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TheStreet Open House

Midway Gold Announces Third 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 third quarter ended September 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

  • Second quarter drill results from the Spring Valley Project. Multiple holes have long intercepts with good grades which include shorter sections with higher grades (please refer to our press release dated August 13, 2012 for further details).
  • Announced that engineering and permitting activities continue to advance at a rapid pace at its 100%-owned Pan heap leach gold project located in White Pine County, Nevada (please refer to our press release dated August 16, 2012 for further details).
  • A construction contract for a new access road for the Pan Project has been awarded and is significantly less than the initial estimates, and the U.S. Army Corps of Engineers has confirmed that no surface waters are present at the Pan Project that fall under jurisdiction of Sections 401 and 404 of the Federal Clean Water Act (please refer to our press release dated September 10, 2012 for further details).
  • Midway has also initiated a 20,000 meter drill program at its nearby Gold Rock Project with the goal to significantly expand and upgrade the current Gold Rock resource (please refer to our press release dated September 10, 2012 for further details).

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, 2012 and December 31, 2011 is as follows:

  September 30, 2012   December 31, 2011  
Assets
Cash and cash equivalents $ 10,931,300 $ 10,191,069
Mineral properties 49,745,747 49,563,134
Other assets   7,474,431   2,817,749 (1 )
Total assets $ 68,151,478 $ 62,571,952
 
Liabilities $ 7,734,065 $ 5,291,319 (2 )
Shareholders’ equity  

60,417,413

  57,280,633
Total liabilities and shareholders’ equity $ 68,151,478 $ 62,571,952

Notes:

(1) The net increase in other assets of $4.7 million is primarily due to the development activities associated with the Company’s 100% owned Pan heap leach gold project.

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