Midlands Minerals announces further high-grade silver intercepts at Parlozi Phase 1 drilling completed

Transcription

1 Midlands Minerals announces further high-grade silver intercepts at Parlozi Phase 1 drilling copleted Toronto, Ontario October 30, 2014: Midlands Minerals Corporation ( Midlands or the Copany ) (TSX-V: MEX) announces new high-grade silver assays fro the Plandiste prospect on its Parlozi project in Serbia, and the successful copletion of the initial coitent to Reservoir Minerals Inc. ("Reservoir"; TSX-V: RMC) allowing the Copany to appraise the next phase of exploration work. Highlights Drilling at the Plandiste prospect, the first of six untested targets, intersected seven zones of old underground workings and three additional unined, ineralized structures. New drill results over apparent thicknesses at Plandiste include: o 178 silver and 1.0 lead over 2.30 etres (216 silver equivalent) o 210 silver and 0.9 lead over 1.40 etres (241 silver equivalent) Drilling successfully validated the intercepts in the historic resource at the Parlozi prospect. The Copany is currently reviewing the exploration work that would be required to advance the project fro the inforation obtained in the Phase 1 work progra. Midlands currently has $2 illion in the treasury. Craig Pearan, President and CEO stated: "This drill progra has achieved its purpose in providing the Copany an opportunity to further evaluate the Parlozi project in a cost-effective and sound anner, and eeting the iniu spend coitent. It has enabled us to take significant steps forward in our geological odeling and we continue to see evidence for a large polyetallic ineralization syste. The Copany is currently appraising the iplications of these Phase 1 drill results on a Phase 2 exploration progra and operational budget which will be the subject of a future release. Drill progra Subsequent to the news release of Septeber 3, 2014, two additional core holes for etres copleted the first phase of exploration. Core drilling in Phase 1 has therefore totaled 1,714.4 etres in six drill holes and exceeded the drill coitent to Reservoir by etres. The location and status of the Phase 1 drill holes are presented in Table 1 and Figure 1. All reported coposites are listed in Table 3. Drill Hole ID Depth () Aziuth ( ) Dip ( ) Prospect Coent 14-PA Parlozi Results released on Sept 3 14-PA-001A Parlozi Results released on Sept 3 14-PA Plandiste Results released on Sept 3 14-PA Plandiste Results released on Sept 3 14-PA Parlozi This release 14-PA Plandiste This release Table 1: Holes drilled during Phase 1 Parlozi prospect

2 Drill hole 14-PA-004 tested the up-dip extension towards surface of the polyetallic ineralization at distance fro the Parlozi historic resource. A hydrotheral breccia zone of 4.8 etres thickness, and averaging 0.78 lead and 0.32 zinc, was intersected at a down-hole depth of 67.9 etres close to the zone of the ancient surface workings at Parlozi (Table 3). In addition, 14-PA-004 also intersected a zone of 1.4 gold over 0.7 etres at a down-hole depth of etres (Table 3). The ineralization in the drill hole is interpreted as distal and is not representative of the ineralization in the area of the historic resources. Drill hole 14-PA-001 had previously successfully confired the presence of ultiple high-grade veins cobined with wide zones of carbonate replaceent ineralization in the area of the historic resource (reported in the press-release of Septeber 3, 2014) with intercepts over apparent widths of: 291 silver, 2.2 lead and 0.2 zinc over 2.45 etres fro etres (458 silver equivalent) 174 silver, 2.5 lead and 3.8 zinc over 2.95 etres fro etres (340 silver equivalent) 299 silver, 1.1 lead and 0.3 zinc over 5.10 etres fro etres (373 silver equivalent) In 1986, a resource estiate at the Parlozi prospect based on ten of the drill holes (totaling etres) is reported in a report by Radulovic titled "Geological-econoic evaluation of ore bearing structure Parlozi in Babe deposit on the level of prospecting exploration" (unpublished report fro Serbian Ministry of Mines and Energy). The historical resource estiate is based on five ineralized horizons along a strike length of approxiately 450 etres and between 200 and 500 etres below surface. This historical resource classified as C1 plus C2 resources in accordance with the Yugoslav reporting syste, is estiated to contain 6.5 illion tonnes at an average grade of 4.1 lead, 2.1 zinc, 0.3 copper and 130 silver. This historical resource estiate was not estiated under the guidance of National Instruent (NI) and does not eet the CIM definition standard. A qualified person as defined by NI has not undertaken sufficient work to classify these figures as ineral resources or ineral reserves, and additional drilling is require to do so. Midlands is not treating the as current ineral resources or ineral reserves. The historical resource estiate is only considered as relevant as a guide to future exploration. Plandiste prospect Drill hole 14-PA-005 was added to the drill progra following recent structural analysis which indicated the possibility that 14-PA-002 and 14-PA-003 ay not have fully tested the downdip extension of the high-grade ineralization that was sapled in an adit (671 silver and 20.8 lead over 6.0 etres) and reported in the press release of May 13, Drill hole 14-PA-005 successfully intersected ten separate structures, all of which are interpreted to be zones of ineralization. Seven of these intersections are represented as underground workings, and an additional three newly defined ineralized structures were intercepted which returned the coposite assays listed in Table 2. Hole ID Fro To Interval Pb Zn Cu Ag Au AgEq 14-PA PA-005* PA Table 2: Drill intercepts at Plandiste (full list of coposites in Table 3). Note: Drill intervals are apparent thicknesses Additional drilling is required to establish true thicknesses. Silver equivalents are based on the rounded average of each etal price over the last 5 years ( ), assuing 100 recovery: Pb $2,100/t; Zn $2,000/t; Cu $7,300/t; Ag $25.0/oz; Au $1,350/oz.

