Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX, MDW:NYSE)
announced that it has completed an order with EPC Services Company to
design, supply and install the substation and site power distribution
for the Pan gold project in Nevada. The Final Environmental Impact
Statement (EIS) on the project is complete and construction is expected
to begin before the end of the year. The longer lead-time transformers
are expected to be finished and ready for delivery in Q1 2014.
“Our strong cash position and demonstrated successes in permitting have
enabled Midway to place the long lead-time orders to meet our 2014
production target,” said Ken Brunk, President and CEO of Midway. “We are
very pleased by the current favorable price environment, as it is an
opportune time to begin large purchase orders and secure our major
contracts. We look forward to more of this type of good news as we
prepare for construction and production.”
Pan Gold Project, Nevada
The Pan project is an oxidized, Carlin-style gold deposit mineable by
shallow open pit methods and treatable by heap leaching. A Feasibility
Study was completed in November 2011. It shows the NPV of the project is
robust at a range of gold prices, ranging from $123 million at $1,200/oz
gold to $344 million $1,900/oz gold. The IRR grows from 32% to 79% using
the same gold price range. Both are after-tax figures (see press release
dated November 15, 2011).
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 Jaime Wells, Investor Relations Analyst, at (877) 475-3642
(toll-free).
Neither the TSX Exchange, its Regulation Services Provider (as that
term is defined in the policies of the TSX 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; environmental costs and
risks; 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; changes in interest and currency exchange
rates; local and community impacts and issues; 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. For the
reasons set forth above, investors should not attribute undue
certainty to or place undue reliance on forward-looking statements.
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