(State or Other Jurisdiction of Incorporation)
|
001-33894
(Commission File Number)
|
98-0459178
(IRS Employer Identification No.)
|
Point at Inverness, Suite 280
8310 South Valley Highway
Englewood, Colorado
(Address of principal executive offices)
|
80112
(Zip Code)
|
o |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
o |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
o |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit
|
Description
|
99.1
|
NI 43-101 Technical Report Feasibility Study for the Pan Gold Project, White Pine County, Nevada dated December 19, 2011
|
|
MIDWAY GOLD CORP.
|
|
|
|
|
DATE: December 23, 2011
|
By:
|
/s/ Kenneth Brunk
|
Kenneth Brunk
President
|
||
|
Exhibit
|
Description
|
99.1
|
NI 43-101 Technical Report Feasibility Study for the Pan Gold Project, White Pine County, Nevada dated December 19, 2011
|
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.
|
I am currently employed as Vice President, Mining by Gustavson Associates, LLC at:
|
2.
|
I am a graduate of the University of Southern California with a Bachelor of Arts in Earth Science (1968), and an MSc. in Economic Geology from the University of Arizona in 1979, and have practiced my profession continuously since 1973.
|
3.
|
I am a member in good standing of the Mining and Metallurgical Society of America, member # 01412QP
|
4.
|
I have worked as a geologist for a total of 38 years since my graduation from university; as a graduate student, as an employee of a major mining company, a major engineering company, and as a consulting geologist.
|
5.
|
I have read the definition of “qualified person” set out in NI 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.
|
6.
|
I am responsible for the preparation of the report titled “NI 43-101 Technical Report Feasibility Study for the Pan Gold Project, White Pine County, Nevada,” effective date, November 15, 2011 (the “Technical Report”), with specific responsibility for oversight of the entire document.
|
7.
|
I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
|
December 19, 2011 | i |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
8.
|
I do not hold, nor do I expect to receive, any securities or any other interest in any corporate entity, private or public, with interests in the properties that are the subject of this report or in the properties themselves, nor do I have any business relationship with any such entity apart from a professional consulting relationship with the issuer, nor to the best of my knowledge do I have any interest in any securities of any corporate entity with property within a two (2) kilometer distance of any of the subject properties.
|
9.
|
I have read NI 43-101 and Form 43-101, and the Technical Report has been prepared in compliance with that instrument and form.
|
10.
|
I consent to the filing of the Technical Report with any stock exchanges or other regulatory authority and any publication by them, including electronic publication in the public company files on the websites accessible by the public, of the Technical Report.
|
December 19, 2011 | ii |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.
|
I am currently employed as Principal Mining Engineer by Gustavson Associates, LLC at:
|
2.
|
I am a graduate of the Colorado School of Mines with a Bachelor of Science in Mining Engineering (1982), and have practiced my profession continuously since 1983.
|
3.
|
I am a registered Professional Engineer in the State of Colorado (35269).
|
4.
|
I have worked as a mining engineer for a total of 25 years since my graduation from university; as an employee of a major mining company, a major engineering company, and as a consulting engineer.
|
5.
|
I have read the definition of “qualified person” set out in NI 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.
|
6.
|
I am responsible for the preparation of the technical report titled “NI 43-101 Technical Report Feasibility Study for the Pan Gold Project, White Pine County, Nevada,” effective date, November 15, 2011 (the “Technical Report”), with specific responsibility for Sections 14, 15, and 19 through 27.
|
7.
|
I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
|
December 19, 2011 | iii |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
8.
|
I do not hold, nor do I expect to receive, any securities or any other interest in any corporate entity, private or public, with interests in the properties that are the subject of this report or in the properties themselves, nor do I have any business relationship with any such entity apart from a professional consulting relationship with the issuer, nor to the best of my knowledge do I have any interest in any securities of any corporate entity with property within a two (2) kilometer distance of any of the subject properties.
|
9.
|
I have read NI 43-101 and Form 43-101, and the Technical Report has been prepared in compliance with that instrument and form.
|
10.
|
I consent to the filing of the Technical Report with any stock exchanges or other regulatory authority and any publication by them, including electronic publication in the public company files on the websites accessible by the public, of the Technical Report.
|
December 19, 2011 | iv |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.
|
I am currently employed as Principal Mining Engineer by Gustavson Associates, LLC at:
|
2.
|
I am a graduate of the Michigan Technological University of Michigan with a Bachelor of Science degree in Mining Engineering (1982).
|
3.
|
I am a member in good standing of the Mining and Metallurgical Society of America, member #10407QP
|
4.
|
I have worked as a Mine Engineer for a total of 23 years since my graduation from university; as an employee of several mining companies, an engineering company, a mine development and mine construction company, an exploration company, and as a consulting engineer.
|
5.
|
I have read the definition of “qualified person” set out in NI 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.
|
6.
|
I am responsible for the preparation of the report titled “NI 43-101 Technical Report Feasibility Study for the Pan Gold Project, White Pine County, Nevada,” effective date, November 15, 2011 (the “Technical Report”), with specific responsibility for Sections 1, 9 through 13, and 16 through 18. I most recently visited the property May 27, 2010.
|
7.
|
I have personally completed an independent review and analysis of the data and written information contained in this Technical Report.
|
8.
|
I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
|
December 19, 2011 | v |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
9.
|
I do not hold, nor do I expect to receive, any securities or any other interest in any corporate entity, private or public, with interests in the properties that are the subject of this report or in the properties themselves, nor do I have any business relationship with any such entity apart from a professional consulting relationship with the issuer, nor to the best of my knowledge do I have any interest in any securities of any corporate entity with property within a two (2) kilometer distance of any of the subject properties.
|
10.
|
I have read NI 43-101 and Form 43-101, and the Technical Report has been prepared in compliance with that instrument and form.
|
11.
|
I consent to the filing of the Technical Report with any stock exchanges or other regulatory authority and any publication by them, including electronic publication in the public company files on the websites accessible by the public, of the Technical Report.
|
December 19, 2011 | vi |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.
|
I am currently employed as Associate Principal Geologist by Gustavson Associates, LLC at:
|
2.
|
I am a graduate of The Ohio State University with an MSc in Geology (1974), a PhD. in Geology from the University of Georgia (1980), and an M.B.A. from the University of Colorado at Denver (1991) and have practiced my profession continuously since 1978.
|
3.
|
I am a member in good standing of the Mining and Metallurgical Society of America, member #01088QP.
|
4.
|
I have worked as a geologist for a total of 40 years since my graduation from university; as a graduate student, as an employee of a major mining company, a major engineering company, and as a consulting geologist.
|
5.
|
I have read the definition of “qualified person” set out in NI 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.
|
6.
|
I am responsible for the preparation of the report titled “NI 43-101 Technical Report Feasibility Study for the Pan Gold Project, White Pine County, Nevada,” effective date, November 15, 2011 (the “Technical Report”), with specific responsibility for Sections 7 and 8.
|
7.
|
I have personally completed an independent review and analysis of the data and written information contained in this Technical Report.
|
8.
|
I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
|
December 19, 2011 | vii |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
9.
|
I do not hold, nor do I expect to receive, any securities or any other interest in any corporate entity, private or public, with interests in the properties that are the subject of this report or in the properties themselves, nor do I have any business relationship with any such entity apart from a professional consulting relationship with the issuer, nor to the best of my knowledge do I have any interest in any securities of any corporate entity with property within a two (2) kilometer distance of any of the subject properties.
|
10.
|
I have read NI 43-101 and Form 43-101, and the Technical Report has been prepared in compliance with that instrument and form.
|
11.
|
I consent to the filing of the Technical Report with any stock exchanges or other regulatory authority and any publication by them, including electronic publication in the public company files on the websites accessible by the public, of the Technical Report.
|
December 19, 2011 | viii |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.
|
I am currently employed as a Principal Geologist by Lowham Walsh LLC at:
|
2.
|
I am a graduate of the University of Montana with a Bachelor of Arts in Geology (1996), and I have practiced my profession continuously since 1997.
|
3.
|
I am a licensed Professional Geologist in the States of Wyoming (PG-3719) and Idaho (PGL-1414), and am a Registered Member in good standing of the Society of Mining, Metallurgy and Exploration (#4168244RM) with recognized special expertise in geology and mining. I am also a member of the American Institute of Professional Geologists (MEM-0174)
|
4.
|
I have worked as a geologist for a total of 14 years since graduation from university - as an employee of four separate engineering and geological consulting firms and the U.S.D.A. Forest Service.
|
5.
|
I have read the definition of “qualified person” set out in National Instrument 43-101 (“NI 43-101”) and certify that by reason of my education, affiliation with a professional association (as defined in NI 43-101) and past relevant work experience, I fulfill the requirements to be a “qualified person” for the purposes of NI 43-101.
|
6.
|
I am responsible for the preparation of the technical report titled “NI 43-101 Technical Report Feasibility Study for the Pan Gold Project, White Pine County, Nevada,” effective date, November 15, 2011 (the “Technical Report”), with specific responsibility for Sections 2 through 6, and overall organization and preparation of the Technical Report.
|
1 Lowham Walsh LLC is part of a group of companies, including Gustavson Associates, that are controlled by Ecology and Environment, Inc.
|
December 19, 2011 | ix |
Midway Gold Corp. | Date and Signature Pages |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
7.
|
I have not had prior involvement with the properties that are the subject of the Technical Report.
|
8.
|
I am independent of the issuer applying all of the tests in Section 1.5 of National Instrument 43-101.
|
9.
|
As of the date of this certificate, to the best of my knowledge, information and belief, the Technical Report contains all scientific and technical information that is required to be disclosed and I am not aware of any material fact or material change with respect to the subject matter of the Technical Report that is not reflected in the Technical Report, the omission to disclose which makes the Technical Report misleading.
|
10.
|
I have read National Instrument 43-101 and Form 43-101, and the Technical Report has been prepared in compliance with that instrument and form.
|
December 19, 2011 | x |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xi |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xii |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xiii |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xiv |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xv |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xvi |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xvii |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xviii |
Midway Gold Corp. | Table of Contents |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | xix |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1
|
SUMMARY
|
1.1
|
Introduction
|
1.2
|
Property Description and Ownership
|
December 19, 2011 | 1 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.3
|
Geology and Mineralization
|
1.4
|
Concept and Status of Exploration
|
1.5
|
Mineral Resource Estimate
|
December 19, 2011 | 2 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.5.1
|
North Pan
|
1.5.2
|
Central and South Pan
|
December 19, 2011 | 3 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
North Pan Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
13,994,415
|
0.0168
|
234,844
|
0.006
|
15,592,007
|
0.0158
|
245,850
|
0.004
|
18,597,319
|
0.0140
|
260,404
|
North Pan Indicated Resource
|
|||
0.008
|
10,565,126
|
0.0146
|
154,540
|
0.006
|
12,702,959
|
0.0133
|
169,135
|
0.004
|
17,006,845
|
0.0112
|
189,823
|
North Pan Measured plus Indicated Resource
|
|||
0.008
|
24,559,541
|
0.0159
|
389,384
|
0.006
|
28,294,966
|
0.0147
|
414,985
|
0.004
|
35,604,164
|
0.0126
|
450,228
|
North Pan Inferred Resource
|
|||
0.008
|
122,858
|
0.0112
|
1,376
|
0.006
|
233,476
|
0.0091
|
2,129
|
0.004
|
511,402
|
0.0067
|
3,427
|
Central Pan Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
2,329,227
|
0.0146
|
33,991
|
0.006
|
2,837,448
|
0.0132
|
37,482
|
0.004
|
3,802,537
|
0.0111
|
42,192
|
Central Pan Indicated Resource
|
|||
0.008
|
1,895,266
|
0.0122
|
23,216
|
0.006
|
2,524,520
|
0.0109
|
27,623
|
0.004
|
4,053,056
|
0.0086
|
34,885
|
Central Pan Measured plus Indicated Resource
|
0.008
|
4,224,493
|
0.0135
|
57,207
|
0.006
|
5,361,968
|
0.0121
|
65,105
|
0.004
|
7,855,593
|
0.0098
|
77,077
|
Central Pan Inferred Resource
|
|||
0.008
|
240,912
|
0.0103
|
2,470
|
0.006
|
290,465
|
0.0096
|
2,802
|
0.004
|
722,079
|
0.0066
|
4,741
|
December 19, 2011 | 4 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
South Pan Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
13,826,998
|
0.0182
|
251,350
|
0.006
|
15,584,480
|
0.0169
|
263,423
|
0.004
|
18,297,337
|
0.0151
|
276,641
|
South Pan Indicated Resource
|
|||
0.008
|
17,440,794
|
0.0158
|
275,596
|
0.006
|
20,764,856
|
0.0144
|
298,599
|
0.004
|
26,469,130
|
0.0123
|
325,863
|
South Pan Measured plus Indicated Resource
|
|||
0.008
|
31,267,792
|
0.0169
|
526,946
|
0.006
|
36,349,336
|
0.0155
|
562,022
|
0.004
|
44,766,467
|
0.0135
|
602,504
|
South Pan Inferred Resource
|
|||
0.008
|
1,588,716
|
0.0184
|
29,274
|
0.006
|
1,933,540
|
0.0164
|
31,651
|
0.004
|
3,096,599
|
0.0120
|
37,093
|
Pan Total Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
30,150,640
|
0.0173
|
520,186
|
0.006
|
34,013,935
|
0.0161
|
546,756
|
0.004
|
40,697,193
|
0.0142
|
579,238
|
Pan Total Indicated Resource
|
|||
0.008
|
29,901,186
|
0.0152
|
453,351
|
0.006
|
35,992,335
|
0.0138
|
495,357
|
0.004
|
47,529,031
|
0.0116
|
550,571
|
Pan Total Measured plus Indicated Resource
|
0.008
|
60,051,826
|
0.0162
|
973,537
|
0.006
|
70,006,270
|
0.0149
|
1,042,112
|
0.004
|
88,226,224
|
0.0128
|
1,129,809
|
Pan Total Inferred Resource
|
|||
0.008
|
1,952,486
|
0.0170
|
33,120
|
0.006
|
2,457,481
|
0.0149
|
36,581
|
0.004
|
4,330,080
|
0.0105
|
45,261
|
December 19, 2011 | 5 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.6
|
Mineral Reserve Estimate
|
1.6.1
|
Whittle Optimization
|
1.6.2
|
Calculation Parameters
|
December 19, 2011 | 6 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.6.3
|
Cutoff Grade Equations
|
1.6.4
|
Mineral Reserve Estimate
|
North and Central Pan
|
Tons
|
Gold
|
|
Cutoff Grade:
|
(x 1000)
|
opt
|
ounces (x 1000)
|
0.008 opt / 0.274 g/tonnes
|
|||
North Pan
|
|||
Proven Reserves
|
12,625
|
0.018
|
223.30
|
Probable Reserves
|
10,993
|
0.015
|
162.66
|
Proven & Probable Reserves
|
23,618
|
0.016
|
385.95
|
Inferred within Designed Pit
|
351
|
0.012
|
4.29
|
Waste within Designed Pit
|
27,823
|
||
Total tons within Designed Pit
|
51,791
|
||
Central Pan
|
|||
Proven Reserves
|
1,799
|
0.015
|
27.78
|
Probable Reserves
|
1,125
|
0.013
|
15.00
|
Proven & Probable Reserves
|
2,924
|
0.015
|
42.78
|
Inferred within Designed Pit
|
75
|
0.010
|
0.77
|
Waste within Designed Pit
|
5,387
|
||
Total tons within Designed Pit
|
8,386
|
||
Sub Total - North + Central
|
|||
Proven Reserves
|
14,423
|
0.017
|
251.08
|
Probable Reserves
|
12,119
|
0.015
|
177.66
|
Proven & Probable Reserves
|
26,542
|
0.016
|
428.74
|
Inferred within Designed Pit
|
426
|
0.012
|
5.06
|
Waste within Designed Pit
|
33,210
|
||
Total tons within Designed Pit
|
60,177
|
||
December 19, 2011 | 7 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
South Pan - Phases 1 and 2
|
Tons
|
Gold
|
|
Cutoff Grade:
|
(x 1000)
|
opt
|
ounces (x 1000)
|
0.006 opt / 0.206 g/tonnes
|
|||
South Pan - Phase 1
|
|||
Proven Reserves
|
11,856
|
0.018
|
215.44
|
Probable Reserves
|
7,593
|
0.016
|
119.26
|
Proven & Probable Reserves
|
19,449
|
0.017
|
334.70
|
Inferred within Designed Pit
|
56
|
0.010
|
0.55
|
Waste within Designed Pit
|
31,887
|
||
Total tons within Designed Pit
|
51,392
|
||
South Pan - Phase 2
|
|||
Proven Reserves
|
1,548
|
0.014
|
21.01
|
Probable Reserves
|
5,716
|
0.014
|
79.80
|
Proven & Probable Reserves
|
7,263
|
0.014
|
100.81
|
Inferred within Designed Pit
|
212
|
0.016
|
3.39
|
Waste within Designed Pit
|
29,485
|
||
Total tons within Designed Pit
|
36,961
|
||
Sub Total - Phase 1 + 2
|
|||
Proven Reserves
|
13,404
|
0.018
|
236.46
|
Probable Reserves
|
13,308
|
0.015
|
199.05
|
Proven & Probable Reserves
|
26,713
|
0.016
|
435.51
|
Inferred within Designed Pit
|
269
|
0.015
|
3.94
|
Waste within Designed Pit
|
61,372
|
||
Total tons within Designed Pit
|
88,353
|
||
Total Reserves
|
Tons
|
Gold
|
|
(x 1000)
|
opt
|
ounces (x 1000)
|
|
Proven Reserves
|
27,827
|
0.018
|
487.51
|
Probable Reserves
|
25,427
|
0.015
|
376.71
|
Proven & Probable Reserves
|
53,254
|
0.016
|
864.22
|
Inferred within Designed Pit
|
695
|
0.013
|
9.0
|
Waste within Designed Pit
|
94,582
|
||
Total tons within Designed Pit
|
148,531
|
||
December 19, 2011 | 8 |
Midway Gold Corp. | Summary |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.7
|
Conclusions and Recommendations
|
●
|
The Pan deposit now contains over 1.1 million ounces of gold in Measured and Indicated Mineral Resource categories using a 0.004 opt cutoff.
|
●
|
There continues to be good potential for the discovery of additional Mineral Resources at Pan.
|
●
|
There is a proven and probable Mineral Reserve of 53,254,000 tons, containing 864,000 ounces of gold.
|
●
|
The Pan project is an economic mining project generating approximately $122 million net present value, and an internal rate of return of 32.4% at a gold price of $1200.
|
●
|
Continuation of drilling to fill-in areas that are promising development areas, specifically between the North and South pits. MIDWAY is planning on $ 1.5 million in drilling for the next two years.
|
●
|
Finalization of engineering for infrastructure, buildings, mining, and site facilities. This is currently estimated at $0.86 million (included in capital costs in the Feasibility Study)
|
●
|
Support for the EIS and permitting, estimated to be $ 0.4 million over the next 2 years.
|
●
|
Construction of the access road which is estimated at $ 1.7 million.
|
●
|
Drilling and testing of a water well, estimated at $0.1 million.
|
●
|
Purchase of long-lead equipment estimated at approximately $ 2.0 million.
|
December 19, 2011 | 9 |
Midway Gold Corp. | Introduction |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
2
|
INTRODUCTION
|
2.1
|
Purpose
|
2.2
|
Qualified Persons
|
●
|
William J. Crowl, R.G., Vice President, Mining Sector, Gustavson Associates
|
●
|
Donald E. Hulse, PE, Principal Mining Engineer, Gustavson Associates
|
●
|
Terre A. Lane, Member MMSA QP Reserves and Mining, Associate Principal Mining Engineer, Gustavson Associates
|
●
|
Donald J. Baker, PhD, QP Geology and Reserves, Member MMSA, Associate Principal Geologist, Gustavson Associates
|
●
|
Jennifer J. Brown, P.G., Registered Member SME, Principal Geologist, Lowham Walsh LLC
|
2.3
|
Site Visit of Qualified Person
|
December 19, 2011 | 10 |
Midway Gold Corp. | Introduction |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
2.4
|
Sources of Information
|
|
M. Gustin (2005). Pan Gold Project, Updated Technical Report, White Pine County, Nevada USA, prepared by Mine Development Associates Mine Engineering Services, issued by Castleworth Ventures Inc.
|
|
D. Harris (2009). Pan Project, White Pine County, Nevada NI 43-101 Technical Report, prepared by MGC Resources, filed by Midway Gold Corp.
|
|
Gustavson Associates, LLC (2010). NI 43-101 Preliminary Economic Assessment of the Pan Gold Project, White Pine County, Nevada, issued by Midway Gold Corp.
|
|
Gustavson Associates, LLC (2011). NI 43-101 Preliminary Feasibility Study of the Pan Gold Project, White Pine County, Nevada, issued by Midway Gold Corp.
|
|
Gustavson Associates, LLC (2011). NI 43-101 Updated Mineral Resource Estimate for the Pan Gold Project, White Pine County, Nevada, issued by Midway Gold Corp.
|
2.5
|
Units of Measure
|
December 19, 2011 | 11 |
Midway Gold Corp. | Reliance on Other Experts |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
3
|
RELIANCE ON OTHER EXPERTS
|
December 19, 2011 | 12 |
Midway Gold Corp. | Property Description and Location |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
4
|
PROPERTY DESCRIPTION AND LOCATION
|
4.1
|
Location
|
December 19, 2011 | 13 |
Midway Gold Corp. | Property Description and Location |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
4.2
|
Mineral Tenure, Agreements, and Exploration Permits
|
4.2.1
|
Mineral Rights
|
December 19, 2011 | 14 |
Midway Gold Corp. | Property Description and Location |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
4.2.1.1
|
Newark Valley Mining Agreement
|
Price of Gold
|
Percentage
|
To and including $340.00/oz
|
2.5%
|
From $340.00/oz to $450.00/oz
|
3.0%
|
$450.00/oz and greater
|
4.0%
|
December 19, 2011 | 15 |
Midway Gold Corp. | Property Description and Location |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
4.2.1.2
|
Additional Claims
|
4.3
|
Environmental Liabilities
|
●
|
Potential impacts to local sensitive species: sage grouse, white sage, pygmy rabbits, and migratory birds and bats, which have potential to occur within the claim block.
|
●
|
Potential impacts to segments of the Lincoln Highway/Hamilton Stage Road, Carbonari sites, and other historic/archaeological sites
|
December 19, 2011 | 16 |
Midway Gold Corp. | Property Description and Location |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
●
|
Geochemistry
|
●
|
Gold mineralization in the Pan deposit occurs as sub-microscopic particles disseminated in carbonate and clastic sedimentary rocks. All known mineralization is non-sulphur bearing oxide, and clay and silica alteration are the dominant styles of alteration. Acid rock drainage (ARD) is unlikely based on these conditions, but given the importance of the issue and according to current regulatory requirements, geochemical evaluations of waste materials will need to be completed.
|
●
|
Nevada Division of Minerals – Mine Registration – requires an approved POO if on Federal land – not approved until after ROD
|
●
|
Nevada Department of Environmental Protection – Reclamation Permit Application – Requirements are the same as the POO if on Federal Lands.
