$MDRPF idas Gold (OTC: MDRPF)(TSX: MAX)
Despite being a junior miner, Midas Gold offers a great way to leverage gold prices without a lot of risk.
You see, Midas has locked into a very lucrative find known as the Golden Meadows project. It's actually a cluster of three gold deposits in a friendly mining jurisdiction in Idaho. All told, Golden Meadows harbors 6–7 million ounces of gold, grading 1.6 grams per tonne.
The site also contains nearly 3 million ounces of silver.
It's a great deposit in a great location. The district is located in the Central Idaho Porphyry (Gold) Belt with over 8 million ounces of past gold production. It was the largest gold, tungsten, and antimony producer in Idaho throughout its history and a major source of those metals from the 1920s through the 1950s.
Now, Midas is building a mine there. It'll take three to five years and some $880 million to complete. But once it's finished, the mine will produce 400,000 ounces of gold in its earliest stages.
Paulson & Co, the investment firm headed by famed billionaire investor John Paulson, recently injected C$55 million in financing into Midas. This is the same man who made $4 billion betting against the subprime mortgage market, if you recall.
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