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Last C$0.10 CAD
Change Today -0.025 / -20.83%
Volume 257.2K
MDW On Other Exchanges
As of 3:55 PM 06/2/15 All times are local (Market data is delayed by at least 15 minutes).

midway gold corp (MDW) Snapshot

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10/7/14 - C$1.30
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midway gold corp (MDW) Details

Midway Gold Corp. engages in the acquisition, exploration, and development of gold and silver mineral properties in North America. The company holds interest in the Pan and Gold Rock Projects located along the prolific Battle Mountain/Eureka gold trend; the Spring Valley property, which is located in the Spring Valley Mining District, Pershing County, Nevada. It also has interest in the Tonopah property, which is located in Nye County, Nevada; and the Golden Eagle property located in the Eureka mining district in Ferry County, Washington. The company was formerly known as Red Emerald Resource Corp. and changed its name to Midway Gold Corp. in July 2002. Midway Gold Corp. was founded in 1996 and is headquartered in Englewood, Colorado.

49 Employees
Last Reported Date: 03/16/15
Founded in 1996

midway gold corp (MDW) Top Compensated Officers

Chief Executive Officer, President, Director,...
Total Annual Compensation: $15.4K
Chief Financial Officer, Senior Vice Presiden...
Total Annual Compensation: $215.8K
General Counsel, Corporate Secretary and Memb...
Total Annual Compensation: $143.2K
Compensation as of Fiscal Year 2014.

midway gold corp (MDW) Key Developments

Midway Explores Strategic Alternatives

The Board of Directors of Midway Gold Corp. (TSX:MDW) has formed a special committee to explore and evaluate strategic alternatives to enhance shareholder value. The committee was tasked with exploring, among other things, strategic partnerships, asset sale opportunities and debt refinancing opportunities. Midway has received a number of proposals from interested third parties and continues to work with its stakeholders and potential investors to bring a transaction to conclusion. RBC Capital Markets LLC has been retained as Midway's financial advisor to assist with this process.

Midway Gold Corp. Announces Results on Modeling Work at the Pan Gold Mine in Nevada

Midway Gold Corp. announced results on modeling work at the Pan Gold Mine in Nevada. The improved understanding of the geologic controls on mineralization resulted in a significant change in the classification of the Pan Resource from Measured and Indicated into the Inferred category. The updated mineral resource for the Pan Project is estimated by Gustavson Associates, LLC to be 35.9 million tonnes grading an average of 0.44 g/t Au classified as a measured and indicated mineral resource. An additional 13.9 million tonnes grading an average of 0.31 g/t Au are classified as an inferred mineral resource. Production continues to ramp up with about 4,300 ounces of gold produced to date. The 2015 mineral resource estimate includes the addition of about 44,000 feet of reverse circulation (RC) drilling and 5 additional diamond drilled core holes in comparison to the 2011 mineral resource estimate. In addition, recent operating experience has improved our understanding of the controls on mineralization. Both the new data and the updated geologic interpretation have been considered in the estimation and classification of mineral resources. Recent operating experience has also improved our understanding of controls of mineralization in the deposit and has enhanced the updated mineral resource model and methods used in the mine's ore control system. This data has been utilized in the estimation and classification of mineral resources. The updated Mineral Resource is based on additional RC drilling completed in 2015, as part of an internal investigation into the variance between the production model and the 2011 Feasibility Study. RC drilling, closely spaced blast hole assays, and in pit geologic mapping indicated that the mineralization was less continuous along the trend than previously interpreted from resource drilling. Additional changes were also required in the treatment of some of the historical analytical information to ensure that the mineralized boundaries were properly delineated. This resulted in an update to the modeling parameters from prior estimates.

Midway Gold Corp. Secures Financing for Pan Mine

Midway Gold Corp. announced that a subordinated debt financing in the amount of $10.5 million has been closed with Hale Capital Partners. The financing will provide working capital during ramp up of gold production at Pan Mine in Nevada. On April 17, 2015 the company closed a subordinated loan facility with Hale for $10.5 million with a maturity date of September 30, 2017 that can be used for general corporate purposes. An initial draw of $3.85 million was made at closing. An independent committee of the Board of Directors negotiated and approved the terms of the loan. The loan includes a 2% origination fee and bears interest at 13.5% per annum. The undrawn commitment is subject to a commitment fee of 5% per annum through the loan availability period of September 30, 2015. There are customary conditions precedent and post-closing obligations that must be met in order to make future loan draws.


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