|
●
|
Nevada Bureau of Water Pollution Control – Application for Permit to Discharge Process Wastewater
|
●
|
Nevada Bureau of Water Pollution Control – Groundwater Discharge Permit, if necessary
|
●
|
Nevada Bureau of Air Pollution Control – Permit to Construct and Operate
|
4.4
|
Exploration Permits and Jurisdictions
|
December 19, 2011 | 17 |
Midway Gold Corp. | Property Description and Location |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 18 |
Midway Gold Corp. | Accessibility, Climate, Local Resources, Infrastructure, and Physiography |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
5
|
ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY
|
5.1
|
Accessibility, Infrastructure, and Local Resources
|
5.2
|
Topography, Elevation, Vegetation, and Climate
|
December 19, 2011 | 19 |
Midway Gold Corp. | Accessibility, Climate, Local Resources, Infrastructure, and Physiography |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 20 |
Midway Gold Corp. | History |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
6
|
HISTORY
|
6.1
|
Exploration History
|
●
|
Mr. Campbell leased his claims to Amselco in 1978. The majority of drilling exploration carried out by Amselco took place in North Pan.
|
●
|
In 1986, Hecla conducted a drilling exploration program in the central portion of the Pan property.
|
●
|
Echo Bay leased the claims in 1987 and completed an exploration drilling program that resulted in the discovery of gold mineralization at South Pan.
|
●
|
The Pan property was explored under a joint venture between Alta Gold and Echo Bay from 1988 through 1991. Drilling was conducted in both North and South Pan, in conjunction with geologic mapping, geochemical sampling, and an induced polarization geophysical survey. The Alta Bay joint venture initiated studies in support of mining development, including an archaeological survey, additional metallurgical test work, and preliminary mineral reserve calculations and mine designs.
|
●
|
Alta Gold retained ownership of the Pan Project after dissolution of the joint venture until 1992. Drilling exploration was reported, but the associated holes have not been validated and are not included in the modern day resource database.
|
●
|
In 1993, Southwestern Gold Corporation completed drilling exploration on a small section of claims that they held at that time west of North Pan. The associated drill hole collars have been identified in the field, but no other information has been validated and these holes are not included in the modern resource database.
|
●
|
The Pan Project was dormant from 1993 until 1999, when Latitude leased the property from LFC Trust. Between 1999 and 2001, Latitude explored the property as part of a joint venture with Degerstrom. Geologic mapping and outcrop and soil sampling were completed under the joint venture, as was drilling and metallurgical testing.
|
●
|
Latitude drilling focused primarily on North and South Pan mineralization, but also resulted in the discovery of mineralization in the modern day Syncline and Black
|
December 19, 2011 | 21 |
Midway Gold Corp. | History |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
|
Stallion target areas of Central Pan. Latitude terminated the joint venture with Degerstrom in mid-2001, and joint ventured the project to Metallica later that year. From LFC Trust files, it appears that Metallica focused on thermal imagery and lineament study of satellite data over the Pan area. No additional subsurface exploration work was completed. The LFC Trust terminated the lease agreement with Latitude in 2002, citing Latitude’s inability to meet financial obligations.
|
●
|
Castleworth Ventures. Inc. leased the Pan claims in January 2003. The company completed drilling exploration and conducted geologic mapping, sampling, metallurgical test work, and resource estimation. On April 16, 2007, Pan Nevada Gold Corporation (formerly Castleworth Ventures, Inc.) was acquired by MIDWAY.
|
●
|
Since acquiring the Pan Project in 2007, MIDWAY has completed 209 holes, of which 195 were reverse circulation and 14 diamond core drill holes for a total of 95,394 ft. Drilling efforts have generally focused on expanding known mineralization, but also include confirmation drilling and exploration drilling in several potential target areas on the Pan property. In addition to drilling exploration, MIDWAY has completed geologic mapping, soil and outcrop sampling, and gravity survey.
|
6.2
|
Historical Resource and Reserve Estimates
|
December 19, 2011 | 22 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
7
|
GEOLOGICAL SETTING AND MINERALIZATION
|
7.1
|
Regional Geology
|
December 19, 2011 | 23 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 24 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 25 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
7.2
|
Property Geology
|
7.2.1
|
Lithological Units
|
7.2.1.1
|
Simonson Dolomite (Ds) - Devonian
|
7.2.1.2
|
Devils Gate Limestone (Dd) - Late Devonian
|
7.2.1.3
|
Pilot Shale (MDp) - Late Devonian to Early Mississippian
|
7.2.1.4
|
Joana Limestone (Mj) - Mississippian
|
December 19, 2011 | 26 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
7.2.1.5
|
Chainman Shale (Mc) - Mississippian
|
7.2.1.6
|
Diamond Peak Formation (Md) - Mississippian
|
7.2.1.7
|
Ely Limestone (Pe) - Pennsylvanian
|
7.2.1.8
|
Rib Hill Siltstone - Permian
|
7.2.1.9
|
Kaibab Limestone - Permian
|
7.2.1.l0
|
Intrusives - Cretaceous
|
December 19, 2011 | 27 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
7.2.1.11
|
Volcanic Units (Tv) - Tertiary
|
7.2.2
|
Structural Geology
|
7.3
|
Mineralization
|
December 19, 2011 | 28 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
7.3.1
|
Alteration
|
December 19, 2011 | 29 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
7.3.2
|
Geometry of Mineralization
|
December 19, 2011 | 30 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 31 |
Midway Gold Corp. | Geological Setting and Mineralization |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 32 |
Midway Gold Corp. | Deposit Types |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
8
|
DEPOSIT TYPES
|
December 19, 2011 | 33 |
Midway Gold Corp. | Exploration |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
9
|
EXPLORATION
|
●
|
Geochemical sampling
|
●
|
Geophysics
|
●
|
Surface and subsurface geologic mapping
|
●
|
Drilling within the known resource area
|
●
|
Drilling on exploration targets
|
9.1
|
Previous Operators Exploration Work
|
9.2
|
MIDWAY Exploration Work
|
9.2.1
|
Surface Geochemistry
|
9.2.2
|
Rock Samples
|
December 19, 2011 | 34 |
Midway Gold Corp. | Exploration |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
9.2.3
|
Geologic Mapping
|
9.2.4
|
Geophysical Surveys
|
December 19, 2011 | 35 |
Midway Gold Corp. | Drilling |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
10
|
DRILLING
|
10.1
|
Introduction
|
10.2
|
Drilling by Midway Gold Corp.
|
Exploration
Program (Year) |
Number of
Holes Drilled |
Total
Footage |
Type of
Drill Hole |
2007-2008
|
162
|
61,875
|
RC
|
2010
|
14
|
5774.5
|
Core
|
2011
|
33
|
27,744.5
|
RC
|
December 19, 2011 | 36 |
Midway Gold Corp. | Drilling |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Area
|
Northing (ft)
|
Easting (ft)
|
Northing (m)
|
Easting (m)
|
Elevation (ft)
|
TD
|
Date Completed
|
Dip
|
Azimuth
|
Purpose
|
|
PN11-01
|
S.Dep
|
14270552.22
|
1998752.916
|
4349673.016
|
609221.1072
|
6977.43
|
450
|
1/19/2011
|
-65
|
275
|
Resource
|
PN11-02
|
S.Dep
|
14272129.29
|
1998525.103
|
4350153.708
|
609151.6697
|
6831.36
|
560
|
1/29/2011
|
-75
|
270
|
Resource
|
PN11-03
|
S.Dep
|
14272211.68
|
1998838.24
|
4350178.82
|
609247.114
|
6796.22
|
570
|
2/3/2011
|
-70
|
270
|
Resource
|
PN11-04
|
S.Dep
|
14272182.5
|
1999069.96
|
4350169.926
|
609317.7424
|
6838.91
|
800
|
2/13/2011
|
-90
|
None
|
Resource
|
PN11-05
|
S.Dep
|
14271994.47
|
1999047.982
|
4350112.615
|
609311.0435
|
6834.19
|
654
|
2/16/2011
|
-90
|
None
|
Resource
|
PN11-06
|
S.Dep
|
14272409.22
|
1998944.925
|
4350239.031
|
609279.6317
|
6791.72
|
680
|
2/23/2011
|
-90
|
None
|
Resource
|
PN11-07
|
S.Dep
|
14272420.96
|
1998805.859
|
4350242.609
|
609237.2443
|
6777.94
|
600
|
2/26/2011
|
-90
|
None
|
Resource
|
PN11-08
|
S.Dep
|
14271392.6
|
1999364.466
|
4349929.164
|
609407.5081
|
6883.61
|
620
|
3/2/2011
|
-90
|
None
|
Resource
|
PN11-09
|
S.Dep
|
14271867.75
|
1999245.998
|
4350073.99
|
609371.3989
|
6880.66
|
750
|
3/12/2011
|
-90
|
None
|
Resource
|
PN11-10
|
S.Dep
|
14271663.27
|
1999271.248
|
4350011.665
|
609379.0951
|
6875.71
|
750
|
3/14/2011
|
-90
|
None
|
Resource
|
PN11-11
|
S.Dep
|
14273269.31
|
1998896.799
|
4350501.187
|
609264.9629
|
6730.77
|
700
|
3/17/2011
|
-90
|
None
|
Resource
|
PN11-17
|
Heap
|
14275730.44
|
1994893.624
|
4351251.341
|
608044.7927
|
6744.17
|
1300
|
3/23/2011
|
-90
|
None
|
Condemnation
|
PN11-12
|
S.Dep
|
14273236.97
|
1998700.482
|
4350491.329
|
609205.1253
|
6749.03
|
700
|
3/27/2011
|
-80
|
278
|
Resource
|
PN11-13
|
S.Dep
|
14272615.5
|
1998711.867
|
4350301.905
|
609208.5955
|
6772.67
|
600
|
3/30/2011
|
-75
|
133
|
Resource
|
PN11-18
|
Heap
|
14274966.78
|
1995829.893
|
4351018.577
|
608330.168
|
6550.17
|
1435
|
3/30/2011
|
-70
|
133
|
Condemnation
|
PN11-14
|
S.Dep
|
14273638.6
|
1998727.974
|
4350613.747
|
609213.5049
|
6729.41
|
700
|
4/6/2011
|
-75
|
220
|
Resource
|
PN11-15
|
S.Dep
|
14273935.52
|
1998425.131
|
4350704.248
|
609121.1982
|
6753.79
|
780
|
4/10/2011
|
-75
|
90
|
Resource
|
PN11-19
|
Heap
|
14274670.99
|
1996129.294
|
4350928.42
|
608421.4257
|
6543.61
|
1450
|
4/10/2011
|
-70
|
130
|
Condemnation
|
PN11-16
|
S.Dep
|
14273445.42
|
1998612.7
|
4350554.865
|
609178.3693
|
6755.6
|
700
|
4/13/2011
|
-90
|
None
|
Resource
|
PN11-20
|
Heap
|
14274787.34
|
1995969.275
|
4350963.883
|
608372.6518
|
6531.94
|
800
|
4/13/2011
|
-80
|
130
|
Condemnation
|
PN11-30
|
S.Pan
|
14273648.92
|
1998516.91
|
4350616.892
|
609149.1725
|
6751.3
|
690
|
4/20/2011
|
-90
|
None
|
Resource
|
PN11-31
|
N.Rock Pile
|
14280607.49
|
1997928.55
|
4352737.868
|
608969.84
|
6667.53
|
650
|
4/22/2011
|
-70
|
90
|
Condemnation
|
PN11-21
|
Heap
|
14275690.93
|
1996341.796
|
4351239.298
|
608486.1964
|
6581.58
|
1500
|
4/23/2011
|
-80
|
90
|
Condemnation
|
PN11-22
|
Heap
|
14276750.67
|
1996346.337
|
4351562.307
|
608487.5805
|
6592.32
|
1500
|
4/26/2011
|
-75
|
90
|
Condemnation
|
PN11-32
|
E.Heap
|
14272719.63
|
1992674.556
|
4350333.644
|
607368.4194
|
6393.96
|
850
|
4/26/2011
|
-70
|
90
|
Condemnation
|
PN11-33
|
S.Rock Pile
|
14271400.53
|
1996667.375
|
4349931.581
|
608585.4331
|
6687.87
|
900
|
5/4/2011
|
-90
|
0
|
Condemnation
|
PN11-23
|
Heap
|
14274621.03
|
1994159.031
|
4350913.192
|
607820.8883
|
6447.69
|
1418.5
|
5/9/2011
|
-70
|
90
|
Condemnation
|
PN11-34
|
S.Rock Pile
|
14269746.67
|
1997203.947
|
4349427.484
|
608748.9805
|
6704.7
|
497
|
5/9/2011
|
-70
|
90
|
Condemnation
|
PN11-24
|
E.Heap
|
14275327.94
|
1992689.707
|
4351128.658
|
607373.0374
|
6363.27
|
1200
|
5/19/2011
|
-80
|
90
|
Condemnation
|
PN11-35
|
Heap
|
14272804.65
|
1995020.974
|
4350359.558
|
608083.609
|
6538.05
|
830
|
5/23/2011
|
-75
|
90
|
Condemnation
|
PN11-36
|
Heap
|
14272636.4
|
1996272.06
|
4350308.28
|
608464.939
|
6588.52
|
450
|
5/23/2011
|
-70
|
90
|
Condemnation
|
PN11-37
|
Heap
|
14273560.7
|
1994195.49
|
4350590
|
607832
|
6595
|
830
|
6/4/2011
|
-70
|
90
|
Condemnation
|
PN11-29
|
Heap
|
14277054.78
|
1992404.15
|
4351655
|
607286
|
6415
|
830
|
6/5/2011
|
-70
|
90
|
Condemnation
|
33
|
Total Holes
|
Total:
|
27744.5
|
Total Condemnation
|
16440.5
|
||||||
17
|
Resource holes
|
June Footage
|
1660
|
Total Resource
|
11304
|
||||||
16
|
Condemnation
|
December 19, 2011 | 37 |
Midway Gold Corp. | Drilling |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 38 |
Midway Gold Corp. | Drilling |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
10.2.1
|
Drilling Procedures and Conditions
|
10.2.2
|
Drill hole Collar Surveys
|
10.2.3
|
Down hole Surveys
|
December 19, 2011 | 39 |
Midway Gold Corp. | Drilling |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
10.2.4
|
Extent of Drilling
|
10.2.5
|
MIDWAY Data Compilation and Grid Conversion
|
10.3
|
Sampling Method and Approach
|
December 19, 2011 | 40 |
Midway Gold Corp. | Drilling |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 41 |
Midway Gold Corp. | Sample Preparation, Analyses, and Security |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
11
|
SAMPLE PREPARATION, ANALYSES, AND SECURIITY
|
Company
|
Number AuFA
Determinations |
Number AuCN
Determinations |
AuCN/AuFA
Pairs |
AuCN
Only |
Percent of Data
Represented by AuCN Data |
Amselco
|
610
|
3,641
|
303
|
3,338
|
84.6
|
Hecla
|
121
|
0
|
0
|
0
|
0
|
Echo Bay
|
3,980
|
0
|
0
|
0
|
0
|
Alta Bay
|
6,288
|
13,318
|
6,284
|
7,034
|
52.8
|
Latitude
|
2,874
|
0
|
0
|
0
|
0
|
Castleworth/ Pan Nevada
|
13,738
|
254
|
254
|
0
|
0
|
Southwest
|
282
|
0
|
0
|
0
|
0
|
MIDWAY
|
26,099
|
1,190
|
1,190
|
0
|
0
|
TOTAL
|
53,992
|
18,403
|
8,031
|
10,372
|
19.2
|
11.1
|
Sample Preparation and Analysis Procedures
|
December 19, 2011 | 42 |
Midway Gold Corp. | Data Verification |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
12
|
DATA VERIFICATION
|
12.1
|
Check Assays
|
December 19, 2011 | 43 |
Midway Gold Corp. | Data Verification |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 44 |
Midway Gold Corp. | Data Verification |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
ALS-
Chemex Original (Au ppm)
|
ALS-
Chemex Duplicate (Au ppm)
|
SGS
Original (Au ppm)
|
SGS
Duplicate (Au ppm)
|
All
(Au ppm)
|
All
(Au ppm)
|
|
Mean
|
0.1107
|
0.1062
|
0.0650
|
0.0722
|
0.0958
|
0.0951
|
Standard Dev
|
0.3323
|
0.2702
|
0.1638
|
0.1683
|
0.2889
|
0.2420
|
Min
|
0.000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
0.0000
|
Max
|
3.6800
|
1.7600
|
1.2700
|
1.1500
|
3.6800
|
1.7600
|
Count
|
213
|
213
|
103
|
103
|
316
|
316
|
12.2
|
Midway Gold Corp. QA/QC Programs
|
●
|
Rig duplicates, every 100 ft
|
●
|
Coarse (1/4 inch minus) blank reference material, 1 per 50, minimum 1 per hole
|
●
|
Standards (-200 mesh) reference material, 1 per 50, minimum 1 per hole
|
December 19, 2011 | 45 |
Midway Gold Corp. | Data Verification |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
12.3
|
Twin Hole Study
|
December 19, 2011 | 46 |
Midway Gold Corp. | Data Verification |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 47 |
Midway Gold Corp. | Data Verification |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 48 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13
|
MINERAL PROCESSING AND METALLURGICAL TESTING
|
13.1
|
Ore Sampling and Test Wor
|
13.2
|
Ongoing Metallurgical Test work
|
Lithology of Composite Samples
|
||
Pit
|
Lithology
|
Composites
|
North Pit
|
Sbs
|
1-8, 10, NP-1, NP-2
|
SbA
|
9
|
|
South Pit
|
ShA
|
11, 28, 29
|
ShS
|
12, 13
|
|
SbA
|
14-18, 22, 24-27, SP-1
|
|
SbA
|
19, 23
|
|
HbS
|
20
|
|
HbA
|
21
|
December 19, 2011 | 49 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.1
|
Head Assays
|
December 19, 2011 | 50 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
●
|
The gold assays range from 0.023 g/t Au to 2.15 g/t Au
|
●
|
The mercury values in these samples range from 0.56 to 5.63 g/t Hg
|
●
|
The majority of the composites exhibited negligible preg-robbing properties
|
December 19, 2011 | 51 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.3
|
XRD Analysis
|
XRD Analysis of Different Rock Types
|
|||||||||
Element, ppm
|
Approximate Wt. %
|
||||||||
7
|
12
|
15
|
20
|
21
|
28
|
NP1
|
NP2
|
SP1
|
|
Quartz
|
85
|
74
|
63
|
83
|
79
|
66
|
85
|
70
|
63
|
Mica/illite
|
10
|
7
|
24
|
9
|
6
|
21
|
5
|
10
|
16
|
Kaolinite
|
-
|
8
|
<5
|
<5
|
<3
|
5
|
-
|
-
|
8
|
K-spar
|
-
|
-
|
-
|
-
|
-
|
3?
|
-
|
-
|
-
|
Alunite
|
<3
|
9
|
-
|
<5
|
10
|
-
|
8
|
14
|
9
|
Calcite
|
-
|
-
|
<5
|
-
|
10
|
-
|
-
|
<3
|
|
Hematite
|
<2?
|
<3
|
<3
|
<3
|
<3
|
-
|
-
|
<3
|
<3
|
Barite
|
-
|
-
|
-
|
-
|
-
|
<5
|
<3
|
-
|
|
Unidentified
|
<5
|
<5
|
<5
|
<5
|
<5
|
<5
|
<3
|
<5
|
<5
|
13.2.4
|
ICP Analysis
|
December 19, 2011 | 52 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Element,
%
|
Composite No.
|
||||||||
1
|
2
|
3
|
4
|
5
|
6
|
7
|
8
|
9
|
|
Al
|
2.46
|
1.99
|
1.99
|
2.14
|
2.44
|
4.03
|
2.20
|
2.68
|
3.71
|
Ca
|
0.09
|
0.07
|
0.09
|
0.08
|
0.06
|
4.49
|
0.08
|
0.83
|
1.90
|
Fe
|
0.89
|
0.68
|
0.81
|
1.43
|
1.44
|
2.32
|
0.69
|
0.69
|
2.15
|
K
|
1.00
|
0.86
|
0.69
|
0.85
|
0.80
|
1.70
|
1.02
|
1.21
|
1.50
|
Mg
|
0.12
|
0.14
|
0.12
|
0.06
|
0.06
|
0.38
|
0.14
|
0.23
|
0.29
|
Na
|
0.03
|
0.05
|
0.05
|
0.03
|
0.06
|
0.04
|
0.03
|
0.08
|
0.04
|
Ti
|
0.08
|
0.03
|
0.06
|
0.06
|
0.03
|
0.09
|
0.05
|
0.05
|
0.10
|
Element, ppm
|
|||||||||
As
|
88
|
249
|
179
|
279
|
562
|
342
|
145
|
100
|
436
|
Ba
|
417
|
1995
|
1955
|
8020
|
858
|
5219
|
798
|
2344
|
7730
|
Bi
|
26
|
<10
|
<10
|
22
|
<10
|
36
|
18
|
20
|
41
|
Cd
|
3
|
0
|
1
|
9
|
2
|
14
|
4
|
4
|
13
|
Co
|
5
|
10
|
<1
|
9
|
6
|
33
|
17
|
9
|
10
|
Cr
|
39
|
31
|
117
|
28
|
33
|
49
|
31
|
35
|
52
|
Cu
|
69
|
16
|
20
|
43
|
16
|
52
|
41
|
63
|
53
|
Mn
|
13
|
17
|
13
|
13
|
35
|
260
|
18
|
40
|
146
|
Mo
|
2
|
4
|
5
|
9
|
8
|
8
|
10
|
2
|
8
|
Ni
|
14
|
18
|
23
|
15
|
22
|
152
|
20
|
25
|
61
|
Pb
|
78
|
52
|
39
|
185
|
29
|
146
|
64
|
82
|
101
|
Sr
|
116
|
81
|
107
|
196
|
168
|
164
|
84
|
137
|
254
|
105
|
81
|
106
|
60
|
81
|
107
|
84
|
62
|
85
|
|
W
|
44
|
168
|
<10
|
77
|
63
|
25
|
105
|
75
|
51
|
Zn
|
36
|
62
|
43
|
70
|
76
|
574
|
65
|
227
|
233
|
December 19, 2011 | 53 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Element,
%
|
Composite No.
