The tag fields you should be looking for are [Latitude] and [Longitude].
They are EXIF.
Make sure GPS is enabled in your camera.
I use a Panasonic DCM-TS4 that has GPS and compass.
To view the Lat, Long and Direction values, i either import my images or drag them into playing now.
Then after highlighting them i click tag in the lower left corner of MC.
I then click the 'Format' field to show a list of values.
Below is one i Just copied:
4000 x 3000 - 4.7 MB
7/20/2012 1:57 PM
Panasonic DMC-TS4
ISO-100 - F/5.9 - 1/60 sec.
Focal Length: 22.8 mm
Metering: Matrix
White Balance: Incandescent
Flash: Yes
JPEG Quality: Fine
Orientation: Normal
Exposure Bias: 0
GPS Latitude: 60°20'25"N
GPS Longitude: 134°30'36"W
GPS Altitude: 1240
GPS TimeStamp: 21:52:46
GPS Direction: T225
If the GPS position was fixed the the direction has a 'T' prefix for true because the camera can calculate the declination.
If the GPS position is not fixed the direction has an 'M' for magnetic(uncorrected) bearing.
I use these fields to rename my images to something more useful than the default naming.
To do this i select my images, right click, and choose 'Rename, Move & Copy Files'
then i paste the following in the filename box
=FormatDate([Date modified,0],yyyy-MM-dd@HH.mm.ss,No Date),replace(replace([Direction],M,Mag Bearing-),T,True Bearing-)°,Lat replace([Latitude],",s),Long replace([Longitude],",s)
The resulting files names look like this:
2012-07-20@12.43.24,True Bearing-0°,Lat 60°20'27sN,Long 134°30'34sW
2012-07-20@13.49.42,Mag Bearing-45°,Lat 60°20'27sN,Long 134°30'34sW
2012-07-18@13.24.50,True Bearing-180°,Lat 60°21'29sN,Long 134°31'6sW
Note that file names cannot contain quotes/seconds(") so i replace them with 's'.
Something for the developers to consider is that 1 second of latitude equals about 100 feet or 30 metres on the ground.
If the Lat and Long values were shown in MC to 1 decimal place, the position would be shown at an accuracy equal the the gps measurement.
Please consider changing this.
One more thing.
When i right click my images in windows 7 and choose details the lat and long are shown there.