Midway Receives a Key Permit for Pan Gold Project, White Pine County, Nevada
26 March 2013 - 10:45PM
Business Wire
Midway Gold Corp. (“Midway”) announces receipt of a key permit
required for production at its Pan Gold Project in Nevada. A Water
Pollution Control Permit has been received from the State of
Nevada. This announcement closely follows publication of the Draft
Environmental Impact Statement (DEIS). The Pan project is on track
to start construction in late 2013 with production targeted for
mid-2014.
“We are delighted to reach two major permitting milestones in
the last week,” said Ken Brunk, Midway’s President & CEO. “This
is a credit to a great team of people and our cooperative,
professional relationship with the agencies involved. It is
outstanding that we are starting our EIS comment period for Pan
with one of our most important permits in hand.”
Midway received the Water Pollution Control Permit, which
authorizes the construction, operation and closure of approved
mining facilities in White Pine County. The Nevada Division of
Environmental Protection determined that the proposed operation
will not degrade the waters of the state and that public safety and
health will be protected. There are no surface waters in the
project area and the proposed pit does not reach the groundwater
table.
The other major milestone was the completion and publication of
the Draft EIS by the BLM. It is now available for public review. A
comment period, required under the National Environmental Policy
act (NEPA), will be open until May 6th. More information on this
process and how to comment can be found in Midway’s press release
dated, March 22nd, 2013.
Pan Gold Project, Nevada – The Pan Project represents
nearly a US$100 million capital investment in a part of Nevada that
welcomes new investment and associated economic opportunities (see
Feasibility Study dated December 19, 2011). Once in operation, the
Pan mine is projected to provide 150 workers with stable,
high-paying jobs. In addition to direct employment, Midway expects
the mine will have a multiplier effect by creating support jobs in
surrounding communities.
Geologically, the Pan project is an oxidized, Carlin-style gold
deposit mineable by shallow open pit methods and treatable by heap
leaching. A Feasibility Study was completed in November 2011. It
shows the NPV5% of the project is robust at a range of gold prices,
ranging 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 gold price
range. Both are after-tax figures (see press release dated November
15, 2011).
Figure 1. Pan Project Feasibility
Projections (After Tax)
Gold Price $1,200/oz
$1,550/oz
$1,725/oz $1,900/oz
NPV5% $123 mm
$235 mm $290 mm
$344 mm IRR
32% 56%
67% 79% Payback
2.6 yrs 1.7 yrs
1.4 yrs 1.2
yrs
About Midway Gold Corp.
Midway Gold Corp. is a precious metals company with a vision to
explore, design, build and operate gold mines in a manner
accountable to all stakeholders while assuring return on
shareholder investments. For more information about Midway, please
visit our website at www.midwaygold.com or contact Jaime Wells,
Investor Relations Analyst, at (877) 475-3642 (toll-free).
Neither the TSX Venture Exchange, its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) nor the NYSE MKT accepts responsibility for the
adequacy or accuracy of this release.
This press release contains forward-looking statements about the
Company and its business. Forward looking statements are statements
that are not historical facts and include, but are not limited to,
statements about the Company's intended work plans and resource
estimates and potential offering of common shares of the Company
from time to time. The forward-looking statements in this press
release are subject to various risks, uncertainties and other
factors that could cause the Company's actual results or
achievements to differ materially from those expressed in or
implied by forward looking statements. These risks, uncertainties
and other factors include, without limitation, risks related to the
timing and completion of the Company's intended work plans, risks
related to fluctuations in gold prices; uncertainties related to
raising sufficient financing to fund the planned work in a timely
manner and on acceptable terms; changes in planned work resulting
from weather, logistical, technical or other factors; the
possibility that results of work will not fulfill expectations and
realize the perceived potential of the Company's properties;
uncertainties involved in the interpretation of drilling results
and other tests and the estimation of gold resources and reserves;
the possibility that required permits may not be obtained on a
timely manner or at all; the possibility that capital and operating
costs may be higher than currently estimated and may preclude
commercial development or render operations uneconomic; the
possibility that the estimated recovery rates may not be achieved;
risk of accidents, equipment breakdowns and labor disputes or other
unanticipated difficulties or interruptions; the possibility of
cost overruns or unanticipated expenses in the work program; and
other factors identified in the Company's SEC filings and its
filings with Canadian securities regulatory authorities.
Forward-looking statements are based on the beliefs, opinions and
expectations of the Company's management at the time they are made,
and other than as required by applicable securities laws, the
Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or
expectations, or other circumstances, should change.
Midway Gold Corp. (TSXV:MDW)
Historical Stock Chart
From Oct 2024 to Nov 2024
Midway Gold Corp. (TSXV:MDW)
Historical Stock Chart
From Nov 2023 to Nov 2024