|
||||||||||
10
|
11
|
12
|
13
|
14
|
15
|
16
|
17
|
18
|
19
|
20
|
|
Al
|
2.17
|
5.55
|
3.72
|
4.65
|
3.77
|
4.41
|
3.92
|
3.27
|
3.89
|
2.41
|
3.07
|
Ca
|
0.09
|
6.59
|
0.11
|
0.46
|
16.02
|
1.43
|
0.13
|
0.11
|
0.12
|
0.10
|
0.12
|
Fe
|
0.49
|
2.81
|
1.65
|
4.69
|
1.94
|
2.28
|
1.92
|
1.67
|
1.85
|
1.80
|
1.58
|
K
|
0.70
|
2.33
|
1.30
|
1.27
|
1.60
|
2.16
|
1.25
|
1.17
|
1.51
|
0.97
|
1.16
|
Mg
|
0.15
|
0.79
|
0.13
|
0.22
|
0.32
|
0.31
|
0.11
|
0.12
|
0.15
|
0.14
|
0.13
|
Na
|
0.05
|
0.07
|
0.13
|
0.10
|
0.09
|
0.07
|
0.13
|
0.06
|
0.04
|
0.05
|
0.03
|
Ti
|
0.09
|
0.07
|
0.08
|
0.14
|
0.09
|
0.11
|
0.04
|
0.08
|
0.10
|
0.06
|
0.07
|
Element, ppm
|
|||||||||||
As
|
39
|
3120
|
350
|
1120
|
451
|
851
|
2360
|
1012
|
1063
|
464
|
302
|
Ba
|
295
|
426
|
216
|
273
|
430
|
952
|
332
|
378
|
617
|
1056
|
328
|
Bi
|
<10
|
27
|
31
|
11
|
32
|
41
|
<10
|
27
|
29
|
21
|
26
|
Cd
|
1
|
6
|
10
|
6
|
12
|
25
|
2
|
27
|
30
|
12
|
8
|
Co
|
2
|
36
|
3
|
5
|
5
|
11
|
3
|
4
|
4
|
5
|
2
|
Cr
|
92
|
59
|
57
|
95
|
43
|
65
|
43
|
52
|
52
|
41
|
52
|
Cu
|
20
|
31
|
37
|
34
|
19
|
27
|
11
|
22
|
41
|
24
|
42
|
Mn
|
4
|
1226
|
30
|
73
|
585
|
334
|
15
|
16
|
10
|
18
|
8
|
Mo
|
2
|
21
|
20
|
24
|
7
|
9
|
9
|
6
|
9
|
2
|
4
|
Ni
|
19
|
148
|
33
|
57
|
52
|
83
|
23
|
31
|
33
|
26
|
14
|
Pb
|
28
|
29
|
81
|
34
|
38
|
77
|
24
|
49
|
52
|
30
|
53
|
Sr
|
111
|
127
|
194
|
160
|
263
|
270
|
174
|
191
|
211
|
190
|
200
|
V
|
92
|
60
|
211
|
331
|
73
|
100
|
95
|
226
|
171
|
191
|
141
|
W
|
12
|
18
|
19
|
<10
|
6
|
11
|
28
|
22
|
26
|
37
|
20
|
Zn
|
33
|
199
|
92
|
84
|
154
|
351
|
77
|
69
|
108
|
121
|
117
|
December 19, 2011 | 54 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Element,
%
|
Composite No.
|
||||||||
21
|
22
|
23
|
24
|
25
|
26
|
27
|
28
|
29
|
|
Al
|
3.24
|
2.88
|
2.86
|
1.92
|
3.16
|
1.27
|
2.38
|
4.25
|
3.87
|
Ca
|
0.16
|
25.32
|
15.22
|
24.20
|
19.68
|
8.30
|
21.13
|
1.56
|
0.11
|
Fe
|
2.07
|
1.47
|
1.31
|
1.08
|
2.01
|
0.63
|
1.31
|
2.02
|
2.19
|
K
|
1.45
|
1.18
|
1.15
|
1.03
|
1.54
|
0.63
|
1.26
|
1.86
|
1.42
|
Mg
|
0.10
|
0.31
|
0.38
|
0.34
|
1.97
|
0.23
|
1.87
|
0.38
|
0.38
|
Na
|
0.02
|
0.05
|
0.05
|
0.05
|
0.02
|
0.01
|
0.05
|
0.07
|
0.06
|
Ti
|
0.09
|
0.09
|
0.09
|
0.06
|
0.09
|
0.04
|
0.06
|
0.11
|
0.05
|
Element, ppm
|
|||||||||
As
|
428
|
752
|
219
|
791
|
527
|
59
|
264
|
458
|
1165
|
Ba
|
2186
|
5600
|
10234
|
6487
|
18218
|
21697
|
4873
|
286
|
556
|
Bi
|
26
|
28
|
<10
|
22
|
34
|
16
|
22
|
34
|
21
|
Cd
|
14
|
21
|
2
|
22
|
18
|
7
|
9
|
14
|
3
|
Co
|
3
|
7
|
<1
|
4
|
16
|
8
|
6
|
9
|
6
|
Cr
|
58
|
34
|
78
|
28
|
36
|
16
|
31
|
49
|
45
|
Cu
|
40
|
19
|
19
|
21
|
77
|
82
|
15
|
31
|
21
|
Mn
|
8
|
2666
|
1183
|
1786
|
638
|
492
|
2418
|
311
|
89
|
Mo
|
2
|
10
|
4
|
12
|
9
|
5
|
4
|
17
|
19
|
Ni
|
20
|
32
|
24
|
20
|
44
|
12
|
23
|
68
|
76
|
Pb
|
34
|
35
|
37
|
26
|
36
|
44
|
29
|
31
|
40
|
Sr
|
145
|
163
|
88
|
124
|
200
|
76
|
146
|
178
|
97
|
V
|
138
|
39
|
11
|
27
|
39
|
30
|
35
|
173
|
211
|
W
|
31
|
7
|
<10
|
7
|
10
|
63
|
8
|
9
|
25
|
Zn
|
110
|
235
|
198
|
212
|
140
|
161
|
262
|
183
|
195
|
13.2.5
|
Crushability Work and Abrasion Index
|
December 19, 2011 | 55 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Crushability Work Index and Abrasion Index
for Composite Samples
|
|||
Sample
|
Lithology
|
Crushability Wi (Kw-hr/st)
|
Ai
|
Composite 7
|
SbS
|
6.15
|
0.0450
|
Composite 12
|
ShS
|
6.02
|
0.0086
|
Composite 15
|
SbA
|
4.92
|
0.0052
|
Composite 20
|
HbS
|
3.23
|
0.0022
|
Composite 21
|
HbA
|
7.46
|
0.0405
|
Composite 28
|
ShA
|
8.91
|
0.0107
|
NP-1
|
SbS
|
16.94
|
0.2820
|
NP-2
|
SbS
|
8.22
|
0.0780
|
SP-1
|
SbA
|
12.44
|
0.0236
|
13.2.6
|
Static Bucket Leach Tests for Surface Samples
|
●
|
Gold extraction from the coarsest to the finest size fractions was good for the SP-1 sample; gold recovery is not size dependent for the South Pan samples.
|
●
|
The gold leaches very quickly, even from the coarse size fractions for the South Pan samples.
|
●
|
Gold extractions for the two North Pan samples were size dependent; the finer the crush size, the higher the gold extraction.
|
●
|
The gold extraction was acceptable once the North Pan samples were crushed to 0.5-inch or finer.
|
December 19, 2011 | 56 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Static Bucket Leach Tests (21-day duration)
|
|||||||||
Size (inches)
|
Sample SP-1
|
Sample NP-1
|
Sample NP-2
|
||||||
Extraction % Au
|
Residue g/t Au
|
Cal. Feed g/t Au
|
Extraction % Au
|
Residue g/t Au
|
Cal Feed g/t Au
|
Extraction % Au
|
Residue g/t Au
|
Cal. Feed g/t Au
|
|
3x4
|
93.7
|
0.189
|
3.013
|
51
|
0.399
|
0.815
|
52.4
|
0.547
|
1.15
|
2x3
|
76.7
|
0.034
|
0.146
|
58.3
|
0.394
|
0.946
|
59.2
|
0.879
|
2.169
|
1.5x2
|
86.4
|
0.046
|
0.339
|
53.3
|
0.42
|
0.899
|
64.2
|
0.437
|
1.22
|
1x1.5
|
84
|
0.069
|
0.432
|
65.1
|
0.153
|
0.438
|
59.3
|
0.674
|
1.656
|
0.5x1
|
86.2
|
0.086
|
0.622
|
64.2
|
0.149
|
0.416
|
84
|
0.233
|
1.453
|
-0.5
|
85.6
|
0.154
|
1.072
|
70.6
|
0.18
|
0.612
|
79.2
|
0.381
|
1.832
|
13.2.7
|
Bottle Roll Leach Tests
|
December 19, 2011 | 57 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Bottle Roll Cyanidation Test Results for Composite Samples at 6-mesh
|
||||||
Test No.
|
Composite No.
|
Extraction % Au
|
Residue g/t Au
|
Cal. Head
|
Reagent Consumption, kg/t
|
|
NaCN
|
Lime
|
|||||
BR-1
|
NP-1
|
82.9
|
0.12
|
0.68
|
0.176
|
2.542
|
BR-2
|
NP-2
|
85.3
|
0.38
|
2.56
|
0.173
|
6.094
|
27
|
1
|
71.9
|
0.09
|
0.306
|
0.056
|
2.607
|
7
|
2
|
48.7
|
0.12
|
0.23
|
0.301
|
2.723
|
39
|
3
|
28.7
|
1.41
|
1.971
|
0.121
|
2.549
|
28
|
4
|
65.3
|
0.15
|
0.436
|
0.054
|
2.008
|
8
|
5
|
52.3
|
0.43
|
0.89
|
0.12
|
1.749
|
29
|
6
|
74.4
|
0.1
|
0.386
|
Trace
|
3.597
|
49
|
7
|
33.7
|
0.34
|
0.51
|
0.12
|
2.688
|
17
|
8
|
34.4
|
0.45
|
0.69
|
0.113
|
2.942
|
50
|
9
|
85.2
|
0.11
|
0.728
|
0.233
|
2.978
|
40
|
10
|
60.5
|
0.32
|
0.802
|
0.058
|
2.489
|
BR-3
|
SP-1
|
89.5
|
0.06
|
0.6
|
0.288
|
3.523
|
9
|
11
|
58.2
|
0.17
|
0.41
|
0.109
|
4.335
|
18
|
12
|
72.8
|
0.14
|
0.5
|
0.297
|
2.995
|
41
|
13
|
91.9
|
0.07
|
0.863
|
0.112
|
6.922
|
19
|
14
|
78.1
|
0.06
|
0.26
|
0.355
|
2.926
|
20
|
15
|
82.5
|
0.06
|
0.33
|
0.109
|
4.424
|
10
|
16
|
65.4
|
0.23
|
0.67
|
0.239
|
2.581
|
21
|
17
|
72.2
|
0.16
|
0.57
|
0.171
|
3.067
|
30
|
18
|
73.4
|
0.32
|
1.209
|
0.176
|
2.91
|
22
|
19
|
59.5
|
0.18
|
0.45
|
0.11
|
2.644
|
51
|
20
|
81.3
|
0.09
|
0.503
|
0.229
|
3.363
|
52
|
21
|
76.8
|
0.18
|
0.768
|
0.16
|
2.533
|
23
|
22
|
76.5
|
0.14
|
0.6
|
0.248
|
2.755
|
42
|
23
|
63.1
|
0.53
|
1.422
|
Trace
|
1.905
|
24
|
24
|
70.2
|
0.39
|
1.31
|
0.292
|
2.423
|
31
|
25
|
77.5
|
0.08
|
0.351
|
0.103
|
2.404
|
32
|
26
|
45.4
|
0.66
|
1.209
|
Trace
|
1.917
|
25
|
27
|
81.9
|
0.1
|
0.54
|
0.418
|
2.745
|
26
|
28
|
93
|
0.09
|
1.25
|
0.231
|
4.645
|
11
|
29
|
68.5
|
0.15
|
0.46
|
0.296
|
3.63
|
Average North Pan
|
60.3
|
0.34
|
0.85
|
0.127
|
2.91
|
|
Average South Pan
|
73.9
|
0.19
|
0.71
|
0.189
|
3.23
|
December 19, 2011 | 58 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Bottle Roll Cyanidation Test Results for Composite Samples at 200-mesh
|
||||||
Test No.
|
Composite No.
|
Extraction % Au
|
Residue g/t Au
|
Cal. Head
|
Reagent Consumption, kg/t
|
|
NaCN
|
Lime
|
|||||
BR-4
|
NP-1
|
90.8
|
0.07
|
0.72
|
1.309
|
3.31
|
BR-5
|
NP-2
|
88.6
|
0.28
|
2.41
|
0.465
|
5.501
|
33
|
1
|
85.4
|
0.09
|
0.594
|
0.115
|
5.881
|
12
|
2
|
79.8
|
0.06
|
0.29
|
0.159
|
5.248
|
43
|
3
|
75.2
|
0.56
|
2.235
|
1.279
|
7.983
|
34
|
4
|
87.4
|
0.07
|
0.556
|
0.125
|
4.656
|
13
|
5
|
82.6
|
0.15
|
0.89
|
0.125
|
4.641
|
35
|
6
|
87.5
|
0.07
|
0.591
|
0.597
|
3.571
|
36
|
7
|
75.6
|
0.17
|
0.687
|
0.116
|
5.031
|
45
|
8
|
81.5
|
0.16
|
0.879
|
0.34
|
6.622
|
37
|
9
|
89.1
|
0.07
|
0.643
|
0.112
|
4.107
|
48
|
10
|
77.2
|
0.16
|
0.697
|
1.125
|
7.055
|
BR-6
|
SP-1
|
89.7
|
0.05
|
0.49
|
0.153
|
6.119
|
14
|
11
|
71.9
|
0.12
|
0.42
|
0.111
|
7.087
|
44
|
12
|
83.2
|
0.11
|
0.63
|
0.221
|
6.17
|
53
|
13
|
87.3
|
0.08
|
0.624
|
0.222
|
3.057
|
54
|
14
|
81.8
|
0.04
|
0.217
|
0.227
|
3.009
|
55
|
15
|
80.6
|
0.07
|
0.362
|
0.157
|
4.621
|
15
|
16
|
92.9
|
0.05
|
0.65
|
0.229
|
5.55
|
56
|
17
|
80.8
|
0.12
|
0.608
|
0.168
|
3.885
|
38
|
18
|
87.8
|
0.17
|
1.396
|
0.108
|
5.314
|
57
|
19
|
79.1
|
0.1
|
0.484
|
0.282
|
3.508
|
58
|
20
|
86.8
|
0.07
|
0.559
|
0.28
|
1.586
|
59
|
21
|
87.8
|
0.14
|
1.151
|
0.104
|
2.907
|
60
|
22
|
84.2
|
0.09
|
0.577
|
0.097
|
3.248
|
61
|
23
|
82.4
|
0.25
|
1.42
|
0.098
|
2.757
|
62
|
24
|
81.8
|
0.23
|
1.269
|
0.046
|
2.798
|
46
|
25
|
83.6
|
0.06
|
0.347
|
0.15
|
6.912
|
47
|
26
|
82.3
|
0.2
|
1.153
|
0.11
|
5.823
|
63
|
27
|
86.7
|
0.07
|
0.504
|
0.095
|
3.225
|
64
|
28
|
88
|
0.16
|
1.311
|
0.088
|
4.248
|
16
|
29
|
63.2
|
0.18
|
0.48
|
0.102
|
6.151
|
Average North Pan
|
83.4
|
0.16
|
0.93
|
0.489
|
5.3
|
|
Average South Pan
|
83.1
|
0.12
|
0.73
|
0.152
|
4.4
|
December 19, 2011 | 59 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.8
|
Column Leach Tests
|
13.2.8.1
|
Assay-by-Size Fraction for Gold
|
December 19, 2011 | 60 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Assay-by-Size Fraction for Gold in Composite Samples
|
||||||||||||
Size Fraction (inches)
|
NP-1
|
SP-1
|
Composite No. 1
|
Composite No. 10
|
||||||||
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
|||||
Wt.
|
Au
|
Wt.
|
Au
|
Wt.
|
Au
|
Wt.
|
Au
|
|||||
+1.5
|
1.00
|
16.8
|
30.7
|
0.16
|
17.1
|
6.9
|
1.94
|
10.4
|
15
|
0.9
|
5.8
|
4.3
|
1x7.5
|
0.49
|
30.5
|
27.3
|
0.15
|
16.5
|
6.2
|
1.02
|
26.2
|
19.6
|
0.66
|
31.2
|
17.1
|
0.75x1
|
0.38
|
16.3
|
11.4
|
0.18
|
10.5
|
4.8
|
1.3
|
19
|
18.1
|
0.69
|
14.9
|
8.5
|
0.5x0.75
|
0.45
|
11.6
|
9.5
|
0.18
|
7.2
|
3.2
|
1.32
|
20.6
|
20
|
0.82
|
17.2
|
11.6
|
-0.5
|
0.47
|
24.8
|
21.1
|
0.64
|
48.7
|
78.9
|
1.56
|
23.8
|
27.3
|
2.29
|
30.9
|
58.5
|
Cal. Feed
|
0.55
|
0.39
|
1.36
|
1.21
|
||||||||
Assay-by-Size Fraction for Gold in Composite Samples
|
||||||||||||
Size Fraction (inches)
|
13
|
16
|
19
|
24
|
||||||||
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
|||||
Wt.
|
Au
|
Wt.
|
Au
|
Wt.
|
Au
|
Wt.
|
Au
|
|||||
+1.5
|
0.34
|
14.7
|
9.4
|
1.45
|
31.9
|
41.8
|
0.31
|
36.9
|
31.8
|
0.79
|
34
|
27.8
|
1x7.5
|
0.52
|
20.4
|
19.8
|
0.8
|
36.8
|
26.3
|
0.24
|
20.8
|
13.9
|
1.1
|
20.5
|
23.3
|
0.75x1
|
0.49
|
13
|
12
|
0.53
|
13.1
|
6.2
|
0.14
|
8.7
|
3.3
|
1.06
|
10.6
|
11.7
|
0.5x0.75
|
0.33
|
14.5
|
9
|
1.19
|
7.3
|
7.9
|
0.45
|
9.1
|
11.3
|
1.13
|
8.8
|
10.3
|
-0.5
|
0.71
|
37.5
|
49.8
|
1.83
|
10.8
|
17.8
|
0.58
|
24.5
|
39.8
|
0.99
|
26.1
|
26.9
|
Cal. Feed
|
0.54
|
1.11
|
0.36
|
0.96
|
December 19, 2011 | 61 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.8.1
|
Test Results
|
Summary of Column Leach Test Results for North Pan Samples | ||||||
Composite No. |
Crush
Size P80
ins
|
Leach Time
Days
|
Extraction
% Au |
Residue
g/t Au |
Cal. Head
g/t Au
|
NaCN
Consumption
Kg/t
|
NP-1
|
1.5
|
41
|
52.4
|
0.309
|
0.649
|
0.154
|
NP-1
|
0.5
|
41
|
73.4
|
0.182
|
0.637
|
0.637
|
NP-2
|
0.5
|
41
|
73.1
|
0.394
|
1.462
|
0.873
|
NP-2
|
1.5
|
41
|
46.1
|
0.792
|
1.470
|
0.196
|
2
|
0.5
|
31
|
53.0
|
0.141
|
0.300
|
0.458
|
3
|
1.5
|
62
|
35.4
|
0.874
|
1.353
|
0.476
|
5
|
0.5
|
31
|
48.4
|
0.471
|
0.913
|
0.528
|
8
|
0.5
|
90
|
39.5
|
0.393
|
0.649
|
2.219
|
9
|
1.0
|
61
|
78.5
|
0.063
|
0.587
|
0.432
|
10
|
1.5
|
108
|
84.7
|
0.225
|
1.474
|
1.245
|
KCA32480
|
0.5
|
110
|
73.0
|
0.218
|
0.746
|
0.990
|
KCA32480
|
1.5
|
112
|
71.0
|
0.218
|
0.809
|
0.415
|
KCA32481
|
0.5
|
110
|
78.0
|
0.467
|
2.084
|
1.480
|
KCA32481
|
1.5
|
112
|
73.0
|
0.559
|
2.115
|
0.575
|
KCA32482
|
0.5
|
74
|
85.0
|
0.124
|
0.809
|
1.270
|
KCA32482
|
1.5
|
77
|
85.0
|
0.124
|
0.840
|
0.360
|
KCA32483
|
0.5
|
110
|
58.0
|
0.467
|
1.120
|
0.875
|
KCA32483
|
1.5
|
112
|
54.0
|
0.498
|
1.089
|
0.430
|
KCA32484
|
0.5
|
110
|
55.0
|
0.404
|
1.151
|
0.985
|
KCA32484
|
1.5
|
112
|
46.0
|
0.467
|
1.151
|
0.430
|
Average
|
0.5
|
75
|
63.6
|
0.362
|
0.987
|
0.810
|
Average
|
1.0
|
61
|
78.5
|
0.063
|
0.587
|
0.432
|
Average
|
1.5
|
86
|
60.8
|
0.452
|
1.216
|
0.476
|
Average
|
All
|
79
|
63.1
|
0.370
|
1.070
|
0.641
|
December 19, 2011 | 62 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Summary of Column Leach Test Results for South Pan Samples | ||||||
Composite
No.
|
Crush
Size P80
ins
|
Leach
Time
Days
|
Extraction
% Au
|
Residue
g/t Au
|
Cal. head
g/t Au
|
NaCN Consumption
Kg/t
|
SP-1
|
0.5
|
41
|
95.7
|
0.015
|
0.352
|
0.628
|
11
|
0.5
|
31
|
74.3
|
0.125
|
0.487
|
0.509
|
11
|
1.0
|
66
|
77.8
|
0.204
|
0.918
|
0.729
|
12
|
0.5
|
62
|
86.5
|
0.069
|
0.513
|
1.058
|
13
|
1.5
|
62
|
95.5
|
0.039
|
0.860
|
0.416
|
14
|
0.5
|
62
|
91.2
|
0.024
|
0.274
|
1.058
|
14
|
1.5
|
60
|
91.3
|
0.031
|
0.356
|
0.444
|
15
|
0.5
|
62
|
85.2
|
0.026
|
0.352
|
0.764
|
15
|
1.5
|
60
|
95.2
|
0.026
|
0.537
|
0.454
|
16
|
0.5
|
31
|
85.0
|
0.098
|
0.655
|
0.493
|
16
|
1.0
|
68
|
83.8
|
0.158
|
0.945
|
0.878
|
16
|
1.5
|
60
|
90.8
|
0.091
|
0.994
|
0.674
|
17
|
0.5
|
62
|
86.3
|
0.072
|
0.526
|
0.880
|
17
|
1.5
|
69
|
79.2
|
0.082
|
0.395
|
0.641
|
18
|
1.0
|
61
|
87.5
|
0.120
|
0.961
|
0.437
|
18
|
0.5
|
68
|
75.1
|
0.192
|
0.772
|
1.378
|
19
|
0.5
|
60
|
92.8
|
0.034
|
0.471
|
0.853
|
19
|
1.5
|
69
|
92.4
|
0.043
|
0.568
|
0.467
|
20
|
1.0
|
61
|
54.2
|
0.398
|
0.870
|
0.790
|
21
|
1.0
|
61
|
85.8
|
0.098
|
0.688
|
0.574
|
22
|
0.5
|
60
|
75.8
|
0.149
|
0.616
|
0.974
|
23
|
1.5
|
62
|
76.1
|
0.370
|
1.551
|
0.445
|
24
|
0.5
|
62
|
83.2
|
0.171
|
1.015
|
0.695
|
25
|
1
|
66
|
78.7
|
0.110
|
0.517
|
0.764
|
25
|
1.5
|
69
|
76.8
|
0.177
|
0.764
|
0.503
|
26
|
1
|
66
|
94.7
|
0.031
|
0.588
|
0.705
|
27
|
0.5
|
62
|
94.5
|
0.031
|
0.565
|
0.651
|
27
|
1.5
|
69
|
78.4
|
0.209
|
0.967
|
0.502
|
28
|
0.5
|
62
|
98.7
|
0.022
|
1.752
|
0.849
|
29
|
0.5
|
31
|
74.1
|
0.117
|
0.451
|
0.547
|
Average
|
0.5
|
54
|
85.6
|
0.082
|
0.629
|
0.81
|
Average
|
1
|
64
|
80.3
|
0.16
|
0.783
|
0.697
|
Average
|
1.5
|
64
|
86.2
|
0.119
|
0.777
|
0.505
|
Average
|
All
|
60
|
84.6
|
0.111
|
0.709
|
0.692
|
December 19, 2011 | 63 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.8.3
|
Percent Slump
|
13.2.8.4
|
Drain Down and Maximum Percolation Rate
|
December 19, 2011 | 64 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.8.5
|
Tailing Analysis
|
Distribution of Gold in Leach Residues by Size
|
|||||||||
Size Fraction (inches)
|
Composite 10
|
Composite 24
|
Composite 27
|
||||||
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
Assay g/t Au
|
Distribution %
|
||||
Wt.
