Midway Announces Commencement of $5M Exploration Program at Spring Valley by Barrick
23 Marzo 2010 - 6:30AM
Marketwired
Midway Gold Corp. ("Midway") (TSX VENTURE: MDW)(NYSE Amex: MDW) is
pleased to announce Barrick Gold Exploration Inc. ("Barrick") has
commenced its 2010 drilling program at the Company's Spring Valley
project, Nevada. Barrick has approved a budget of US$5,000,000 and
a program to include both reverse circulation and core drilling.
The focus of the program for 2010 will be continued expansion of
the gold resource. Drilling is expected to last through the summer.
"We are pleased that Barrick has demonstrated their commitment
to the Spring Valley project, for a second year. Barrick has
reported completion of the US$4M program for 2009 with 34 holes
that had positive assay and metallurgical test results," said Alan
Branham, President and COO of Midway Gold Corp. "A successful 2010
program could continue to add significantly to the underlying
resource base, which would add value from the project for both
Midway and Barrick."
This deposit is open for expansion, which will be the target of
the 2010 program. Extensive metallurgical work conducted by Barrick
on this large project has demonstrated positive metallurgical
results. Bottle roll tests on 200 mesh material show gold
recoveries ranging from 86% to 98% for oxide, transitional, and
sulfide composite. Gravity recoverable gold tests had recoveries
ranging from 51 to 91%. Details of metallurgical results were noted
in August 24, 2009 press releases.
Highlights of the 34 holes drilled at Spring Valley from the
2009 program expanded the gold hosted in and adjacent to a porphyry
intrusion. In November 30th, 2009, the Company reported significant
intercepts of 339.5 feet of 0.037 opt gold (including 10 feet of
0.485 opt gold) and 156 feet of 0.028 opt gold in SV09-461C and
high grade intercepts include a metallic screen assay of 52.5 feet
of 0.889 opt gold including 5 feet of 9.101 opt gold in
SV09-451C.
Midway and Barrick entered into an agreement on March 9, 2009
for the exploration and development of the Spring Valley property
in Pershing County, Nevada, covering approximately 18.4 square
miles. Under the terms of the agreement, Barrick may earn a 60%
interest in the property by spending US$30,000,000 in work
expenditures by December 31, 2013. Barrick must have cumulative
expenditures of US$9,000,000 by year end 2010, to maintain the
venture earn-in schedule. Midway is a gold exploration and
development company that currently has four advanced stage gold
resources in Nevada and Washington. Aggressive exploration has
resulted in new discoveries in Nevada. For additional information,
see the company website at: http://www.midwaygold.com
Data reported to Midway by Barrick and disclosed in this press
release has been reviewed for Midway by Eric LeLacheur, (M.Sc.,
CPG), a "qualified person" as that term is defined in National
Instrument 43-101.
ON BEHALF OF THE BOARD
Alan Branham, President and COO
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 resource estimates. 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 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; 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.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Contacts: Midway Gold Corp. R.J. Smith (877) 475-3642
(toll-free) www.midwaygold.com
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