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Midway Gold (T.MDW) is on track for Nevada gold production

Stockhouse Editorial
0 Comments| August 5, 2013

Midway Gold Corp. (TSX: T.MDW, Stock Forum) (NYSE: MDW, Stock Forum) tabled its second quarter financial results Monday and said it has received a key permit for its Pan gold project in White Pine County, Nevada.

Midway is continuing to advance the Pan project towards production in the second half of 2014, the company said in a press release.

In another development, Midway said it has been notified by Barrick Gold Corp. (TSX: T.ABX, Stock Forum) (NYSE: ABX, Stock Forum) that Barrick is set to spend another $8 million to earn a 70% stake in the Spring Valley in Pershing County Nevada.

The company’s consolidated net income attributable to common shareholders in the quarter ended June 30, 2013 was $2.4 million or 2 cents per basic share ($0.00 diluted), compared to a loss of $4.2 million or 4 cents basic (and diluted).

As of June 30, 2013, the company said it had $65.8 million in cash, with working capital of $62.2 million. This is in line with the company’s plan to move from being a development stage company to a gold production company.

Midway shares were down 4% Monday to 98 cents, leaving a market cap of $127 million, based on 129.6 million shares outstanding. The 52-week range is $1.80 and 86 cents.

Tags: GOLD

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