|
Au
|
Wt.
|
Au
|
Wt.
|
Au
|
||||
+1.5
|
0.11
|
16.0
|
11.6
|
0.04
|
18.4
|
11.6
|
0.13
|
24.9
|
18.7
|
1x1.5
|
0.15
|
42.0
|
42.7
|
0.07
|
35.5
|
42.6
|
0.17
|
22.6
|
21.7
|
0.75x1
|
0.14
|
16.2
|
14.9
|
0.05
|
12.3
|
10.6
|
0.12
|
3.7
|
2.4
|
0.5x0.75
|
0,15
|
13.3
|
13.4
|
0.08
|
8.8
|
10.7
|
0.10
|
5.8
|
3.2
|
-0.5
|
0.21
|
12.5
|
17.4
|
0.06
|
25.0
|
24.4
|
0.22
|
43.0
|
54.0
|
Cal. Feed
|
0.15
|
0.06
|
0.17
|
13.2.8.6
|
Pregnant Solution Analysis
|
December 19, 2011 | 65 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Pregnant Solution Analyses for Surface Samples
|
||||||
Element
ppm |
Column No.
|
|||||
NP-1
|
NP-2
|
SP-1
|
||||
Days 2-6
|
Days 14-23
|
Days 2-6
|
Days 14-23
|
Days 2-6
|
Days 14-23
|
|
Au
|
0.27
|
0.05
|
0.7
|
0.09
|
0.43
|
0.01
|
Al
|
0.05
|
0.1
|
0.6
|
<0.1
|
0.2
|
<0.1
|
As
|
0.02
|
<0.1
|
0.5
|
0.8
|
0.1
|
0.5
|
Ba
|
0.4
|
<0.1
|
<0.1
|
<0.1
|
0.1
|
<0.1
|
Bi
|
<0.1
|
<0.1
|
0.6
|
<0.1
|
<0.1
|
<0.1
|
Ca
|
47
|
1.5
|
5
|
1.7
|
134
|
4
|
Cd
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Co
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Cr
|
0.1
|
<0.1
|
0.1
|
<0.1
|
0.2
|
<0.1
|
Cu
|
1.7
|
0.3
|
1.7
|
0.3
|
3.3
|
0.3
|
Fe
|
<0.1
|
<0.1
|
<0.1
|
0.1
|
<0.1
|
<0.1
|
K
|
14
|
3.9
|
7
|
2.9
|
4
|
2.6
|
Mg
|
<0.1
|
<0.1
|
<0.1
|
0.1
|
0.2
|
<0.1
|
Mn
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Ni
|
<0.1
|
<0.1
|
0.1
|
<0.1
|
0.2
|
<0.1
|
Pb
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Sr
|
1
|
0.1
|
0.3
|
0.1
|
1.5
|
0.2
|
Ti
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
V
|
0.1
|
<0.1
|
0.2
|
<0.1
|
<0.1
|
0.1
|
W
|
<0.1
|
0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Zn
|
0.9
|
<0.1
|
0.7
|
<0.1
|
4.9
|
0.2
|
December 19, 2011 | 66 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Pregnant Solution Analyses for 0.5-inch Column Tests
|
||||||||||||
Element
ppm |
2
|
11
|
12
|
10
|
||||||||
Days
|
Days
|
Days
|
Days
|
|||||||||
1-5
|
16-25
|
29
|
1-5
|
16-25
|
29
|
2
|
19
|
43
|
1.5
|
19
|
43
|
|
Au
|
0.29
|
0.01
|
0.4
|
0.47
|
0.01
|
1.1
|
0.04
|
0.01
|
0.18
|
0.1
|
0.08
|
|
Al
|
1.2
|
0.4
|
0.1
|
0.2
|
0.1
|
0.1
|
0.9
|
0.6
|
0.5
|
0.8
|
0.4
|
0.1
|
As
|
0.3
|
<0.1
|
<0.1
|
0.2
|
0.5
|
0.7
|
<0.1
|
0.6
|
1.7
|
<0.1
|
0.1
|
0.2
|
Ba
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
0.1
|
0.1
|
Bi
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
6.1
|
<0.1
|
Ca
|
0.3
|
<0.1
|
118
|
<0.1
|
<0.1
|
<0.1
|
108
|
18.6
|
3.1
|
1.6
|
2.2
|
1.5
|
Cd
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
0.1
|
<0.1
|
<0.1
|
<0.1
|
Co
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Cr
|
0.1
|
<0.1
|
0.3
|
<0.1
|
<0.1
|
<0.1
|
0.2
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Cu
|
2.5
|
0.3
|
9.4
|
<0.1
|
<0.1
|
1.9
|
0.4
|
0.2
|
<0.1
|
0.1
|
0.1
|
<0.1
|
Fe
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
K
|
17.3
|
2.5
|
3.4
|
2.6
|
<0.1
|
0.9
|
6.9
|
1.9
|
1.5
|
2.6
|
1.5
|
1.7
|
Mg
|
0.1
|
<0.1
|
<0.1
|
0.9
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
0.2
|
0.1
|
Mn
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Ni
|
0.1
|
<0.1
|
<0.1
|
0.1
|
<0.1
|
<0.1
|
0.4
|
0.1
|
0.1
|
<0.1
|
<0.1
|
<0.1
|
Pb
|
0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Sr
|
0.3
|
<0.1
|
<0.1
|
1
|
<0.1
|
<0.1
|
2
|
0.3
|
0.2
|
<0.1
|
0.1
|
0.1
|
Ti
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
V
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
0.1
|
0.1
|
0.1
|
<0.1
|
<0.1
|
<0.1
|
W
|
0.5
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
0.4
|
0.1
|
<0.1
|
<0.1
|
<0.1
|
<0.1
|
Zn
|
<0.1
|
<0.1
|
<0.1
|
0.4
|
<0.1
|
<0.1
|
23.4
|
5.7
|
0.1
|
<0.1
|
2.9
|
3.1
|
December 19, 2011 | 67 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.9
|
Coarse Ore Bottle Roll Leach Tests on North Pan Samples
|
Bottle Roll Cyanide Leach Test Results
|
||||||
Composite
|
Crush
Size
P80
inches
|
Extraction
% Au
|
Residue
g/t Au
|
Cal.
Head
g/t Au
|
NaCN
Consumption
kg/t
|
Lime
Addition
kg/t
|
1
|
0.5
|
51.8
|
0.18
|
0.374
|
0.454
|
2.657
|
1
|
0.25
|
72.6
|
0.14
|
0.493
|
0.328
|
2.923
|
2
|
0.5
|
41.3
|
0.15
|
0.249
|
0.148
|
2.088
|
2
|
0.25
|
77.7
|
0.05
|
0.229
|
0.044
|
2.427
|
8
|
0.5
|
60.0
|
0.07
|
0.172
|
0.505
|
3.340
|
8
|
0.25
|
70.2
|
0.07
|
0.235
|
0.096
|
3.092
|
4
|
0.5
|
43.8
|
0.25
|
0.452
|
0.843
|
3.968
|
4
|
0.25
|
57.5
|
0.18
|
0.419
|
0.192
|
2.926
|
5
|
0.5
|
61.4
|
0.41
|
1.057
|
0.721
|
3.031
|
5
|
0.25
|
53.0
|
0.78
|
1.649
|
0.232
|
2.761
|
6
|
0.5
|
59.2
|
0.17
|
0.417
|
0.287
|
3.507
|
6
|
0.25
|
67.5
|
0.18
|
0.547
|
0.191
|
3.674
|
7
|
0.5
|
59.2
|
0.17
|
0.242
|
0.288
|
3.090
|
7
|
0.25
|
32.5
|
0.26
|
0.388
|
0.093
|
2.424
|
Average
|
0.5
|
49.9
|
0.20
|
0.423
|
0.463
|
3.100
|
Average
|
0.25
|
61.6
|
0.24
|
0.566
|
0.168
|
2.890
|
Average
|
All
|
55.8
|
0.22
|
0.495
|
0.316
|
3.000
|
13.2.10
|
Agglomeration Tests
|
December 19, 2011 | 68 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
1.
|
A 1 kilogram charge of material was placed in a 4,000 ml beaker with the correct amount of lime and cement. The sample was then mixed thoroughly by rotating the beaker.
|
2.
|
Tap water was then sprayed onto the material as the beaker was rotated to agglomerate the sample. The weight of the water used was recorded once the fines agglomerated and were no longer loose.
|
3.
|
The material was then place in a sealed bag and allowed to cure for 36 hours.
|
4.
|
After 36 hours the cured material was placed in a 10 mesh screen and submerged in a bucket of water. The screen was submerged in the bucket of water 10 times, with a constant rhythmic motion. The +10 mesh material was then dried and weighed to determine the percentage of material that was retained.
|
Agglomeration Test Results
|
||||||
Test No.
|
Composite No.
|
Size 1 kg, inch
|
Lime Rate, lb/ton
|
Cement Rate, lb/ton
|
% Retained (10-mesh)
|
% Moisture After Agglomeration
|
1
|
SbS
|
1/2
|
0
|
0
|
93.5
|
3.9
|
2
|
SbS
|
1/2
|
2
|
2.5
|
98.1
|
4.6
|
3
|
SbS
|
1/2
|
2
|
5
|
97.1
|
5.3
|
4
|
SbS
|
1/2
|
2
|
7.5
|
97.5
|
5.4
|
5
|
SbS
|
1/2
|
2
|
10
|
97.1
|
5.6
|
6
|
SbA
|
1
|
0
|
0
|
90.1
|
6.4
|
7
|
SbA
|
1
|
2
|
2.5
|
94.1
|
6.9
|
8
|
SbA
|
1
|
2
|
5
|
96.7
|
7.4
|
9
|
SbA
|
1
|
2
|
7.5
|
93.6
|
7.5
|
10
|
SbA
|
1
|
2
|
10
|
93.7
|
7.9
|
11
|
ShA
|
1
|
0
|
0
|
95.6
|
4.5
|
12
|
ShA
|
1
|
2
|
2.5
|
95.0
|
5.3
|
13
|
ShA
|
1
|
2
|
5
|
96.0
|
5.4
|
14
|
ShA
|
1
|
2
|
7.5
|
96.5
|
5.7
|
15
|
ShA
|
1
|
2
|
10
|
97.4
|
5.8
|
13.2.11
|
Carbon Loading Tests
|
December 19, 2011 | 69 |
Midway Gold Corp. | Mineral Processing and Metallurgical Testing |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
13.2.12
|
Metallurgical Testing Conclusions
|
December 19, 2011 | 70 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14
|
MINERAL RESOURCE ESTIMATES
|
14.1
|
Data Used for the Gold Grade Estimation
|
14.2
|
Density
|
December 19, 2011 | 71 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Rock Type
|
Density
t/ft3
|
Tonnage Factor
ft3/ton
|
Argillic Shale
|
0.0685
|
14.6
|
Unaltered Shale
|
0.0704
|
14.2
|
Limestone
|
0.0781
|
12.8
|
Breccia
|
0.0794
|
12.6
|
Argillic Breccia
|
0.0758
|
13.2
|
Silicified Breccia
|
0.0763
|
13.1
|
Tertiary Volcanics
|
0.0592
|
16.9
|
14.3
|
Methodology
|
December 19, 2011 | 72 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.4
|
Estimation Domains
|
December 19, 2011 | 73 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 74 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.4.1
|
Creation of Domains
|
l4.4.1.1
|
North Pan
|
14.4.1.2
|
Central Pan
|
14.4.1.3
|
South Pan
|
December 19, 2011 | 75 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 76 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.4.2
|
Grade Shell Estimation
|
14.4.2.1
|
North Pan
|
14.4.2.2
|
Central and South Pan
|
December 19, 2011 | 77 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
South and Central Pan Sample Assay Summary Statistics Au ≥ 0.001 opt
|
|||||
Mineral Domain
|
Sample
Count |
Maximum
|
Mean
|
Median
|
Variance
|
n
|
opt
|
opt
|
opt
|
opt
|
|
Central
|
2277
|
0.015
|
0.001
|
0.000
|
0.000
|
Central 0.002
|
1018
|
0.026
|
0.002
|
0.001
|
0.000
|
Central 0.004
|
614
|
0.049
|
0.004
|
0.002
|
0.005
|
Central 0.006
|
444
|
0.067
|
0.006
|
0.003
|
0.007
|
Central 0.008
|
1190
|
0.171
|
0.017
|
0.011
|
0.020
|
South Pan Bxa
|
1469
|
0.010
|
0.001
|
0.001
|
0.000
|
South Pan Breccia 0.002
|
944
|
0.032
|
0.003
|
0.002
|
0.000
|
South Pan Breccia 0.004
|
473
|
0.053
|
0.005
|
0.004
|
0.000
|
South Pan Breccia 0.006
|
575
|
0.048
|
0.007
|
0.005
|
0.000
|
South Pan Breccia 0.008
|
4011
|
0.254
|
0.022
|
0.016
|
0.000
|
Wendy Transition
|
814
|
0.015
|
0.001
|
0.001
|
0.000
|
Wendy Transition 0.002
|
537
|
0.032
|
0.003
|
0.002
|
0.000
|
Wendy Transition 0.004
|
178
|
0.052
|
0.005
|
0.003
|
0.000
|
Wendy Transition 0.006
|
104
|
0.031
|
0.006
|
0.004
|
0.000
|
Wendy Transition 0.008
|
769
|
0.292
|
0.018
|
0.011
|
0.001
|
Wendy
|
1311
|
0.010
|
0.001
|
0.000
|
0.000
|
Wendy Zone 0.002
|
540
|
0.022
|
0.003
|
0.002
|
0.000
|
Wendy Zone 0.004
|
392
|
0.028
|
0.005
|
0.004
|
0.000
|
Wendy Zone 0.006
|
331
|
0.035
|
0.007
|
0.005
|
0.000
|
Wendy Zone 0.008
|
769
|
0.292
|
0.018
|
0.011
|
0.001
|
December 19, 2011 | 78 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.5
|
Compositing
|
South and Central Pan Composite Assay Summary Statistics Au ≥ 0.001 opt
|
|||||
Mineral Domain
|
Sample
Count |
Maximum
|
Mean
|
Median
|
Variance
|
n
|
opt
|
opt
|
opt
|
opt
|
|
Central
|
624
|
0.008
|
0.001
|
0.001
|
0.000
|
Central 0.002
|
270
|
0.012
|
0.002
|
0.002
|
0.000
|
Central 0.004
|
164
|
0.015
|
0.004
|
0.003
|
0.000
|
Central 0.006
|
113
|
0.019
|
0.006
|
0.005
|
0.000
|
Central 0.008
|
310
|
0.152
|
0.017
|
0.013
|
0.000
|
South Pan Breccia
|
464
|
0.004
|
0.001
|
0.001
|
0.000
|
South Pan Breccia 0.002
|
282
|
0.020
|
0.003
|
0.002
|
0.000
|
South Pan Breccia 0.004
|
115
|
0.038
|
0.005
|
0.004
|
0.000
|
South Pan Breccia 0.006
|
150
|
0.025
|
0.007
|
0.006
|
0.000
|
South Pan Breccia 0.008
|
1046
|
0.017
|
0.021
|
0.018
|
0.000
|
Wendy Transition
|
346
|
0.004
|
0.001
|
0.000
|
0.000
|
Wendy Transition 0.002
|
148
|
0.011
|
0.003
|
0.003
|
0.000
|
Wendy Transition 0.004
|
97
|
0.010
|
0.005
|
0.004
|
0.000
|
Wendy Transition 0.006
|
85
|
0.018
|
0.006
|
0.006
|
0.000
|
Wendy Transition 0.008
|
196
|
0.210
|
0.018
|
0.013
|
0.000
|
Wendy
|
225
|
0.005
|
0.001
|
0.001
|
0.000
|
Wendy Zone 0.002
|
144
|
0.010
|
0.002
|
0.002
|
0.000
|
Wendy Zone 0.004
|
42
|
0.018
|
0.005
|
0.004
|
0.000
|
Wendy Zone 0.006
|
28
|
0.027
|
0.007
|
0.006
|
0.000
|
Wendy Zone 0.008
|
39
|
0.078
|
0.018
|
0.015
|
0.000
|
14.6
|
Capping of Assays
|
December 19, 2011 | 79 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.7
|
Variography
|
December 19, 2011 | 80 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Primary Axis
|
|||||||
North Breccia
|
North West
|
Central
|
South Breccia
|
Wendy Transition
|
Wendy
|
Barite
|
|
Strike
|
Isotropic
|
255
|
255
|
0
|
350
|
323
|
340
|
Plunge
|
0
|
0
|
-10
|
5
|
0
|
10
|
|
Secondary Axis
|
|||||||
Dip Direction
|
Isotropic
|
345
|
345
|
270
|
260
|
53
|
250
|
Dip
|
0
|
0
|
-85
|
-85
|
-63
|
-85
|
|
Model Type
|
Spherical
|
Spherical
|
Spherical
|
Spherical
|
Spherical
|
Spherical
|
Spherical
|
C0
|
0.213
|
0.212
|
0.391
|
0.303
|
0.262
|
0.419
|
0.303
|
C1
|
0.431
|
0.414
|
0.609
|
0.425
|
0.372
|
0.452
|
0.425
|
C2
|
0.356
|
0.374
|
---
|
0.272
|
0.366
|
0.130
|
0.272
|
Range1
|
68
|
100
|
192
|
72
|
50
|
60
|
72
|
Range2
|
158
|
174
|
---
|
210
|
130
|
160
|
210
|
December 19, 2011 | 81 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.8
|
Estimation Methodology
|
14.8.1
|
North Pan
|
14.8.2
|
Central and South Pan
|
December 19, 2011 | 82 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Domain
|
North Breccia
|
North West
|
||||
# of composites
|
Measured
|
Indicated
|
Inferred
|
Measured
|
Indicated
|
Inferred
|
1st Pass
|
2nd Pass
|
3rd Pass
|
1st Pass
|
2nd Pass
|
3rd Pass
|
|
Min
|
3
|
3
|
2
|
3
|
3
|
2
|
Max
|
8
|
12
|
12
|
8
|
12
|
12
|
Max per Hole
|
2
|
2
|
4
|
2
|
2
|
4
|
Search Ellipsoid Distance (feet)
|
||||||
Primary
|
79
|
158
|
316
|
87
|
174
|
348
|
Secondary
|
79
|
158
|
316
|
45
|
90
|
180
|
Tertiary
|
79
|
158
|
316
|
30
|
60
|
120
|
Domain
|
South Breccia
|
Wendy Transition
|
Wendy
|
||||||
# of Composites
|
|||||||||
Min
|
5
|
5
|
5
|
||||||
Max
|
12
|
12
|
12
|
||||||
Max per Hole
|
4
|
4
|
4
|
||||||
Search Ellipsoid Distance (feet)
|
|||||||||
Measured
|
Indicated
|
Inferred
|
Measured
|
Indicated
|
Inferred
|
Measured
|
Indicated
|
Inferred
|
|
Primary
|
105
|
210
|
420
|
65
|
130
|
260
|
80
|
160
|
320
|
Secondary
|
90
|
180
|
360
|
47
|
94
|
188
|
62
|
124
|
248
|
Tertiary
|
23
|
46
|
92
|
22
|
44
|
88
|
62
|
124
|
248
|
Domain
|
Barite
|
Central
|
||||
Min
|
5
|
5
|
||||
Max
|
12
|
12
|
||||
Max per Hole
|
4
|
4
|
||||
Search Ellipsoid Distance (feet)
|
||||||
Measured
|
Indicated
|
Inferred
|
Measured
|
Indicated
|
Inferred
|
|
Primary
|
105
|
210
|
420
|
96
|
192
|
384
|
Secondary
|
90
|
180
|
360
|
66
|
132
|
264
|
Tertiary
|
23
|
46
|
92
|
65
|
130
|
260
|
December 19, 2011 | 83 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.9
|
Estimate Validation
|
December 19, 2011 | 84 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 85 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
14.10
|
Mineral Resource Classification
|
14.11
|
Mineral Resource Tabulation
|
North Pan Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
13,994,415
|
0.0168
|
234,844
|
0.006
|
15,592,007
|
0.0158
|
245,850
|
0.004
|
18,597,319
|
0.0140
|
260,404
|
North Pan Indicated Resource
|
|||
0.008
|
10,565,126
|
0.0146
|
154,540
|
0.006
|
12,702,959
|
0.0133
|
169,135
|
0.004
|
17,006,845
|
0.0112
|
189,823
|
North Pan Measured plus Indicated Resource
|
|||
0.008
|
24,559,541
|
0.0159
|
389,384
|
0.006
|
28,294,966
|
0.0147
|
414,985
|
0.004
|
35,604,164
|
0.0126
|
450,228
|
North Pan Inferred Resource
|
|||
0.008
|
122,858
|
0.0112
|
1,376
|
0.006
|
233,476
|
0.0091
|
2,129
|
0.004
|
511,402
|
0.0067
|
3,427
|
December 19, 2011 | 86 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Central Pan Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
2,329,227
|
0.0146
|
33,991
|
0.006
|
2,837,448
|
0.0132
|
37,482
|
0.004
|
3,802,537
|
0.0111
|
42,192
|
Central Pan Indicated Resource
|
|||
0.008
|
1,895,266
|
0.0122
|
23,216
|
0.006
|
2,524,520
|
0.0109
|
27,623
|
0.004
|
4,053,056
|
0.0086
|
34,885
|
Central Pan Measured plus Indicated Resource
|
|||
0.008
|
4,224,493
|
0.0135
|
57,207
|
0.006
|
5,361,968
|
0.0121
|
65,105
|
0.004
|
7,855,593
|
0.0098
|
77,077
|
Central Pan Inferred Resource
|
|||
0.008
|
240,912
|
0.0103
|
2,470
|
0.006
|
290,465
|
0.0096
|
2,802
|
0.004
|
722,079
|
0.0066
|
4,741
|
South Pan Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
13,826,998
|
0.0182
|
251,350
|
0.006
|
15,584,480
|
0.0169
|
263,423
|
0.004
|
18,297,337
|
0.0151
|
276,641
|
South Pan Indicated Resource
|
|||
0.008
|
17,440,794
|
0.0158
|
275,596
|
0.006
|
20,764,856
|
0.0144
|
298,599
|
0.004
|
26,469,130
|
0.0123
|
325,863
|
South Pan Measured plus Indicated Resource
|
|||
0.008
|
31,267,792
|
0.0169
|
526,946
|
0.006
|
36,349,336
|
0.0155
|
562,022
|
0.004
|
44,766,467
|
0.0135
|
602,504
|
South Pan Inferred Resource
|
|||
0.008
|
1,588,716
|
0.0184
|
29,274
|
0.006
|
1,933,540
|
0.0164
|
31,651
|
0.004
|
3,096,599
|
0.0120
|
37,093
|
December 19, 2011 | 87 |
Midway Gold Corp. | Mineral Resource Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Pan Total Measured Resource
|
|||
Opt
|
Tons
|
Au Opt
|
oz
|
0.008
|
30,150,640
|
0.0173
|
520,186
|
0.006
|
34,013,935
|
0.0161
|
546,756
|
0.004
|
40,697,193
|
0.0142
|
579,238
|
Pan Total Indicated Resource
|
|||
0.008
|
29,901,186
|
0.0152
|
453,351
|
0.006
|
35,992,335
|
0.0138
|
495,357
|
0.004
|
47,529,031
|
0.0116
|
550,571
|
Pan Total Measured plus Indicated Resource
|
|||
0.008
|
60,051,826
|
0.0162
|
973,537
|
0.006
|
70,006,270
|
0.0149
|
1,042,112
|
0.004
|
88,226,224
|
0.0128
|
1,129,809
|
Pan Total Inferred Resource
|
|||
0.008
|
1,952,486
|
0.0170
|
33,120
|
0.006
|
2,457,481
|
0.0149
|
36,581
|
0.004
|
4,330,080
|
0.0105
|
45,261
|
December 19, 2011 | 88 |
Midway Gold Corp. | Mineral Reserve Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
15
|
MINERAL RESERVE ESTIMATES
|
15.1.1
|
Whittle Pit Optimization
|
15.1.2
|
Calculation Parameters
|
15.1.2.1
|
Cutoff Grade Equations
|
December 19, 2011 | 89 |
Midway Gold Corp. | Mineral Reserve Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
North Pit
|
|||||||
Economic Cutoff @
|
$ 1,200
|
Mining Cuttoff @
|
$ 850
|
$ 1,200
|
|||
Cost Center
|
Cost Center
|
||||||
Mining
|
$/ore ton
|
$ 2.78
|
Mining
|
$/ore ton
|
$ -
|
$ -
|
|
Processing
|
$/ore ton
|
$ 2.58
|
Processing
|
$/ore ton
|
$ 2.65
|
$ 2.58
|
|
G&A
|
$/ore ton
|
$ 0.37
|
G&A
|
$/ore ton
|
$ 0.38
|
$ 0.37
|
|
Recoveries
|
ton
|
65%
|
Recoveries
|
ton
|
70%
|
65%
|
|
Royalties
|
gross
|
4%
|
Royalties
|
gross
|
4%
|
4%
|
|
refining cost
|
per/oz
|
$ 5.00
|
refining cost
|
per/oz
|
$ 5.00
|
$ 5.00
|
|
total cost
|
ore/ton
|
$ 5.73
|
total cost
|
ore/ton
|
$ 3.03
|
$ 2.95
|
|
Gold Selling Price
|
oz
|
$ 1,200
|
Gold Selling Price
|
oz
|
$ 850
|
$ 1,200
|
|
Cutoff Grade
|
opt
|
0.0074
|
Cutoff Grade
|
opt
|
0.0051
|
0.0038
|
|
South Pit
|
|||||||
