UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report: September 15, 2014
(Date of earliest event reported)
MIDWAY GOLD
CORP.
(Exact Name of Registrant as Specified in Charter)
British Columbia, Canada
(State or Other Jurisdiction of Incorporation) |
001-33894
(Commission File Number) |
98-0459178
(IRS Employer Identification No.) |
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Point at Inverness, Suite 280
8310 South Valley Highway
Englewood, Colorado
(Address of principal executive offices) |
80112
(Zip Code) |
Registrant’s telephone number, including area code:
(720) 979-0900
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 7.01. Regulation FD Disclosure.
On September 15, 2014, Midway Gold Corp. (the
“Company”) issued the press release attached hereto as Exhibit 99.1 announcing that the Company has advanced construction
and has begun mining operations at the Company’s Pan Gold project. In accordance with General Instruction B.2 of Form 8-K,
the information set forth herein and in the press release is deemed to be “furnished” and shall not be deemed to be
“filed” for purposes of the Securities Exchange Act of 1934, as amended. The information set forth in Item 7.01 of
this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this Current Report
on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
Item 9.01. Exhibits.
* The
foregoing exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MIDWAY GOLD CORP. |
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| DATE: September 15, 2014 |
By: |
/s/ Bradley J. Blacketor |
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Bradley J. Blacketor
Chief Financial Officer |
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EXHIBIT INDEX
* The
foregoing exhibit relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.
MIDWAY ADVANCES CONSTRUCTION AND MINING BEGINS AT
PAN GOLD PROJECT, NEVADA
September 15, 2014
Denver, Colorado – Midway Gold Corp. ("Midway"
or the "Company") (MDW:TSX, MDW:NYSE-MKT) provides a progress update on the construction of the Pan Project, the Company’s
first open pit, heap leach project in White Pine County, NV. Pan is currently under construction with first gold pour targeted
for late Q4 2014.
Construction-Related Milestones:
| · | The leach pad is complete and ready for ore |
| · | Pregnant solution pond is complete and undergoing final
integrity tests |
| · | Haul roads to leach pad and waste piles are complete |
| · | Ore stacking onto the leach pad has begun today, September
15 |
| · | The barren pond is scheduled to be completed by the week
of September 22 |
| · | ADR plant concrete is complete and ready for equipment
installation by month end |
| · | ADR steel erection is scheduled to begin by month end |
| · | ADR and refinery completion is forecast for mid-December |
| · | The two water wells for commercial production water are
in and operating |
| · | Temporary fire protection systems are in place |
| · | Intra-plant roads are in place and operational |
| · | The major earth works contractor, VT Construction, is de-mobilizing
from site |
| · | All equipment is either on site or awaiting release for
shipment to site for installation |
Operational Milestones:
| · | Ledcor, Midway’s contract miner, mobilized to site
on July 21 |
| · | Access ramps are completed and ore faces are now open for
mining and placement of mined ore to leach pad |
| September 15, 2014 | |  |
| · | Contracts for major consumables are in place and receipt
of goods under the contracts has commenced |
| · | Staffing of Ledcor to full strength of 4 crews for 2 shifts,
seven days per week is expected to be complete September 30 |
| · | Operational hiring is on schedule with most professionals
in place |
| · | All operations staff will move to site by month end from
the Ely offices |
| · | Detailed start-up planning is well underway and operating
training will commence by month end for key positions |
| September 15, 2014 | | |
A Statement from Midway President and CEO, Ken Brunk
We are providing this update on the construction of the Pan
project as well as other activities occurring while we advance Midway toward gold production late this year. Overall, the project
is proceeding on a schedule that should allow for gold production to begin late this year. Unfortunately, the schedule for completion
has slipped by approximately one month due to extraordinary summer rainfall, especially impacted by a major storm event at a critical
construction time in late July. The severe rainfall referred to has resulted in excess of 2.5 million dollars in damage and attendant
re-work of the leach pad liner, pond ditching, as well as site accessibility and other damage. Builders-risk insurance is in place
for the project and we have already received a significant partial payment for the repairs from the underwriter. We have been able
to recover some of the storm-related delay by hiring additional crews to repair the damaged areas. Our contractors, VT Construction,
Golder, SRK, and Jacobs and their suppliers have been invaluable in cooperating in this process. Midway has initiated some
double shifting of the construction work force to make up some of the schedule to maintain a late 4th quarter first gold pour.
