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Midway Gold Announces Second Quarter 2012 Financial Results

Stocks in this article: MDW

Midway Gold Corp. (TSX.V and NYSE MKT: MDW) (the “Company”) announces financial results for the second quarter ended June 30, 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

  • Closing of a unit offering in Canada and the United States for aggregate gross proceeds of US$15,694,799 through the issue of 12,261,562 units at a price of US$1.28 per unit. Each unit consists of one common share and one-half of one common share purchase warrant (please refer to our press release dated July 6, 2012 for further details).
  • First quarter drill results from the Spring Valley Project including 136 meters of 0.75 grams per tonne (gpt) gold in hole SV11-516c, 61 meters of 1.03 gpt gold in SV12-562, and 108 meters of 0.93 gpt gold in SV12-564 (please refer to our press release dated June 12, 2012 for further details).
  • Mr. Kenneth A. Brunk appointed as Chairman and CEO of Midway (please refer to our press release dated May 12, 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 June 30, 2012 and December 31, 2011 is as follows:

June 30, 2012         December 31, 2011
Cash and cash equivalents $ 3,672,050 $ 10,191,069 (1 )
Mineral properties 49,791,301 49,563,134
Other assets   5,558,687           2,817,749
Total assets $ 59,022,038         $ 62,571,952
Liabilities $ 6,619,936 $ 5,291,319 (2 )
Shareholders’ equity   52,402,102           57,280,633
Total liabilities and shareholders’ equity $ 59,022,038         $ 62,571,952


(1) The net decrease in cash and cash equivalents of $6.5 million is primarily due to YTD operating activities of $4.6 million and investing activities of $3.3 million.

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