Thursday, October 22, 2009

80 Carat Diamond Discovered on Midex's Magembe Property, Directly Adjacent to De Beers' Williamson Mine

Wed Jul 22, 2009 4:00pm EDT
Midex Gold Corp. (OTCBB: MDXO) ( president, Morgan
Magella announced the vendor of their newly acquired Magembe Diamond
Property reported that a local miner recently discovered an 80 carat
diamond. "This is one of those good news, bad news stories," he stated.
"It's good news that we've had reports of a huge diamond along with
numerous other large diamonds being discovered on our property. The bad
news is that the local artisan miners are taking our diamonds without us
knowing. To discourage them from continuing to take them, we've
implemented on-site security."
"We're convinced this project is a once in a lifetime opportunity," said
Morgan Magella. "We walked the property and reviewed the exploration data
with some top resource industry experts and their excitement was
contagious. Management is enthusiastic about the huge opportunity this
property represents, and humbled by the confidence shown by our local
The Magembe diamond property is 46 square kilometers and consists of
consists of a number of prospecting licenses that are located directly
adjacent to the eastern, northern and western boundaries of the
Williamson Mine, one of Africa's most significant diamond producers.
Currently owned by De Beers and the Government of Tanzania, the
Williamson Mine production history that spans 60 years and the pipe
covers 360 acres. When it was discovered in 1940, it was considered the
largest economically exploitable pipe in the world.
Production in the 1950s and 1960s was between 500,000 and 750,000 carats
(100 and 150 kg) per year; the peak year of production was 1966, when
924,984 carats (185 kg) were produced. Today, production levels for all
Williamson mine diamond recovery activities is about 300,000 carats (60
kg) per year. Notable stones produced at the Williamson mine include a 54
carat (10.8 g) flawless pink diamond (presented to then Princess
Elizabeth and Prince Philip upon their wedding in 1947), and a 388 carat
(77.6 g) diamond found in 1990. Since 1994, De Beers has improved the
performance of the Williamson diamond mine by making needed capital
investments in equipment, and bringing in expertise in technology,
technique, and exploration. De Beers has identified several possible
avenues for development that would keep the mine operating well into the
future. Note: Source for Williamson Mine data contained in this release
Midex Gold is positioned to take advantage of Tanzania's rich mineral
resources by developing a select portfolio of near-term gold and diamond
production projects. With the company's network of strategic
relationships with senior mining professionals and government officials
in Tanzania, it is poised to identify key mining concession targets that
are ready to be developed.
This news release may contain forward-looking statements based on
assumptions and judgments of management regarding future events or
results that may prove to be inaccurate as a result of exploration and
other risk factors beyond its control and actual results may differ
materially from the expected results. The Company does not expect to
update forward-looking statements continually as conditions change.
Important factors that could cause actual results to differ materially
from the Company's expectations are disclosed in the Company's quarterly
filings with the SEC and other periodic filings.
Midex Gold Corp.
Investor Relations
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