MGC

Midasco Capital Corp. (TSX VENTURE:MGC) - 

The Company is pleased to announce that through its operating subsidiary,
Midasco Uranium LLC, it has completed the acquisition of 100% of the mineral
rights of the Silverbell Uranium Mine, a large uranium property immediately
south and adjacent to the Company's Calliham mine holdings near Summit Point in
San Juan County, Utah.


The acquisition includes the control of the mineral rights for a term of 20
years, and consists of 960 acres of privately held mineral rights. Drilled areas
that are 100% controlled by the Company have existing, un-mined historical
resources of 1,469,000 pounds U3O8 and 9,856,080 pounds V2O5 at the Silverbell
Mine and Calliham Mine, both located in the Salt Wash member of the Morrison
Formation.


Specifically, the Silverbell Mine has an existing, un-mined historical resource
of 794,320 pounds of U3O8 with an average grade of 0.20% U3O8 and 5,099,400
pounds of V2O5 with an average grade of 1.27% V2O5 (Uranium:Vanadium ratio of
1:6.35) according to a 1992 Umetco Minerals Corporation internal resource
summary prepared after mine shutdown. The deposit was initially discovered by
Homestake Mining Company in the late 1960's and was developed by Atlas Minerals
Corporation through the Silverbell Shaft and the adjacent Wilson Mine and Shaft,
1/4 mile to the northeast. Union Carbide Corporation ("Umetco") took over
operations at the mine in the mid-1980's and operated up to January of 1991.
Atlas and Umetco's production records at the mine range from 1975 to 1990 for a
total of 248,245 tons of ore with weighted average grades of 0.154% U3O8 and
1.058% V2O5 (total recorded production of 763,307 pounds of U3O8 and 5,250,055
pounds of V2O5).


Throughout the 30 years of exploration and mining in the vicinity of the
Silverbell Mine, it became apparent that the Wilson, Silverbell, and Calliham
Mines were all intercepting the same large ore-body. During the closing
operations at the mines in 1990 and 1991, Umetco was developing through the
northern extent of the Calliham Mine, to connect the Silverbell and Calliham
Mines. Due to depressed uranium prices development ceased 1,200 feet before
reaching the Silverbell Mine workings. For future operations, it is the
intention of the Company to continue to connect the two mines into one large
complex enabling the use of both decline and shaft access/mining methods. It is
important to note that Umetco had over 75 operating mines at one time, and the
Silverbell was one of only a few that remained in operation into the 1990s.


In the vicinity of Summit Point, the Company has leased over 7,500 acres of
surface and minerals rights that surround drilled areas of the Wilson,
Silverbell, Calliham, and Dunn Mines (see news release dated March 3rd, 2008).
Much of the leased area was sparsely drilled or explored and the Company
believes that the uranium resources of these mines as a whole could
substantially increase with underground long-hole drilling and further surface
drilling. All combined at Summit Point, the Company has historical resources of
1,813,924 lbs U3O8 and 12,343,635 pounds V2O5 as shown in the table below:





Summit Point          Pounds   Grade      Pounds   Grade   Ratio of Uranium
Resource Area          U3 O8 (%U3 O8)      V2 O5 (%V2 O5)       to Vanadium
---------------------------------------------------------------------------

Silverbell Mine(1)   794,320    0.20%  5,099,400    1.27%            1:6.35

Calliham Mine
 (J.H. Ranch)(2)     676,000    0.20%  4,495,400    1.33%            1:6.65

Dunn Mine(3)         343,604    0.12%  2,748,835    0.94%            1.7.80

---------------------------------------------------------------------------
TOTALS/WT.AVERAGES 1,813,924    0.18% 12,343,635    1.21%            1:6.93

Sources:

(1) 1992 Umetco Minerals Corporation internal resource summary, prepared 
    after mine shutdown
(2) Umetco Minerals Corporation's Reserve Summary report entitled 
    "Mineable Reserves; Western Colorado Eastern Utah, January 1, 1990"
(3) Atlas internal resource summary report entitled "Atlas Controlled 
    Uranium and Vanadium Ore Reserves as of June 30, 1984"




The Company possesses several datasets that support the historical resources,
which were produced by Homestake Mining Company, Atlas Minerals Corporation,
Union Carbide Nuclear/Umetco Minerals Corp., Energy Fuels Nuclear, and Truches
Minerals, all of whom leased the properties from private parties through the
1960s to the 1990s. 


The historical resource summaries prepared by the above Corporations have not
been prepared in accordance with the requirements of the National Instrument
(N.I.) 43-101 guidelines and the Company has not completed an independent review
of the data and methodology employed. Each of the corporations were private
entities with over 125 years of combined experience in uranium exploration and
mining. For this reason the Company considers the historical resources as
relevant for purposes of acquiring the property, but the historical resources
may not be relevant for any other purpose. The Company will be moving forward
with the completion of a N.I. 43-101 Technical Report defining the current
status of the mineral resources as well as potential future resources.


The Company is also pleased to report that similar to the Calliham Mine, the
Silverbell Mine is entirely located on private property and only requires
permitting through the State of Utah and not through any Federal Land Management
Agency, enabling a much shorter permitting timeline. The Company is currently
drafting mine development plans and is moving forward to acquire mining and
exploration permits.


Over the past six months the Company has worked diligently to build a portfolio
of properties with historical resources that can support near-term production.
Mike Thompson, Vice President of Exploration and Development comments, "The
Silverbell mine is a very substantial near-term property and we are pleased to
have finalized the six months of negotiations with over 45 individuals to secure
100% of the mineral rights. The hard work of the Midasco Uranium Staff has
placed the Company into a strong position for near term production." The Company
is working diligently to acquire other properties with established resources and
is exploring limited dilution financing alternatives, which may or may not
include industry partners.


Mr. Terry Heard, P.Eng, is the qualified person with respect to this acquisition
and he has reviewed the technical information contained in this news release.


We seek Safe Harbor.

Dustin Elford, President

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