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Midland Exploration Inc.

TICKER: MD:TSX.V

Midland Exploration is a dynamic and aggressive mineral exploration company focused on gold, base metals and REE mine discoveries in one of Canada's richest mining provinces, Quebec. The company is led by highly respected management and technical teams with a proven mine-finding track record. Midland intends to generate new attractive projects and seeks opportunities through industry partnerships (JV Model).


The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Brien Lundin, Gold Newsletter (Jefferson Financial) (4/10/14) "Midland Exploration Inc.'s Eleonore project lies 30km southwest of Goldcorp Inc.'s storied deposit in James Bay, Quebec. . .Midland has enjoyed considerable success parlaying early-stage exploration programs into joint ventures. . .the great advantage of the firm's prospect generator model is that the company maintains a stake in a large portfolio of high potential properties, while its partners fund the majority of the more expensive aspects. . .its cash burn rate is typically quite low and its upside is substantial. . .Midland Exploration is a prime addition to our portfolio, one that I encourage you to begin accumulating."

Brien Lundin, Gold Newsletter (Jefferson Financial) (3/12/14) "Our first new recommendation this month is Midland Exploration Inc., a well-funded junior explorer with a wealth of great projects in mining-friendly Quebec. . .the company offers a winning combination of great projects, news flow and the potential for an explosive share price move should one of its joint venture partners hit pay dirt. It's a Strong Buy."

Eric Lemieux, Laurentian Bank Securities (2/24/14) "Midland Exploration Inc. had a relatively active 2013 exploration program with $4M spent ($1.9M from Midland), including nearly 7,000m of diamond drilling completed. . .the company has assembled strategic positions in the James Bay area, the Abitibi, the Appalachians [and] the Grenville, as well as in northern Québec, based on solid geological analysis and astute claims staking. . .highlights for 2014 include planned completion of more than 8,000m of drilling [and] the potential securing of new partnerships for Casault and Jouvex. . .we believe that Midland is very well positioned in the province of Quebec with a diversified portfolio of properties."

Eric Lemieux, Laurentian Bank Securities (2/19/14) "Midland Exploration Inc. has signed a new option agreement with Japan Oil, Gas and Metals National Corporation (JOGMEC) for the 100%-owned Pallas project, which totals 477 claims covering more than 210 sq km of mineral rights in the Labrador Trough, Québec. . .Midland has been proactive in generating this PGM project and retains a quality partner with JOGMEC. . .we are maintaining our Speculative Buy rating."

The Gold Report Interview with Adrian Day (1/31/14) "Midland Exploration Inc. is a prospect generator. It has 10 main projects in Quebec, five of which are currently under joint venture. Key projects are the Maritime-Cadillac gold project with Agnico-Eagle Mines Ltd. the Patris gold project with Teck Resources Ltd. and the Ytterby rare earth project with Japan Oil, Gas and Metals National Corp. These partners have already re-upped, which demonstrates confidence in the projects, and the company is working on finding partners for more of its projects. Midland has $4.5M in cash, more than enough, considering the money its partners are spending. Midland's stock is at $0.97/share. It's is a very thinly traded company, so I would urge investors to use a limit price when they buy, otherwise they'll just push the price up on themselves." More >

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The Gold Report Interview with Eric Lemieux (1/21/14) "There are quality explorers in Québec, Midland Exploration Inc., for example. Midland has more than $4M in its coffers. That is not a lot compared to other strong companies, but Midland uses the partnership model so its exploration costs are quite low as its partners are funding the programs. Partners for Midland are the likes of Teck Resources Ltd., Agnico-Eagle Mines Ltd. and the Japanese consortium JOGMEC. Midland has the financial capacity to maintain some level of good activity. That's a testament to a well-managed company.

Maritime-Cadillac, a partnership with Agnico-Eagle, is right beside Agnico's Lapa mine, which has just a few years left of production. Agnico would want to sustain, or at least continue to build on, the infrastructure that it has invested in there. Anything that's found in the Maritime-Cadillac project will probably go through the Lapa head frame. The Éléonore Centre project is 100% owned by Midland, but it could eventually find a partner. It's working slowly but surely and as Goldcorp's Éléonore mine is about to go into production; that whole area will reignite interest once people realize Éléonore is a world-class deposit. Any acreage around there will gain value directly. Midland will have to decide if it wants to find a partner before it drills Éléonore; it has the financial capacity to do that. No matter what happens, that area will light up from Éléonore's conservative production of 40,000 to 60,000 oz of gold in 2014.

