Midway Gold Develops Management and Operations Team
25 Oktober 2011 - 11:43PM
Business Wire
Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V;
MDW:NYSE-AMEX) has been and continues to be actively building an
experienced operations team. During the past year, Midway has grown
from a five person company to one with 30 employees. To prepare a
pathway towards production, Midway has added executives and
managers in key business areas including operations, finance,
controls, engineering and technical support, permitting, and
administration. Importantly, the additions have operational and
production skills that complement existing staff thereby enabling
Midway to transition into a producing gold company more smoothly
than could otherwise be achieved.
The growth outlined above has resulted in the achievement of a
remarkable amount of work on Midway’s Pan, Gold Rock, and Tonopah
projects over the past twelve months. Included in these
achievements are a Preliminary Economic Assessment, Preliminary
Feasibility Study and soon to be completed full Feasibility Study
of its Pan gold project as well the design and execution of a
targeted drill program that resulted in the creation of a resource
that now exceeds one million ounces of gold (see press release
dated October 4, 2011). Additionally, the group has conducted
significant mine development drill programs at the Gold Rock and
Tonopah projects (formerly the Midway project). Results will be
reported when assays and evaluations are available.
While the engineering and resource development was underway, the
Midway team also successfully received an expanded exploration
permit for the Pan site. Additionally, they managed and wrote a
Plan of Operations for submittal to the BLM this week that will
initiate the NEPA process for the Pan mining permits required to
enable construction and operations. The team also created a Plan of
Operations for Gold Rock that serves as the basis for an
Environmental Assessment to allow further development activities to
take place.
The project and operations growth resulted in a need to
re-design the organization into an operating company. Therefore,
Mr. Richard Moritz has been promoted to the position of Senior Vice
President of Operations. Reports to Mr. Moritz include Roger Gross,
Vice President and General Manager of Nevada Operations, Tom
Williams, Vice President of Environmental Affairs, Eric LeLacheur,
Nevada District Geologist, and David Mosch, Senior Mining Engineer.
Mr. Moritz’s organization will continue to grow with the addition
of a Project Manager likely during the next year. Midway’s
philosophy is to build strong local/regional management while
creating and maintaining a small corporate group to concentrate on
financing, corporate growth, consolidation, and reporting.
To attract and retain the necessary talent to enable Midway to
succeed, the board of directors has endorsed a total compensation
package that includes wages, customary benefits and employee stock
options. Today, the board granted non-qualified and incentive stock
options on a total of 2,755,000 shares of Midway's common stock to
directors, employees and consultants pursuant to Midway's
shareholder approved combined incentive and non-qualified stock
option plan. The options are exercisable for up to five years at a
price of C$2.10 per share being the last closing price (on October
24, 2011) of Midway's common shares prior to the board of directors
granting the options. Some of the options are subject to vesting
provisions and all of the options granted are subject to any
applicable regulatory hold periods.
Dan Wolfus, CEO and Chairman said, “I am sure you will join with
me to welcome those new to Midway and to congratulate Rick, as well
as the others on the team for a job well done.”
ON BEHALF OF THE BOARD
”Kenneth A. Brunk”
Kenneth A. Brunk, President, COO and
Director
About Midway Gold Corp.
Midway Gold Corp. is a precious metals company with a vision to
explore, design, build, and operate gold mines in a manner
accountable to all stakeholders while producing an acceptable
return to its shareholders. For more information about Midway,
please visit our website at www.midwaygold.com or contact R.J.
Smith, Vice President of Administration, at (877) 475-3642
(toll-free).
Neither the 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.
This press release contains forward-looking statements about the
Company and its business. Forward looking statements are statements
that are not historical facts and include, but are not limited to,
statements about the Company's intended work plans for the projects
and resource estimates. The forward-looking statements in this
press release are subject to various risks, uncertainties and other
factors that could cause the Company's actual results or
achievements to differ materially from those expressed in or
implied by forward looking statements. These risks, uncertainties
and other factors include, without limitation, risks related to
increasing shareholder value and minimizing shareholder dilution,
risks related to the Company’s ability to negotiate and execute
definitive agreements with respect to the debt portion of the
capital required to place the Pan Project into production, risks
related to the Company’s ability to place the Pan Project or any
other of the Company’s projects into production, risks related to
the timing and completion of the Company's intended work plans for
its projects, risks related to fluctuations in gold prices;
uncertainties related to raising sufficient financing to fund the
planned work in a timely manner and on acceptable terms; changes in
planned work resulting from weather, logistical, technical or other
factors; the possibility that results of work will not fulfill
expectations and realize the perceived potential of the Company's
properties; uncertainties involved in the interpretation of
drilling results and other tests and the estimation of gold
resources and reserves; the possibility that required permits may
not be obtained on a timely manner or at all; the possibility that
capital and operating costs may be higher than currently estimated
and may preclude commercial development or render operations
uneconomic; the possibility that the estimated recovery rates may
not be achieved; risk of accidents, equipment breakdowns and labor
disputes or other unanticipated difficulties or interruptions; the
possibility of cost overruns or unanticipated expenses in the work
program; and other factors identified in the Company's SEC filings
and its filings with Canadian securities regulatory authorities.
Forward-looking statements are based on the beliefs, opinions and
expectations of the Company's management at the time they are made,
and other than as required by applicable securities laws, the
Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change.
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