Monday, October 22, 2012

Mahdia gold expands land package.

I have been without decent internet access for the last little while and for this reason, have not felt to motivated to write many posts, although some very interesting things have happened since my last wqrite up.

I just wanted to bring this release to the attention of any of my readers, as I have been following the Mahdia story for some time.

Anyways, the jist of it is is that MGD, the company which holds the old omai mine have expanded their land package by almost 4 times. In the comming days I plan to write a more detailed write up on the company, its potentials, its properties, and its failures so far. It is nice to see some steps forward from this company.

PS: As I may not get a chance to write something on CXB, it has recently shot up in price and is very close to its gap of .24. I hope to see it back to its mid 40s form in the coming months.

Mahdia Gold Corp (CNSX:MGD) Announces Land Expansion in Omai District
Mahdia Gold Corp (CNSX:MGD) Announces Land Expansion in Omai District
TORONTO, ONTARIO--(Marketwire - Oct. 22, 2012) - Mahdia Gold Corp. (the "Company") (CNSX:MGD) is pleased to announce the first phase of the expansion of its land holdings in the Omai/Essequibo River area with the execution of an option to acquire 100% of the mineral rights represented by 18 (eighteen) Prospecting Permits Mediums Scale with a total aggregate surface area of 21,406 acres (the "OMAI EXPANSION"). The agreement, negotiated with South American Mining Inc. ('Vendor'), a private Guyana Company grants, through powers of attorney pursuant to Guyana law, the right to explore and, as warranted convert the rights to Mining Permits or Mining Licenses and thereafter acquire the entire land holding. The transaction represents a significant expansion of the boundaries of the Company's current assets in the Omai District and the corresponding exploration and development opportunity thereupon. OMAI EXPANSION is located in a well known gold bearing region and will be evaluated as part of the Company's ongoing redevelopment of the Omai Prospecting License.

This expands the Company's land for exploration and mining purposes, by a multiple of almost 4 times to 28,646 acres in the same area.

The additional exploration opportunity covers regional geological contacts and gold target in bedrock, oxide/ saprolite and alluvial / colluvial environments which the Company's technical team has selected as high priority. Management of the Company expects this expansion of opportunity to provide significant enhancement in shareholder value during the medium and long term development of the district. OMAI EXPANSION was closed to modern exploration throughout the previous life cycle of the Omai and exploration work will be coordinated with optimization of the Company's main holdings without the obligation of minimum exploration expenditures associated with Prospecting Licences.

Including an initial payment of Fifty Thousand United States Dollars ($50,000.00) the total consideration for the post option acquisition of 100% of OMAI EXPANSION, will be One Million United States Dollars ($1,000,000.00) and Two Million (2,000,000) Shares of Mahdia Gold Corp.

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