Business
Midlands Minerals Announces 2008 Year End Results
Midlands Minerals Announces 2008 Year End Results
About this update from King Global Ventures Inc.
[{"type":"text","content":"\nMidlands Minerals Announces 2008 Year End Results\n\n\n May 5, 2009 (Baystreet.ca) -- Over 78% of funds raised to date have gone directly into gold exploration - Sian (Ghana) gold project is 18 months away from a production decision - Midlands now owns 100% of Kwahu Praso, a contiguous property to Sian\n\nTORONTO, ONTARIO -- Midlands Minerals Corporation (\"Midlands\" or the \"Company\") (TSX VENTURE: MEX) is pleased to announce Audited Consolidated Financial Statements and the accompanying Management's Discussion and Analysis for the year ended December 31, 2008 are now available on www.sedar.com as well as on the Company's Web Site at www.midlandsminerals.com. The Company's Consolidated Financial Statements were prepared in accordance with Generally Accepted Accounting Principles (GAAP) and were audited by the firm Schwartz, Levitsky, Feldman LLP.\n\nSUMMARY: 2008 PERFORMANCE HIGHLIGHTS \nWith over 78% of available resources in 2008 going into Ghana gold projects, the Company added value to its core assets, primarily to the Sian and Kwahu Praso gold projects. Drill results from the Sian project placed Sian at approximately 18 months to a production decision from the start of the next phase of work. During 2008, an additional $891,994 was spent directly on Sian, bringing the total spent on that project to $4,534,700 as at December 31, 2008. \nGHANA HIGHLIGHTS \nSian \n- Increased resources on the Sian gold project in Ghana was announced in May 2008 with : \n-- Indicated resource of 2.6 million tonnes at 2.3 g/t for 192,000 oz Au \n-- Inferred resource of 2.7 million tonnes at 2.4 g/t for 208,000 oz Au; \n- Soil geochemistry, geology and drilling completed to the end of June 2008 point to an additional gold potential of 10 to 20 million tonnes grading between 0.4 and 1.2 g/t that requires follow-up prior to inclusion in resource estimates; \nKwahu Praso \n- Midlands exercised its right to acquire an additional 20% of Kwahu Praso (\"Praso\") from its local partner, and Midlands now holds a 100% undivided interest in Kwahu Praso \n- Kwahu Praso which was once part of Sian, contains extensions of the Esaase and Ampeha trends in which are two past gold producers with significant growth potential; \n- Sian/Praso, which together, form a highly prospective 160 square kilometre gold district, are just 30 kilometres northeast of Newmon...