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Midway Gold Files NI 43-101 Technical Report On Pan Project – Resource Increases To More Than 1 Million Ounces Of Gold

Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) announces it has filed a NI 43-101 technical report including an updated resource estimate that exceeds one million ounces of gold in the Measured and Indicated categories for its Pan Project, located 29 km southeast of Eureka, Nevada. The 1.13 million ounces of gold are contained in 37 million tonnes of 0.49 grams per tonne (gpt) gold in the Measured category and 43 million tonnes of 0.40 gpt gold in the Indicated category using a 0.14 gpt gold cutoff grade. This current gold resource remains open in multiple directions and additional exploration drilling is planned.

Updated Resource Estimate, Pan Project, Nevada
Measured Resource
Cutoff (gpt)   Tonnes   Grade (gpt)   Gold ounces
0.27 27,352,000 0.59 520,000
0.21 30,857,000 0.55 547,000
0.14 36,920,000 0.49 579,000
0.07 50,924,000 0.38 622,000

Indicated Resource
Cutoff (gpt) Tonnes Grade (gpt) Gold ounces
0.27 27,126,000 0.52 453,000
0.21 32,652,000 0.47 495,000
0.14 43,118,000 0.40 551,000
0.07 73,925,000 0.27 645,000
Measured Plus Indicated Resource
Cutoff (gpt) Tonnes Grade (gpt) Gold ounces
0.27 54,478,000 0.56 974,000
0.21 63,509,000 0.51 1,042,000
0.14 80,037,000 0.44 1,130,000
0.07 124,849,000 0.32 1,268,000
Inferred Resource
Cutoff (gpt) Tonnes Grade (gpt) Gold ounces
0.27 1,771,000 0.58 33,000
0.21 2,229,000 0.51 37,000
0.14 3,928,000 0.36 45,000
0.07 9,693,000 0.20 63,000

Note: The tonnage and total ounces of gold were determined from the statistical block model. Average grades were calculated from the tonnage and total ounces and then rounded to the significant digits shown. Calculations based on this table may differ due to the effect of rounding.

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