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News Releases
| | November 30, 2009
Positive Drilling and Metallurgical Results in Spring Valley Update
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| | Midway Gold Corp. ("Midway") is pleased to announce continued success from third quarter work reported by Barrick Gold Exploration Inc. ("Barrick") at Midway's Spring Valley Project, Nevada. Significant intercepts include fire assays 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. Metallic screen assays include 220 feet of 0.034 opt gold in SV09-456, 45 feet of 0.058 opt gold including 5 feet of 0.400 opt gold and 110 feet of 0.031 opt gold in SV09-466, and 140 feet of 0.033 opt gold and 100 feet of 0.021 opt gold in SV09-450. Additional 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 and a fire assay of 15.8 feet of 1.731 opt gold including 5 feet of 6.038 opt gold in SV09-454C.
"We are pleased with the progress Barrick has made this year in improving the quality of the resource with their program that tested the grade and distribution of gold, filled internal gaps in the resource area, and conducted extensive metallurgical tests," said Alan Branham, President and CEO of Midway Gold Corp. "These tests highlight the presence of abundant coarse gold in the Spring Valley deposit, exhibited in numerous high grade results noted in this release. Metallurgical tests are examining the effect of coarse gold to better establish overall grade and determine optimal gold recovery methods. All of Midway's exploration permits have been assigned to Barrick so they may test to the north and south of the resource where there are untested areas with unmistakable potential for growth. We anticipate an aggressive expansion drill program in 2010."
Barrick estimates that expenditures through the third quarter stand at 94% of their US$4,000,000 firm commitment for the year ending December 31, 2009. Barrick drilled 34 holes in 2009, totaling 29,002 feet of reverse circulation (RC) drilling and 8,738 feet of core. Fire assay results have been received for all 2009 holes but metallic screen assays are pending on ten holes, including two of the twin holes. New drill intercepts provided to Midway by Barrick are summarized in Table 1 below [click PDF link below to view table].
Bottle roll and gravity separation tests have been completed and column leach tests are still underway. Metallurgical testing of thirteen composite samples continues to give positive results. Initial Bottle Roll tests are complete and preliminary results were reported in a previous update (See 24 August 2009 report). Column Leach tests must run to completion before final conclusions can be made, but already five of the samples have recovered more gold than was estimated from the head grade assays.
Results from the gravity testing indicate that substantial amounts of the gold in the samples could be recovered by simple gravity methods without fine grinding, but that gravity alone may not be the optimal processing option. Gravity separation tests showed gold recoveries in the range of 91% to 50.6% of the calculated head grade. The majority of gravity recoverable gold was released with the coarsest grind. Gravity tails were found to be amenable to leaching of the remaining gold.
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. 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 William Neal, (M.Sc., CPG), a "qualified person" as that term is defined in National Instrument 43-101.
ON BEHALF OF THE BOARD
"Alan Branham"
______________________________
Alan Branham, President and CEO
For further information, please contact R.J. Smith at Midway Gold Corp. at (877) 475-3642 (toll-free).
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. 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. |
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| | You can view the Next News Releases item: Wed Dec 23, 2009, Midway Increases Board
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