| | Publié le 04 avril 2011 | Announces Positive Prefeasibility Study for Pan Gold Project, Nevada |
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Midway Gold Announces Positive Prefeasibility Study for Pan Gold
Project, Nevada
Midway
Gold Corp. (TSX.V and NYSE Amex: MDW) (the "Company") announces the
results of a positive Prefeasibility Study of its Pan gold project located in White
Pine County, Nevada. The accompanying National Instrument (NI) 43-101 technical
report will be filed on SEDAR within 45 days. This NI 43-101 report was
independently prepared by Gustavson Associates, LLC
("Gustavson") of Lakewood, Colorado, and
concludes that the Pan Project is economically viable and amenable to heap
leach mining operations, as summarized below.
Highlights of the Prefeasibility Study (Base Case at $1,050/oz gold)
• Resource growth over the July 2010 Preliminary Economic Assessment
o 848,700 contained ounces in Measured and Indicated Resource categories at a
grade of 0.016 oz gold per short ton at a 0.008 oz/ton cutoff grade
• Proven and Probable Reserves of 716,900 contained ounces grading 0.017
oz/ton gold
• Robust project economics
o Capital costs of US$79.25 million including 15% contingency
o Total cash operating costs (including taxes) projected to be $431 per oz
o Total cash costs (including royalties) projected to be $473 per oz
o Fully loaded production cost (cash costs and capital) is expected to be $666
per oz
o At $1,050 per oz gold, after-tax net present value (NPV) at 5% discount of
US$91.1 million and internal rate of return (IRR) of 32.5% using a 0.008 oz/ton
cutoff grade
o At $1,250 per oz gold, the NPV increases to approximately $142 million (55%
higher)
o At $1,450 per oz gold, the NPV increases to approximately $192 million (111%
higher)
• Project lifespan in excess of 9 years with heap leach stacking of
17,000 tons per day (tpd)
o Average of 77,000 ounces per year produced over 8.5 years of operation
• Average estimated recovery of 80% gold for the South Pit and 70% gold
for the North Pit
• Life of mine (LOM) strip ratio of 1.40:1
• Expansion potential includes
o Inferred resources in the $1,050 pit
o Open mineralization at depth and along strike at North and South Pan
Pan Mineral Reserves and Resources
The open pit mineral reserves and resources were completed by Gustavson, with Ms. Terre A. Lane and Mr. Donald E. Hulse acting as the Qualified Persons (QP). The Prefeasibility
Study demonstrates the project is economically viable therefore the Measured
and Indicated Mineral Resources within the designed pits are considered Proven
and Probable Reserves. Only the two main ore bodies (North Pan and South Pan)
are included in the mine design. A 0.008 oz/ton cutoff grade resulted in the
highest NPV for the project and is the selected Base Case. Mineral Reserves
were based upon a design pit using Lerchs Grossmann
generated pit surfaces that maximize revenue based on a $1,050 per ounce
three-year trailing average price of gold.
The resource estimation includes all data collected through February 28, 2011,
including 15 core holes drilled in 2010 by Midway as well as new lithology and alteration models for breccia
controlled mineralization. Ordinary Kriging was used
to estimate gold grades in a block model with blocks 20 feet wide, 20 feet long
and 20 feet high. Measured and Indicated resource estimates are limited to
drill intervals with fire assay results. Inferred resource estimates include
all available assay data.
The mineral resources and reserves are summarized in Table 1 and Table 2 below.
Mineral resources
are inclusive of mineral reserves.
Table 1: Gustavson Total Pan Mineral Resource, March
2011
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Cutoff Grade
(gold oz/ton)
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Short
Tons
(x 1000)
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Gold Grade
(gold oz/ton)
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Ounces
(x 1000)
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Measured
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0.01
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21,996
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0.019
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426.9
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0.008
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25,025
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0.018
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453.7
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0.006
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28,110
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0.017
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474.5
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0.004
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30,685
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0.016
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487.9
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Indicated
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0.01
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21,273
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0.016
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346.2
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0.008
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26,814
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0.015
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394.8
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0.006
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32,162
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0.013
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432.2
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0.004
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36,629
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0.013
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456.1
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Measured plus Indicated
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0.01
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43,269
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0.018
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770.7
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0.008
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51,839
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0.016
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848.7
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0.006
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60,272
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0.015
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909.8
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0.004
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67,314
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0.014
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946.2
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Inferred
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0.01
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4,977
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0.016
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80.5
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0.008
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7,164
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0.014
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100.2
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0.006
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10,834
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0.012
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125.1
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0.004
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14,690
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0.010
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144.7
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Table 2: Gustavson Total Pan Mineral Reserve, March 2011
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Cutoff Grade
(gold oz/ton)
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Short
Tons
(x 1000)
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Gold Grade
(gold oz/ton)
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Ounces
(x 1000)
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Proven
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0.01
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20,481
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0.020
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402.5
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0.008
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23,012
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0.018
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425.4
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0.006
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25,289
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0.017
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441.3
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0.004
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27,047
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0.017
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450.2
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Probable
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0.01
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15,656
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0.017
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265.1
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0.008
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18,540
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0.016
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291.1
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0.006
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20,944
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0.015
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308.0
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0.004
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23,775
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0.016
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374.2
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Proven plus Probable
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0.01
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36,137
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0.018
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667.6
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0.008
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41,553
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0.017
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716.5
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0.006
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46,233
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0.016
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749.3
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0.004
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50,822
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0.016
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824.4
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Inferred within $1,050 Pit Design
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0.01
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530
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0.015
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8.1
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0.008
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774
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0.013
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10.3
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0.006
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1,110
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0.011
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12.6
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0.004
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1,542
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0.010
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14.8
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Expansion Potential
Additional mineralization not included in the Prefeasibility Study includes
Inferred resources in the $1,050 pit, open mineralization at depth and along
strike at North and South Pan. Mineralization at North Pan has not been closed
off at depth, particularly along the Pilot Shale-Devil's Gate Limestone
contact, or to the north where it trends under Tertiary volcanic rocks. At the
South Pan deposit, mineralization is open to the east and to the south where
the deposit also trends under Tertiary volcanic rocks.