Economic Cutoff @
|
$ 1,200
|
Mining Cuttoff @
|
$ 850
|
$ 1,200
|
|||
Cost Center
|
Cost Center
|
||||||
Mining
|
$/ore ton
|
$ 2.78
|
Mining
|
$/ore ton
|
$ -
|
$ -
|
|
Processing
|
$/ore ton
|
$ 2.58
|
Processing
|
$/ore ton
|
$ 2.65
|
$ 2.58
|
|
G&A
|
$/ore ton
|
$ 0.37
|
G&A
|
$/ore ton
|
$ 0.38
|
$ 0.37
|
|
Recoveries
|
ton
|
85%
|
Recoveries
|
ton
|
80%
|
85%
|
|
Royalties
|
gross
|
4%
|
Royalties
|
gross
|
4%
|
4%
|
|
refining cost
|
per/oz
|
$ 5.00
|
refining cost
|
per/oz
|
$ 5.00
|
$ 5.00
|
|
total cost
|
ore/ton
|
$ 5.73
|
total cost
|
ore/ton
|
$ 3.03
|
$ 2.95
|
|
Gold Selling Price
|
oz
|
$ 1,200
|
Gold Selling Price
|
oz
|
$ 850
|
$ 1,200
|
|
Cutoff Grade
|
opt
|
0.0056
|
Cutoff Grade
|
opt
|
0.0045
|
0.0029
|
151.3
|
Mineral Reserve Estimate
|
December 19, 2011 | 90 |
Midway Gold Corp. | Mineral Reserve Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
North and Central Pan
|
Tons
|
Gold
|
|
Cutoff Grade:
|
(x 1000)
|
opt
|
ounces (x 1000)
|
0.008 opt / 0.274 g/tonnes
|
|||
North Pan
|
|||
Proven Reserves
|
12,625
|
0.018
|
223.30
|
Probable Reserves
|
10,993
|
0.015
|
162.66
|
Proven & Probable Reserves
|
23,618
|
0.016
|
385.95
|
Inferred within Designed Pit
|
351
|
0.012
|
4.29
|
Waste within Designed Pit
|
27,823
|
||
Total tons within Designed Pit
|
51,791
|
||
Central Pan
|
|||
Proven Reserves
|
1,799
|
0.015
|
27.78
|
Probable Reserves
|
1,125
|
0.013
|
15.00
|
Proven & Probable Reserves
|
2,924
|
0.015
|
42.78
|
Inferred within Designed Pit
|
75
|
0.010
|
0.77
|
Waste within Designed Pit
|
5,387
|
||
Total tons within Designed Pit
|
8,386
|
||
Sub Total - North + Central
|
|||
Proven Reserves
|
14,423
|
0.017
|
251.08
|
Probable Reserves
|
12,119
|
0.015
|
177.66
|
Proven & Probable Reserves
|
26,542
|
0.016
|
428.74
|
Inferred within Designed Pit
|
426
|
0.012
|
5.06
|
Waste within Designed Pit
|
33,210
|
||
Total tons within Designed Pit
|
60,177
|
||
December 19, 2011 | 91 |
Midway Gold Corp. | Mineral Reserve Estimates |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
South Pan - Phases 1 and 2
|
Tons
|
Gold
|
|
Cutoff Grade:
|
(x 1000)
|
opt
|
ounces (x 1000)
|
0.006 opt / 0.206 g/tonnes
|
|||
South Pan - Phase 1
|
|||
Proven Reserves
|
11,856
|
0.018
|
215.44
|
Probable Reserves
|
7,593
|
0.016
|
119.26
|
Proven & Probable Reserves
|
19,449
|
0.017
|
334.70
|
Inferred within Designed Pit
|
56
|
0.010
|
0.55
|
Waste within Designed Pit
|
31,887
|
||
Total tons within Designed Pit
|
51,392
|
||
South Pan - Phase 2
|
|||
Proven Reserves
|
1,548
|
0.014
|
21.01
|
Probable Reserves
|
5,716
|
0.014
|
79.80
|
Proven & Probable Reserves
|
7,263
|
0.014
|
100.81
|
Inferred within Designed Pit
|
212
|
0.016
|
3.39
|
Waste within Designed Pit
|
29,485
|
||
Total tons within Designed Pit
|
36,961
|
||
Sub Total - Phase 1 + 2
|
|||
Proven Reserves
|
13,404
|
0.018
|
236.46
|
Probable Reserves
|
13,308
|
0.015
|
199.05
|
Proven & Probable Reserves
|
26,713
|
0.016
|
435.51
|
Inferred within Designed Pit
|
269
|
0.015
|
3.94
|
Waste within Designed Pit
|
61,372
|
||
Total tons within Designed Pit
|
88,353
|
||
Total Reserves
|
Tons
|
Gold
|
|
(x 1000)
|
opt
|
ounces (x 1000)
|
|
Proven Reserves
|
27,827
|
0.018
|
487.51
|
Probable Reserves
|
25,427
|
0.015
|
376.71
|
Proven & Probable Reserves
|
53,254
|
0.016
|
864.22
|
Inferred within Designed Pit
|
695
|
0.013
|
9.0
|
Waste within Designed Pit
|
94,582
|
||
Total tons within Designed Pit
|
148,531
|
||
December 19, 2011 | 92 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16
|
MINING METHODS
|
16.1
|
Open Pit Mine Plan
|
December 19, 2011 | 93 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 94 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
161.1.1
|
Pit Design
|
Mine Design Criteria
|
||
Pit Design Criteria
|
Limestone Units
|
All Other Rock Units
|
Inter-Ramp Angles
|
50 Degrees
|
45 Degrees
|
Face Angles
|
70 Degrees
|
63 Degrees
|
Catch Bench Berm
|
30 ft.
|
30 ft.
|
Catch Bench Vertical Spacing
|
60 ft.
|
60 ft.
|
Minimum Turning Radius
|
90 ft.
|
90 ft.
|
Road Widths
|
90 ft.
|
90 ft.
|
Road Grade
|
10%
|
10%
|
Road Widths Pit Bottom
|
50 ft.
|
50 ft.
|
Road Grade Pit Bottom
|
12%
|
12%
|
December 19, 2011 | 95 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 96 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 97 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
161.1.1
|
Geotechnical Pit Slope Evaluation
|
December 19, 2011 | 98 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Geotechnical
Unit
|
Sectors
|
Operating
Practices
|
Bench
Configuration and Height (ft) |
Catch
Bench Width (ft) |
Bench Face
Angle (deg) |
Design Inter-
Ramp Slope Angle (deg) |
Massive, Strong Limestone
|
5,7
|
Pre-Split
|
Triple Bench
3X20 ft
60 ft between catch benches
|
29
|
70
|
50
|
Siltstone and Shale, Volcanics, Diamond Peak
|
1,2,4,8
|
Cushion Blasting
|
Triple Bench
3X20 ft
60 ft between catch benches
|
30
|
63
1/2 (H):1(V)
|
45
|
Breccia Bodies
|
1,2,6
|
Cushion Blasting
|
Triple Bench
3X20 ft
60 ft between catch benches
|
30
|
63
1/2 (H):1(V)
|
45
|
Pan Fault Zone
|
3
|
Light Blasting with Hard Digging
|
Triple Bench
3X20 ft
60 ft between catch benches
|
30
|
63
1/2 (H):1(V)
|
45
|
●
|
Oriented geotechnical core hole to characterize the Tertiary volcanic rocks in the north slope of the North Pan pit.
|
●
|
Oriented geotechnical core hole to characterize the Diamond Peak Formation in the east slope of the North Pan pit.
|
●
|
Surface structural mapping to confirm the quality and structural conditions of important units exposed at the surface.
|
●
|
Shear testing of clay alteration of the Tertiary volcanic rocks and any units with significant clay alteration, and of weak argillized rock in the breccia bodies at South Pan.
|
●
|
Preliminary perimeter blast designs to support equipment selection, and estimates of capital and operating costs.
|
●
|
A recommended program of monitoring and slope design optimization.
|
December 19, 2011 | 99 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16.1.2
|
Waste Dumps
|
16.1.3
|
Annual Mine Plans
|
December 19, 2011 | 100 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 101 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 102 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 103 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 104 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 105 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 106 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 107 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 108 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16.1.4
|
Geotechnical Design- Heap Leach Pad, Ponds, Stormwater Diversions
|
●
|
Section 2.0 Design Criteria and Parameters;
|
●
|
Section 3.0 Heap Leach Pad;
|
●
|
Section 4.0 Stormwater Controls; and,
|
●
|
Section 5.0 Stabilization for Closure.
|
16.1.5
|
Site Scale Hydrology
|
December 19, 2011 | 109 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 110 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16.1.5.1
|
Deep Bedrock Aquifer
|
December 19, 2011 | 111 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 112 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16.1.5.2
|
Water Quality
|
16.1.5.3
|
Alluvial Aquifer
|
December 19, 2011 | 113 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 114 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16.1.6
|
Mining Equipment
|
Description
|
# Units
|
Initial Mine Production Equipment
|
|
Rotary Drill 6.75" - 600HP
|
2
|
Front Shovel - 21.6 yd3
|
1
|
Loader - 15 yd3
|
1
|
Rear Dump Trucks - 150 ton
|
4
|
Description
|
# Units
|
Additional Mine Production Equipment
|
|
Rotary Drill 6.75" - 600HP
|
1
|
Rear Dump Trucks - 150 ton
|
1
|
16.1.7
|
Support Equipment
|
December 19, 2011 | 115 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Mine Support Equipment
|
|
Rubber Tire Dozer - 554HP
|
1
|
Dozer - 464HP
|
1
|
Graders 16'
|
1
|
Water Truck 10,000 gal
|
1
|
Maintenance Service Truck & Fuel Lube Truck
|
2
|
Excavator - 1.2 yd3
|
1
|
Light Plants (10 KW)
|
6
|
Pumps 40 HP
|
1
|
16.2
|
Preproduction Development
|
16.3
|
Production Schedule
|
December 19, 2011 | 116 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16.3.1
|
Pit Design Schedule Sequence
|
December 19, 2011 | 117 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Pad Construction Materials
|
|||||
Pad Phase
|
Pad Capacity
|
Under-liner
|
Over-liner
|
||
Tons
|
Source
|
Tons
|
Source
|
||
Phase I
|
6.5M tons
|
472,181
|
North Pit
|
527,000
|
Central Pit
|
Phase II
|
24.8M tons
|
320,000
|
North Pit
|
900,000
|
North Pit
|
Phase III
|
36.7M tons
|
340,000
|
North Pit
|
1,080,000
|
North Pit
|
16.3.2
|
Production Schedule Parameters
|
December 19, 2011 | 118 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Mine Schedule
|
|
Crews
|
4
|
Shifts/day
|
2
|
Hours/shift
|
12 hour
|
Lunch, Breaks, etc.
|
1 hour
|
Blasting, Misc.
|
0.5 hour
|
Startup & Shutdown
|
0.5 hour
|
Days/Month
|
31 days
|
Less Holidays
|
1 day
|
Less Weather and Un-Productive Shifts
|
0
|
Scheduled Hours/Month
|
720
|
16.3.3
|
Drill and Blast Parameters
|
December 19, 2011 | 119 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
16.3.4
|
Load and Haul Parameters
|
December 19, 2011 | 120 |
Midway Gold Corp. | Mining Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 121 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
17
|
RECOVERY METHODS
|
17.1.1
|
Process Description
|
17.1.2
|
Production Rate and Products
|
December 19, 2011 | 122 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 123 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
17.1.3
|
Primary Crushing
|
December 19, 2011 | 124 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 125 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
●
|
Primary Jaw crusher
|
●
|
Oil lube pump
|
●
|
Rock Box
|
●
|
Hydraulic Leveling Jacks (includes 6)
|
●
|
Primary Jaw MCC & VSD
|
●
|
Rock Breaker
|
●
|
Primary Jaw Control House
|
●
|
Hydraulic Toggle Assembly
|
●
|
48" Heavy Duty Belt Feeder (included above)
|
●
|
Jaw crusher transfer conveyor 100-CV-1
|
●
|
Ore Overland Conveyor 100-CV 2
|
●
|
Tripper incline 200-CV1
|
●
|
Tripper Conveyor 200-CV2
|
●
|
Loader Belt Feeder 200-LF
|
●
|
Feeder Tunnel 200-FT1
|
●
|
Tunnel Conveyor 200-CV3
|
●
|
Stockpile building
|
●
|
Belt Feeders
|
17.1.4
|
Secondary Crushing
|
December 19, 2011 | 126 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 127 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
●
|
Screen Feed Conveyor 300-CV1
|
●
|
Screen Tower 300-ST1
|
●
|
Screen Discharge Conveyor 300-CV2
|
●
|
Surge Bin 300-SB1
|
●
|
Transfer Conveyor 300-CV3
|
●
|
Crusher Tower 300-CT1
|
●
|
Return Conveyor 300-CV4
|
●
|
Secondary Cone crusher
|
●
|
Tertiary Cone crusher (future)
|
●
|
Tertiary Screen (future)
|
●
|
Tertiary return conveyors (future)
|
●
|
Agglomerator Feed Conveyor 300-CV5
|
●
|
Double Deck Screen
|
●
|
Tramp Metal Magnet
|
17.1.5
|
Agglomeration
|
December 19, 2011 | 128 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 129 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
LIME
|
1.8 Pounds per ton
|
CEMENT
|
5 pounds per ton
|
CYANIDE 1 ½” Crush
|
0.27 pounds per ton
|
CYANIDE ½” Crush
|
0.50 pounds per ton
|
●
|
Cement Storage Silo package
|
●
|
Lime Storage Silo package
|
●
|
Agglomerator Unit
|
1.7.1.6
|
Conveying and Stacking
|
●
|
Agglomerator Discharge Conveyor 400-CV1
|
●
|
Flat Grade Jump Conveyor 400-JC1-29
|
●
|
Feed Conveyor 400-CV3
|
●
|
IC Conveyor400-CV4
|
●
|
Telestacker Conveyor
|
December 19, 2011 | 130 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 131 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
17.1.7
|
Heap Leach
|
17.1.8
|
ADR Gold Recovery Plant
|
December 19, 2011 | 132 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 133 |
Midway Gold Corp. | Recovery Methods |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 134 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
18
|
PROJECT INFRASTRUCTURE
|
18.1
|
Facilities
|
18.1.1
|
Office Building
|
18.1.2
|
Warehouse and Laboratory
|
18.1.3
|
Truck Shop & Maintenance
|
18.1.4
|
Guard House
|
18.1.5
|
Process Building
|
December 19, 2011 | 135 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 136 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 137 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 138 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 139 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
18.2
|
Roads
|
18.3
|
Security
|
18.4
|
Septic Systems
|
18.5
|
Water
|
December 19, 2011 | 140 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Required Makeup GPM
|
|
Leach Pad
|
450
|
Roads
|
59
|
Conveyor
|
8
|
Agglomeration
|
283
|
Total
|
800
|
1.68
|
Power
|
December 19, 2011 | 141 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 142 |
Midway Gold Corp. | Project Infrastructure |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
18.7
|
Fuel Depot
|
18.8
|
Communications
|
December 19, 2011 | 143 |
Midway Gold Corp. | Market Studies and Contracts |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
19
|
MARKET STUDIES AND CONTRACTS
|
●
|
Treatment Charge: $0.80 per ounce recovered
|
●
|
Gold Return: 99.85% of assayed content
|
●
|
Silver Return: 97.00% of assayed content
|
●
|
Settlement: 15 working days from receipt
|
●
|
Pricing: It is assumed that MIDWAY will arrange the pricing and payment with a bank or trading house. If Johnson Matthey is required to provide an early settlement within a few days of receipt, it would cost approx 3% per annum for the number of early days.
|
December 19, 2011 | 144 |
Midway Gold Corp. | Environmental Studies, Permitting and Social or Community Impact |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
20
|
ENVIRONMENTAL STUDIES, PERMITTING AND SOCIAL OR COMMUNITY IMPACT
|
20.1
|
Permits Required
|
Permit/Approval
|
Granting Agency
|
Permit Purpose
|
Federal Permits Approvals and Registrations
|
||
Plan of Operations/EIS (Plan of Operations submitted and deemed complete)
|
U.S. Bureau of Land Management
|
Prevent unnecessary or undue degradation associated with Plan of Operations, EIS to disclose environmental impacts and project alternatives. Requires financial assurance. Currently have Plan for exploration with amendment in progress
|
Explosives Permit
|
U.S. Bureau of Alcohol, Tobacco & Firearms
|
Storage and use of explosives
|
EPA Hazardous Waste ID No.
|
U.S. Environmental Protection Agency
|
Registration as a small-quantity generator of wastes regulated as hazardous
|
Notification of Commencement of Operations
|
Mine Safety & Health Administration
|
Mine safety issues, training plan, mine registration
|
Nationwide Section 404 Permit
|
U.S. Army Corps of Engineers
|
Installation of any required culverts on the access road.
|
Endangered Species Act
|
U.S. Fish and Wildlife Service
|
Only if project affects species listed as threatened or endangered (not anticipated to be necessary)
|
Federal Communications Commission
|
FCC
|
Frequency registrations for radio/microwave communication facilities
|
State Permits
|
||
Air Quality Operating Permit
|
NV Division of Environmental Protection/Bureau of Air Pollution Control
|
Regulates project sources of air emissions. Will require compliance with the new
|
Mercury Operating Permit to Construct Air
|
NV Division of Environmental Protection/Bureau of Air Quality Planning/ Nevada Mercury Air Emissions Control Program
|
Requires use of NVMACT for all thermal units that have the potential to emit mercury
|
Reclamation Permit
|
NV Division of Environmental Protection/Bureau of Mining Regulation & Reclamation
|
Reclamation of surface disturbance due to mining and mineral processing includes financial assurance requirements. Site currently operates under Reclamation Permit No. 0228.
|
December 19, 2011 | 145 |
Midway Gold Corp. | Environmental Studies, Permitting and Social or Community Impact |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Permit/Approval
|
Granting Agency
|
Permit Purpose
|
Water Pollution Control Permit
|
NV Division of Environmental Protection/Bureau of Mining Regulation & Reclamation
|
Prevent degradation of waters of the state from mining, establishes minimum facility design and containment requirements. Site currently operates under WPCP NEV70010.
|
Petroleum-Contaminated Soil Management Plan
|
NV Division of Environmental Protection/Bureau of Mining Regulation & Reclamation
|
On-site treatment and management of hydrocarbon-contaminated soils
|
Solid Waste Class III Landfill Waiver
|
NV Division of Environmental Protection/Bureau of Solid Waste
|
On-site disposal of non-mining, non-hazardous solid wastes
|
General Stormwater Discharge Permit
|
NV Division of Environmental Protection/Bureau of Water Pollution Control
|
Management of site stormwater
|
Permit to Appropriate Water
|
NV Division of Water Resources
|
Water appropriation
|
Permit to Construct Impoundments
|
NV Division of Water Resources
|
Design and construction of a tailings embankment or other structures with a crest height 20 feet or higher, as measured from the downstream toe to the crest, or that will impound 20 acre-feet or more
|
Industrial Artificial Pond Permit
|
NV Department of Wildlife
|
Ponds containing chemicals directly associated with the processing of ore.
