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September 2009 Investor Presentation. Forward-Looking Statement Certain statements contained in the following presentation constitute forward- looking.

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Presentation on theme: "September 2009 Investor Presentation. Forward-Looking Statement Certain statements contained in the following presentation constitute forward- looking."— Presentation transcript:

1 September 2009 Investor Presentation

2 Forward-Looking Statement Certain statements contained in the following presentation constitute forward- looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from actual results and achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward- looking statements, which speak only as of the date the statements were made. Readers are also advised to consider such forward-looking statements while considering the risks inherent in the business of exploration. 2

3 TSX-V: MEX Largest Gold Producer 2 nd Largest Gold Producer GHANA 3 rd Largest Gold Producer TANZANIA Focused on gold in Ghana and Tanzania 53.5 million shares O/S Experienced Board & Management We know Africa well Company Strategy Politically stable countries History of gold mining Acceptance of mining by locals Permitting & tenure laws Objective: grow our assets into multi-million oz deposits Over 100 years of combined African experience Over 90 years of combined geological African experience 3

4 TSX-V: MEX Shares outstanding53.6 million 52 week high$ week low$ Midlands vs. S&P/TSX Venture Composite Index – 1 Year

5 Priority Project: Sian, Ghana Sian on Ashanti Gold Belt Sian contains two previous open pit mines and a 400,000 oz resource at 2.3 g/t 30 km NE of Newmont’s Akyem 8.7+ million oz deposit Production capital costs minimized by existing mine infrastructure Drill results show significant exploration upside potential Other Ghana Projects: Kwahu Praso (Ashanti Belt) Kaniago (Asankrangwa Belt) 5

6 Gold Projects: Tanzania Tanzania: Gold & Diamonds Lake Victoria Goldfields: Area with over 50 million oz in gold reserves Itilima Project (43-101): gold and diamonds Lwenge/Geita Gold Project Kishapu Lalago Other properties in Tanzania: Vukene Kilindi 6

7 Priority Project: Sian Here is what we have: Sian – a fully permitted past-producing open pit gold mine on the Ashanti Gold Belt in Ghana A 400,000 oz gold deposit with potential to grow to at least one million oz Existing CIL gold processing plant A renewable 30 year mining lease Completely surrounded by Newmont Mining A feasibility study done in 1995– currently being updated by EPC Engineering and Projects Company Limited (SA) 7

8 Aiming for a Multimillion oz Deposit Ghana Sian & Kwahu Praso are contiguous licences 160 sq km of prime ground for gold Current NI Resource 400,000 oz gold 2.3 g/t 800,000 oz in gold potential from preliminary drilling to be tested Analysis of drill sections to be confirmed in next drill program Only 10% of target areas drilled to date 8

9 Sian Open Pit 9

10 Sian Processing Plant 10

11 Sian Power Is in Place 11

12 Sian Infrastructure Is in Place 12

13 Sian Gold Project Sian: Potential multimillion oz deposit supported by geology, dixcove granitoids 16 km strike length gold anomaly, less than 10% drilled to date Sian structures extend into contiguous Praso project (100% Midlands) 14,000 metres of drilling since October , g/t based on drilling to 120 m Double digit grades below 120 m Short-Term Plan Infill drilling in the pit, expand gold deposit to at least 1 million oz Scoping study followed by update/validation of feasibility study (underway) VTEM to accelerate drilling 13

14 Comparable Companies Name/Symbol Countries Minerals Mkt Cap C $ M 52 wk High/Low C $ Resource oz AuShares O/S Midlands Minerals Corporation Ghana Gold / , mil TSX-V: MEX Tanzania Diamonds PMI Gold Corporation Ghana Gold /0.01 (n/a)118.9 mil TSX-V: PMV Pelangio Exploration Inc. Ghana Gold /0.025 (n/a)78.4 mil TSX-V: PX African Gold Group, Inc. Ghana Gold /0.03 (n/a)59.3 mil TSX-V: AGG Mali Adamus Resources Limited Ghana Gold / ,000, mil TSX-V: ADU Australia Diamonds Tasmania AMI Resources Inc. Ghana Gold / , mil TSX-V: AMU Canaco Resources Inc. Tanzania Gold /0.02 (n/a)48.4 mil TSX-V: CAN Mexico Diamonds Silver 14

15 Why We Are Different Quality projects and locations Near-production past open pit gold producer – Sian – Ghana 40% institutional investment support Politically stable gold producing countries Focused on gold No debt 15

