Investor Presentation November 2008

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Disclaimer

Certain statements contained in the following presentation constitute

forward-looking statements. Such forward-looking statements

involve a number of known and unknown risks, uncertainties and

other factors, which may cause the actual results, performance or

achievements of the company to be materially different from actual

results and achievements expressed or implied by such forward-

looking statements. Readers are cautioned not to place undue

reliance on these forward-looking statements, which speak only as of

the date the statements were made and the readers are also advised

to consider such forward looking statements while considering the

risks inherent in the business of exploration.

Gold as a Safe Haven

Why Invest in Gold? Gold as a safe Haven• Gold and precious metals have not collapsed

• Gold is historically a safe haven; a hedge against inflation

• Analysts predict gold price will rise above $1,000 per oz

• Fewer new gold discoveries and mature exploration in North America

• Most companies now with properties offshore – Africa, Asia, China

• Lowering your risk

– Invest in gold companies in the most prospective areas– Invest in gold companies with superior real estate for gold– Invest in gold companies that have superior boards and

technical teams– Invest in gold companies that understand the countries

they are operating in3

Midlands Minerals

• Well managed junior gold company run by a proven successful management team

• Operates in stable countries with a long history of gold mining and has a portfolio of highly prospective gold properties and secure licenses

– Ghana 300 sq km– Tanzania 1,400 sq km

• The Company has a significant gold deposit on its Sian project in Ghana

• The Sian project is rapidly moving towards gold production while exploration continues to expand the current 400,000 oz resource

• Target – 1 million ounces in 18 months (subject to financing)

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An Experienced Team

Key Management

• Kim F. Harris, President and CEO– Founder of Midlands Minerals

• Joe B. Hinzer, M.Sc., P.Geo., COO– President of Watts, Griffis and McOuat

• Paul Singer, C.A., CFO– C.A. with over 30 years of experience

• A seasoned field team in Africa

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Market Performance

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Midlands 6 month Comparison with S&P/TSX Venture Composite Index

Source: TSX.com

LEGEND

MEX

S&P/TSX-V

Independent Research Puts Midlands in Top 20 out of 40 Junior Explorers

• Haywood Securities’ Junior exploration Index (HJEI)

– Midlands one of 40 junior exploration companies covered by Haywood Securities

– HJEI tracks the performance relative to markets

• Midlands Minerals

– # 13 in Top 20 Juniors under Year-To-Date Performance– # 10 in the Top 20 Juniors under Quarter-To-Date

Performance

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Capital and Share Structures

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Share StructureIssued and Outstanding Shares 53.0 mOptions 4.2 mWarrants 5.8 m

Fully Diluted 63.0 m

Capital StructureInstitutions 40%

Insiders 19%

Others 41%

Major Gold Deposits in Africa

largest gold producer

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2nd top gold producer

3rd top gold producer

• Focused on gold

• Ghana

• Tanzania:

• Two geopolitically stable countries

• Quality gold projects

Exploration Strategy

• Gold (and diamonds)

• Politically stable countries

• High geological prospects

– History of gold mining

• Secure tenure for licenses

• Fair and favorable tax regime

• Superior infrastructure (roads, power, transportation)

• Access to trained local personnel

• Social acceptance of mining by locals

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Investment Opportunity

• A fully permitted gold project (a past open pit gold producer) in elephant country - Ashanti Gold Belt - Ghana

• 400,000 oz of gold and poised to go over one million oz

• Processing plant, infrastructure already in place

• Price of gold poised to go to $1,000+ an oz

• Cost of producing an oz of gold in Ghana - $325 per oz

• Sian Project – increase oz and start production

– Cost of infrastructure – Minimal– Cost of relocating villages – Zero– Permitting costs – Zero– Mining lease - Already in place

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Gold in Ghana

• Sian/Praso on Ashanti Gold Belt; host to 120 mil oz

• 30 km NE of Newmont’s Akyem 8.7 mil oz deposit (right distance for a major find)

• Kaniago: right distance from the Obotan 2.8 million ounce deposit

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Gold in TanzaniaLake Victoria Goldfields

On trend with with Geita (18+ mil oz) and Bulyanhulu (15+ mil oz)

• Itilima, Kishapu, & Lalago

• Gold and diamond projects

• 20 km south of Williamson diamond mine (20+ mil carats)

• Highly prospective for both gold and diamonds

• Drilled 2 diamondiferous kimberlites

• Indicator minerals

• Right chemistry for diamonds

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Priority Projects:Sian/Praso

Presentation will focus on priority projects:

Sian/Praso, Ghana• Most advanced, early term ROI

• Sian - past gold producer with a 91% recovery rate

• Just 30 km north of Newmont Mining’s 8.7 mil oz Akyem gold deposit on the Ashanti Gold belt

• Infrastructure, power, roads water and CIL (Carbon in Leach) plant

• 30 year mining lease

• Sian resource has potential to reach + 1 million oz in the next drilling program

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Sian/Praso Projects

Sian/Praso, Ghana

• Contiguous permits, completely surrounded by Newmont

• 16 km continuous soil anomaly between Sian/Praso

• Same geology and graphitic structure as Newmont’s Akyem with 8.7 mil oz

• Only 10% drilled to date

16km

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Sian: Fully Permitted

• Months away from gold production

• 30 year mining lease

• Villages already relocated

• Roads, power, all infrastructure in place

• 400,000 oz resource targeted to reach 1+ million ounces with next phase of drilling

