This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Midway Gold Announces Third Quarter Financial Results

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
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

(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:

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.99 0.00%
FB $102.01 0.00%
GOOG $682.40 0.00%
TSLA $151.04 0.00%
YHOO $27.04 0.00%


Chart of I:DJI
DOW 15,973.84 +313.66 2.00%
S&P 500 1,864.78 +35.70 1.95%
NASDAQ 4,337.5120 +70.6750 1.66%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs