Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX, MDW:NYSE-MKT) is
pleased to announce Barrick Gold Exploration Inc. (“Barrick”) has
advanced the Spring Valley project to the pre-feasibility development
stage. Barrick has earned a 70% interest in the project and has
confirmed production potential for the project.
As stated in their April 30, 2014 announcement, Barrick Reports First
Quarter 2014 Results1:
“Barrick has earned a 70
percent interest in the Spring Valley project approximately 60 miles
west of Cortez by conducting exploration drilling and scoping
activities. The project has advanced to the pre-feasibility stage and
could potentially be a new stand-alone gold mine.”
Ken Brunk, President and CEO of Midway states, “We are pleased that
Barrick has completed their 70% earn-in well in advance of the required
timeline and doubly pleased by this decision to further develop the
project toward production. We expect 2014 will be a productive year for
the project and look forward to continuing this partnership at Spring
Valley.”
Barrick achieved their earn-in by spending $38M to earn a 70% interest
in the project (see February 24, 2014 press release). Midway has the
option to be carried to production, at which point Midway would retain a
25% interest in Spring Valley.
Spring Valley Project, Nevada
Spring Valley is a large
porphyry-hosted gold system located about 20 miles northeast of Lovelock
in Pershing County, Nevada.
1 http://barrick.com/investors/news/news-details/2014/Barrick-Reports-First-Quarter-2014-Results/default.aspx
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 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.
Forward-looking statements are typically identified by words such as:
“may”, “should”, “plan”, “believe”, “predict”, “expect”, “anticipate”,
“intend”, “estimate”, postulate” and similar expressions or the negative
of such expressions or which by their nature refer to future events. 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; changes in
interest and currency exchanges rates; local and community impacts and
issues; environmental costs and risks; 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. Although the Company
believes that such forward-looking statements are reasonable, it can
give no assurance that such expectations will prove to be correct. For
the reasons set forth above, investors should not attribute undue
certainty to or place undue reliance on forward-looking statements.
Copyright Business Wire 2014