Midland has a diversified portfolio of properties: a palladium-platinum project in the northern part of the Labrador Trough near Kuujjuaq, some base metal projects in areas not known as mining camps, some early-stage zinc projects. Midland has a lot of arrows in its quiver. Any time some of these arrows could attract some attention. It also has a track record of good relationships in current and previous partnerships. Midland is well positioned to find new strategic partners for its different portfolio of projects." More >

Eric Lemieux, Laurentian Bank Securities (1/17/14) "On Jan. 16, 2014, Midland Exploration Inc. announced that completed geophysical programs on its Valmond gold property in Abitibi, Quebec, have determined future drill targets. . .the company, with partner Donner Metals Ltd., could commence a winter 2014 first-phase drill program."

Eric Lemieux, Laurentian Bank Securities (12/15/13) "We believe that the quality of Midland Exploration Inc.'s portfolio of properties, the strength of its technical team and the application of the partnership model make the company a convincing investment. . .with a relatively active 2013 exploration program ($4M spent in total, including $1.9M from Midland), 2014 is gearing up to be another active year. . .we believe that the company and its partners can sustain exploration activities in 2014 and that developments with Goldcorp's Éléonore mine. . .could have positive implications for Midland, which has been active on its own project in the region, Éléonore Centre."

Eric Lemieux, Laurentian Bank Securities (12/11/13) "We are maintaining our Speculative Buy rating on Midland Exploration Inc. . .we believe that the company's portfolio of properties and the application of the partnership model permit Midland to maintain exploration activities."

Eric Lemieux, Laurentian Bank Securities (11/8/13) "The Nov. 6 institutional investor meetings highlighted that Midland Exploration Inc. could be well poised to deliver positive results over the course of 2014 with its partners; we highlight that the company maintains a tight share structure (<31M shares fully diluted) that allows it to remain leveraged to discovery. Midland is in a good position to remain active and benefit from low drilling costs."

Eric Lemieux, Laurentian Bank Securities (10/8/13) "Midland Exploration Inc. announced that an exploration program has begun on its Patris gold property. . .the fall 2013 exploration program will include trenching, prospecting and soil geochemistry work focused on a new prospective area that was identified during the summer 2013 program."

Eric Lemieux, Laurentian Bank Securities (9/17/13) "Midland Exploration Inc. signed an option agreement with Teck Resources Ltd. for its Patris project in the Abitibi region of Québec. . .the company continues to advance its projects by pursuing a partnership strategy. . .Midland is expected to remain active in exploration for the remainder of 2013 as it has sufficient funds (~$4M in cash, equivalents and investments) as well as key partners who are expected to invest in exploration work on its properties."

Eric Lemieux, Laurentian Bank Securities (9/12/13) "Over the summer 2013, Midland Exploration Inc. has remained active with multiple prospecting programs, notably on its wholly-owned Eleonore project. . .the company has successfully established JV and option agreements with partners including Agnico-Eagle, Osisko, JOGMEC and others. . .an exploration team is completing an exploration program. . .initial results returned new gold zones (open in all directions) with values up to 18 g/t Au from selected grab sampling. . .with a sufficient cash position and tight share structure (less than 31M shares F/D), Midland is well positioned along the Casa Berardi-Cameron deformation zone, the Detour Gold trend and the Eleonore sector."

The Gold Report Interview with Adrian Day (9/11/13) "Midland Exploration Inc. is located in Québec and is a prospect generator. . .[Its presence in the Labrador Trough] is a continuation of the business plan of generating projects and then looking for joint-venture partners to bring in. Midland has a low spend rate. It's got about $4M in cash, so it's going to be around. The thing about a lot of the joint-venture companies is that there's not necessarily any trigger to make the stock price go up. We're not depending on one thing in the near term to make them go up. I think they're just great companies that are very cheap." More >

Eric Lemieux, Laurentian Bank Securities (8/22/13) Midland Exploration Inc. provided an update on its on-going prospecting work on the Éléonore Centre project in the James Bay. . . This first-phase summer 2013 work included 156 grab samples from the northeast section of the property, which continues to show potential for future gold discoveries. . .trenching work is underway, which we expect will provide a better understanding of the project's gold potential. . .we believe the company may find a partner or elect to fund additional future work. . .Midland is expected to remain active in exploration for the remainder of 2013 and maintains sufficient funds to do so.

Eric Lemieux, Laurentian Bank Securities (7/25/13) "Midland Exploration Inc. released drill results for the Dyke West zone at the company's 50/50 joint venture Maritime-Cadillac project. The drilling extended the zone at a vertical depth of 600m with 1.5 g/t gold over 18.9m, which implies positive depth extensions to the potential gold system. . .we maintain our Speculative Buy rating. . .Midland is expected to remain active in exploration in 2013 on several of its projects and maintains sufficient funds to do so."

