Business
Midway Expands Land Position at Spring Valley Gold Project, Nevada
Midway Expands Land Position at Spring Valley Gold Project, Nevada
About this update from Barrick Mining Corporation
[{"type":"text","content":"\nMidway Expands Land Position at Spring Valley Gold Project, Nevada\n\n\n Dec. 8, 2010 (Filing Services Canada) -- Midway Gold Corp. (MDW - TSX Venture, MDW - NYSE - Amex),is pleased to report that 1.2 square miles of additional land have been added to the Company's Spring Valley project, near Lovelock Nevada with two recent acquisitions.  These strategic new properties will allow expanded exploration in an area contiguous with the existing Inferred Resource*.  Figure 1 below is a map of the newly acquired property and illustrates the strategic nature of these acquisitions.Ken Brunk, President and COO of Midway stated that \"These acquisitions reinforce the momentum present at Spring Valley and bodes well for future expansion to the South and West of the known resource.  Midway believes that the new properties are in a highly prospective area for mineralization to occur along the Black Ridge Fault where numerous targets may exist.  Target delineation efforts will begin in 2011 and we look forward to positive results from future drill programs.\"  Barrick Gold Exploration Inc. took a lead role in acquiring this new property within the Spring Valley project's area of interest and accruing to Midway's benefit.  Barrick's acquisition and future exploration costs on this new property will count towards their project earn-in expenditures.  Under the terms of the March 9, 2009 agreement between Midway and Barrick, Barrick will earn a 60% interest in the property by spending US$30 million in work expenditures before December 31, 2013.  As of September 30, 2010, Barrick spent approximately US$8.5 million with approximately US$21.5 million remaining to be spent for Barrick to earn the 60% interest in the project. With the additional property, two new agreements became part of the expanded Spring Valley land package.  The first is an option agreement with a third party for surface and mineral rights in the amount of US$150,000, payable over five years.  US$56,250 has been paid by Barrick in consideration of the first and last years' payments.The second agreement is a sub-lease and option agreement with a third party for mineral rights underlying surface rights acquired by Midway in 2006.  The agreement requires Barrick to spend a ...