Midway Updates Progress at the Pan Project and Begins Core Drilling at the Gold Rock Project, Nevada
Midway Gold Corp. ('Midway' or the 'Company') (TSX VENTURE:MDW) (NYSE
MKT:MDW) announces that engineering and permitting activities at the Pan
heap leach gold project in White Pine County, Nevada are on schedule for
start-up of production in mid-2014. Key milestones accomplished include:
A construction contract for a new access road has been awarded and is
significantly less than the initial estimates. Construction of the
road is scheduled to begin within the next few weeks.
The U.S. Army Corps of Engineers has confirmed that no surface waters
are present at the Pan Project that fall under jurisdiction of
Sections 401 and 404 of the Federal Clean Water Act.
Midway has also initiated a 20,000 meter drill program at its nearby
Gold Rock Project with the goal to significantly expand and upgrade the
current Gold Rock resource.
Ken Brunk, Midway's President and CEO, said, 'I am happy to report this
progress at Pan. Our primary focus is to move the Pan Project toward our
scheduled 2014 production date. We are also advancing our nearby Gold
Rock project toward production so we can create additional shareholder
value by shortening time to production and capitalizing on a high gold
price environment.?
Pan Project
Jacobs Engineering Group has begun front-end engineering of mine-related
infrastructure for the Pan project. In addition, construction is
scheduled to begin within the next few weeks on a new access road from
U.S. Highway 50 to the project. A construction contract for the road has
been awarded and is significantly less than the initial estimates.
Midway worked closely with the Nevada Department of Wildlife and the
Bureau of Land Management to design the road to minimize impact on sage
grouse habitats.
JBR Environmental continues to advance work on the Draft Environmental
Impact Statement for Pan. Midway has completed the required public
scoping meetings and is well into the environmental impact analysis of
the Federal permitting process. The U.S. Army Corps of Engineers has
confirmed that there are no surface waters at the Pan Project that fall
under jurisdiction of Sections 401 or 404 of the Federal Clean Water
Act. In addition, the proposed mining operations are entirely above the
water table and have no projected impact on local ground water.
Gold Rock Project
An Environmental Assessment study for expanded drilling at Gold Rock has
been completed and permits have been received. A core rig is now
operating on the property and Midway will also commence reverse
circulation (RC) drilling within the next two weeks. The drilling
program, designed to support production start-up in 2016, will consist
of approximately 20,000 meters of core and RC drilling designed to
significantly expand and upgrade the current Gold Rock resource. A new
resource estimate will be included in a Preliminary Economic Assessment,
which is scheduled for completion in the first quarter of 2013. In
anticipation of mine permitting, two seasons of baseline biology and
archeology fieldwork have been completed at Gold Rock. These data will
be used in the environmental analyses of a mining Plan of Operations.
This release has been reviewed and approved for Midway by William S.
Neal (M.Sc., CPG), Vice President of Geological Services of Midway, a
'qualified person' as that term is defined in NI 43-101.
ON BEHALF OF THE BOARD
'Kenneth A.
Brunk'
Kenneth A. Brunk, Chairman, President and CEO
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 assuring return on shareholder investments. 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, its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
nor the NYSE MKT 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 and resource estimates and
potential offering of common shares of the Company from time to time.
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, 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 documents referenced in this
press release use the terms 'reserve' and'mineral
resource', which are terms defined under Canadian National Instrument
43-101 and the Canadian Institute of Mining and Metallurgy
Classification system.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. 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.The references to a 'resource? in this press release
and the documents referenced in this press release are not normally
permitted under the rules of the SEC.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 referenced in this
press release may not be comparable to information from U.S. companies
subject to the reporting and disclosure requirements of the SEC.
Midway Gold Corp.
R.J. Smith, 877-475-3642 (toll-free)
Vice
President of Administration