Mining and Production
Midway plans to use conventional open pit mining methods, using front end
loaders and in-pit crush and convey with mobile jaw crushers and mobile
conveyors conveying waste to the waste dump. The majority of the material from
the mine will be drilled and blasted prior to loading. The initial mining fleet
consists of two loaders, two jaw crushers, and two 100-ton trucks, with various
support equipment. The mine plan produces 6.1 million tons of ore per year for
delivery to the heap leach (17,000 tpd). Peak ore and
waste production is estimated to be 52,000 tpd. The
pit design is based on inter-ramp slope angles of 50 degrees for South Pan, 45
degrees for North Pan. The face slope angles are 70 degrees for South Pan and
63 degrees for North Pan.
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Description
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US$
Per ton of ore
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US$
Per oz of gold
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Mining
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1.76
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136.92
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Processing
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2.46
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191.02
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G&A
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0.33
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25.88
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Production
Taxes
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0.50
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38.44
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Contingency -- 10%
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0.51
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39.23
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Total
Operating Cost
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$5.56
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$431.48
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Table
4: Initial
Capital Costs
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Description
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US$
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Construction
capital
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58.11
million
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Owner's capital
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4.42
million
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Contingency (15%)
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9.45
million
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Working capital and inventory
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7.26
million
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Total
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$79.25
million
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Metallurgy and Processing
Material from the North and South Pan pits will be processed using conventional
heap leaching methods. Ore from both pits will be crushed by the primary in-pit
mobile jaw crusher and secondary and tertiary cone crushers to a nominal 0.5
inches prior to leaching. The fines will be agglomerated. Crush size and leach
kinetics are based on current metallurgical testing. Additional testing for
optimization is underway.
Barren solution will be distributed on the leach pad with drip tube emitters.
Pregnant solution and storm water storage ponds are integral to the leach pad
system. Pregnant solutions will be treated in an adsorption/desorption refining
(ADR) plant using conventional unit processes.
Opportunities and Recommendations
Gustavson has recommended the following work plans as
part of Midway's ongoing project development effort to further refine costs,
recoveries, engineering, and mine designs in order to produce a Feasibility
Study:
• Proceed with the NEPA / EIS (environmental) permitting process.
• Expand the mineral resource and mineral reserve to determine the total
mineral resource potential at depth and along strike at North and South Pan.
• Complete a statistical review of the RC/core twin holes completed on
the property.
• Complete metallurgical testing of 29 composite diamond core samples.
• Selective core drilling to determine if historic RC assays are
under-reporting gold grades. Limited data suggests that core assays average
30.5 percent higher grade than corresponding RC assays.
• Selectively re-drill areas with older mine lab solution assays, which
average 14.7 percent lower gold grades than twin holes with fire assays.
This release has been reviewed and approved by Mr. Donald E. Hulse (P.E.), Principal Mining Engineer of Gustavson, and a "qualified person" as that term
is defined in NI 43-101. This release has also been reviewed and approved for
Midway by Mr. William S. Neal (M.Sc. and CPG), Vice President of Geological
Services of Midway, and a "qualified person" as that term is defined
in NI 43-101.
ON BEHALF OF THE BOARD
"Kenneth A. Brunk"
Kenneth A. Brunk, Director, President and COO
About Midway Gold Corp.
