Midas Gold Corp. (TSX:MAX) today announced that it has completed the 2012 work program at its 100% owned Golden Meadows gold-antimony project located in Idaho. This work program included more than 50km of core, sonic, reverse circulation ("RC"), geotechnical and water well drilling completed with the objectives of upgrading the confidence of the existing mineral resource, expanding those mineral resources, testing the geotechnical characteristics of the wall rocks and completing water wells for groundwater monitoring purposes. This information will be utilized in the preparation of updated mineral resource estimates as well as optimizing the Preliminary Economic Assessment ("PEA"), the results of which were reported on September 4, 2012.
Aside from the above milestones, Midas completed a positive PEA, the results of which were announced on September 4, 2012, which outlined the potential for the development of a significant, low-cost, large-scale gold mining operation with important antimony by-products, subject to the acquisition of additional information such as that collected during 2012 and planned for 2013 and, of course, all necessary regulatory approvals. The PEA also outlined the basis for the concurrent reclamation of the extensive legacy environmental disturbance resulting from more than 100 years of mining activity, including the remediation of the site supporting the re-establishment of fish migration past the former Yellow Pine pit.
The Golden Meadows Project design continues to progress beyond the PEA phase, with particular focus on assessing alternate process flow-sheets, alternate project throughputs and related capital costs, and staging of the development to optimize the overall project economics and permitability. These alternates will be considered in the updated PEA, scheduled for the second half of 2012.
"The completion of the 2012 work program marks a significant milestone in evaluating the economic potential of the Golden Meadows Project," said Stephen Quin, President and CEO of Midas Gold Corp. "With this information in hand, Midas Gold will be able to update its mineral resource estimates, complete an updated preliminary economic assessment and evaluate opportunities to optimize the project design, throughput and potential. Midas Gold is also committed to working with local communities, regulators, governments, tribal entities and other stakeholders to ensure its activities result in a significantly enhanced environmental legacy, while providing potential for significant employment, contracts and taxes to the local community, the State of Idaho and the United States."
2012 Drill Program
Midas has completed over 50,000m of core, sonic and RC drilling as part of its 2012 drilling program, and has recently completed work on site for the season.