Mahdia Gold Corp MHGPF

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JV partner to explore Tafuna Hill Mandorin Goldfields Inc MGD Shares issued 44,541,226 Oct 24 close $0.07 Mon 27 Oct 2003 News Release Mr. Malcolm Stevens reports MANDORIN GOLDFIELDS INC.: GOLD-PROGRESS ON OXIDES AND SULPHIDES AT TAFUNA HILL Gold exploration developments Malcolm Stevens, chairman and president of Mandorin Goldfields, stated: "In October, 2002, our joint venture (financing) partner in our principal gold assets in Zimbabwe, Independence Gold Mining Pvt. Ltd. (the Zimbabwe gold mining and exploration subsidiary of Lonmin PLC), was acquired by a prominent South African investment and mining group, Metallon Corporation Limited. Currently, Independence Gold has a 51-per-cent interest in the joint venture. "Independence Gold and Mandorin have reached agreement regarding future activity under the joint venture agreement. At Tafuna Hill, the exploration project that is the subject of the joint venture agreement has now been reached in principal with an indigenous Zimbabwean partner to progress the development of the oxide ores under a tribute arrangement. "With respect to the sulphide ores at Tafuna Hill, I am pleased to announce that Independence Gold have agreed to commence a program of exploratory underground mining on the sulphides. Independence Gold's Shamva mine, one of the largest in the country, lies only six kilometres away from Tafuna Hill so the exploratory underground mining on the sulphides is being undertaken to determine the potential for processing of Tafuna Hill ore through the Shamva plant. "As a junior explorer holding these mining assets in Zimbabwe, we are privileged to be partnered by a Metallon subsidiary. They have the highest-quality management with extensive 'in-country' expertise. To illustrate their significance to Zimbabwe, Independence Gold is reported in the Zimbabwean press as being responsible for 45 per cent of Zimbabwe's gold production and 25 per cent of the country's foreign earnings. "Accordingly, Metallon are placing a great deal of emphasis on ensuring that sustainable indigenous involvement is achieved in an orderly manner. The Tafuna oxide ore development and the recent sale of 30 per cent of Independence Gold to an indigenous Zimbabwean investment consortium is evidence that they are placing the highest priority on this matter. "We welcome the opportunity to work with the new indigenous partners and look forward to successful exploration activities. The ongoing expenditure by Independence Gold under the joint venture agreement will result in them increasing their percentage interest." WARNING: The company relies upon litigation protection for "forward-looking" statements. (c) Copyright 2003 Canjex Publishing Ltd. https://www.stockwatch.com Click here for company snapshot: https://new.stockwatch.com/utilit/utilit_snapsh_result.pasp?action=go®ion=C&symbol=MGD Click here for recent SEDAR documents: https://new.stockwatch.com/newsit/newsit_sedar_result1.pasp?searchtype=C&pagesize=200&