Midway Gold posts $134.85 million of May net income; total revenue up

By Caroline Salls

Pittsburgh, July 1 – Midway Gold Corp. posted net income of $134.85 million for May on negative $1.06 million in total revenue, according to its monthly operating report filed Friday with the Securities and Exchange Commission.

The company reported $936,357 in net income for April on negative $1.47 million in total revenue.

The May net income figure included a $126.25 million impairment of long-lived assets.

In addition, Midway had $28.83 million in cash and cash equivalents as of May 31, up from $24.99 million at the end of April.

Based in Vancouver, B.C., Midway Gold is a development-stage company that acquires, explores and develops gold and silver mineral properties in North America. The company filed for bankruptcy on June 22, 2015 in the U.S. Bankruptcy Court for the District of Colorado under Chapter 11 case number 15-16835.

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