|
Liquefied Petroleum Gas License
|
NV Board of the Regulation of Liquefied Petroleum Gas
|
Tank specification and installation, handling, and safety requirements
|
Potable Water System Permit
|
NV Bureau of Safe Drinking Water
|
Water system for drinking water and other domestic uses (e.g., lavatories)
|
Radioactive Materials License
|
NV Bureau of Safe Drinking Water
|
Nuclear flow and mass measurement devices if used in the mineral processing facilities
|
Septic Treatment Permit
Sewage Disposal System
|
NV Division of Environmental Protection/Bureau of Water Pollution Control
|
Design, operation, and monitoring of septic and sewage disposal systems
|
Hazardous Materials Storage Permit
|
Nevada Fire Marshall
|
Hazardous materials safety
|
Local Permits
|
||
Building Permits
|
White Pine County Building Planning Department
|
Continued Use
|
Conditional Special Use Permit
|
White Pine County Building Planning Department
|
Continued Use
|
County Road Use and Maintenance Permit
|
White Pine County Building Planning Department
|
Use and maintenance of county roads
|
December 19, 2011 | 146 |
Midway Gold Corp. | Environmental Studies, Permitting and Social or Community Impact |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
●
|
Two main open pits, the North Pan and the South Pan pits
|
●
|
Four satellite pits: the Black Stallion, North Syncline, Syncline, and South Syncline pits
|
●
|
Crushing facilities and associated stockpiles
|
●
|
Two waste rock disposal sites
|
●
|
Heap leach pad, conveyors, processing facilities, and ponds
|
●
|
Water supply wells and delivery/storage system
|
●
|
Haul and secondary roads
|
December 19, 2011 | 147 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21
|
CAPITAL AND OPERATING COSTS
|
21.1
|
Capital Cost Estimate
|
Feasibility Capital Costs
|
Estimated Cost
|
|||
Mine Mobile Equipment
|
$ | 25,614,600 | ||
Mine Development
|
$ | 2,000,000 | ||
Mine Buildings
|
$ | 1,903,800 | ||
Primary Crushing - Edge of Pit to Stockpile
|
$ | 5,604,700 | ||
Ore Circuit - From Stockpile to Leach Pad
|
$ | 10,762,800 | ||
Gold Recovery Plant
|
$ | 7,290,500 | ||
Plant Mobile Equipment
|
$ | 281,600 | ||
Leach Pad Installation
|
$ | 6,737,000 | ||
Process Ponds
|
$ | 3,623,000 | ||
Storm Water Diversion
|
$ | 1,497,200 | ||
Infrastructure
|
$ | 13,603,500 | ||
Owner's Costs
|
$ | 4,768,800 | ||
Reclamation Bond, Facilities
|
$ | 500,000 | ||
Subtotal
|
$ | 84,187,500 | ||
Contingency
|
$ | 6,765,800 | ||
Working Capital
|
$ | 8,214,400 | ||
Total Initial Capital
|
$ | 99,167,700 |
21.1.1
|
Basis
|
21.1.2
|
Mine Development
|
December 19, 2011 | 148 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
|||
Mine Development
|
|||||||
Pioneering, Clearing and Grubbing
|
1 |
LS
|
$500,000 | $500,000 | |||
Haul Road Construction
|
15,000 |
Ft
|
100 | 1,500,000 | |||
Total Mine Development Capital
|
$2,000,000 |
21.1.3
|
Mine Equipment
|
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||
Mine Mobile Equipment
|
||||||
Rotary Drill 6.75" - 600HP
|
2 |
Ea
|
$1,023,400 | $2,046,800 | ||
Front Shovel - 21.6 yd3
|
1 |
Ea
|
5,444,900 | 5,444,900 | ||
Loader - 15 yd3
|
1 |
Ea
|
2,311,300 | 2,311,300 | ||
Rear Dump Trucks - 150 ton
|
4 |
Ea
|
2,818,700 | 11,274,800 | ||
Rubber Tire Dozer - 554HP
|
1 |
Ea
|
1,095,400 | 1,095,400 | ||
Dozer - 464HP
|
1 |
Ea
|
1,053,500 | 1,053,500 | ||
Graders 16'
|
1 |
Ea
|
926,700 | 926,700 | ||
Water Truck 10,000 gal
|
1 |
Ea
|
940,600 | 940,600 | ||
Maintenance Service Truck & Fuel Lube Truck
|
2 |
Ea
|
80,600 | 161,200 | ||
Excavator - 1.2 yd3
|
1 |
Ea
|
211,800 | 211,800 | ||
Light Plants (10 KW)
|
6 |
Ea
|
23,700 | 142,200 | ||
Pumps 40 HP
|
1 |
Ea
|
5,400 | 5,400 | ||
Total Mining Mobile Equipment Capital
|
$25,614,600 |
21.1.4
|
Mine Buildings
|
December 19, 2011 | 149 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||
Fuel Station
|
1 |
LS
|
107,500 | 107,500 | ||||
Total Mine Buildings Capital
|
$1,903,800 |
21.1.5
|
Facilities and Infrastructure
|
●
|
Office building– 2 story, 9600 sf
|
●
|
Warehouse / Laboratory – 13,050 sf
|
●
|
Truck shop– 10,500 sf
|
●
|
Guard house – 200 sf
|
●
|
Process building – high bay / low bay, total 10,800 sf
|
December 19, 2011 | 150 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 151 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Infrastructure
|
||||||||||||
Wells
|
1 |
Ea
|
$ | 110,000 | $ | 110,000 | ||||||
Pumps
|
2 |
Ea
|
21,500 | 43,000 | ||||||||
Piping, includes installation
|
3,000 |
ft
|
14.81 | 44,400 | ||||||||
Piping installation
|
0 |
Day
|
1,620 | 0 | ||||||||
Pressure Tank
|
1 |
Ea
|
16,100 | 16,100 | ||||||||
Fire Water Storage Tank on site
|
1 |
Ea
|
283,300 | 283,300 | ||||||||
Fire Loop Piping & Equipment
|
1 |
Ea
|
367,100 | 367,100 | ||||||||
Electrical / Controls
|
1 |
Ea
|
10,800 | 10,800 | ||||||||
Installation
|
1 |
Ea
|
50,000 | 50,000 | ||||||||
69 KV line
|
38,966 |
ft
|
31.59 | 1,230,900 | ||||||||
24.9 KV line
|
48,998 |
ft
|
28.84 | 1,413,100 | ||||||||
Substation (69/25)
|
1 |
Lot
|
537,500 | 537,500 | ||||||||
Substation (25/480)
|
1 |
Lot
|
161,300 | 161,300 | ||||||||
Emergency Generator
|
1 |
Lot
|
118,300 | 118,300 | ||||||||
Site Power Distribution
|
1 |
Lot
|
3,652,300 | 3,652,300 | ||||||||
Main Road access
|
5.78 |
Miles
|
309,343 | 1,788,000 | ||||||||
On-Site Road Construction
|
2.3 |
Miles
|
147,688 | 339,700 | ||||||||
Propane Tank & piping
|
1 |
Ea
|
51,500 | 51,500 | ||||||||
Communications
|
1 |
Ea
|
118,500 | 118,500 | ||||||||
Warehouse/Laboratory
|
16,500 |
sf
|
85.40 | 1,409,100 | ||||||||
Equipment/Furnishings
|
1 |
Lot
|
53,800 | 53,800 | ||||||||
Plant Air Systems
|
1 |
LS
|
53,800 | 53,800 | ||||||||
Office
|
5,000 |
sf
|
209.50 | 1,047,500 | ||||||||
Laboratory Equipment
|
1 |
LS
|
458,400 | 458,400 | ||||||||
Sewage System
|
1 |
LS
|
46,400 | 46,400 | ||||||||
Guard House / Security Facility
|
1 |
LS
|
51,500 | 51,500 | ||||||||
First Aid Facility
|
1 |
LS
|
25,800 | 25,800 | ||||||||
Security Fencing
|
1 |
LS
|
51,500 | 51,500 | ||||||||
Diff GPS - Survey
|
1 |
LS
|
69,900 | 69,900 | ||||||||
Total Infrastructure Capital
|
$ | 13,603,500 |
21.1.6
|
Primary Crushing and Coarse Ore Storage
|
December 19, 2011 | 152 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Primary Crushing - Edge of Pit to Stockpile
|
||||||||||||
Jaw primary
|
1 |
Ea
|
$ | 1,014,500 | $ | 1,014,500 | ||||||
Oil lube pump, included in Jaw cost
|
1 |
Ea
|
0 | 0 | ||||||||
VGF included above
|
1 |
Ea
|
0 | 0 | ||||||||
Rock Box
|
1 |
Ea
|
537,500 | 537,500 | ||||||||
Hydraulic Leveling Jacks (includes 6)
|
1 |
Ea
|
40,300 | 40,300 | ||||||||
Primary Jaw MCC &VSD
|
1 |
Ea
|
52,800 | 52,800 | ||||||||
Rock Breaker
|
1 |
Ea
|
215,000 | 215,000 | ||||||||
Primary Jaw Control House
|
1 |
Ea
|
107,500 | 107,500 | ||||||||
Hydraulic Toggle Assembly
|
1 |
Ea
|
69,900 | 69,900 | ||||||||
Jaw Crusher Transfer Conveyor 100-CV 2
|
1 |
Ea
|
224,300 | 224,300 | ||||||||
Ore Overland Conveyor 100-CV 2
|
1 |
Ea
|
1,581,400 | 1,581,400 | ||||||||
Tripper Incline 200-CV 1
|
1 |
Ea
|
307,500 | 307,500 | ||||||||
Tripper Conveyor 200-CV 2
|
1 |
Ea
|
385,300 | 385,300 | ||||||||
Loader Belt Feeder 200-LF
|
1 |
Ea
|
137,200 | 137,200 | ||||||||
Feeder Tunnel 200-FT
|
1 |
Ea
|
129,700 | 129,700 | ||||||||
Tunnel Conveyor 200-CV 3
|
1 |
Ea
|
264,400 | 264,400 | ||||||||
Stockpile Building
|
1 |
Ea
|
361,600 | 361,600 | ||||||||
Belt Feeders
|
3 |
Ea
|
58,600 | 175,800 | ||||||||
Total Mining Material Handling Capital
|
$ | 5,604,700 |
21.1.7
|
Secondary Crushing, Agglomeration and Stacking
|
December 19, 2011 | 153 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Ore Circuit - From Stockpile to Leach Pad
|
||||||||||||
Screen Feed Conveyor 300-CV 1
|
1 |
Ea
|
$ | 246,000 | $ | 246,000 | ||||||
Screen Tower 300-ST 1
|
1 |
Ea
|
46,800 | 46,800 | ||||||||
Screen Discharge Conveyor 300-CV 2
|
1 |
Ea
|
273,900 | 273,900 | ||||||||
Surge Bin 300-SB 1
|
1 |
Ea
|
144,400 | 144,400 | ||||||||
Transfer Conveyor 300-CV 3
|
1 |
Ea
|
57,700 | 57,700 | ||||||||
Crusher Tower 300-CT 1
|
1 |
Ea
|
52,100 | 52,100 | ||||||||
Return Conveyor 300-CV 4
|
1 |
Ea
|
251,500 | 251,500 | ||||||||
Secondary Cone Crusher
|
1 |
Ea
|
2,088,300 | 2,088,300 | ||||||||
Agglomerator Feed Conveyor 300-CV 2
|
1 |
Ea
|
186,400 | 186,400 | ||||||||
Double Deck Screen
|
2 |
Ea
|
244,800 | 489,600 | ||||||||
Belt Metal Detector, 54"
|
1 |
Ea
|
13,400 | 13,400 | ||||||||
Belt Weigh Scale, 48"
|
1 |
Ea
|
15,300 | 15,300 | ||||||||
Cement Storage Silo package
|
1 |
Ea
|
179,300 | 179,300 | ||||||||
Lime Storage Silo package
|
1 |
Ea
|
226,500 | 226,500 | ||||||||
Agglomerator Discharge Conveyor 400
|
1 |
Ea
|
143,300 | 143,300 | ||||||||
Flat Grade Jump Conveyor 400-CJ 1
|
26 |
Ea
|
57,900 | 1,505,400 | ||||||||
Feed Conveyor 400-CV 3
|
1 |
Ea
|
62,800 | 62,800 | ||||||||
Telestacker Conveyor
|
1 |
Ea
|
496,200 | 496,200 | ||||||||
Concrete Installation
|
3920 |
CuYd
|
248.29 | 973,300 | ||||||||
Installation of Crusher and Conveyor
|
1 |
Ea
|
1,311,000 | 1,311,000 | ||||||||
Allen Bradley Control System
|
1 |
Ea
|
225,800 | 225,800 | ||||||||
Agglomerator Unit – Skid- Mounted
|
1 |
Ea
|
1,773,800 | 1,773,800 | ||||||||
Total Process Material Handling Capital
|
$ | 10,762,800 |
December 19, 2011 | 154 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Tertiary Crusher & Ancillary Facilities
|
||||||||||||
Crusher Tower 300-CT 1
|
1 |
Ea
|
$ | 52,100 | $ | 52,100 | ||||||
Return Conveyor 300-CV 4
|
1 |
Ea
|
251,500 | 251,500 | ||||||||
|
1 |
Ea
|
2,088,300 | 2,088,300 | ||||||||
Install Crusher
|
1 |
Ea
|
357,000 | 357,000 | ||||||||
Retaining Wall for Primary - North Pit
|
1 |
Ea
|
238,000 | 238,000 | ||||||||
Relocate and Install Conveyor to North Pit
|
1 |
Ea
|
178,000 | 178,000 | ||||||||
Total Tertiary Crusher & Ancillary Facilities
|
$ | 3,164,900 |
21.1.8
|
Leaching
|
21.1.9
|
Process Ponds
|
December 19, 2011 | 155 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21.1.10
|
Storm Water Diversions
|
21.1.11
|
Gold Recovery
|
December 19, 2011 | 156 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Gold Recovery Plant
|
||||||||||||
Carbon Col - 14.5' dia, w/ pumps - 5000 gpm
|
5 |
ea
|
$ | 245,900 | $ | 1,229,500 | ||||||
Acid Wash (stainless steel)
|
1 |
ea
|
148,600 | 148,600 | ||||||||
Stripping Circuit - 200 lb
|
1 |
ea
|
120,700 | 120,700 | ||||||||
Heater Skid
|
1 |
ea
|
277,400 | 277,400 | ||||||||
Electrowinning
|
1 |
ea
|
382,200 | 382,200 | ||||||||
Carbon Handling
|
1 |
ea
|
197,100 | 197,100 | ||||||||
Carbon Regeneration
|
1 |
ea
|
536,100 | 536,100 | ||||||||
Refinery
|
1 |
ea
|
456,700 | 456,700 | ||||||||
Reagents Handling
|
1 |
ea
|
155,000 | 155,000 | ||||||||
Piping and Valves
|
1 |
lot
|
304,600 | 304,600 | ||||||||
Electrical
|
1 |
lot
|
327,200 | 327,200 | ||||||||
Engineering
|
1 |
lot
|
387,200 | 387,200 | ||||||||
Data Logging System
|
1 |
ea
|
68,500 | 68,500 | ||||||||
Freight
|
1 |
lot
|
165,400 | 165,400 | ||||||||
Spare Parts See First Fills
|
1 |
lot
|
200,000 | 0 | ||||||||
Construction Management
|
1 |
lot
|
216,000 | 216,000 | ||||||||
Installation
|
1 |
lot
|
1,560,000 | 1,560,000 | ||||||||
Startup Assistance
|
1 |
lot
|
54,000 | 54,000 | ||||||||
Process Plant Leak Detection
|
1 |
ea
|
74,200 | 74,200 | ||||||||
Building
|
1 |
ea
|
630,100 | 630,100 | ||||||||
Total Process Material Handling Capital
|
$ | 7,290,500 |
December 19, 2011 | 157 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Plant Mobile Equipment
|
||||||||||||
Backhoe, with Front End Loader
|
1 |
ea
|
$ | 117,100 | $ | 117,100 | ||||||
Crane, 35 ton
|
1 |
ea
|
$ | 107,500 | $ | 107,500 | ||||||
Flatbed truck
|
1 |
ea
|
$ | 57,000 | $ | 57,000 | ||||||
Total Plant Mobile Equipment Capital
|
$ | 281,600 |
21.1.12
|
Owner’s Costs
|
December 19, 2011 | 158 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Construction Phase Projects
|
||||||||||||
Construction Contractors Mob/Demob
|
1 | $ | 127,000 | $ | 127,000 | |||||||
Diesel Fuel Purchases
|
1 | 35,000 | 35,000 | |||||||||
Electric Power Purchases
|
1 | 100,000 | 100,000 | |||||||||
Potable Water Purchases
|
1 | 16,100 | 16,100 | |||||||||
Computers
|
1 | 154,300 | 154,300 | |||||||||
Site Laboratory Operation - in capital period
|
1 | 171,000 | 171,000 | |||||||||
Safety Supplies
|
1 | 164,500 | 164,500 | |||||||||
Mine Training, incl Salaries Wages
|
1 | 433,700 | 433,700 | |||||||||
Site Environmental Training Programs
|
1 | 25,800 | 25,800 | |||||||||
Site Environmental Costs - in capital period
|
1 | 80,900 | 80,900 | |||||||||
Site Safety/Security Costs - in capital period
|
1 | 48,200 | 48,200 | |||||||||
Site G&A Operating Costs - in capital period
|
1 | 220,500 | 220,500 | |||||||||
Pickups for Mine, Plant, G&A
|
16 | 32,300 | 516,800 | |||||||||
Emergency Vehicle
|
1 | 69,900 | 69,900 | |||||||||
Miscellaneous Construction Materials Purchase
|
1 | 32,300 | 32,300 | |||||||||
Small Tools Purchases
|
1 | 96,800 | 96,800 | |||||||||
Travel/Housing/Accommodations
|
1 | 142,000 | 142,000 | |||||||||
Recruitment
|
1 | 75,000 | 75,000 | |||||||||
Vendor Rep Services and Equipment Testing
|
1 | 160,000 | 160,000 | |||||||||
Site Construction Insurance
|
1 | 160,000 | 160,000 | |||||||||
Engineering - Buildings
|
1 | 429,000 | 429,000 | |||||||||
Engineering - Mining
|
1 | 400,000 | 400,000 | |||||||||
Consulting Costs - Construction Management
|
1 | 396,000 | 396,000 | |||||||||
Consulting Costs - Geotechnical/Environmental
|
1 | 264,000 | 264,000 | |||||||||
Consulting Costs - Other
|
1 | 315,000 | 315,000 | |||||||||
Project Construction QA/QC
|
1 | 135,000 | 135,000 | |||||||||
Total Owner's Construction Phase Projects
|
$ | 4,768,800 |
21.1.13
|
EPCM
|
21.1.14
|
Working Capital
|
December 19, 2011 | 159 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
FIRST FILLS
|
tons
|
gallons
|
pounds
|
$/unit
|
extension
|
||||||||||||||
Lime
|
50 | 100,000 | $ | 0.099 | $ | 9,900 | |||||||||||||
Cyanide
|
20 | 40,000 | $ | 1.30 | $ | 52,000 | |||||||||||||
Cement
|
50 | 100,000 | $ | 0.071 | $ | 7,100 | |||||||||||||
Diesel
|
10,000 | $ | 3.00 | $ | 30,000 | ||||||||||||||
Gasoline
|
1,000 | $ | 3.00 | $ | 3,000 | ||||||||||||||
Carbon
|
50 | 100,000 | $ | 1.15 | $ | 115,000 | |||||||||||||
Other
|
$ | 16,000 | |||||||||||||||||
ANFO
|
40 | 80,000 | $ | 0.30 | $ | 24,000 | |||||||||||||
Caps
|
1000 | $ | 3.00 | $ | 3,000 | ||||||||||||||
Boosters
|
1000 | $ | 4.58 | $ | 4,580 | ||||||||||||||
Tires
|
$ | 100,000 | |||||||||||||||||
Warehouse Supplies
|
$ | 1,100,000 | |||||||||||||||||
Subtotal- First Fills and Consumables
|
$ | 1,464,580 | |||||||||||||||||
Working Capital - 2 months of operating costs
|
$ | 6,749,869 | |||||||||||||||||
Total Operating Capital
|
$ | 8,214,449 |
21.1.15
|
Sustaining Capital
|
Description
|
# Units
|
Unit
|
$/Unit
|
Cost
|
||||||||
Additional Mine Mobile Equipment
|
||||||||||||
Rotary Drill 8 inch 475HP
|
1 |
Ea
|
$ | 1,023,400 | $ | 1,023,400 | ||||||
Rear Dump Trucks - 150 ton (785)
|
1 |
Ea
|
2,818,700 | 2,818,700 | ||||||||
Total Additional Mine Mobile Equipment
|
$ | 3,842,100 |
December 19, 2011 | 160 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Department
|
Year 0
|
Year 1
|
Year 2
|
Year 3
|
Year 4
|
Year 5
|
Year 6
|
Year 7
|
Year 8
|
|||||||||
Mine G&A
|
- | 20,453 | 52,296 | 111,689 | 120,989 | 122,910 | 122,643 | 101,540 | - | |||||||||
Drilling
|
- | 91,840 | 172,257 | 153,403 | 158,443 | 173,011 | 173,588 | 138,008 | - | |||||||||
Haulage
|
- | 304,978 | 850,410 | 738,702 | 674,666 | 922,618 | 943,529 | 780,836 | - | |||||||||
Loading
|
- | 129,570 | 311,121 | 315,865 | 336,802 | 491,476 | 563,371 | 334,007 | - | |||||||||
Roads & Dumps
|
- | 106,161 | 398,889 | 398,559 | 400,576 | 405,434 | 404,973 | 338,905 | - | |||||||||
Grand Total
|
- | 653,002 | 1,784,973 | 1,718,218 | 1,691,476 | 2,115,449 | 2,208,104 | 1,693,296 | - |
21.1.16
|
Contingency
|
December 19, 2011 | 161 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21.2
|
Operating Cost Estimate
|
21.2.1
|
Project Cost and Basis
|
Operating Cost
|
Life of Mine
Cost
|
Average
Annual cost
|
Cost/
ton ore
|
Cost/
ton
mined
|