3 *Mine fill aterial was intersected in underground workings. It is interpreted as collapsed aterial fro the top of the workings. Drill hole 14-PA-005 therefore drilled through a zone of intense historical ining, of significantly greater iportance than recorded in any historical data. This has provided useful inforation on the focus of the historical ining at Plandiste and akes a significant contribution to the developing geological odel at the Plandiste prospect. It is anticipated that subsequent to, and pursuant on results fro a ground geophysical survey, the swar of interpreted ineralized structures intercepted by hole 14-PA-005 at Plandiste would need to be drilled in future to obtain clean intercepts away fro historic ining. Iportantly, it appears that the Plandiste intercepts represent distal ineralization which provides added encourageent to test Plandiste to depth in Phase 2 drilling. Other targets Midlands is currently obtaining quotes for an induced polarization (IP) geophysical survey to cover the southern prospects of the Parlozi licence (Kukac, Maxi, Goilice and Glavcine exploration targets). This data will be erged with the individual Phase 1 geophysical surveys that were already copleted over the Plandiste and Parlozi prospects. These surveys, in cobination with structural apping would precede and facilitate Phase 2 drill planning. Systeatic QA/QC protocols are followed on the project including insertion of duplicate, blank and standard saples in all saple batches. The saples were subitted to SGS laboratory located in Bor, Serbia for preparation and assaying for gold using a standard 30 gra fire assay ethod with atoic absorption finish. Saple pulps with 85 of content lower than 75 icrons were analyzed at SGS laboratory in Bor as well for 49 eleents using ICP-MS following digestion by 4 acids. Saples with results greater than 100 silver or greater than 1 lead, zinc or copper in the ICP-MS results were re-analyzed using 4 acid digestion and atoic absorption finish. Additional inforation is found on SEDAR ( in the updated Independent Technical Report on the Parlozi property prepared in copliance with NI filed on April 24, Dr. Doinique Fournier, EurGeol, a "Qualified Person" as defined by National Instruent , has reviewed and approved the technical inforation and data included in this press release. About Midlands Minerals Corporation Midlands has an option agreeent with Reservoir Minerals ( Reservoir ; TSXV: RMC) to earn up to a 75 interest in Reservoir's Parlozi zinc-lead-silver project in Serbia announced April 24, Midlands is a Canadian resource copany with coon shares that trade on the TSX Venture Exchange under the sybol "MEX". The Parlozi Project, the Copany's flagship, is a 91 square kiloetre exploration perit which is conveniently located 35 kiloetres south of Belgrade, the capital of Serbia. The Parlozi perit covers occurrences of historical lead-zinc-silver ining in the Kosaj-Babe area of the Suadija ining district in central Serbia. The ineralization in the perit coprises silver-bearing vein and replaceent-type lead-zinc sulphides hosted by carbonate sedientary rocks associated with intrusive Tertiary quartz latite dykes and volcanic breccias. This type of ineralization has long supported lead-zinc-silver ining operations in the region. Additional inforation on Midlands can be viewed under the Copany's profile at or on Midlands' website:

4 Figure 1: Location of holes drilled at Parlozi in Phase 1. HoleID Fro To Interval Pb Zn Cu Ag Au Pb+Zn 14-PA including PA PA PA PA including and PA including PA including and PA PA including PA including PA PA including PA PA-001A including and and Ag Eq

5 HoleID Fro To Interval Pb Zn Cu Ag Au Pb+Zn 14-PA-001A PA-001A PA PA including PA-004 (1) PA PA PA-005 (2) PA Table 3: Coprehensive table of coposites of significant Phase 1 drill intercepts at the Parlozi and Plandiste prospects. The coposite is calculated as a silver equivalent based on the rounded average of each etal price over the last 5 years ( ): Pb $2,100/t; Zn $2,000/t; Cu $7,300/t; Ag $25.0/oz; Au $1,350/oz. Only coposites greater than 150 AgEq* (silver equivalent in ultiplied by etres of intercepts) are listed. Drill intervals are apparent thicknesses. (1) Intercept below the 150 AgEq* cut-off (2) Mine fill aterial was intersected in underground workings. It is interpreted as collapsed aterial fro the top of the workings. Ag Eq On behalf of the Board of Directors of Midlands Minerals Corporation, Craig Pearan President and CEO Telephone: Eail: cpearan@idlandsinerals.co FOR ADDITIONAL INFORMATION PLEASE CONTACT Nick Tintor Nancy Curry Chairan Corporate Counications Telephone: Telephone: Eail: ntintor@rgi.ca Eail: ncurry@idlandsinerals.co This news release includes certain forward-looking stateents or inforation. All stateents other than stateents of historical fact included in this release, including, without liitation, stateents regarding the copletion of the Transaction, the receipt of regulatory approvals, the Copany's future plans, objectives or expectations of the Copany are forward-looking stateents that involve various risks and uncertainties. There can be no assurance that such stateents will prove to be accurate and actual results and future events could differ aterially fro those anticipated in such stateents. Iportant factors that could cause actual results to differ aterially fro the Copany's plans or expectations include risks relating to the fluctuating gold prices, possibility of equipent breakdowns and delays, exploration cost overruns, availability of capital and financing, general econoic, arket or business conditions, regulatory changes, tieliness of governent or regulatory approvals and other risks detailed herein and fro tie to tie in the filings ade by the Copany with securities regulators. The Copany expressly disclais any intention or obligation to update or revise any forward-looking stateents whether as a result of new inforation, future events or otherwise except as otherwise required by applicable securities legislation. Neither the TSX Venture

6 Exchange, its Regulation Services Provider (as that ter is defined in the policies of the TSX Venture Exchange, nor the OTCQX accepts responsibility for the adequacy or accuracy of this release.