Midland Enters into Binding Term Sheet to Option Its Patris GOLD Property to Barrick
MIDLAND ENTERS INTO BINDING TERM SHEET TO OPTION ITS PATRIS GOLD
PROPERTY TO BARRICK
Montreal, April 4, 2023 . Midland Exploration Inc. ("Midland") (TSX -V: MD) is pleased to
announce the sign ing of a binding term sheet with a wholly -owned subsidiary of Barrick Gold
Corporation ("Barrick") whereby Barrick will have the right to earn into Midland’s wholly-owned
Patris gold property , located approximately 30 kilometres to the northeast of the town of Rouyn -
Noranda, Quebec (the “Transaction”).
Option Agreement
Pursuant to the Transaction, Barrick has the right to acquire up to a 75% interest in the Patris property
in consideration for cash payments totalling C$1,017,500 and exploration work totalling
C$16,575,000, over an eight-year period, including a guaranteed amount of C$3,000,000, over a four-
year period. Barrick will be the operator of the work carried out under the Transaction.
Midland and Barrick have agreed to negotiate a definitive earn -in and joint venture agreement , which
is subject to customary terms and conditions as set forth in the term sheet, including the successful
negotiation and execution of a definitive agreement for the Transaction, the satisfactory completion of
due diligence by Barrick and the receipt of any required regulatory approvals.
Gino Roger, President and Chief Executive Officer of Midland, commented: “We are delighted to
welcome Barrick as one of our new high -quality partners who will ensure the progress of future
exploration work on this excellent gold project.”
About the Patris Property
The wholly owned Patris project comprises 298 claims covering a surface area of about 117 square
kilometres, located less than 10 kilometres northwest of the prolific Doyon/Westwood -Bousquet-La
Ronde gold mining camp. The Patris prope rty offers excellent gold potential as it covers the
Manneville Fault over more than 8 kilometres and the La Pause Fault over more than 10 kilometres,
both recognized as subsidiary faults to the well-known Destor-Porcupine Fault Zone.
Cautionary statement
Mineralization occurring at the Doyon/Westwood-Bousquet-La Ronde gold mines is not necessarily
indicative of mineralization that may be found on the Patris property held by Midland.
About Midland
Midland targets the excellent mineral potential of Queb ec to make the discovery of new world -class
deposits of gold and critical metals . Midland is proud to count on reputable partners such as Barrick,
BHP Canada Inc., Rio Tinto Exploration Canada In c., Wallbridge Mining Company Ltd, Probe Gold
Inc., Agnico Ea gle Mines Limited, Osisko Development Corp., SOQUEM Inc., Brunswick
Exploration Inc., Nunavik Mineral Exploration Fund, and Abcourt Mines Inc. Midland prefers to work
in partnership and intends t o quickly conclude additional agreements in regard to newly a cquired
properties. Management is currently reviewing other opportunities and projects to build up the
Corporation portfolio and generate shareholder value.
This press release was prepared by Ma rio Masson. P.Geo., VP Exploration for Midland and Qualified
Person as defined by NI 43-101, who also approved the technical content of this press release.
For further information, please consult Midland’s website or contact:
Gino Roger, President and Chief Executive Officer
Tel.: 450 420-5977
Fax: 450 420-5978
Email: [email protected]
Website: www.midlandexploration.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts resp onsibility for the adequacy or accuracy of this
release.
This press release may contain forward -looking statements that are subject to known and unknown
risks and uncertainties that could cause actual resu lts to vary materially from targeted results. Such
risks and uncertainties include those described in Midland’s periodic reports including the annual
report or in the filings made by Midland from time to time with securities regulatory authorities.
New Option Agreement with Barrick
DETOUR LAKE
NELLIGAN
ZONE 58N
MARTINIERE
BUG LAKE
FENELON / TABASCO
CASA BERARDI DOUAY VEZZA
GEANT DORMANT
LAC SHORTT
MOROY
LAC ROSE
WINDFALL
BARRY
Kenorland / Newmont Option
PERRON
WESTWOOD
LARONDE
CROINOR
CANADIAN MALARTIC
KIENA GOLDEX
LAMAQUE
HOLT / MCDERMOTT
Volcanics
Ignous rocks
Sediments
Midland Projects
Gold Mines, Projects
Sunday Lake Fault
Lower Detour Fault
Cadillac Fault
FAYOLLE
BEATTIE
Patris
Guyberry
Heva
Laflamme
Abcourt JV
Coigny
Turgeon
Mistaouac
La Peltrie
Probe Opt
Jouvex Noyelles
Lac Esther
Nomans
Lewis
Fleuribleu
Jeremie
Adam Samson
ELDER
WASAMAC
GRANADA
HORNE 5
Chicobi Fault
M-Cadillac
Agnico Eagle JV
Gaudet-Fenelon
Probe JV
Casault
Wallbridge Opt
BELL OSBOURNE
New Option Barrick
Patris Project
New option agreement
with Barrick