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Denver Post Says Midway Gold Was The Top-Performing Stock In Colorado For 2011

Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) reports that on December 31, 2011, the Denver Post reported that Midway was Colorado’s top-performing stock in 2011 with a 151% share price increase. Midway is traded on both the NYSE Amex and TSX Venture stock exchanges.

Dan Wolfus, CEO and Chairman said, "The Company’s 2011 growth was fueled by aggressive and successful exploration and development programs at the Company’s Pan, Gold Rock, and Tonopah projects and by the advancement of the Spring Valley project by our partner Barrick. We are excited by the rapid progress we made toward production at Pan, and our permitting team continues to be diligently focused on the mine permit process. At Spring Valley, we more than doubled the resource estimate and Barrick started to transition the project from exploration to mine development. At Gold Rock, our successful validation will allow us to include hundreds of historic drill holes in a new resource estimate expected to be complete in early 2012. This year’s successful work is de-risking the projects, helping to create shareholder value, and puts the Company in a strong position to continue our path to production.”

2011 Highlights
  • Expanded Pan to over a million ounces of Measured and Indicated resource
  • Completed a Feasibility Study at Pan that shows robust project economics
  • Initiated the permitting process at Pan by filing a Plan of Operations which has been deemed complete
  • Updated the resource at Spring Valley to more than double the previous estimate
  • Substantially increased the Spring Valley resource in the Measured and Indicated categories
  • Barrick initiated the transition of Spring Valley from exploration to mine development
  • Barrick completed 15,953 meters (52,340 feet) of drilling at Spring Valley
  • Midway completed 23,141 meters (75,920 feet) of drilling on all other projects
  • Completed a two-stage validation of historic drilling results at Gold Rock
  • Initiated a 43-101 resource estimate for Gold Rock; to be complete in early 2012
  • Completed core drilling at Tonopah to test the geologic model
  • Midway was added to the U.S. broad-market Russell 3000® Index
  • Midway was added to the Market Vector Junior Gold Miners (GDXJ) ETF
  • Midway now qualifies as a Development Stage company under SEC guidelines.

Pan Project

Midway’s numerous achievements in 2011 were led by the rapid advance of the Pan project toward production. The Pan project was targeted to be Midway’s first mine after a positive Prefeasibility Study was completed early in the year. The 2011 drill program of 11,238 meters in 43 holes resulted in expansion of the measured and indicated resource to over one million ounces of gold (see press release dated October 4, 2011). Using this resource, a Feasibility Study was completed in November that shows the NPV of the project is robust at a range of gold prices, ranging from $123 million at $1,200/oz gold to $344M at $1,900/oz gold. The IRR grows from 32% to 79% using the same gold price range. Both use a 5% discount rate and are after-tax figures (see press release dated November 15, 2011).

Pan Project, Updated Resource, October 2011
0.14 gpt cutoff     Measured     Indicated     Inferred     Measured + Indicated
Tonnes     36,920,000     43,118,000     3,928,000     80,037,000
Ounces Gold     579,000     551,000     45,000     1,130,000
Grade (gpt)     0.49     0.40     0.36     0.44

Independent NI 43-101 Updated Resource Technical Report by Gustavson Associates, LLC – Oct, 2011

While the engineering and resource development programs were underway, Midway permitted an expanded exploration drilling program and also developed a Plan of Operations for a mining permit. This Plan was submitted to the BLM and the NDEP in November and has since been deemed complete. A Plan of Operations must be complete before the official permitting process can begin. The Plan was supported by numerous environmental baseline studies.

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