Trading Symbol: CNQ-CBRL
VANCOUVER, Aug. 14 /CNW/ - Further to the Company's news release dated
May 18, 2007, the Company is pleased to announce that it has recently signed
an agreement with Copper Hill Exploration Corp., Midland Exploration
Corporation and Gary Robert Brown (the "Parties") concerning the settlement of
the Company's claim in the British Columbia Supreme Court against the Parties
seeking an order, among other things, that the Option Agreement dated for
reference March 24, 2005 (the "Option Agreement"), remains in effect and
requiring the Parties to specifically comply with their obligations under that
agreement (the "Action").
Under the terms of the Settlement Agreement, each of the parties
acknowledges that under the Option Agreement, Copper Belt has earned a 30%
interest in the mineral claims (collectively, the "Ketchan Lake Claims") based
on its Expenditures (as defined in the Option Agreement) to date of
$877,652.00 (the "Cumulative Expenditures"). The Parties and Copper Belt have
mutually agreed to terminate the Option Agreement with Midland's acquisition
of Copper Belt's 30% interest in the Ketchan Lake Claims by the issuance of
3,000,000 common shares in the share capital of Midland to Copper Belt. With
the termination of the Option Agreement, Copper Belt will discontinue the
Action and cease work on the Ketchan Lake Claims. The Parties have executed
full Mutual Releases of any and all claims each may have against the Other.
Midland Exploration Corporation is a private Nevada corporation and has
been registered as an extraprovincial company under the Business Corporations
Act in British Columbia.
The Company is continuing its pursuit of other mineral properties of
merit and other business options that will enhance shareholder value. Proper
disclosure will be made in due course when the businesses are identified.
The CNQ has not reviewed, and does not accept responsibility for the
adequacy or accuracy of the contents of this news release.
For further information:
For further information: Dieter Peter, President & CEO, Telephone: (604)