Midex Reviews Phase One Exploration at Magembe Diamond Project, Tanzania

Midex Reviews Phase One Exploration at Magembe Diamond Project, Tanzania

Midex Gold Corp., announced it will be the Phase One exploration at the company’s Magembe Diamond Project located in the Shinyanga district of northwestern Tanzania.

The objectives for the first exploration program at Magembe was to confirm and evaluate indicated diamond potential from both alluvial and kimberlite sources. This program was followed up with reconnaissance scale exploration competed earlier in 2007. This initial work consisted of compilation, remote sensing, geological mapping and prospecting and was successful in identifying geological environments favorable for hosting surficial and bedrock diamond deposits.

Local artisanal mining operations are active and recovering diamonds from surface alluvial deposits on the western boundary of the Magembe property. Security has been established in areas of the property where significant potential exists for the recovery of alluvial diamonds related to the Mwadui (Williamson) kimberlite and other possible sources in the region. The Phase One exploration program evaluated the concentrations of recoverable diamonds from alluvial material through systematic bulk sampling and processing.

On the northern part of the property, regional geophysical data indicated the presence of four unexplored kimberlite targets with magnetic expressions similar to that of the Williamson (Mwadui) kimberlite. Phase One exploration evaluated these targets through the completion of ground geophysics and bedrock sampling.

The Magembe property is part of a two kilometer buffer zone created to surround the Williamson (Mwadui) Mine as part of the original mine development in the 1940′s and 50′s. This buffer zone was formed with the intention of ensuring that the mining operations could proceed in a safe and orderly manner through the prohibition of the mining of surficial diamond deposits in the area immediately adjacent to the mining operation.

The exploration at Magembe was conducted under the terms of an option agreement with Douglas Lake Minerals whereby Midex earns 75% of Douglas Lake’s interest in the property through cash and share payments and spending US$2.5 million in exploration expenditures over four years.

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