Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) announces that it now qualifies as a Development Stage Entity under SEC Guide 7 guidelines. Midway completed a detailed Feasibility Study on its Pan gold project in White Pine County, Nevada that contains the information necessary for the project to be deemed economically feasible. A NI 43-101 technical report summarizing the Feasibility Study has been filed under the Company’s profile on SEDAR. In addition, a mine plan of operations has been submitted to the US Bureau of Land Management (BLM) and the Nevada Department of Environmental Quality (NDEP). The BLM has notified Midway that the plan has been deemed complete, beginning an environmental study process.
Additionally, on January 1, 2012, the Company became an accelerated filer according to SEC guidelines. Consequently, the Company is not currently in compliance with the audit committee composition requirements set forth in Section 803B(2)(a) of the NYSE Amex Company Guide in that the Company only has two independent directors appointed to the Company’s audit committee rather than three. On January 2, 2012, the Company notified the NYSE Amex of its need to appoint a third independent director and on January 4, 2012 the Company received confirmation from the NYSE Amex regarding its obligations. As disclosed in its November 11, 2011 press release, the Board intends to appoint a third independent director to the Company’s audit committee in the very near future and no later than by the Company’s next annual general meeting of shareholders, ensuring compliance within the allowable cure period set forth in Section 803B(6)(b) of the NYSE Amex Company Guide.
The results of a Feasibility Study (FS) for the Pan gold project in White Pine County, Nevada demonstrated robust economics. The NPV of the project accelerates from $123 million at $1,200/oz gold to $344M at $1,900/oz gold. The IRR grows from 32% to 79% using the same range. Both use a 5% discount rate and are after tax figures. The project has Proven and Probable Mineral Reserves of 864,000 oz of gold within 48.3M tonnes at a grade of 0.56 grams per tonne (gpt) gold.
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