Midway Gold Corp. (TSX:MDW,NYSEMKT:MDW) announced that Barrick Gold Corp. (TSX:ABX,NYSE:ABX) has released a maiden resource for Nevada-based Spring Valley, which is a joint venture between the two companies. Barrick is the operator of the project.

A prefeasibility study is expected to be released for Spring Valley late this year.

As quoted in the press release:

The initial resource, announced by Barrick on February 18, 2015 can be found in their Fourth Quarter 2014 Results. The resource was calculated using a gold price of $1,400/oz and Barrick reported, ‘There is good potential to expand the current resource at higher gold prices.’
As Barrick advances Spring Valley toward a potential production decision, they have budgeted $11 million for the project in 2015, which includes $1 million for continued exploration and $10 million for preparation of an internal pre-feasibility study and other related project development expenditures. Planned development activities will include additional metallurgical studies, hydrological studies, geochemistry studies, environmental baseline studies, geotechnical wall rock stability studies required for mine planning, land related expenses and condemnation drilling.

Click here to read the full Midway Gold Corp. (TSX:MDW,NYSEMKT:MDW) press release.