16 Next Steps 2009/2010 Focus on existing known drill targets to expand gold deposit to increase 400,000 oz to at least 1 million oz Up to 20,000 metres of drilling planned Sian Main Zone – up to 12,000 metres Drilling of waste dumps – 2,000 metres Test down plunge extensions of main lenses below 120 m Infill drilling to increase quality of resource to measured & proven Test at greater depth New zones and extensions – 2,000 metres Mpeyo zone and extensions – 2,000 metres Kwahu Praso – 2,000 metres Airbone VTEM survey to accelerate drilling for a multi-million oz deposit 16

17 Financing Required & Work Plan Up to USD $6 million Expand gold resource to at least 1 million oz Infill drilling within the pit Infill drilling on northern and southern extensions Drill at depth – below 120 metres Extend northern and southern extensions 17

18 Financing Required & Work Plan Focus on known areas Shaded areas are scout test drilling areas to expand the resource At least 20% of the resource to be upgraded to measured category 18

19 Results Expected Increase the indicated resource on Sian to at least one million oz Upgrade at least 20% to measured and proven resource Complete scoping study and update Sian feasibility study Complete a VTEM airborne survey to accelerate drilling on Sian and Praso 19

20 Use of Funds Priorities – Sian/Praso Sian 2,000 metres drilling on waste dumps (RC) Up to 12,000 metres on Sian Main Zone Test down plunge extensions below 120 m Infill drilling in the pit (DDH) Increase the resource Upgrade resource to measured/proven Test at greater depth (DDH) 2,000 metres new zones and extensions (RC) 2,000 metres - Mpeyo zones and extensions (RC) Praso 2,000 metres Sian/Praso VTEM airborne survey Approximately 1,000 line kilometres Data interpretation 20

21 Use of Funds (USD) Ghana and Tanzania Ghana Ghana property payments$100,000 Sian drilling (RC & DDH) 3,250,000 VTEM Sian/Praso – 1,000 line km 250,000 Kaniago 250,000 Tanzania Soil surveys and property maintenance 200,000 Corporate Working capital 1,000,000 Contingency 450,000 Total:USD $6 million 21

22 Use of Funds 22

23 Key Management Kim F. Harris, MA – President and CEO - Founder of Midlands - Over 20 years of experience in Africa, including 12 in exploration Pierre Lalande, PGeo – Senior Geologist - Chief Geologist for IAMGold Corp. from 1994 to Previously with Watts, Griffis and McOuat Ltd. - Over 35 years of international geological experience, with extensive experience in West Africa Paul E. Singer, CA – CFO - Over 30 years’ experience as a CA in private practice Isaac T. Adjovu (Geologist) – Regional Exploration Manager, Ghana - Over 20 years of experience in Africa - Experience as a Consulting, Exploration, and Senior Geologist with BRGM, Ashanti, and Newmont Mining - Chief Executive of Geodita Resources Ltd. for over six years Constantine Moshy (Geologist) – Exploration Manager, Tanzania - Over 30 years of experience in exploration and geology - Has worked with the Ministry of Energy and Minerals and as a Chief Field Exploration Geologist with a private company Naomi Benedikt – Controller and AVP Administration - Many years of experience in management and accountancy, previously a Controller in large property management firms EPC Engineering and Projects Company – Project Manager and Operator - Broad African experience in project engineering, plant operations and project management 23

24 Directors Edward A. Harris – Chair - VP and Portfolio Manager with McLean Budden Ltd. since 1990, with 34 years of experience in the financial services industry Kim F. Harris, MA – Vice Chair - Founder of Midlands, with over 20 years of business experience in Africa, including 12 in exploration Pierre Lalande, PGeo - Chief Geologist for IAMGold Corp. from 1994 to 2001, previously with Watts, Griffis and McOuat Ltd. - Over 35 years of international geological experience, with extensive experience in West Africa Darryl Levitt, LLB - Of Counsel with McLeod Dixon LLP - Extensive experience with financings, mergers, and acquisitions in the mining sector - Several years’ experience in mining and securities law; licenced to practice in Ontario and South Africa R. John Carruthers - Director of Industrial Business Development with Casebank Technologies Inc. from 1999 to Former Manager with Deloitte & Touche until February 1999 Mark B. Keatley, MBA, MPhil, MA - CFO of Ashanti Goldfields Ltd. from 1994 to Senior management positions in International Finance Corporation, World Bank, Ford Motor Company, UK Karl Schmed - President, Global Colour Link & Associates Noel Nedrick - Former commercial banker with TD Bank 24

25 Contact Information Head Office 1210 Sheppard Avenue East, Suite 302 Toronto, Ontario Canada M2K 1E3 Tel: Fax: Accra, Ghana Aviation House, Suite 203 PO Box 30679, KIA Accra Ghana Tel: +233 (0) Shinyanga, Tanzania PO Box 1175 Shinyanga Tanzania Sian, Ghana; April


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