Midway Gold Corp. is a precious metals company with a vision
to explore, design, build and operate 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, Manager of Corporate 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 Pan project and resource
and reserve 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
the timing and completion of the Company's intended work plans for the Pan
project, 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 technical report referred to in this
press release use the terms "resource", "reserve",
"measured resources", "indicated resources" and
"inferred resources", which are terms defined under Canadian National
Instrument 43-101 and the Canadian Institute of Mining and Metallurgy
Classification system. Estimates of mineral reserves in this press release and
in the technical report referred to in this press release have been prepared in
accordance with NI 43-101 and 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. We
advise investors that while those terms are recognized and required by Canadian
regulations, the SEC does not recognize them. U.S. investors are cautioned not
to assume that any part or all of mineral deposits in these categories will
ever be converted into reserves as defined in the SEC's Guide 7. In addition,
"inferred resources" have a great amount of uncertainty as to their
existence, and great uncertainty as to their economic and legal feasibility. It
cannot be assumed that all or any part of an inferred mineral resource will
ever be upgraded to a higher category. Under Canadian rules, estimates of
inferred mineral resources may not form the basis of feasibility or
pre-feasibility studies, except in rare cases. U.S. investors are cautioned not
to assume that part or all of an inferred resource exists, or is economically
or legally minable. 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. 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 referred to in this press release may not be comparable to information
from U.S. companies subject to the reporting and disclosure requirements of the
SEC.
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Midway Gold Corp.
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EXPLORATEUR |
CODE : MDW.TO |
ISIN : CA5981531042 |
CUSIP : 598153104 |
| |
ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Midway Gold est une société développant des projet miniers d'or basée au Canada. Midway Gold détient divers projets d'exploration en USA. Ses principaux projets en exploration sont BURNT CANYON, ROBERTS GOLD, GOLD ROCK, THUNDER MOUNTAIN, MIDWAY, PAN, SPRING VALLEY et GOLDEN EAGLE en USA. Midway Gold est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 16,2 millions CA$ (12,5 millions US$, 11,3 millions €). La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2008 à 4,68 CA$, et son plus bas niveau récent le 28 juillet 2015 à 0,01 CA$. Midway Gold possède 180 224 000 actions en circulation. |
Rapports annuels de Midway Gold Corp. |
Financements de Midway Gold Corp. |
Attributions d'options de Midway Gold Corp. |
Nominations de Midway Gold Corp. |
Projets de Midway Gold Corp. |
04/06/2013 | (Pan)\222s Pan Project R... |
27/03/2013 | (Pan)Pan Project Receives Key Permit |
05/04/2011 | (Midway)Announces Initial Underground Resource for Midway Project, N... |
04/04/2011 | (Pan)Announces Positive Prefeasibility Study for Pan Gold Project... |
29/03/2011 | (Gold Rock)Provides Initial Evaluation of the Gold Rock Project, Nevada |
24/02/2011 | (Spring Valley)Adds 1.8 km of Potential Strike Length at Spring Valley Proj... |
17/02/2011 | (Midway)Signs Cooperative Agreement with Town of Tonopah |
19/02/2011 | (Gold Rock)Responds to BCSC Comments on Technical Disclosure |
19/02/2011 | (Midway)Responds to BCSC Comments on Technical Disclosure |
19/02/2011 | (Pan)Responds to BCSC Comments on Technical Disclosure |
05/02/2011 | (Pan)Begins Drill Program at Pan Gold Project, Nevada |
20/07/2010 | (Pan)Preliminary Economic Assessment results |
05/11/2009 | (Pan)s NI 43-101 Gold Resource at Pan Project, Nevada |
05/08/2009 | (Golden Eagle) Files NI 43-101 Technical Report for Gold Resource at Golde... |
26/06/2009 | (Golden Eagle)NI 43-101 Gold Resource at Golden Eagle Project |
02/03/2009 | (Spring Valley)1.8 Million Ounce Gold Resource at Spring Valley Project, Ne... |
02/03/2009 | (Spring Valley)Announces 1.8 Million Ounce Gold Resource at Spring Valley P... |
26/01/2009 | (Midway)Announces Project Updates and Plans for 2009 |
21/01/2009 | (Midway)Kinross completes initial drilling at Midway's Thunder Mount... |
19/01/2009 | (Spring Valley)Spring Valley Project, Nevada Deep Core Results and Update |
09/07/2008 | (Pan)Finds Near Surface High Grade Gold at Pan Project |
23/06/2008 | Intercepts High-Grade Intervals within 135 ft of 0.086 OPT G... |
14/05/2008 | (Midway)Announces High Grade Gold at Midway Project, Nevada |
01/05/2008 | (Thunder Mountain) announces High Grade Gold at Thunder Mountain Project |
21/04/2008 | (Midway)Test Results at Midway Project, Nevada Indicates 94% Gold Re... |
10/04/2008 | (Spring Valley)UPDATES ON DRILLING IN SPRING VALLEY GOLD PROJECT, NEVADA |
11/03/2008 | Announces Land Expansion of Gold Rock Project in Nevada |
21/02/2008 | (Afgan)Announces Drill Results from Afgan Project |
21/01/2008 | Announces Initiation of Project Permitting |
09/01/2008 | (Spring Valley)Encounters 10 Feet 1.15 Ounce Per Ton Gold at Spring Valley,... |
18/10/2007 | (Thunder Mountain) Hi Grade Found at Thunder Mountain |
23/07/2007 | (Spring Valley)Announces High Grade Gold Intercepts |
28/02/2007 | (Midway)New Gold Intercepts at Midway Project |
07/02/2007 | (Spring Valley)Reports Spring Valley Drill Results |
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Communiqués de Presse de Midway Gold Corp. |
Publication de commentaires terminée |
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