Midway Gold Corp. gave an update on construction progress at its Pan gold project in Nevada. Pan is in late stage construction with a first gold pour expected in January 2015. A $55 million project finance facility with Commonwealth Bank of Australia was closed in July 2014 with first draw on the loan expected in November.
“Midway continues to advance steadily to gold production at Pan,” said Ken Brunk, Midway’s president and CEO. “This milestone is what we have worked so hard toward these past few years…Our successes at Pan include permitting in record time, securing our debt financing in an extremely selective environment, and the placement of a hedging program to help protect our operations in an uncertain gold price environment. We are benefiting from the employment of contract mining at very competitive costs to all-in owner mining and have utilized run-of-mine leaching on South Pan to harness further potential for efficiencies.”
The company continues to advance the Environmental Impact Statement process at its second project, Gold Rock, to achieve a targeted second quarter 2015 Record of Decision.