Eric Lemieux, Laurentian Bank Securities (7/10/13) "Midland Exploration Inc. announced that it has acquired 455 new land claims over +200 km2 in the Labrador Trough, west of Kuujjuak, Québec. . .the Labrador Trough region could be prospective for platinum group metals. . .we believe exploration potential is very good for this early-stage project in the Labrador Trough. . .this new strategic land position is the latest addition to the company's growing portfolio of diverse commodity projects. . .we would expect them to pursue a partner for this project."

Eric Lemieux, Laurentian Bank Securities (5/17/13) "Midland Exploration Inc. has acquired 100% interest in 29 claims (in two blocks) on the Cadillac Break in the Abitibi. . .we believe that this acquisition is strategic and inexpensive. . .the company is continuing to apply its prospector-generator model and acquire strategic land claims in prospective regions. . .Midland is expected to remain active in exploration in 2013 and holds sufficient funds to do so (~$4.5M in cash)."

Adrian Day, Global Analyst (4/27/13) "Midland Exploration Inc. is our other favorite Quebec exploration company; it continues to have positive news at many projects, none overwhelmingly significant by themselves, but together demonstrating the validity of the prospect-generator model and bringing increased potential to Midland. . .with 20 properties and partners like Agnico-Eagle and JOGMEC, Midland, with over $5M in the bank, is well positioned for an active year and news flow, with assays pending from two drill programs. . .the company, down 25% in the last few weeks, is a Strong Buy here."

Eric Lemieux, Laurentian Bank Securities (4/18/13) "Midland Exploration Inc. announced that Agnico-Eagle Mines Ltd. would be pursuing an underground drilling campaign at the Lapa mine. . .this drilling campaign will serve to test the potential expansion of the gold corridor at depth. . .we are maintaining our Speculative Buy rating and our $1.65 target price on Midland."

Eric Lemieux, Laurentian Bank Securities (3/29/13) "Drilling has resumed on Midland Exploration Inc.’s Laflamme property, targeting two new gold-bearing structures. . .the company has a strong cash position (~$6M) and established joint venture and option agreements. We believe that Midland is very well positioned along the Casa Berardi-Cameron Deformation Zone, the Detour Gold Trend and in the Eleonore sector of the James Bay region in northwestern Quebec."

The Gold Report Interview with Eric Lemieux (3/15/13) "Midland Exploration Inc. is focused in Quebec with projects also along the Destor-Porcupine and Cadillac faults. . .[it is] an active, quality project generator with quality partnerships. It should be active on the Casault project east of Detour Lake with Osisko through an ongoing 2,500m drill program. Midland could potentially be another Virginia Mines because of its business model, tight share structure and focus. . .Midland and Osisko have completed thorough surface and aerial geophysical work that should lay the foundation for an interesting 2013 winter drill program on Casault. If it's able to hit, it will light up and have positive indications for Midland. Midland has a diversified portfolio. It's actively looking for partners and has a solid cash position of $6M. It has an established track record. That all bodes well for its shareholders." More >

Eric Lemieux, Laurentian Bank Securities (3/11/13) "Midland Exploration Inc. reported on March 11, 2013 that it has, in partnership with Osisko Mining Corporation, commenced a 2,500m winter drill program on the Casault property. The late 2013 winter drilling campaign should test several favorable targets identified by a recent induced polarization survey on its Casault property. . .we continue to rate Midland a Speculative Buy with a $2.75 target price. . . a recently completed drill program on the Laflamme property may provide news flow as well as the upcoming drill program on the Casault property along the Detour Gold Trend."

Eric Lemieux, Laurentian Bank Securities (2/20/13) "Midland Exploration Inc. and Osisko Mining Corporation completed geophysical surveys on the Casault property and are setting the stage for winter drilling. . .we expect a 3,000m drill program to commence soon. . .Midland reported on February 19, 2013 that it has, with partner Osisko, identified a new prospective area to the north of the Sunday Lake Fault. . .we believe the surface and aerial geophysical work should lay the foundation for an interesting 2013 winter drill program on Casault. . .we continue to rate Midland a Speculative Buy with a $2.75 target price."

Eric Lemieux, Laurentian Bank Securities (2/6/13) "We continue to rate Midland Exploration Inc. a Speculative Buy with a $2.75 target price. . .it has established JV and option agreements whereby its partners should continue contributing funds for exploration. We highlight the company's cash reserve of over $6M, an ongoing drill program on the Laflamme property and an upcoming drill program on the Casault property with Osisko along the Detour gold trend. . .we believe that Midland is also well positioned along the Casa Berardi-Cameron deformation zone and in the Eleonore sector of the James Bay region of northwestern Quebec."

Eric Lemieux, Laurentian Bank Securities (1/15/13) "Midland Exploration Inc. reported on Jan. 15, 2013 that it has commenced the drilling of targets previously identified on its Laflamme property with an initial seven drill hole program totaling 1,500m. . .we view this announcement as generally positive, in line with expectations and consistent with a staged approach of preparing another phase of diamond drilling."

