Midway Gold posts $620,962 of June net income on zero total revenue

By Caroline Salls

Pittsburgh, July 29 – Midway Gold Corp. posted net income of $620,962 for June on zero revenue, according to its monthly operating report filed Friday with the Securities and Exchange Commission.

The company reported $134.85 million in net income for May on negative $1.06 million in total revenue. The May net income figure included a $126.25 million impairment of long-lived assets.

In addition, Midway had $27.8 million in cash and cash equivalents as of June 30, down from $28.83 million at the end of May.

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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