Cost/
oz Au
Produced
|
|
Mine - Open Pit
|
||||||
Production Equipment - Cost
|
$52,501,000
|
$6,054,600
|
$0.99
|
$0.35
|
$80.91
|
|
Support Equipment - Cost
|
10,960,000
|
1,263,900
|
0.21
|
0.07
|
16.89
|
|
Materials/Other Requirements
|
27,168,000
|
3,133,100
|
0.51
|
0.18
|
41.87
|
|
Hourly Personnel
|
45,702,000
|
5,270,600
|
0.86
|
0.31
|
70.43
|
|
Salaried Personnel
|
11,589,000
|
1,336,500
|
0.22
|
0.08
|
17.86
|
|
Total Mining
|
$147,920,000
|
$17,058,700
|
$2.78
|
$1.00
|
$227.97
|
|
Processing Plant
|
||||||
Reagents
|
$66,591,000
|
$7,679,500
|
$1.25
|
$102.63
|
||
Other operating costs
|
31,194,000
|
3,597,400
|
0.59
|
48.07
|
||
Energy
|
6,593,000
|
760,400
|
0.12
|
10.16
|
||
Hourly Personnel
|
24,600,000
|
2,837,000
|
0.46
|
37.91
|
||
Salaried Personnel
|
8,465,000
|
976,300
|
0.16
|
13.05
|
||
Total Processing
|
$137,443,000
|
$15,850,600
|
$2.58
|
$211.82
|
||
General & Administrative
|
||||||
General Management
|
$12,634,000
|
$1,457,100
|
$0.24
|
$19.47
|
||
Services and Supplies
|
7,147,000
|
824,200
|
0.13
|
11.01
|
||
Total General & Administrative
|
$19,781,000
|
$2,281,300
|
$0.37
|
$30.49
|
||
Net Proceeds of Mines/Property Tax
|
$27,892,000
|
$3,216,600
|
$0.52
|
$42.99
|
||
Operating Cost - Contingency 5%
|
$15,257,000
|
$1,759,500
|
$0.29
|
$23.51
|
||
Total Operating Cost
|
$348,293,000
|
$40,166,700
|
$6.54
|
$536.78
|
December 19, 2011 | 162 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Operating Cost
|
Life of Mine
Cost
|
Average
Annual cost
|
Cost/
ton ore
|
Cost/
ton
mined
|
Cost/
oz Au
Produced
|
|
Mine - Open Pit
|
||||||
Mine G&A
|
$6,849,000
|
$789,900
|
$0.13
|
$0.05
|
$10.56
|
|
Engineering
|
5,011,000
|
577,900
|
0.09
|
0.03
|
7.72
|
|
Geology
|
4,058,000
|
468,000
|
0.08
|
0.03
|
6.25
|
|
Blasting
|
29,652,000
|
3,419,600
|
0.56
|
0.20
|
45.70
|
|
Drilling
|
15,508,000
|
1,788,400
|
0.29
|
0.10
|
23.90
|
|
Loading
|
18,646,000
|
2,150,300
|
0.35
|
0.13
|
28.74
|
|
Haulage
|
39,815,000
|
4,591,600
|
0.75
|
0.26
|
61.36
|
|
Roads & Dumps
|
16,426,000
|
1,894,300
|
0.31
|
0.11
|
25.32
|
|
Dewatering
|
755,000
|
87,100
|
0.01
|
0.01
|
1.16
|
|
Mine Maintenance
|
11,200,000
|
1,291,600
|
0.21
|
0.08
|
17.26
|
|
Total Mining
|
$147,920,000
|
$17,058,700
|
$2.78
|
$1.00
|
$227.97
|
|
Processing Plant
|
||||||
Plant G&A
|
$56,963,000
|
$6,569,300
|
$1.07
|
$87.79
|
||
Primary Crushing
|
10,663,000
|
1,229,700
|
0.20
|
16.43
|
||
Secondary Crushing
|
14,934,000
|
1,722,300
|
0.28
|
23.02
|
||
Conveying
|
4,819,000
|
555,700
|
0.09
|
7.43
|
||
Agglomerator
|
32,260,000
|
3,720,400
|
0.61
|
49.72
|
||
Leach Pad
|
6,067,000
|
699,700
|
0.11
|
9.35
|
||
Refinery
|
2,494,000
|
287,600
|
0.05
|
3.84
|
||
Plant Maintenance
|
3,843,000
|
443,200
|
0.07
|
5.92
|
||
Assay Lab
|
5,400,000
|
622,700
|
0.10
|
8.32
|
||
Total Processing
|
$137,443,000
|
$15,850,600
|
$2.58
|
$211.82
|
||
General & Administrative
|
||||||
Administration
|
$8,773,000
|
$1,011,800
|
$0.16
|
$13.52
|
||
Accounting
|
3,478,000
|
401,100
|
0.07
|
5.36
|
||
Purchasing
|
2,491,000
|
287,300
|
0.05
|
3.84
|
||
Human Relations
|
1,057,000
|
121,900
|
0.02
|
1.63
|
||
Security & Safety
|
2,659,000
|
306,600
|
0.05
|
4.10
|
||
Environmental
|
1,323,000
|
152,600
|
0.02
|
2.04
|
||
Total General & Administrative
|
$19,781,000
|
$2,281,300
|
$0.37
|
$30.49
|
||
Net Proceeds of Mines/Property Tax
|
$27,892,000
|
$3,216,600
|
$0.52
|
$42.99
|
||
Operating Cost - Contingency 5%
|
$15,257,000
|
$1,759,500
|
$0.29
|
$23.51
|
||
Total Operating cost
|
$348,293,000
|
$40,166,700
|
$6.54
|
$536.78
|
December 19, 2011 | 163 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21.2.2
|
Project Manpower
|
Project Summary
|
Min
year
#
|
Max
year
#
|
Average
#
|
Hourly
Rate/
Salary
|
Burden
|
Burdened
hourly
rate/
salary
|
Annual
Total
|
|
Mine Department
|
||||||||
Hourly Personnel
|
51
|
66
|
60
|
$26.46
|
35%
|
$35.72
|
$4,458,400
|
|
Salaried Personnel
|
15
|
15
|
15
|
99,000
|
35%
|
133,700
|
2,004,900
|
|
Total Mine Department & Cost
|
66
|
81
|
75
|
$6,463,300
|
||||
Plant Department
|
||||||||
Hourly Personnel
|
46
|
46
|
46
|
$22.27
|
35%
|
$30.06
|
$2,875,800
|
|
Salaried Personnel
|
7
|
7
|
7
|
70,600
|
35%
|
95,300
|
667,400
|
|
Total Plant Department & Cost
|
53
|
53
|
53
|
$3,543,200
|
||||
General/Admin Department
|
||||||||
General & Administrative
|
7
|
7
|
7
|
$68,200
|
35%
|
$92,100
|
$644,700
|
|
Compliance Department
|
10.5
|
10.5
|
10.5
|
49,500
|
35%
|
66,800
|
701,500
|
|
Total Salary Personnel & Cost
|
17.5
|
17.5
|
17.5
|
$1,346,200
|
||||
Total, All Departments
|
136.5
|
151.5
|
145.5
|
$11,352,700
|
December 19, 2011 | 164 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Mine Department
|
Min
year
#
|
Max
year
#
|
Average
#
|
Hourly
Rate/
Salary
|
Burden
|
Burdened
hourly rate/
salary
|
Annual
cost/person;
Total
|
|
Hourly Personnel
|
||||||||
Driller
|
8
|
12
|
9.5
|
$27.00
|
35%
|
$36.45
|
$75,800
|
|
Blaster
|
2
|
2
|
2
|
27.00
|
35%
|
36.45
|
75,800
|
|
Blaster Helper
|
2
|
2
|
2
|
24.00
|
35%
|
32.40
|
67,400
|
|
Excavator/Loader Operator
|
4.0
|
8.0
|
5.5
|
29.00
|
35%
|
39.15
|
81,400
|
|
Truck Driver
|
14.0
|
20.0
|
17.0
|
24.00
|
35%
|
32.40
|
67,400
|
|
Dozer Operator
|
4
|
4
|
4
|
27.00
|
35%
|
36.45
|
75,800
|
|
Utility Operator
|
4
|
4
|
4
|
27.00
|
35%
|
36.45
|
75,800
|
|
Lead Mechanic
|
2
|
2
|
2
|
30.00
|
35%
|
40.50
|
84,200
|
|
Heavy Equip Mechanic
|
3
|
4
|
6
|
29.00
|
35%
|
39.15
|
81,400
|
|
Light Vehicle Mechanic
|
2
|
2
|
2
|
29.00
|
35%
|
39.15
|
81,400
|
|
Welder/Mechanic
|
2
|
2
|
2
|
27.00
|
35%
|
36.45
|
75,800
|
|
Apprentice
|
2
|
2
|
2
|
22.00
|
35%
|
29.70
|
61,800
|
|
Planner
|
1
|
1
|
1
|
27.00
|
35%
|
36.45
|
75,800
|
|
Electrician
|
1
|
1
|
1
|
29.00
|
35%
|
39.15
|
81,400
|
|
Total Hourly Personnel & Cost
|
51
|
66
|
60
|
$4,458,400
|
||||
Salaried Personnel
|
||||||||
Mine Superintendant
|
1
|
1
|
1
|
$125,000
|
35%
|
$168,800
|
$168,800
|
|
Mine Foreman
|
4
|
4
|
4
|
100,000
|
35%
|
135,000
|
135,000
|
|
Maintenance Superintendent
|
1
|
1
|
1
|
125,000
|
35%
|
168,800
|
168,800
|
|
Maintenance Foreman
|
4
|
4
|
4
|
100,000
|
35%
|
135,000
|
135,000
|
|
Sr Mining Engineer
|
1
|
1
|
1
|
110,000
|
35%
|
148,500
|
148,500
|
|
Jr Mining Engineer
|
1
|
1
|
1
|
85,000
|
35%
|
114,800
|
114,800
|
|
Chief Surveyor
|
1
|
1
|
1
|
70,000
|
35%
|
94,500
|
94,500
|
|
Surveyor
|
1
|
1
|
1
|
60,000
|
35%
|
81,000
|
81,000
|
|
Sr Geologist
|
1
|
1
|
1
|
110,000
|
35%
|
148,500
|
148,500
|
|
Total Salaried Personnel/Cost
|
15
|
15
|
15
|
$2,004,900
|
||||
Total Mine Department
|
66
|
81
|
75
|
$6,463,300
|
December 19, 2011 | 165 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Processing Department
|
Min
year
#
|
Max
year
#
|
Average
#
|
Hourly
Rate/
Salary
|
Burden
|
Burdened
hourly rate/
salary
|
Annual
cost/person;
Total
|
|
Hourly Personnel
|
||||||||
Primary Crusher Operator
|
4
|
4
|
4
|
$24.00
|
35%
|
$32.40
|
$67,400
|
|
Secondary Crusher Operator
|
4
|
4
|
4
|
21.80
|
35%
|
29.43
|
61,200
|
|
Agglomerator Operator
|
4
|
4
|
4
|
21.80
|
35%
|
29.43
|
61,200
|
|
Plant Operator
|
4
|
4
|
4
|
22.95
|
35%
|
30.98
|
64,400
|
|
Refinery Operator
|
2
|
2
|
2
|
22.95
|
35%
|
30.98
|
64,400
|
|
Stacker Operator
|
4
|
4
|
4
|
21.00
|
35%
|
28.35
|
59,000
|
|
Pad Operator
|
2
|
2
|
2
|
20.25
|
35%
|
27.34
|
56,900
|
|
Pad Helper
|
2
|
2
|
2
|
18.75
|
35%
|
25.31
|
52,600
|
|
Assayer
|
4
|
4
|
4
|
23.80
|
35%
|
32.13
|
66,800
|
|
Sample Prep
|
4
|
4
|
4
|
21.80
|
35%
|
29.43
|
61,200
|
|
Mechanic
|
4
|
4
|
4
|
22.32
|
35%
|
30.13
|
62,700
|
|
Mechanic Helper
|
4
|
4
|
4
|
21.80
|
35%
|
29.43
|
61,200
|
|
Electrician
|
4
|
4
|
4
|
23.83
|
35%
|
32.17
|
66,900
|
|
Total Hourly Personnel & Cost
|
46
|
46
|
46
|
$2,875,800
|
||||
Salaried Personnel
|
||||||||
Plant Superintendent
|
1
|
1
|
1
|
$102,600
|
35%
|
$138,500
|
$138,500
|
|
Shift Foreman
|
4
|
4
|
4
|
66,000
|
35%
|
89,100
|
89,100
|
|
Clerk
|
1
|
1
|
1
|
42,029
|
35%
|
56,700
|
56,700
|
|
Metallurgist (Senior)
|
1
|
1
|
1
|
85,800
|
35%
|
115,800
|
115,800
|
|
Total Salaried Personnel/Cost
|
7
|
7
|
7
|
$667,400
|
||||
Total Processing Department
|
53
|
53
|
53
|
$3,543,200
|
December 19, 2011 | 166 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
General/Admin Department
|
Min
year
#
|
Max
year
#
|
Average
#
|
Hourly
Rate/
Salary
|
Burden
|
Burdened
hourly rate/
salary
|
Annual
cost/person;
Total
|
|
General & Administrative
|
||||||||
General Manager
|
1
|
1
|
1
|
$171,000
|
35%
|
$230,900
|
$230,900
|
|
Accountant
|
2
|
2
|
2
|
72,000
|
35%
|
97,200
|
97,200
|
|
Clerk
|
2
|
2
|
2
|
42,000
|
35%
|
56,700
|
56,700
|
|
Secretary
|
1
|
1
|
1
|
40,000
|
35%
|
54,000
|
54,000
|
|
Janitor
|
1
|
1
|
1
|
18.50
|
35%
|
24.98
|
52,000
|
|
Total General & Administrative
|
7
|
7
|
7
|
$644,700
|
||||
Compliance Department
|
||||||||
Compliance Manager
|
0.5
|
0.5
|
0.5
|
81,631
|
35%
|
110,200
|
110,200
|
|
Environmental Engineer
|
0.5
|
0.5
|
0.5
|
81,631
|
35%
|
110,200
|
110,200
|
|
Health & Safety
|
1
|
1
|
1
|
40,284
|
35%
|
54,400
|
54,400
|
|
Human Resources
|
0.5
|
0.5
|
0.5
|
101,000
|
35%
|
136,400
|
136,400
|
|
Security
|
4
|
4
|
4
|
41,000
|
35%
|
55,400
|
55,400
|
|
Purchasing Agent
|
1
|
1
|
1
|
67,500
|
35%
|
91,100
|
91,100
|
|
Warehousemen
|
3
|
3
|
3
|
18.50
|
35%
|
24.98
|
52,000
|
|
Total Compliance Department
|
10.5
|
10.5
|
10.5
|
$701,500
|
||||
Total G&A Department
|
17.5
|
17.5
|
17.5
|
$1,346,200
|
21.2.3
|
Mine Operating Costs
|
Cost Center
|
Sum of
Yr 0
|
Sum of
Yr 1
|
Sum of
Yr 2
|
Sum of
Yr 3
|
Sum of
Yr 4
|
Sum of
Yr 5
|
Sum of
Yr 6
|
Sum of
Yr 7
|
Sum of
Yr 8
|
Sum of
Yr 9
|
Mine G&A
|
($1,552,458)
|
$1,025,648
|
$1,066,512
|
$1,002,817
|
$1,028,041
|
$1,087,405
|
$1,071,633
|
$1,046,221
|
$952,586
|
$120,543
|
Engineering
|
345,180
|
565,091
|
596,536
|
547,587
|
567,213
|
613,405
|
600,520
|
581,359
|
522,903
|
70,921
|
Geology
|
297,414
|
444,248
|
520,817
|
399,495
|
449,227
|
566,270
|
530,914
|
485,070
|
340,921
|
24,004
|
Blasting
|
2,127,874
|
3,231,457
|
3,954,294
|
2,805,427
|
3,276,307
|
4,392,231
|
4,057,610
|
3,638,590
|
2,166,896
|
0
|
Drilling
|
1,118,073
|
1,569,988
|
2,188,891
|
1,468,153
|
1,645,843
|
2,206,320
|
2,261,420
|
1,868,623
|
1,180,720
|
0
|
Loading
|
1,354,046
|
1,822,128
|
2,399,653
|
1,881,976
|
1,946,994
|
2,739,045
|
2,795,167
|
2,061,609
|
1,599,163
|
46,427
|
Haulage
|
2,933,580
|
3,843,845
|
5,316,323
|
3,868,598
|
3,571,726
|
5,193,597
|
5,324,658
|
5,335,588
|
4,176,830
|
250,724
|
Roads & Dumps
|
1,017,026
|
1,851,269
|
1,991,989
|
1,967,480
|
1,975,396
|
1,994,025
|
1,993,596
|
1,981,101
|
1,654,532
|
0
|
Dewatering
|
57,554
|
88,470
|
89,272
|
89,047
|
89,129
|
89,321
|
89,289
|
89,188
|
74,176
|
0
|
Mine Maint
|
1,103,226
|
1,742,444
|
1,268,092
|
1,241,535
|
1,254,973
|
1,041,247
|
988,597
|
1,057,236
|
1,218,166
|
284,031
|
Grand Total
|
$8,801,515
|
$16,184,589
|
$19,392,378
|
$15,272,115
|
$15,804,849
|
$19,922,866
|
$19,713,403
|
$18,144,585
|
$13,886,892
|
$796,651
|
December 19, 2011 | 167 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21.2.4
|
Mine Equipment Costs
|
Category
|
Sum of
Yr 0
|
Sum of
Yr 1
|
Sum of
Yr 2
|
Sum of
Yr 3
|
Sum of
Yr 4
|
Sum of
Yr 5
|
Sum of
Yr 6
|
Sum of
Yr 7
|
Sum of
Yr 8
|
Sum of
Yr 9
|
Mine Department
|
||||||||||
16H
|
115,959
|
205,914
|
237,410
|
236,741
|
236,741
|
236,741
|
237,410
|
236,741
|
199,290
|
0
|
CAT320CL
|
25,383
|
51,341
|
58,362
|
58,198
|
58,198
|
58,198
|
58,362
|
58,198
|
48,992
|
0
|
DM45
|
1,035,349
|
1,565,213
|
2,184,103
|
1,463,379
|
1,641,068
|
2,201,545
|
2,256,631
|
1,863,849
|
1,176,700
|
0
|
Fuel Truck
|
30,822
|
54,015
|
54,168
|
54,015
|
54,015
|
54,015
|
54,168
|
54,015
|
45,470
|
0
|
Gen Sets
|
7,617
|
13,893
|
14,397
|
14,239
|
14,288
|
14,403
|
14,407
|
14,323
|
11,918
|
0
|
Light Plants
|
76,551
|
134,154
|
134,533
|
134,154
|
134,154
|
134,154
|
134,533
|
134,154
|
112,932
|
0
|
Lube Truck
|
40,005
|
70,471
|
70,980
|
70,702
|
70,735
|
70,811
|
70,987
|
70,758
|
70,664
|
11,172
|
Pressure Washer
|
7,789
|
13,832
|
14,026
|
13,947
|
13,964
|
14,002
|
14,029
|
13,975
|
11,718
|
0
|
Service Truck
|
53,332
|
94,188
|
95,074
|
94,650
|
94,715
|
94,869
|
95,087
|
94,762
|
79,585
|
0
|
Rock Breaker
|
3,947
|
6,916
|
6,936
|
6,916
|
6,916
|
6,916
|
6,936
|
6,916
|
6,916
|
1,094
|
Bobcat
|
22,793
|
40,850
|
41,741
|
41,427
|
41,509
|
41,701
|
41,757
|
41,568
|
34,759
|
0
|
Water Truck
|
25,064
|
44,960
|
44,960
|
44,960
|
44,960
|
44,960
|
44,960
|
44,960
|
44,960
|
0
|
Compressor
|
13,103
|
23,506
|
24,038
|
23,853
|
23,902
|
24,017
|
24,048
|
23,937
|
20,010
|
0
|
785-1
|
611,281
|
1,059,310
|
1,096,947
|
1,085,046
|
1,076,209
|
1,067,373
|
1,061,502
|
1,049,701
|
1,040,864
|
164,259
|
785-2
|
611,281
|
1,059,310
|
1,096,947
|
1,085,046
|
1,076,209
|
1,067,373
|
1,061,502
|
1,049,701
|
1,040,864
|
86,465
|
785-3
|
561,787
|
1,051,952
|
1,096,947
|
1,085,046
|
1,076,209
|
1,067,373
|
1,061,502
|
1,049,701
|
783,235
|
0
|
785-4
|
426,272
|
584,702
|
1,089,791
|
538,756
|
171,248
|
977,962
|
1,061,502
|
1,049,701
|
783,235
|
0
|
785-5
|
581,228
|
0
|
823,743
|
0
|
81,824
|
887,434
|
963,591
|
953,187
|
471,546
|
0
|
785-6
|
82,194
|
0
|
0
|
0
|
0
|
0
|
0
|
82,530
|
0
|
0
|
RH120
|
963,532
|
1,713,255
|
1,796,296
|
1,775,253
|
1,759,241
|
1,743,229
|
1,732,066
|
1,711,204
|
1,423,899
|
0
|
D9-1
|
416,199
|
763,120
|
805,600
|
803,358
|
803,358
|
803,358
|
805,600
|
803,358
|
673,362
|
0
|
RTD 834H
|
429,044
|
791,514
|
846,180
|
843,824
|
843,824
|
843,824
|
846,180
|
843,824
|
707,426
|
0
|
CAT992
|
326,458
|
0
|
472,279
|
0
|
71,079
|
855,722
|
930,003
|
226,559
|
89,194
|
46,426
|
Non-Equipment
|
2,334,525
|
6,842,173
|
7,286,920
|
5,798,605
|
6,410,483
|
7,612,886
|
7,136,640
|
6,666,963
|
5,009,353
|
487,235
|
Total Mine Dept
|
8,801,515
|
16,184,589
|
19,392,378
|
15,272,115
|
15,804,849
|
19,922,866
|
19,713,403
|
18,144,585
|
13,886,892
|
796,651
|
21.2.5
|
Mine Operating Cost Statistics
|
December 19, 2011 | 168 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Operating Statistics
Mine Department - $'s
|
Yr 0
Total
|
Yr 1
Total
|
Yr 2
Total
|
Yr 3
Total
|
Yr 4
Total
|
Yr 5
Total
|
Yr 6
Total
|
Yr 7
Total
|
Yr 8
Total
|
Yr 9
Total
|
Life of
Mine
|
$ per ton Mined
|
|||||||||||
Mine G&A
|
-0.14
|
0.06
|
0.05
|
0.07
|
0.06
|
0.05
|
0.05
|
0.06
|
0.09
|
0.00
|
0.05
|
Engineering
|
0.03
|
0.04
|
0.03
|
0.04
|
0.03
|
0.03
|
0.03
|
0.03
|
0.05
|
0.00
|
0.03
|
Geology
|
0.03
|
0.03
|
0.03
|
0.03
|
0.03
|
0.02
|
0.03
|
0.03
|
0.03
|
0.00
|
0.03
|
Blasting
|
0.20
|
0.20
|
0.20
|
0.21
|
0.20
|
0.19
|
0.20
|
0.20
|
0.21
|
0.00
|
0.20
|
Drilling
|
0.10
|
0.10
|
0.11
|
0.11
|
0.10
|
0.10
|
0.11
|
0.10
|
0.11
|
0.00
|
0.10
|
Loading
|
0.13
|
0.11
|
0.12
|
0.14
|
0.12
|
0.12
|
0.13
|
0.11
|
0.16
|
0.00
|
0.13
|
Haulage
|
0.27
|
0.24
|
0.26
|
0.29
|
0.22
|
0.23
|
0.26
|
0.29
|
0.41
|
0.00
|
0.27
|
Roads & Dumps
|
0.09
|
0.12
|
0.10
|
0.15
|
0.12
|
0.09
|
0.10
|
0.11
|
0.16
|
0.00
|
0.11
|
Dewatering
|
0.01
|
0.01
|
0.00
|
0.01
|
0.01
|
0.00
|
0.00
|
0.00
|
0.01
|
0.00
|
0.01
|
Mine Maintenance
|
0.10
|
0.11
|
0.06
|
0.09
|
0.08
|
0.05
|
0.05
|
0.06
|
0.12
|
0.00
|
0.08
|
Total Mine Department
|
0.82
|
1.01
|
0.96
|
1.13
|
0.97
|
0.88
|
0.95
|
1.00
|
1.35
|
0.00
|
1.00
|
$ per ton Processed
|
|||||||||||
Mining
|
|||||||||||
Mine G&A
|
-0.51
|
0.17
|
0.17
|
0.16
|
0.17
|
0.18
|
0.17
|
0.17
|
0.15
|
0.22
|
0.13
|
Engineering
|
0.11
|
0.09
|
0.10
|
0.09
|
0.09
|
0.10
|
0.10
|
0.09
|
0.08
|
0.13
|
0.09
|
Geology
|
0.10
|
0.07
|
0.08
|
0.06
|
0.07
|
0.09
|
0.09
|
0.08
|
0.05
|
0.04
|
0.08
|
Blasting
|
0.70
|
0.52
|
0.64
|
0.45
|
0.53
|
0.71
|
0.65
|
0.59
|
0.35
|
0.00
|
0.56
|
Drilling
|
0.37
|
0.25
|
0.35
|
0.24
|
0.27
|
0.36
|
0.36
|
0.30
|
0.19
|
0.00
|
0.29
|
Loading
|
0.45
|
0.29
|
0.39
|
0.30
|
0.31
|
0.44
|
0.45
|
0.33
|
0.26
|
0.09
|
0.35
|
Haulage
|
0.96
|
0.62
|
0.85
|
0.62
|
0.58
|
0.84
|
0.86
|
0.86
|
0.67
|
0.47
|
0.75
|
Roads & Dumps
|
0.33
|
0.30
|
0.32
|
0.32
|
0.32
|
0.32
|
0.32
|
0.32
|
0.27
|
0.00
|
0.31
|
Dewatering
|
0.02
|
0.01
|
0.01
|
0.01
|
0.01
|
0.01
|
0.01
|
0.01
|
0.01
|
0.00
|
0.01
|
Mine Maintenance
|
0.36
|
0.28
|
0.20
|
0.20
|
0.20
