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Midway Gold Announces Year-End 2011 Financial Results

Stocks in this article: MDW

Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (the “Company”) announces financial results for the fiscal year ended December 31, 2011. These results were filed today with the United States Securities and Exchange Commission (the “SEC”) in the Company’s Annual 10-K Report, and with the relevant security regulators in Canada.

Recent Highlights

  • Feasibility Study of Pan Project, White Pine County, Nevada showed the project is robust at a range of gold prices. The NPV 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. Proven and Probable Mineral Reserves increased 20% over the previous estimate to 864,000 oz of gold within 48.3M tonnes at a grade of 0.56 gpt gold. (Please refer to our press release dated November 15, 2011.) The Company continues to aggressively advance the project towards production.
  • The Spring Valley Project, Pershing County, Nevada advanced to Barrick’s development and mine site exploration groups (please refer to our press release dated December 6, 2011).
  • Drill results including 0.4 meters of 334.9 gpt gold at the Tonopah Project, Nye County, Nevada (please refer to our press release dated December 8, 2011).
  • Significant gold resource increase in NI 43-101 compliant estimate for Gold Rock Project, White Pine County, Nevada (please refer to our press release dated February 29, 2012).
  • Following the appointment of John W. Sheridan to the Company’s board of directors and audit committee as reported on February 28, 2012, the Company’s audit committee is now comprised of three independent directors. Accordingly, the NYSE Amex informed the Company it is in compliance with the audit committee composition requirements set forth in Section 803B(2)(a) of the NYSE Amex Company Guide.

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.

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