Midway Gold reports that Barrick Gold Exploration Inc. completed expenditures totaling $30 million at Midway’s Spring Valley gold project in Pershing County, Nevada, thereby completing requirements to earn a 60% interest in the project. With four rigs operating on the property, Barrick has budgeted $8 million for infill drilling on the main Spring Valley resource area during 2013, with the objective of upgrading the quality of the resource. An additional $3.08 million is budgeted for development activities, as well as completion of a scoping-level economic evaluation.
Spring Valley is a large, porphyry-hosted gold system mineable by open-pit methods. Barrick’s interest in the project will increase to 70% when its spending on the project reaches $38 million.