Midway Gold (MDW-T) has held a formal groundbreaking ceremony at the site of the Pan project, White Pine county, Nevada. The project is fully permitted and construction is under way with completion estimated for the third quarter of 2014. A record of decision from the BLM signed on Dec. 20, 2013, completed the EIS process. Bonding for construction and mining is in place. Equipment has been mobilized to site and earth works are in progress. The power line to site has been permitted and construction has begun. "This groundbreaking ceremony is the kickoff for building the Pan mine," said Ken Brunk, Midway's president and chief executive officer. "It is an opportunity for us to acknowledge those who drove the process from exploration through permitting and development. Many times, we have expressed our thanks to our permitting team and today is one more valuable opportunity to do so. Without their hard work and commitment to both excellent science and schedule we would not be where we are today. Additionally, we are proud to recognize Mr. Alan Branham, former president and CEO of Midway, for his leadership in acquiring the Pan project for Midway and for his vision that Pan would one day become a mine."
Pan gold project, Nevada
The Pan project is a low-cost, oxidized, Carlin-style gold deposit minable by shallow open-pit methods and treatable by heap leaching. A feasibility study was completed in November, 2011. It shows the net present value of the project is robust at a range of gold prices, ranging from $123-million at $1,200 per ounce gold to $344-million at $1,900 per ounce gold. The internal rate of return grows from 32 per cent to 79 per cent using the same gold price range. Both are after-tax figures |
