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Midway Reports $11 Million Budgeted For Spring Valley, Nevada In 2012

Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-AMEX) reports a summary of 2011 work at Spring Valley, Nevada based upon information provided to Midway by Barrick Gold Exploration Inc. Barrick is earning into the project and in 2011 spent $7.6 million (unaudited). Barrickā€™s total expenditure through the end of 2011 of approximately $17.7 million exceeds the cumulative $16 million expenditure required. In 2011, Barrick completed 4,682 meters in 14 core holes and 14,458 meters in 32 reverse circulation (RC) holes and 10 core pre-collars. Assay results received during the last quarter of 2011 are listed in the table below. These include metallic screen (MS) re-assays of some previously reported holes. Higher grade intercepts include:
  • 21.3 meters of 4.73 grams per tonne (gpt) including 1.5 meters of 62.71 gpt in SV11-538C
  • 6.1 meters of 6.86 gpt including 3.0 meters of 13.51 gpt in SV11-521
  • 6.1 meters of 4.97 gpt including 1.5 meters of 18.89 gpt in SV11-530
  • 1.5 meters of 22.11 gpt in SV11-544
  • 9.8 meters of 2.13 gpt in SV11-537C

Drilling continues with two rigs operating on the property to further advance the project.

Barrick has informed Midway that it intends to conduct and fund an $11 million program in 2012 that includes both exploration drilling and development work in preparation for an internal pre-feasibility study. Exploration will be focused on in-fill drilling in the north resource area and expansion drilling of the south resource area. The development work will include metallurgical, geotechnical and hydrological studies. This program exceeds the minimum required 2012 program. Under the terms of the March 9th, 2009 agreement between Midway and Barrick, Barrick will earn a 60% interest in the project by completing expenditures totaling US$30 million before December 31, 2013.

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