The budget includes $8.3 Million for project development and $5 Million for exploration for a total of $13.3 Million in planned expenditures in 2014.
Ken Brunk, President and CEO of Midway stated, "This budget reflects an approval to advance the project to the prefeasibility stage and to advance more studies related to development. Barrick has mobilized one R/C drill rig as well as 2 core rigs to Spring Valley for further in-fill drilling primarily focused on upgrading the categories of the resource. We are committed to realizing Spring Valley’s value for our shareholders and plan to provide an update on the resource this quarter."
pring Valley Project, Nevada
Spring Valley is a large porphyry-hosted gold system located about 20 miles northeast of Lovelock in Pershing County, Nevada. Barrick achieved their earn-in by spending $38M to earn a 70% interest in the project (see February 24, 2014 press release).
The project is now run as a joint venture with Barrick as manager. Midway has the option to be carried to production, at which point Midway will retain a 25% interest in Spring Valley.
This release has been reviewed and approved for Midway by Dave Mosch, Corporate Mining Engineer at Midway, a "qualified person" as that term is defined in NI 43-101.
