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Midway Gold Announces Third Quarter 2013 Financial Results
November 6, 2013
Denver, Colorado – Midway Gold Corp. (TSX and NYSE-MKT: MDW) (the “Company” or “Midway”) announces financial results for the period ended September 30, 2013. These results were filed today with the United States Securities and Exchange Commission in the Company’s quarterly report on Form 10-Q, and with the relevant securities regulators in Canada.
|·||Permitting continues to advance with the Bureau of Land Management (BLM) incorporating public comments from the Draft Environmental Impact Statement (DEIS) into the final EIS. Permitting remains on schedule with a Record of Decision expected in 2013 and production planned for 2014.|
|·||Midway announced preliminary results from bulk sample metallurgical test work indicates run of mine methods will work in initials years at the Pan project.|
Gold Rock Project
|·||A mining Plan of Operations submitted to the BLM was declared complete, starting the Environmental Impact Statement (EIS) process. Gold Rock is scheduled to be the Company's second operating gold mine.|
Spring Valley Project
|·||Barrick is continuing their earn-in expenditures to increase their joint venture interest in the property to 70%. Drilling in 2013 focused on in-fill drilling in the main resource area to upgrade the quality of the resource for future reserve calculations.|
|·||Midway expects Barrick to complete the 70% earn-in near the end of 2013 approximately a year ahead of schedule.|
|·||Barrick completed their 2013 drill program in Q3 ahead of schedule.|
|·||The Company moved from the TSX Venture Exchange to the TSX.|
Results from Operations
The target of reaching production from the Pan project during the second half of 2014 has driven the majority of the Company’s operating expenses, leading to logical expense increases as the Company gets closer to construction on and production from the Pan project. The operating loss of $3,964,571 for the quarter ended September 30, 2013 was primarily due to mineral exploration expenditures of $1,605,572, salaries and benefits of $1,163,197 and legal, audit, and accounting costs of $581,840.
The following information was filed by Midway Gold Corp (MDWCQ) on Wednesday, November 6, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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