• CIL plant built in 2001 by Sian Goldfields Limited

Real Value

04/21/23 17

Sian Plant

04/21/23 18

Sian Plant

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Sian Plant

04/21/23 20

Sian Plant

Investment Decision Points

Early Exploration

- Soil Surveys

- Geological Mapping

- Geological data review

- Target generation

Exploration Drilling

- Exploration Drilling

- Resource Generation

- Definition Drilling

-Resource Categories

Feasibility Study Mine Development

High Risk

Decreasing Risk

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Sian: Two Types ofGold Mineralization

2.0 g/t Au / 7 meters 10.8 g/t Au / 7 meters

Bulk grade gold typeCarbonate-Potassium-Pyrite

High-grade gold type

Quartz flooding with Pyrite and Chalcopyrite

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Work Done to DateSian/Praso, Ghana

14,000 Meters Drilled - 2007/2008 • 5 new gold zones discovered• 16 km strike length of continuous gold soil anomalies yet to

be drill tested• Over 14,000 soil samples assayed• The gold resource on Sian has gone up:

– From 100,000 oz to 192,400 oz – indicated: 2.33 g/t avg. grade

– From 100,000 oz to 203,350 oz – inferred: 2.35 g/t avg. grade

• Yet to be drilled soil results with grades of up to 2 g/t• Large open ended soil anomalies = high potential for

discoveryNear Term Objective:• Further drilling is expected to grow the gold deposit on Sian/Praso to at least 1 million oz of gold in the short term

Short Term Realistic Target:1,000,000 oz of Gold

3 Good Reasons

i. NI 43-101 resource estimation (May 2008) recommends infill drilling in the Esaase Pit

i. Previous owners drilled to 120 meters deep

i. Midlands up to 350 meters deep with double digit values at depth

ii. New gold zones discovered

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Short Term Target:1,000,000 oz

Realistic Target • Sian/Praso in same geology

as Newmont’s 8.7 mil oz Akyem deposit

• 16 km continuous soil anomaly

• Only 10% of anomaly drilled to date

• 400,000 oz of gold with average grade of 2.4 g/t Indicated (2,568,000 tonnes @ 2.33 g/t) Inferred (2,694,000 @ 2.35 g/t)

16km

43-101 InfillRecommendations

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43-101 Recommendations toincrease the resource

• Infill drilling in the pit • Drill beyond the

previous 120 meter level

Esaase Open Pit

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Moving Towards 1,000,000 oz on Sian, Ghana

Drilling Below 120 meter level

Continuity of Grades at Depth:

• 2007 drilling: – 10.81 g/t over 7m from

174m – 181m– 24.3 g/t over 3m from

178m – 181m – 2.08 g/t over 11m from

155m - 166m– 4.8 g/t over 5 m from

180m - 185m

• 2008 drilling:– 15.13 g/t over 2 m from

100m - 102m– 11.22 g/t over 2 m from

47m - 49m– 1.97 g/t over 2 m from

22m - 24m – 2.21 g/t over 3 m from

6m - 9m

Sian Infill Drilling Program

Plan Forward:New Drill Targets

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• Priority drill targets identified

• Scouting in shaded areas

• Still covering less than 10% of anomalies

Financing Requirements

Ghana

Tanzania

Corporate

Ghana

Tanzania

Corporate

Up to $3,000,000

• To get to 1+ million ounces of gold on Sian/Praso

• To conduct an engineering review/prefeasibility on Sian

• To get the Sian project ready for gold production by 2010

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Use of Funds

• Up to $1,700,000 for definition infill drilling to increase the gold resource to over one million ounces  

• Up to $300,000 to complete a bankable engineering review of the CIL plant and get it ready for re-commissioning

• Up to $250,000 to conduct an airborne survey to accelerate drilling

• Up to $400,000 working capital

• Up to $350,000 for contingency31

Return on Investment

• Get to 1 million oz of gold in 18 months

• Re-commission the CIL plant

• Commence production of gold and create a revenue stream

• 400,000 oz @ $100 per oz in the ground = $40 million

• $3 million will increase the resource to 1 million oz

• 1 mil oz @ $100 per oz in the ground = $100 million

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5 Good Reasons to Invest in Midlands

• Under-valued gold company with superior gold assets

– Current share price is a deal

• Two safe gold producing countries – Ghana and Tanzania

• A focused and experienced management team

• Well thought out exploration strategy

• Early return on investment

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Other Corporate Information

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Board of Directors

Kim F. Harris • Founder of Midlands Minerals • Over 20 years of business

experience in Africa, including over 12 years in exploration

Edward A. Harris (Vice Chair)

• VP and Portfolio Manager with McLean Budden Ltd. since 1990

• Over 30 years experience in the financial industry

Mark B. Keatley• CFO of Ashanti Goldfields Ltd.

from 1994 to 2000 • Currently CFO of a UK based

firm

Karl Schmed • President, Global Colour Link &

Associates

Pierre Lalande, P.Geo. • Chief Geologist for IAMGold

Corp. from 1994 to 2001 • Previously Senior Geologist,

Watts, Griffis and McOuat, Ltd.

R. John Carruthers • Director of Industrial Business

Development with Casebank Technologies Inc. from March 1999 to early 2004

• Manager with Deloitte & Touche until February 1999

Karl Schmed • President, Global Colour Link &

Associates

Noel Nedrick• Financial Consultant

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Head Office1210 Sheppard Ave East, Suite 302

Toronto, Ontario M2K 1E3 Tel: 416-492-6992 Fax: 416-492-6993 Email: info@midlandsminerals.com Website: www.midlandsminerals.com

Investor Relations: www.agoracom.com/ir/MidlandsMinerals

Accra, Ghana P.O. Box 30679, K.I.A.

Aviation House, Suite 203Accra, Ghana

Shinyanga, Tanzania P.O. Box 1175

Shinyanga, Tanzania

How to Contact Us