Midway Gold Provides Financing Update
Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
confirms that due to market conditions, the Company has no current
intention of issuing new common shares under the ATM stock issuance
program it previously announced September 23, 2011.
'We take our responsibility to increase shareholder value and
minimize dilution seriously,? said Dan Wolfus, Chairman and CEO. 'We
will continue to monitor market conditions and our share price and to
review all financing options including the ATM program and implement
those that are appropriate for the prevailing market conditions.?
The Company has sufficient cash to proceed with its planned activities
through late 2012, including permitting of its Pan Project and
advancement of its other Nevada properties.
The Company has received term sheets for the debt portion of the capital
required to place the Pan Project into production. The Company is
negotiating with potential lenders to finance up to 60% of the total
capital required and will provide further guidance on completion of the
Pan Feasibility Study, expected to be released in mid-November.
ON BEHALF OF THE BOARD
'Daniel E. Wolfus?
Daniel E.
Wolfus, Chairman, CEO 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.
The Company has filed a registration statement (including a prospectus)
with the SEC for the offering to which this communication relates.
Before you invest, you should read the prospectus in that registration
statement and other documents the Company has filed with the SEC for
more complete information about the Company and this offering. You may
obtain these documents for free from the SEC Web site at www.sec.gov.
Alternatively, the agent participating in the offering will arrange to
send you the prospectus if you request it from McNicoll, Lewis & Vlak
LLC, 1251 Avenue of the Americas, 41st Floor, New York, NY 10020,
Attention: Randy Billhardt, Telephone: (212) 580-5881.
To view this release as a web page, please click on the following link:
http://www.usetdas.com/pr/midway10062011.htm
Midway Gold Corp.
R.J. Smith, 877-475-3642 (toll-free)
Vice
President of Administration