|
0.17
|
0.16
|
0.17
|
0.20
|
0.53
|
0.21
|
Total Mine Department
|
2.89
|
2.61
|
3.12
|
2.46
|
2.55
|
3.21
|
3.17
|
2.92
|
2.24
|
1.48
|
2.78
|
21.2.6
|
Plant Operating Costs
|
December 19, 2011 | 169 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
Cost Center
|
Sum of
Yr 0
|
Sum of
Yr 1
|
Sum of
Yr 2
|
Sum of
Yr 3
|
Sum of
Yr 4
|
Sum of
Yr 5
|
Sum of
Yr 6
|
Sum of
Yr 7
|
Sum of
Yr 8
|
Sum of
Yr 9
|
Plant G&A
|
$3,328,767
|
$6,615,859
|
$6,635,731
|
$6,617,600
|
$6,617,600
|
$6,617,600
|
$6,635,731
|
$6,617,600
|
$6,617,600
|
$659,470
|
Primary Crushing
|
599,422
|
1,223,623
|
1,230,862
|
1,239,004
|
1,244,691
|
1,244,691
|
1,248,117
|
1,244,691
|
1,244,691
|
143,167
|
Secondary Crushing
|
855,482
|
1,737,348
|
1,742,107
|
1,737,348
|
1,737,348
|
1,737,348
|
1,742,107
|
1,737,348
|
1,737,348
|
170,325
|
Conveying
|
277,709
|
557,016
|
558,583
|
557,016
|
557,016
|
557,016
|
558,583
|
557,016
|
557,016
|
82,217
|
Agglomerator
|
1,845,333
|
3,756,145
|
3,766,436
|
3,756,145
|
3,756,145
|
3,756,145
|
3,766,436
|
3,756,145
|
3,756,145
|
345,314
|
Leach Pad
|
351,197
|
701,145
|
703,066
|
701,145
|
701,145
|
701,145
|
703,066
|
701,145
|
701,145
|
102,429
|
Refinery
|
144,323
|
287,587
|
287,940
|
287,587
|
287,587
|
287,587
|
287,940
|
287,587
|
287,587
|
47,857
|
Plant Maint
|
437,407
|
642,992
|
422,409
|
393,719
|
379,716
|
377,839
|
377,161
|
376,130
|
376,130
|
59,632
|
Assay Lab
|
313,500
|
623,215
|
624,922
|
623,215
|
623,215
|
623,215
|
624,922
|
623,215
|
623,215
|
97,716
|
Grand Total
|
$8,153,140
|
$16,144,930
|
$15,972,057
|
$15,912,780
|
$15,904,463
|
$15,902,586
|
$15,944,063
|
$15,900,878
|
$15,900,878
|
$1,708,126
|
21.2.7
|
Plant Equipment Costs
|
Category
|
Sum of
Yr 0
|
Sum of
Yr 1
|
Sum of
Yr 2
|
Sum of
Yr 3
|
Sum of
Yr 4
|
Sum of
Yr 5
|
Sum of
Yr 6
|
Sum of
Yr 7
|
Sum of
Yr 8
|
Sum of
Yr 9
|
Plant Department
|
||||||||||
Backhoe 430
|
4,603
|
10,902
|
12,678
|
12,643
|
12,643
|
12,643
|
12,678
|
12,643
|
12,643
|
2,044
|
Crane 35 ton
|
7,599
|
15,075
|
15,116
|
15,075
|
15,075
|
15,075
|
15,116
|
15,075
|
15,075
|
2,437
|
Conveying #1
|
237,266
|
474,532
|
475,873
|
474,532
|
474,532
|
474,532
|
475,873
|
474,532
|
474,532
|
75,067
|
Cone Crusher
|
855,482
|
1,737,348
|
1,742,107
|
1,737,348
|
1,737,348
|
1,737,348
|
1,742,107
|
1,737,348
|
1,737,348
|
170,325
|
Conveying #2
|
24,035
|
49,020
|
49,155
|
49,020
|
49,020
|
49,020
|
49,155
|
49,020
|
49,020
|
4,249
|
Tertiary Crusher
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
Conveying #3
|
16,408
|
33,464
|
33,555
|
33,464
|
33,464
|
33,464
|
33,555
|
33,464
|
33,464
|
2,901
|
Lime Silo
|
581,624
|
1,186,221
|
1,189,471
|
1,186,221
|
1,186,221
|
1,186,221
|
1,189,471
|
1,186,221
|
1,186,221
|
102,821
|
Cement Silo
|
1,109,554
|
2,262,932
|
2,269,132
|
2,262,932
|
2,262,932
|
2,262,932
|
2,269,132
|
2,262,932
|
2,262,932
|
196,150
|
Agglomerator
|
154,154
|
306,992
|
307,833
|
306,992
|
306,992
|
306,992
|
307,833
|
306,992
|
306,992
|
46,342
|
Conveying Pad
|
158,758
|
316,653
|
317,520
|
316,653
|
316,653
|
316,653
|
317,520
|
316,653
|
316,653
|
47,813
|
D8-Pad
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
CAT992
|
32,173
|
76,686
|
80,775
|
92,067
|
97,754
|
97,754
|
98,030
|
97,754
|
97,754
|
15,464
|
Non-Equipment
|
4,971,484
|
9,675,105
|
9,478,842
|
9,425,833
|
9,411,829
|
9,409,952
|
9,433,593
|
9,408,244
|
9,408,244
|
1,042,513
|
Total Plant Dept
|
8,153,140
|
16,144,930
|
15,972,057
|
15,912,780
|
15,904,463
|
15,902,586
|
15,944,063
|
15,900,878
|
15,900,878
|
1,708,126
|
December 19, 2011 | 170 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21.2.8
|
Plant Operating Cost Statistics
|
Operating Statistics
Plant Department - $'s
|
Yr 0
Total
|
Yr 1
Total
|
Yr 2
Total
|
Yr 3
Total
|
Yr 4
Total
|
Yr 5
Total
|
Yr 6
Total
|
Yr 7
Total
|
Yr 8
Total
|
Yr 9
Total
|
Life of
Mine
|
$ per ton Processed
|
|||||||||||
Processing
|
|||||||||||
Plant G&A
|
1.09
|
1.07
|
1.07
|
1.07
|
1.07
|
1.07
|
1.07
|
1.07
|
1.07
|
1.23
|
1.07
|
Primary Crushing (w/ loader)
|
0.20
|
0.20
|
0.20
|
0.20
|
0.20
|
0.20
|
0.20
|
0.20
|
0.20
|
0.27
|
0.20
|
Secondary Crushing
|
0.28
|
0.28
|
0.28
|
0.28
|
0.28
|
0.28
|
0.28
|
0.28
|
0.28
|
0.32
|
0.28
|
Conveying
|
0.09
|
0.09
|
0.09
|
0.09
|
0.09
|
0.09
|
0.09
|
0.09
|
0.09
|
0.15
|
0.09
|
Agglomerator
|
0.61
|
0.61
|
0.61
|
0.61
|
0.61
|
0.61
|
0.61
|
0.61
|
0.61
|
0.64
|
0.61
|
Leach Pad
|
0.12
|
0.11
|
0.11
|
0.11
|
0.11
|
0.11
|
0.11
|
0.11
|
0.11
|
0.19
|
0.11
|
Refinery
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.09
|
0.05
|
Plant Maintenance
|
0.14
|
0.10
|
0.07
|
0.06
|
0.06
|
0.06
|
0.06
|
0.06
|
0.06
|
0.11
|
0.07
|
Assay Lab
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.10
|
0.18
|
0.10
|
Total Plant Department
|
2.68
|
2.60
|
2.57
|
2.56
|
2.56
|
2.56
|
2.56
|
2.56
|
2.56
|
3.18
|
2.58
|
21.2.9
|
General and Administration Costs
|
Cost Center
|
Sum of
Yr 0
|
Sum of
Yr 1
|
Sum of
Yr 2
|
Sum of
Yr 3
|
Sum of
Yr 4
|
Sum of
Yr 5
|
Sum of
Yr 6
|
Sum of
Yr 7
|
Sum of
Yr 8
|
Sum of
Yr 9
|
Administration
|
$615,307
|
$998,829
|
$999,775
|
$998,829
|
$998,829
|
$998,829
|
$999,775
|
$998,829
|
$998,829
|
$166,643
|
Accounting
|
228,695
|
397,701
|
398,695
|
397,701
|
397,701
|
397,701
|
398,695
|
397,701
|
397,701
|
65,221
|
Purchasing
|
186,929
|
282,061
|
282,759
|
282,061
|
282,061
|
282,061
|
282,759
|
282,061
|
282,061
|
45,731
|
Human Resources
|
76,036
|
120,075
|
120,262
|
120,075
|
120,075
|
120,075
|
120,262
|
120,075
|
120,075
|
19,894
|
Security & Safety
|
199,815
|
300,983
|
301,739
|
300,983
|
300,983
|
300,983
|
301,739
|
300,983
|
300,983
|
49,352
|
Environmental
|
92,706
|
150,621
|
150,772
|
150,621
|
150,621
|
150,621
|
150,772
|
150,621
|
150,621
|
25,114
|
Grand Total
|
$1,399,487
|
$2,250,270
|
$2,254,002
|
$2,250,270
|
$2,250,270
|
$2,250,270
|
$2,254,002
|
$2,250,270
|
$2,250,270
|
$371,954
|
December 19, 2011 | 171 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21.2.10
|
General and Administration Cost Statistics
|
Operating Statistics
G&A Department - $'s
|
Yr 0
Total
|
Year 1
Total
|
Yr 2
Total
|
Yr 3
Total
|
Yr 4
Total
|
Yr 5
Total
|
Yr 6
Total
|
Yr 7
Total
|
Yr 8
Total
|
Yr 9
Total
|
Life of
Mine
|
$ per ton Processed
|
|||||||||||
G&A
|
|||||||||||
Administration
|
0.20
|
0.16
|
0.16
|
0.16
|
0.16
|
0.16
|
0.16
|
0.16
|
0.16
|
0.31
|
0.16
|
Accounting
|
0.08
|
0.06
|
0.06
|
0.06
|
0.06
|
0.06
|
0.06
|
0.06
|
0.06
|
0.12
|
0.07
|
Purchasing
|
0.06
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.09
|
0.05
|
Human Relations
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.04
|
0.02
|
Security & Safety
|
0.07
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.05
|
0.09
|
0.05
|
Environmental
|
0.03
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.02
|
0.05
|
0.02
|
Total G&A Department
|
0.46
|
0.36
|
0.36
|
0.36
|
0.36
|
0.36
|
0.36
|
0.36
|
0.36
|
0.69
|
0.37
|
21.2.11
|
Insurance
|
21.2.12
|
Net Proceeds of Mines/Property Tax
|
December 19, 2011 | 172 |
Midway Gold Corp. | Capital and Operating Costs |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
21.2.13
|
Contingency
|
21.2.14
|
Income Tax
|
December 19, 2011 | 173 |
Midway Gold Corp. | Economic Analysis |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
22
|
ECONOMIC ANALYSIS
|
22.1
|
Financial Analysis
|
22.2
|
Commodity Price(s)
|
22.3
|
Royalties and Taxes
|
22.4
|
Cash Flow Analysis
|
December 19, 2011 | 174 |
Midway Gold Corp. | Economic Analysis |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
22.5
|
Economic Projection
|
Gold Price
|
Net Present
Value @ 5%
|
Internal Rate
of Return
|
Payback
Period
|
Payback
Multiple
|
$855
|
$4,100,000
|
6.0%
|
7.22
|
1.30
|
$1,200
|
$122,600,000
|
32.4%
|
2.59
|
2.88
|
$1,550
|
$235,100,000
|
55.7%
|
1.70
|
4.53
|
$1,900
|
$344,400,000
|
79.1%
|
1.20
|
6.30
|
22.6
|
Sensitivity Analysis
|
22.6.1
|
Price
|
December 19, 2011 | 175 |
Midway Gold Corp. | Economic Analysis |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
22.6.2
|
Operating Cost, Capital Cost and Gold Grade
|
December 19, 2011 | 176 |
Midway Gold Corp. | Economic Analysis |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
December 19, 2011 | 177 |
Midway Gold Corp. | Adjacent Properties |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
23
|
ADJACENT PROPERTIES
|
December 19, 2011 | 178 |
Midway Gold Corp. | Other Relevant Data and Information |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
24
|
OTHER RELEVANT DATA AND INFORMATION
|
December 19, 2011 | 179 |
Midway Gold Corp. | Interpretation and Conclusion |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
25
|
INTERPRETATION AND CONCLUSIONS
|
●
|
The Pan deposit now contains over 1.1 million ounces of gold in Measured and Indicated Mineral Resource categories using a 0.004 opt cutoff.
|
●
|
There continues to be good potential for the discovery of additional Mineral Resources at Pan.
|
●
|
There is a proven and probable Mineral Reserve of 53,254,000 tons, containing 864,000 ounces of gold.
|
●
|
The Pan project is an economic mining project generating approximately $122 million net present value, and an internal rate of return of 32.4% at a gold price of $1200.
|
December 19, 2011 | 180 |
Midway Gold Corp. | Recommendations |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
26
|
RECOMMENDATIONS
|
●
|
Continuation of drilling to fill-in areas that are promising development areas, specifically between the North and South pits. MIDWAY is planning on $ 1.5 million in drilling for the next two years.
|
●
|
Finalization of engineering for infrastructure, buildings, mining, and site facilities. This is currently estimated at $0.86 million (included in capital costs in the Feasibility Study)
|
●
|
Support for the EIS and permitting, estimated to be $ 0.4 million over the next 2 years.
|
●
|
Construction of the access road which is estimated at $ 1.7 million.
|
●
|
Drilling and testing of a water well, estimated at $0.1 million.
|
●
|
Purchase of long-lead equipment estimated at approximately $ 2.0 million.
|
●
|
Additional Geotechnical testing for pit-slope designs, as discussed in the Mining Section of this Technical Report. The estimated cost for this work is approximately $0.2 million.
|
December 19, 2011 | 181 |
Midway Gold Corp. | References |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
27
|
REFERENCES
|
|
Adair, D.H. and Stringham B.F., 1960, Intrusive Igneous Rocks of East Central Nevada, in Guidebook to the Geology of East-Central Nevada, Intermountain Association of Petroleum Geologists and Eastern Nevada Geological Society, 11th Annual Field Conference, Salt Lake City, Utah, 1960
|
|
AMEC, 2008, T. Wakefield and E.J.C. Orbock, E. Pan Mineral Resource Estimate and Data Review, File No. 158964. Prepared by AMEC for Midway Gold Corp., May 9th, 2008.
|
|
Armstrong, 1970, Geochronology of Tertiary Igneous Rocks, Eastern Basin and Range Province, Western Utah, Eastern Nevada, and Vicinity, Geochem. Et Cosmochim Acta, v34, no2.
|
|
Ashleman, J. and Bernardi, M., 2001, Pan Prospect, White Pine County, Nevada, Geologic Map, Unpublished Geologic Mapping of the Pan Project Area, Degerstrom and Latitude Minerals.
|
|
Bradbury, J.A., 2000, Column Leach Test work, Pan Core Samples, NA Degerstrom Inc., report to Latitude Minerals Corp.
|
|
Gathje, J.C., 1988, HRI Project 005-851, Cyanide Leach Tests of Three Pan Gold Ore Samples, Hazen Research Inc for Echo Bay Management Corp.
|
|
Golder Associates, Inc., 2010, Pan Project White Pine County, NV Draft Report on Scoping Level Pit Slope Evaluation for Midway Gold Corp Resources, Inc.
|
|
Golder Associates, Inc., 2011, Pan Project White Pine County, Nevada, Pre-Feasibility Level Pit Slope Evaluation for Midway Gold Corp Resources, Inc., April 2011.
|
|
Gustavson Associates, LLC, 2010, NI 43-101 Preliminary Economic Assessment of the Pan Gold Project, White Pine County, Nevada, July 20, 2010.
|
|
Gustavson Associates, LLC, 2011, NI 43-101 Preliminary Feasibility Study of the Pan Gold Project, White Pine County, Nevada, April 4, 2011.
|
|
Gustavson Associates, LLC, 2011, NI 43-101 Updated Mineral Resource Estimate for the Pan Gold Project, White Pine County, Nevada, September 1, 2011.
|
|
Harris, D., 2007, Pan Project Geology Map, Unpublished Geologic Map of the Pan Property, Midway Gold Corp Resources, Inc. (Midway Gold US Inc.).
|
December 19, 2011 | 182 |
Midway Gold Corp. | References |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
|
Harris, D., 2009, Pan Project White Pine County, Nevada NI 43-101 Technical Report, Midway Gold Resources, Inc. for Midway Gold Corp (Midway Gold US Inc.)
|
|
Hose, R.K and Blake, M.C., 1976, Part II, Mineral Resources, in Geology and Mineral Resources of White Pine County, Nevada, Nevada Bureau of Mines and Geology, Bulletin 85.
|
|
Jeanne, R.A., 1988, Pan Project, Operations Conducted in 1987, Echo Bay Exploration Inc., report to Lyle F. Campbell Trust.
|
|
Jeanne, R.A., 1988, Report on Exploration, Pan Project, White Pine County, Nevada, Echo Bay Exploration, Inc., Internal Report.
|
|
KCA, 2004, T. Albert, Pan Metallurgical Program, Kappes, Cassidy, & Associates, for Castleworth Ventures.
|
|
McClelland, G.E., 1987, Report on Column Percolation Leach Tests on Pan Jasperoids, ML Job No. 1049, McClelland Laboratories, Inc, memorandum to Echo Bay Management Corp.
|
|
McClelland, G.E., 1987, Interim Report on Preliminary Cyanidation Test work on Pan Jasperoids, MLI Job No. 1049, McClelland Laboratories Inc. memorandum to Echo Bay Management Corp.
|
|
MDA, 2005, M. Gustin. Pan Gold Project, Updated Technical Report, White Pine County, Nevada USA, Prepared by Mine Development Associates Mine Engineering Services for Castleworth Ventures Inc. January 2005.
|
|
Muerhoff, C.V., 2003, Technical Report, Pan Gold Project, White Pine County, Nevada, USA, Mine Development Associates, Inc, Independent technical report prepared for Castleworth Ventures Inc.
|
|
Myers, I.A., 1990, Status of Pan Project, Alta Gold Co., internal memorandum.
|
|
Myers, I.A., 1990, Update of Metallurgical Study of the Pan Deposits, Alta Gold Co. internal memorandum.
|
|
Myers, I.A., 1990, Final Review of Metallurgical Study Conducted for the Pan Project, Alta Gold internal memorandum.
|
|
Myers, I.A., 1990, Metallurgical Study, Pan Project, Alta Gold Co internal memorandum.
|
December 19, 2011 | 183 |
Midway Gold Corp. | References |
Pan Gold Project Feasibility Study | NI 43-101 Technical Report |
|
Myers, I.A., 1990, Pan Mineral Lease, 1989 Activities Report, Alta Bay Joint Venture, Alta Bay Venture Report to LFC Trust.
|
|
Myers, I.A., 1991, Pan Project, 1990 Annual Report, Alta Bay Joint Venture, Alta Bay Venture Report to LFC Trust.
|
|
Resource Development Inc., 2011, Metallurgical Testing of Midway Pan Samples, September 28, 2011.
|
|
Sherrin, C.H., 1988, Report on Agitate Cyanidation Tests - Pan Cuttings Composites, MLI Job No. 1140, McClelland Laboratories for Echo Bay Exploration.
|
|
Shrake, T., 1984, Geology and Hydrothermal Alteration of the Pan Disseminated Gold Occurrence, White Pine County, Nevada, M.S. Thesis, University of Idaho.
|
|
Smith, R.M., 1976, Part II, Mineral Resources, in Geology and Mineral Resources of White Pine County, Nevada, Nevada Bureau of Mines and Geology, Bulletin 85.
|
|
SRK, 2009, Draft Report, Pan Gold Project, White Pine County, Nevada, prepared for Confidential Client by SRK Consulting.
|
|
Thompson, P., 1987, Results of Assay Screen and Cyanide Leach Testing 3 Each Composite Ore Samples, Project o. P-1349, Dawson Metallurgical Laboratories, Inc, memorandum to Echo Bay Mines.
|
|
White, R. and Buxton, C., 1999, Resource Estimation and Exploration Potential for the Pan Gold Deposit, White Pine County, Nevada, Lynn Canal Geological Services report to Latitude Minerals Corp.
|
|
Western Regional Climate Website, 2008, Desert Research Institute (www.wrcc.dri.edu)
|
|
Wright, J.L., 2008, Pan Property Gravity Survey Phase II, GIS Database, Report to Midway Gold Corp, 16p
|
December 19, 2011 | 184 |
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