Business
Midlands Minerals to Generate Cash Flow From Sian-Ghana
Midlands Minerals to Generate Cash Flow From Sian-Ghana
About this update from King Global Ventures Inc.
[{"type":"text","content":"\nMidlands Minerals to Generate Cash Flow From Sian-Ghana\n\n\n May 26, 2009 (Baystreet.ca) -- TORONTO, ONTARIO -- Midlands Minerals Corporation (\"Midlands\" or the \"Company\")(TSX VENTURE: MEX) is pleased to announce that in an overall strategy to generate cash flow, the Company has entered into a contract with Gold Recovery (Ghana) Limited (\"Gold Recovery\") to begin recovering gold from loaded carbon fines on the Sian property in Ghana. Gold Recovery is a subsidiary of Goldplat Plc which is listed on the London AIM Exchange. Sian is a fully permitted past open pit gold producer with an existing CIL (Carbon in Leach) plant, a 30 year mining lease, a 400,000 ounce resource, and all the infrastructure in place.\n\n\"For a junior explorer to have the ability to generate cash flow, at this time, is timely, given the current difficult market conditions\", said Kim Harris, President and Chief Executive Officer. As a strategy to generate immediate cash flow, Midlands assayed loaded carbon from the existing ten CIL tanks and conducted a survey of the tailings dumps on the Sian property in April 2009. \nApproximately 400,000 tonnes of tailings were surveyed. The assay results from the tailings confirmed the 93% gold recovery rate reported by Sian Goldfields Limited, and provided Midlands with the good news that the existing CIL plant was operating properly during Sian Goldfields mining operations. The tailings assays also confirmed that there is an insignificant amount of refractory gold in the ore that was processed between 2000 and 2003, and opens the possibility of adding a gravity circuit to the existing plant. \nFollowing initial encouraging assay results from the loaded carbon, Midlands entered into discussions with Gold Recovery, who subsequently conducted a site visit to Sian and took their own samples, the results of which led to Midlands entering into contractual discussions with Gold Recovery. A contract between the two parties has now been signed, and the re-bagging and preparation for shipping of the loaded carbon has commenced. Midlands estimates approximately 100 tonnes of carbon at this time, with the exact tonnage to be determined when all CIL tanks are emptied, and the final weighing takes place. \nUnder the agreement with Gold Recovery, a charge of US$130 per wet tonne of carbon received will apply and payments to...