Midway Receives Expanded Permit at Pan Gold Project, Nevada
12 September 2011 - 2:00PM
Business Wire
Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V;
MDW:NYSE-AMEX) announces it has received regulatory approval of an
expanded drilling permit at its Pan Project, White Pine County,
Nevada. This approved permit increases the area available for drill
roads and drill pads and also includes a new access route to the
project that protects areas of potential Sage Grouse habitat. A
recent Environmental Assessment report completed by the U.S. Bureau
of Land Management (BLM) concluded that the permitted activities
will not have a significant environmental impact.
This expanded permit will allow additional exploration drilling
around the margins of the South Pan deposit where recent step-out
drilling encountered 30 meters of 3.15 grams per tonne (gpt) gold
(June 13, 2011 press release). It will also enable the company to
continue expedited condemnation drilling around proposed mine
facilities and to obtain geotechnical, hydrologic, metallurgical,
and geochemical data. Drilling is also scheduled at North Pan this
year where the current gold resource appears open in all
directions.
The Company’s engineering team is in the process of completing a
mine plan and a Feasibility Study for the Pan Project. The
environmental team is working to complete a plan of operations for
the proposed mine that will be submitted to the BLM for evaluation
and development of an Environmental Impact Statement.
The Pan Project in White Pine County, Nevada is a bulk tonnage,
Carlin-style, sediment-hosted gold deposit. Midway announced a
Prefeasibility Study in April 2011 based on a 43-101 compliant
Measured and Indicated resource of 849,000 ounces at a grade of
0.55 gpt gold contained in 47.0 million tonnes. Proven and Probable
reserves within a proposed open pit are 717,000 ounces at a grade
of 0.58 gpt gold contained in 37.7 million tonnes. At a base case
of $1050/oz gold price, the Pan Project has an NPV of $91 million
and a 33% Internal Rate of Return. A Feasibility Study is currently
in progress.
This news release has been reviewed and approved by William S.
Neal (M.Sc. and CPG), Vice President of Geological Services, and a
"qualified person" as that term is defined in National Instrument
43-101.
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 the
timing and completion of the Company's intended work plans for the
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.
Cautionary note to U.S. investors concerning estimates of
reserves and resources: This press release and the technical report
referred to in this press release use the terms "resource",
"reserve", "measured resources", "indicated resources" and
"inferred resources", which are terms defined under Canadian
National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system. Estimates of mineral resources in
this press release and in the technical report referred to in this
press release have been prepared in accordance with NI 43-101 and
such definitions differ from the definitions in U.S. Securities and
Exchange Commission ("SEC") Industry Guide 7. Under SEC Industry
Guide 7 standards, a "final" or "bankable" feasibility study is
required to report reserves, the three-year historical average
price is used in any reserve or cash flow analysis to designate
reserves and the primary environmental analysis or report must be
filed with the appropriate governmental authority. Mineral
resources are not mineral reserves and do not have demonstrated
economic viability. We advise investors that while those terms are
recognized and required by Canadian regulations, the SEC does not
recognize them. U.S. investors are cautioned not to assume that any
part or all of mineral deposits in these categories will ever be
converted into reserves as defined in the SEC's Guide 7. In
addition, "inferred resources" have a great amount of uncertainty
as to their existence, and great uncertainty as to their economic
and legal feasibility. It cannot be assumed that all or any part of
an inferred mineral resource will ever be upgraded to a higher
category. Under Canadian rules, estimates of inferred mineral
resources may not form the basis of feasibility or pre-feasibility
studies, except in rare cases. U.S. investors are cautioned not to
assume that part or all of an inferred resource exists, or is
economically or legally minable. The SEC normally only permits
issuers to report mineralization that does not constitute SEC
Industry Guide 7 compliant "reserves" as in-place tonnage and grade
without reference to unit measures. It cannot be assumed that all
or any part of mineral deposits in any of the above categories will
ever be upgraded to Guide 7 compliant reserves. Accordingly,
disclosure in this press release and in the technical reports
referred to in this press release may not be comparable to
information from U.S. companies subject to the reporting and
disclosure requirements of the SEC.
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