Midway Completes Gold Rock Plan of Operations, White Pine County, Nevada
Midway Gold Corp. ('Midway?) announces completion and filing of a Plan
of Operations (PoO) for the Company′s second project, Gold Rock. The PoO
for Gold Rock, submitted to the Bureau of Land Management (BLM) on March
21st, 2013, has been accepted as complete, and officially begins the
project′s Environmental Impact Statement (EIS) process. Gold Rock is
scheduled to be the Company′s second operating gold mine and is
currently targeted for production in 2016.
Ken Brunk, Midway′s President & CEO, stated, 'We are moving forward at
Midway. We are building a mining company. Initiating the permit process
at Gold Rock is part of our strategy of developing a pipeline of
projects leading to future production. We want to leverage the
experience gained from permitting the Pan project along with the
relationship we′ve developed with the Ely BLM office. Our first priority
remains getting our Pan project into production near term. We are
positioning Gold Rock to be our next mine after Pan.?
Gold Rock Project - Nevada
Gold Rock, 8 km southeast of Midway's Pan project, appears to contain
similar host rocks and styles of gold mineralization. The Gold Rock
project is a Carlin-style gold deposit and the resource is open in all
directions. Drill results from 2012-13 drilling will be incorporated
into a new resource update later this year. There is considerable
expansion potential with numerous exploration targets along a 12 km,
favorably mineralized trend.
The Company expects the Gold Rock Mine will be similar to the planned
operations at Pan. The Pan project is currently in an advanced stage of
permitting and a Record of Decision from the BLM is expected in the
fourth quarter of 2013. Pan will be a shallow open pit, heap leach mine
in White Pine County, Nevada. Once in operation, Pan is projected to
employ about 150 workers. The Pan project, scheduled to be the Company′s
first operating mine, is targeted for production in mid-2014. Pan′s
draft EIS was published by the BLM on March 22nd is currently
in a 45-day public comment period.
Stock Options Granted ? On March 11th, 2013, the board granted
non-qualified and incentive stock options on a total of 2,545,000 shares
of Midway's common stock to directors, employees and consultants
pursuant to Midway's shareholder-approved combined incentive and
non-qualified stock option plan. The options are exercisable for up to
five years at a price of C$1.15 per share being the last closing price
of Midway′s common shares when the options were granted.
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 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.
Jaime Wells, 877-475-3642 (toll-free)
Investor
Relations Analyst