The Gold Report Interview with Eric Lemieux (10/5/12) "Midland Exploration Inc. does not necessarily need a flagship project to succeed at this stage. To the contrary, I think it is a bit like playing the piano. You can play different notes, not just tap on the same key. The broad picture for Midland is the value of diversification in its projects, commodities and partners. The stock has held up and it has several potential flagship projects, any one of which could really light up or become a takeout by one of its partners. An example is Osisko Mining Corp.'s Casault project on the Detour Trend. It is still very early stage but Midland attracted the interest of a major gold company on an early play by selling the story based on technical merits. That is a testament to the quality of Midland's technical team. My target price on Midland is $2.75/share. . .Midland has been working on its Eleonore project, mostly prospecting work, for three summers. It is preparing to farm Eleonore out to a partner or to reach the point where Midland will have sufficient data to do its own drilling campaign." More >

Eric Lemieux, Laurentian Bank Securities (9/12/12) "We continue to rate Midland Exploration Inc. a Speculative Buy. . .we believe the company, together with its partners, continues to make steady progress on its various properties through active drilling and field exploration campaigns. In light of current market conditions, Midland's partnership model is beneficial, in our view, allowing it to remain active in exploration while preserving its cash position ($4.5M) and tight share structure."

Eric Lemieux, Laurentian Bank Securities (8/22/12) "Midland Exploration Inc. and partner Osisko Mining Corporation have started preparation work on the Casault property, which will begin with a 60km induced polarization survey. . .the area covered by planned work is in the vicinity of high-grade gold discoveries. . .we continue to rate Midland a Speculative Buy with a $2.75 target price. . .we believe the company, together with its partners, continues to make steady progress on its various properties through active drilling and field exploration campaigns."

The Gold Report Interview with Adrian Day (8/1/12) "Midland Exploration Inc. is out of Québec—we own 5% of it. The market cap is a little under $30M. It's got five active JVs with companies like Agnico and Osisko Mining. It's got $4.5M in cash, which for a company of its activity is plenty—it doesn't need to raise any more money. . . Midland has [great people like] Gino Roger." More >

Eric Lemieux, Laurentian Bank Securities (7/26/12) "Midland Exploration Inc. and operating partner North American Palladium Ltd. announced they will start a ground-based geophysical survey at Laflamme in an area recently identified as having strong gold potential; a drilling campaign is slated for September 2012. . .Midland, together with its partners, continues to make steady progress on its properties while maintaining a cash reserve ($4.5M) in what we consider a tough funding environment for junior explorers."

Eric Lemieux, Laurentian Bank Securities (7/18/12) "We believe current works at Ytterby are being carried out in a professional matter based on sound geological modeling and innovative thinking. . .we continue to rate Midland Exploration Inc. a Speculative Buy with a $2.75 target price, which is based on our sum-of-all-parts valuation of the company's diversified portfolio of properties. . .we believe Midland, together with its partners, continues to make steady progress on its various properties through active drilling and field exploration campaigns as well as better understanding of some of the geological controls."

Eric Lemieux, Laurentian Bank Securities (7/6/12) "On Midland Exploration Inc.'s Maritime-Cadillac project, two drill holes confirmed a major south-plunging gold-bearing structure that is open beyond a vertical depth of 750m. . .on the Casault property, hole CAS-12-07 discovered a structure grading 10.4 g/t Au over 1.45m, including 13.05 g/t Au over 0.75m. . .we believe that the company, together with its partners, continues to make steady progress on its various properties through active drilling and field exploration campaigns. . .we believe that Midland Exploration is a dynamic project generator with growth potential."

Adrian Day, Global Analyst (6/2/12) "Midland Exploration Inc. has multiple joint ventures, mostly in gold but including base metals and rare earths, and with well-funded companies. There are currently six high-profile active joint ventures, with encouraging news on most of its projects, including a new gold discovery on a property joint-ventured to Aurizon. . .Midland continues to add properties and we expect additional joint ventures in coming months. . .its disciplined approach gives it $4.5M in cash and just 26M shares outstanding. . .the company is a Buy once again."

Eric Lemieux, Laurentian Bank Securities (5/25/12) "Midland Exploration Inc. announced that drilling works have discovered a new gold-bearing structure on its wholly owned Patris property. . .we highlight that these new shallow gold zones remain open and untested in all directions. . .we believe that these exploration results are quite interesting and suggest a vector for further works. We believe there is meaningful exploration potential at depth. . .we highlight that the property. . .offers excellent potential for gold mineralization as it also covers a stretch of the La Pause fault zone, a relatively unexplored potential gold-bearing structure in the Abitibi. . .we believe that Midland is a dynamic project generator with growth potential that applies the partnership model."

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