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.

Contacts:
Midlands Minerals Corp.
Craig Pearman
President and CEO
+1 604 366 2229
[email protected]

Midlands Minerals Corp.
Nick Tintor
Chairman
+1 416 987 0855
[email protected]

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
With more than 30 Kubernetes solutions in the marketplace, it's tempting to think Kubernetes and the vendor ecosystem has solved the problem of operationalizing containers at scale or of automatically managing the elasticity of the underlying infrastructure that these solutions need to be truly scalable. Far from it. There are at least six major pain points that companies experience when they try to deploy and run Kubernetes in their complex environments. In this presentation, the speaker will d...
While DevOps most critically and famously fosters collaboration, communication, and integration through cultural change, culture is more of an output than an input. In order to actively drive cultural evolution, organizations must make substantial organizational and process changes, and adopt new technologies, to encourage a DevOps culture. Moderated by Andi Mann, panelists discussed how to balance these three pillars of DevOps, where to focus attention (and resources), where organizations might...
The deluge of IoT sensor data collected from connected devices and the powerful AI required to make that data actionable are giving rise to a hybrid ecosystem in which cloud, on-prem and edge processes become interweaved. Attendees will learn how emerging composable infrastructure solutions deliver the adaptive architecture needed to manage this new data reality. Machine learning algorithms can better anticipate data storms and automate resources to support surges, including fully scalable GPU-c...
When building large, cloud-based applications that operate at a high scale, it's important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. "Fly two mistakes high" is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Le...
Machine learning has taken residence at our cities' cores and now we can finally have "smart cities." Cities are a collection of buildings made to provide the structure and safety necessary for people to function, create and survive. Buildings are a pool of ever-changing performance data from large automated systems such as heating and cooling to the people that live and work within them. Through machine learning, buildings can optimize performance, reduce costs, and improve occupant comfort by ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
CI/CD is conceptually straightforward, yet often technically intricate to implement since it requires time and opportunities to develop intimate understanding on not only DevOps processes and operations, but likely product integrations with multiple platforms. This session intends to bridge the gap by offering an intense learning experience while witnessing the processes and operations to build from zero to a simple, yet functional CI/CD pipeline integrated with Jenkins, Github, Docker and Azure...
René Bostic is the Technical VP of the IBM Cloud Unit in North America. Enjoying her career with IBM during the modern millennial technological era, she is an expert in cloud computing, DevOps and emerging cloud technologies such as Blockchain. Her strengths and core competencies include a proven record of accomplishments in consensus building at all levels to assess, plan, and implement enterprise and cloud computing solutions. René is a member of the Society of Women Engineers (SWE) and a m...
Dhiraj Sehgal works in Delphix's product and solution organization. His focus has been DevOps, DataOps, private cloud and datacenters customers, technologies and products. He has wealth of experience in cloud focused and virtualized technologies ranging from compute, networking to storage. He has spoken at Cloud Expo for last 3 years now in New York and Santa Clara.
Enterprises are striving to become digital businesses for differentiated innovation and customer-centricity. Traditionally, they focused on digitizing processes and paper workflow. To be a disruptor and compete against new players, they need to gain insight into business data and innovate at scale. Cloud and cognitive technologies can help them leverage hidden data in SAP/ERP systems to fuel their businesses to accelerate digital transformation success.
Containers and Kubernetes allow for code portability across on-premise VMs, bare metal, or multiple cloud provider environments. Yet, despite this portability promise, developers may include configuration and application definitions that constrain or even eliminate application portability. In this session we'll describe best practices for "configuration as code" in a Kubernetes environment. We will demonstrate how a properly constructed containerized app can be deployed to both Amazon and Azure ...
Poor data quality and analytics drive down business value. In fact, Gartner estimated that the average financial impact of poor data quality on organizations is $9.7 million per year. But bad data is much more than a cost center. By eroding trust in information, analytics and the business decisions based on these, it is a serious impediment to digital transformation.
Digital Transformation: Preparing Cloud & IoT Security for the Age of Artificial Intelligence. As automation and artificial intelligence (AI) power solution development and delivery, many businesses need to build backend cloud capabilities. Well-poised organizations, marketing smart devices with AI and BlockChain capabilities prepare to refine compliance and regulatory capabilities in 2018. Volumes of health, financial, technical and privacy data, along with tightening compliance requirements by...
Predicting the future has never been more challenging - not because of the lack of data but because of the flood of ungoverned and risk laden information. Microsoft states that 2.5 exabytes of data are created every day. Expectations and reliance on data are being pushed to the limits, as demands around hybrid options continue to grow.