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Midway Gold Announces First Quarter 2012 Financial Results

Stocks in this article: MDW

Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (the “Company”) announces financial results for the first quarter ended March 31, 2012. These results were filed today with the United States Securities and Exchange Commission (the “SEC”) in the Company’s quarterly report on Form 10-Q, and with the relevant security regulators in Canada.

Recent Highlights

  • 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).
  • Barrick Gold has informed Midway that it intends to conduct and fund an $11 million program at Midway’s Spring Valley Project, Pershing County, Nevada, in 2012 that includes both exploration drilling and development work in preparation for an internal pre-feasibility study. Exploration will be focused on in-fill drilling in the north resource area and expansion drilling of the south target area. The development work will include metallurgical, geotechnical and hydrological studies (please refer to our press release dated April 11, 2012).
  • The appointment of Mr. John W. Sheridan to the Company’s Board of Directors and as chair of its Audit Committee, filling a previously announced vacancy. All three of Midway's board committees (Audit, Compensation, and Corporate Governance and Nominating) have three independent board members (please refer to our press release dated February 28, 2012).

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 March 31, 2012 and December 31, 2011 is as follows:

  March 31, 2012   December 31, 2011  
Assets
Cash and cash equivalents $ 6,349,527 $ 10,191,069 (1)
Mineral properties 49,590,266 49,563,134
Other assets 4,023,470 2,817,749
Total assets $ 59,963,263 $ 62,571,952
 
Liabilities $ 5,564,599 $ 5,291,319 (2)
Shareholders’ equity 54,398,664 57,280,633
Total liabilities and shareholders’ equity $ 59,963,263 $ 62,571,952

Notes:

(1) The net decrease in cash and cash equivalents of $3.8 million is primarily due to first quarter operating activities of $2.4 million and investing activities of $1.5 million.

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