TSX-V: MGC
VANCOUVER, March 26, 2012 /CNW/ - The Company (MIDASCO CAPITAL CORP. - TSX-V Symbol MGC) has received a preliminary report from the first geological visit to licenses 269, 270,271 & 272 in the Monte Cristo - Tiquisio area, one of the better known gold mining districts in South Bolivar, Colombia. The objectives of the visit were to gather samples and identify zones of interest, geological anomalies and areas of past and current mining activities. A number of small mines were located and 106 samples were gathered from these mines from veins, seams, wall rock, mineral stockpiles, and tailings ponds. Samples were bagged, tagged, recorded and described including seam/vein direction and rock type. The samples were then delivered to SGS Peru for fire assay. Midasco's President, Mr. Elford, also visited the property and returned with a number of rock samples, including one sample with visible gold that was obtained from an outcrop.
ASSAY RESULTS OF LICENCES 0269-0270-0271-0272 AND BORDERING MINES
| LICENSE | SAMPLE No | Au (g/TM) | Ag (g/TM) |
| 271 | SMI-S-1 | 0.91 | 2.08 |
| 271 | SMI-S-3 M1 | 0.11 | 0.16 |
| 271 | SMI-S-3 M2 | 0.06 | 0.47 |
| 271 | SMI-S-3 M3 | 3.56 | 3.95 |
| 271 | SMI-S-4 | 1.68 | 0.72 |
| 271 | SMI-S-5 M1 | 0.25 | 0.26 |
| 271 | SMI-S-6 M2 | 2.90 | 6.69 |
| 271 | SMI-S-7 M1 | 0.19 | 0.49 |
| 271 | SMI-S-7 M2 | 2.14 | 2.69 |
| 271 | SMI-S-8 M2 | 0.12 | 0.36 |
| 270 | SMI-S-9 M1 | 3.19 | 1.40 |
| 270 | SMI-S-9 M2 | 18.06 | 14.00 |
| 270 | SMI-S-9 M3 | 3.90 | 3.78 |
| 270 | SMI-S-10 M1 | 0.85 | 1.89 |
| 270 | SMI-S-10 M2 | 0.17 | 0.34 |
| 270 | SMI-S-11 M1 | 5.31 | 0.64 |
| 270 | SMI-S-11 M2 | 1.71 | 1.15 |
| 270 border | SMI-S-12 M1 | 11.34 | 8.30 |
| 271 | SMI-S-13 | 0.07 | 0.57 |
| 271 | SMI-S-14 M1 | 1.90 | 3.13 |
| 271 | SMI-S-14 M2 | 1.61 | 3.43 |
| 271 | SMI-S-15 M1 | 0.01 | 0.21 |
| 271 | SMI-S-15 M2 | 0.13 | 0.28 |
| 271 | SMI-S-15 M3 | 0.03 | 0.12 |
| 271 | SMI-S-16 | 0.03 | 0.16 |
| 271 | SMI-S-17 | 0.90 | 0.98 |
| 271 | SMI-S-18 M1 | 0.08 | 0.13 |
| 271 | SMI-S-18 M2 | 0.03 | 0.29 |
| 271 | SMI-S-18 M3 | 0.20 | 1.34 |
| 271 | SMI-S-18 M4 | 0.22 | 0.40 |
| 271 | SMI-S-19 M1 | 0.02 | 0.07 |
| 271 | SMI-S-19 M2 | 0.09 | 0.16 |
| 271 | SMI-S-19 M3 | 0.19 | 0.24 |
| 271 | SMI-S-20 M1 | 0.25 | 0.52 |
| 271 | SMI-S-20 M2 | 2.48 | 0.86 |
| 271 | SMI-S-20 M3 | 1.02 | 4.93 |
| 271 | SMI-S-21 M1 | 0.50 | 0.31 |
| 271 | SMI-S-22 M1 | 2.69 | 0.49 |
| 271 | SMI-S-23 | 0.40 | 0.68 |
| 271 | SMI-S-24 M1 | 0.22 | 0.32 |
| 271 | SMI-S-24 M2 | 0.81 | 28.00 |
| 271 border | SMI-S-25 M1 | 4.65 | 6.98 |
| 271 border | SMI-S-26 | 1.63 | 7.65 |
| 271 border | SMI-S-27 | 1.87 | 35.00 |
| 271 border | SMI-S-28 | 6.77 | 61.00 |
| 271 border | SMI-S-29 | 3.46 | 98.00 |
| 271 border | SMI-S-30 | 6.40 | 16.00 |
| 271 border | SMI-S-31 | 0.05 | 0.52 |
| 271 border | SMI-S-32 | 0.07 | 0.29 |
| 271 border | SMI-S-33 M1 | 6.81 | 1.02 |
| 271 border | SMI-S-33 M2 | 0.79 | 0.32 |
| 271 border | SMI-S-34 | 0.56 | 0.21 |
| 271 border | SMI-S-35 M1 | 0.72 | 0.35 |
| 271 border | SMI-S-35 M2 | 24.98 | 3.92 |
