Mine company: Our stock price doesn't reflect our Idaho progress


Midas Gold Corp. says it has made "significant progress" on its proposed mine in Valley County that hasn't been reflected in the price of its shares.

President and CEO Stephen Quin says shares of the Vancouver, British Columbia, company, whose stock trades on the Toronto Stock Exchange, reflect poor market conditions.

Shares have traded lately around 70 cents each, down from $4.85 in January 2012.

"Midas Gold appreciates the support of its shareholders and intends to continue advancing its Golden Meadows gold-silver-antimony-tungsten project in Idaho through to completion of a more robust, thorough evaluation of its economic potential, while ensuring financial resources are most effectively deployed in light of the company's available cash and general market conditions," Quin said at Midas's annual meeting May 15.

Midas is exploring deposits in the Stibnite-Yellow Pine district.

To raise needed cash, the company on May 9 sold some royalty rights and two million warrants, exercisable for shares, to Franco-Nevada Corp. for $15 million.

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