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TheStreet Open House

Midway Gold Announces Third Quarter Financial Results

Stock quotes in this article: MDW

Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (the “Company”) announces financial results for the third quarter ended September 30, 2011. These results were filed today with the United States Securities and Exchange Commission (the “SEC”) in the Company’s Quarterly 10-Q Report, and with the relevant security regulators in Canada.

Recent Highlights

  • Gold Resource at the Pan Project, White Pine County, Nevada increases to more than 1 million ounces of gold (please refer to our press releases dated October 4, 2011 and November 3, 2011).
  • Long gold intercepts at the Spring Valley Project, Pershing County, Nevada (please refer to our press releases dated July 13, 2011 and August 25, 2011).
  • Drill results including 33 meters of 2 gram per tonne gold at Gold Rock Project, White Pine County, Nevada (please refer to our press release dated September 14, 2011).
  • Development of management and operations team, including promotion of Mr. Richard Moritz to the position of Senior Vice President of Operations (please refer to our press release dated October 25, 2011).

Financial Results

All references to “$” in this release mean the Canadian dollar. The financial information is presented in accordance with U.S. generally accepted accounting principles.

A comparison of our balance sheets at September 30, 2011 and December 31, 2010 is as follows:

   

September 30, 2011

   

December 31, 2010

 
   
Assets
Cash and cash equivalents $   13,991,808 $   6,062,816 (1)
Mineral properties 49,771,581 49,571,061
Other assets     2,655,567         764,689
Total assets $   66,418,956     $   56,398,566
 
Liabilities $ 7,165,145 $ 9,225,205 (2)
Shareholders’ equity     59,253,811         47,173,361
Total liabilities and shareholders’ equity $   66,418,956     $   56,398,566

Notes:

(1) The net increase in cash and cash equivalents is primarily due to the issuance of 7,500,000 common shares at US$1.60 per share upon the close of a “bought deal” on June 6, 2011. Gross proceeds on the purchase were $11,742,000 (US$12,000,000).
(2) The net decrease in liabilities is primarily due to the exercise or forfeiture of 2,650,000 warrants which had an exercise price denominated in U.S. dollars and, accordingly, were fair valued and classified as a liability at December 31, 2010 in the amount of $1,562,544. The expiry date of those warrants was accelerated to March 14, 2011.

A comparison of the results of operations for the nine months ended September 30, 2011 and September 30, 2010 is as follows:

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