient location and infrastructure around the project and access to skilled labour bode well for Parlozi. Midlands has taken note of the strong medium term fundamentals in the zinc market and believes success at Parlozi will position the company well to leverage shareholder value. Midlands is also happy to be partnering with a creditable company like Reservoir who have an established and successful track record in Serbia."

Qualified Person:

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:

Midlands Minerals is a Canadian resource company with common shares that trade on the TSXV 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 execution of the Definitive Agreement, the completion of the Transaction, the receipt of regulatory and shareholder 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
ElasticBox, the agile application delivery manager, announced freely available public boxes for the DevOps community. ElasticBox works with enterprises to help them deploy any application to any cloud. Public boxes are curated reference boxes that represent some of the most popular applications and tools for orchestrating deployments at scale. Boxes are an adaptive way to represent reusable infrastructure as components of code. Boxes contain scripts, variables, and metadata to automate proces...
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Learn what is going on, contribute to the discussions, and e...
Puppet Labs is pleased to share the findings from our 2015 State of DevOps Survey. We have deepened our understanding of how DevOps enables IT performance and organizational performance, based on responses from more than 20,000 technical professionals we’ve surveyed over the past four years. The 2015 State of DevOps Report reveals high-performing IT organizations deploy 30x more frequently with 200x shorter lead times. They have 60x fewer failures and recover 168x faster
To support developers and operations professionals in their push to implement DevOps principles for their infrastructure environments, ProfitBricks, a provider of cloud infrastructure, is adding support for DevOps tools Ansible and Chef. Ansible is a platform for configuring and managing data center infrastructure that combines multi-node software deployment, ad hoc task execution, and configuration management, and is used by DevOps professionals as they use its playbooks functionality to autom...
Containers are not new, but renewed commitments to performance, flexibility, and agility have propelled them to the top of the agenda today. By working without the need for virtualization and its overhead, containers are seen as the perfect way to deploy apps and services across multiple clouds. Containers can handle anything from file types to operating systems and services, including microservices. What are microservices? Unlike what the name implies, microservices are not necessarily small,...
This Enterprise Strategy Group lab validation report of the NEC Express5800/R320 server with Intel® Xeon® processor presents the benefits of 99.999% uptime NEC fault-tolerant servers that lower overall virtualized server total cost of ownership. This report also includes survey data on the significant costs associated with system outages impacting enterprise and web applications. Click Here to Download Report Now!
It’s been proven time and time again that in tech, diversity drives greater innovation, better team productivity and greater profits and market share. So what can we do in our DevOps teams to embrace diversity and help transform the culture of development and operations into a true “DevOps” team? In her session at DevOps Summit, Stefana Muller, Director, Product Management – Continuous Delivery at CA Technologies, answered that question citing examples, showing how to create opportunities for ...
SYS-CON Events announced today that G2G3 will exhibit at SYS-CON's @DevOpsSummit Silicon Valley, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Based on a collective appreciation for user experience, design, and technology, G2G3 is uniquely qualified and motivated to redefine how organizations and people engage in an increasingly digital world.
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, will discuss how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a prac...
The 3rd International WebRTC Summit, to be held Nov. 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 15th International Cloud Expo, 6th International Big Data Expo, 3rd International DevOps Summit and 2nd Internet of @ThingsExpo. WebRTC (Web-based Real-Time Com...
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of ...
SYS-CON Events announced today that DataClear Inc. will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. The DataClear ‘BlackBox’ is the only solution that moves your PC, browsing and data out of the United States and away from prying (and spying) eyes. Its solution automatically builds you a clean, on-demand, virus free, new virtual cloud based PC outside of the United States, and wipes it clean...
In 2014, the market witnessed a massive migration to the cloud as enterprises finally overcame their fears of the cloud’s viability, security, etc. Over the past 18 months, AWS, Google and Microsoft have waged an ongoing battle through a wave of price cuts and new features. For IT executives, sorting through all the noise to make the best cloud investment decisions has become daunting. Enterprises can and are moving away from a "one size fits all" cloud approach. The new competitive field has ...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.