Midlands Minerals Corporation (TSX-V:MEX) is pleased to announce that it has sold its Kaniago gold project in Ghana to a subsidiary of neighbor Asanko Gold (TSX:AKG.TO), Keegan Resources (Ghana) Limited (“KRGL”).
-- Kaniago project sold to Asanko for $312,888.
-- Midlands's treasury returned to $1,900,000.
Craig Pearman, President and CEO stated: “The sale of long standing and non-core assets is an important part of Midlands’ strategy to reduce costs, liabilities and risk, and to restore liquidity, so the Company can stay responsive to quality project opportunities and market trends. Midlands always endeavours to maintain an exit strategy for moments like these when the Company has tested the exploration upside to a level of risk that is prudent, and can preserve some value through monetizing the asset. We wish Asanko well with their future exploration on the Kaniago concessions.”
During January 2015, Midlands was granted an outstanding license renewal application from the Minerals Commission in Ghana which fulfilled a pre-condition for the sale, transfer and disposal of all of its right, title and interest in the concessions to KRGL. KRGL will be responsible for any conveyance and registration costs, including any income taxes on the transfers and renewal fees that may arise during the transfer process. Midlands will assist KRGL with a smooth transfer of the concessions.
Sale proceeds of $312,888 were received by Midlands on February 6, 2015 and returned the treasury to approximately $1,900,000. The proceeds of the sale will be used to further exploration on the Parlozi zinc-lead-silver project in Serbia, for the continued review of M&A opportunities, and for general corporate overheads.
About Midlands Minerals Corporation
Midlands has an option agreement with Reservoir Minerals (TSX-V:RMC) to earn up to a 75% interest in Reservoir’s Parlozi zinc-lead-silver project in Serbia announced April 24, 2014.
Midlands is a Canadian resource company with common shares that trade on the TSX Venture Exchange under the symbol “MEX”. The Parlozi Project, the Company’s flagship, is a 91 square kilometre exploration permit which is conveniently located 35 kilometres 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 Tertiary quartz latite dykes and volcanic breccias. This type of mineralization has long supported lead-zinc-silver mining operations in the region.
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