| 271 border | SMI-S-35 M3 | 1.18 | 0.28 |
| 271 border | SMI-S-36 M1 | 0.10 | 0.12 |
| 271 border | SMI-S-36 M2 | 2.88 | 0.43 |
| 271 border | SMI-S-36 M3 | 4.44 | 0.62 |
| 271 border | SMI-S-37 M1 | 1.70 | 0.55 |
| 271 border | SMI-S-37 M2 | 3.67 | 1.46 |
| 271 border | SMI-S-38 M1 | 2.86 | 0.50 |
| 271 border | SMI-S-39 M1 | 4.62 | 0.46 |
| 271 border | SMI-S-39 M2 | 8.84 | 0.56 |
| 271 border | SMI-S-40 | 1.45 | 1.09 |
| 271 border | SMI-S-41 | 4.33 | 32.00 |
| 271 border | SMI-S-42 | 0.11 | 0.21 |
| 271 border | SMI-S-43 | 0.10 | 0.14 |
| 271 | SMI-S-44 | 0.19 | 0.16 |
| 271 | SMI-S-45 M1 | 3.74 | 5.71 |
| 271 | SMI-S-45 M2 | 1.43 | 5.83 |
| 271 | SMI-S-46 | 0.46 | 0.51 |
| 271 | SMI-S-47 | 0.07 | 0.16 |
| 271 | SMI-S-48 M1 | 0.35 | 0.77 |
| 271 | SMI-S-48 M2 | 1.71 | 2.74 |
| 271 | SMI-S-48 M3 | 4.72 | 3.44 |
| 271 | SMI-S-50 M1 | 3.52 | 70.00 |
| 271 | SMI-S-50 M2 | 1.02 | 50.00 |
| 271 | SMI-S-50 M3 | 3.18 | 20.00 |
| 271 | SMI-S-51 M3 | 1.06 | 71.00 |
| 271 | SMI-S-51 M1 | 2.86 | 16.00 |
| 271 | SMI-S-51 M2 | 2.10 | 23.00 |
| 271 | SMI-S-52 M1 | 0.73 | 22.00 |
| 271 | SMI-S-52 M2 | 0.39 | 12.00 |
| 271 | SMI-S-52 M3 | 0.62 | 1.35 |
| 271 | SMI-S-53 M1 | 4.19 | 12.00 |
| 271 | SMI-S-53 M4 | 0.23 | 8.85 |
| 270 | SMI-S-54 | 2.42 | 2.44 |
| 270 | SMI-S-55 | 10.61 | 52.00 |
| 270 | SMI-S-56 | 2.38 | 73.00 |
| 271 | SMI-S-57 | 0.39 | 0.32 |
| 271 | SMI-S-58 | 6.79 | 397.00 |
| 271 | SMI-S-59 | 2.71 | 69.00 |
| 271 | SMI-S-60 | 28.56 | 21.00 |
| 271 | SMI-S-61 | 0.02 | 0.42 |
| 271 | SMI-S-62 | 0.11 | 0.90 |
| 269 border | SMI-S-63 | 0.05 | 0.69 |
| 269 border | SMI-S-64 M1 | 2.48 | 21.00 |
| 269 border | SMI-S-64 M2 | 1.07 | 8.74 |
| 269 border | SMI-S-65 | 0.06 | 0.41 |
| 269 border | SMI-S-66 | 0.03 | 0.07 |
| 269 border | SMI-S-67 | 0.02 | 0.03 |
| 269 border | SMI-S-68 | 0.03 | 0.18 |
| 269 border | SMI-S-69 | 0.02 | 0.25 |
| 271 | SMI-S-70 | 0.03 | 0.59 |
| 271 | SMI-S-71 | 0.06 | 0.17 |
The lab results from the samples taken are very encouraging, specifically taking into account that there are two large main structures: the first heads between 50° and 70° to the northeast with dips to the northwest and the second has an East-West heading and high dip to the south. Fifty-two of the samples assayed returned values of over 1 g/t gold (Au) and forty-nine of the samples returned values of over 1 g/t silver (Ag). Management feels confident that South Bolivar will be the next significant gold exploration district in Colombia.
Midasco's 7 licenses are located in two of the four distinct gold mining areas in Southern Bolivar. Four licenses (269, 270, 271 & 272) covering 4,893 hectares are located in the Monte Cristo Tiquisio area, and three licenses (582, 583 & 585) covering 5,183 hectares are in the Santa Rosa Canelos area.
R.T. Heard, P.Eng, who is a qualified person under the meaning of National Instrument 43-101 has reviewed the technical information contained in this news release.
We seek safe harbour.
"Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. "
Dustin Elford, President (604) 669-2901