We experienced a second source of project delay due to complexities
associated with more rigorous enforcement of the State of Nevada Fire Code than we had expected. We have put this learning curve
behind us, and are once again proceeding with the construction effort to meet our milestones as outlined today.
The combination of these delays is not, at this time, expected
to cause material cost overruns. We applaud our team for their efforts to regain some setbacks in schedule and minimize our financial
losses. We expect the next few months to come with both challenges and successes. If we experience additional unseasonal weather
or other factors outside of our control, there is a risk our first gold pour may not occur until early first quarter next year.
However, we will continue to focus our efforts and conduct all reasonable activities to reach our planned objective, which is to
achieve a gold pour in 2014.
About the Pan Project, Nevada
| September 15, 2014 | | |
The Pan project is a low cost, oxidized, Carlin-style gold
deposit mineable by shallow open pit methods and treatable by heap leaching. A Feasibility Study was completed in November 2011
(see press release dated November 15, 2011). Midway contracted with Ledcor in 2014 to provide all mining-related services including
manpower and equipment. The partnership reduces the capital required for Pan construction and startup. The Company also plans to
mine via run-of-mine methods in the initials years based on metallurgical work completed in 2013 (see September 17, 2013 press
release), therefore eliminating the originally planned 2-stage crushing circuit in the first years of mining at Pan.
About Midway Gold Corp.
Midway is an emerging gold producer
on track for production from its first project in late Q4 2014. Midway’s Pan Mine, will be a simple, open pit/heap leach
operation with low projected capital costs and robust economics. Midway’s veteran management team has extensive experience
finding, building, and operating mines in Nevada. Midway focuses on projects that are simple, manageable and financeable.
For more information about Midway, please visit our
website at www.midwaygold.com or contact Jaime Wells, Investor Relations Analyst, at (877) 475-3642 (toll-free).
ON BEHALF OF THE BOARD
“Kenneth A. Brunk”
Kenneth A. Brunk, President and CEO
Neither the TSX its Regulation Services Provider (as
that term is defined in the policies of the TSX) nor the NYSE MKT accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking statements about
the Company and its business. Forward looking statements are statements that are not historical facts and include, but are not
limited to, statements about the Company's intended work plans, the expected date of the first gold pour, scheduled milestones,
operational hiring schedule, risk insurance coverage, overrun trends, and other statements, estimates or expectations. Forward-looking
statements are typically identified by words such as: “may”, “should”, “plan”, “believe”,
“predict”, “expect”, “anticipate”, “intend”, “estimate”, postulate”,
scheduled and similar expressions or the negative of such expressions or which by their nature refer to future events. The forward-looking
statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual
results
| September 15, 2014 | | |
or achievements to differ materially from those expressed
in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation, risks related
to the timing and completion of intended work plans, risks related to fluctuations in gold prices; uncertainties related to raising
or accessing sufficient financing to fund the planned work in a timely manner and on acceptable terms; inability to meet the covenants,
terms or conditions precedent to access funding from financing facilities; availability and determinations of insurance coverage
for losses or damage to the Pan project; changes in planned work or delays resulting from weather, logistical, technical or other
factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's
properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources
and reserves; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital
and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic;
the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labor disputes
or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program;
changes in interest and currency exchanges rates; local and community impacts and issues; environmental costs and risks; and other
factors identified in the Company's SEC filings and its filings with Canadian securities regulatory authorities. Forward-looking
statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other
than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements
if those beliefs, opinions or expectations, or other circumstances, should change. Although the Company believes that such forward-looking
statements are reasonable, it can give no assurance that such expectations will prove to be correct. For the reasons set forth
above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.