It is good to see what other companies are doing near Meadow Bay. The Midway Mining company is declaring bankruptcy. This company is close to Meadow Bay or at least in the same state. 50 mile from Ely. If you read their specs it was a good story. But once they started to mine, there just wasn't enough gold to make a go of it. It just goes to show you that what you say and what you show in the end are two very different things. Stories are stories. I will bet the investors were blind sided. Food for thought. Maybe the goal of selling these companies to another is the way to go. The proof will be in the pudding. Do your DD. Cheers.
Miners laid off as activities are suspended at Pan Mine Project
Midway Gold suspended mining activities at their Pan mine site on Friday and announced a reduction in the mining projects workforce. On Monday, Midway Gold announced that the company would be filing for bankruptcy to “implement restructuring.” Shortly after the announcement, Midway disclosed that the company would suspend their stocks from trading and that the mining company would “commence procedings” to delist their common stocks from the New York Stock Exchange.
These developments come just 18 months after the Pan Mine project broke ground 50 miles outside of Ely. A press release put out by Midway Gold an unexpected lack of gold as the reason behind the mining activities being suspended.
“We continue to leach ore that has previously been placed on the first lift of the heap leach pad at Pan, however, the rate of recovery of gold has continued to fall short of expectations,” the release stated.
The Ely Times sought further comment as to the number of jobs that have been lost as a result of the low “rate of recovery” and received informationshortly before press deadline by a source that worked for a contracting company that could speak on the behalf of Midway Gold. The source, who asked to remain anonymous, said that 10 full-time positions and three student internships were lost from the Pan project. The source said that Midway Gold currently doesn’t know whether the Pan Mine will reopen in the future. Additionally, the source said that more layoffs could have happened through Ledcor CMI Inc, a contract mining company that provided extra workforce at the Pan Project. When reached for clarification, Ledcor had “no comment.”
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