Midex Gold Corp. is working to take advantage of Tanzaniaâ€™s rich mineral resources. The company is developing a select portfolio of near-term gold and diamond production projects. As an OTCBB-traded enterprise, they are poised to identify key mining concession targets that are ready for development. The company has a network of strategic relationships with senior mining professionals and government officials in Tanzania.
Midex Gold Corp.’s major property is the Magembe Property. The Magembe Property Project is a diamond exploration target, and is part of a two-kilometer buffer zone created to surround the Williamson Mine (aka Mwadui) when it underwent development in the 1940s and 50s. The formation of this buffer zone was to prohibit the mining of near-surface diamond deposits in the area immediately adjacent to the mining operation. In 2003, the Mining Act was reformed, and Midex Corp. acquired the property in 2009. Canadian geologist Dr. John Williamson discovered the mine in 1940. It is the largest economically exploitable pipe in the world.
On May 13, 2009, Midex Gold Corp. provided an update of their recent corporate activities. The Company’s management identified several mineral exploration and development opportunities in East Africa, specifically Tanzania. Midex Gold Corp. is now positioned to announce they will acquire a near-term mineral production project in Tanzania.
Midex is working to develop opportunities in Tanzania. In 1998, the country instituted a new mining act that attracted numerous international mining companies. The country has vast amounts of undeveloped mineral-rich natural resources. It has one of the world’s largest diamond producing mines and is the third largest gold producer in Africa.
There is the expectation that the mining industry in Tanzania will grow at an average of 11.92 percent through 2013. This is according to Business Monitor International forecasts. Two global mining companies are currently operating premier gold mines in Tanzania: AngloGold’s Geita Mine with 18 million proven ounces and Barrick’s Bulyanhulu Mine with 12 million ounces. Their 2009 annual production is running at 250,000 and 200,000 ounces of gold respectively.