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Midway Updates Pan Development And Outlines Key 2013 Milestones

Midway Gold Corp. (“Midway” or the “Company”) would like to provide a 2012 year-end review of the Pan Gold Mine Project (“Pan”) and a road map for the year ahead. The Pan Project is an open pit mining, development stage project in eastern Nevada with an expected 2014 production date.

A Letter from Ken Brunk – Chairman, President and CEO of Midway

2013 will be a transformational year for Midway. The beginning of a new year provides an opportunity to share with our shareholders the successes of a year past and the Company’s plans for the next. This letter highlights 2012 accomplishments and outlines our priorities for the coming year. Throughout this year we plan to share updates on our projects and provide greater detail on the “when” the “why” and the “how,” which combined are the true backbone for continued success. Key 2012 accomplishments for the Pan project:
  • Permitting is on schedule and well positioned for construction in 2013 and production in 2014
  • Continued engineering and testing activities to better understand project economics
  • Successful capital raise of $70 million at a significant premium to market

Pan Permitting

Pan, our flagship project, is an oxidized, Carlin-type gold deposit that will be an open pit, heap leach mine. During 2012 Midway worked diligently to advance Pan to be ready for 2013 construction and for production in mid-2014.

We have advanced well into the NEPA permitting process. Progress in 2012 includes:
  • Selection of our 3 rd Party contractor who specializes in mining activity in Nevada to draft the Environmental Impact Statement
  • Publication in the Federal Register pursuant to the EIS notice requirements
  • Holding multiple public scoping and informational meetings

During the next three quarters, Midway plans to:
  • Notify the public when the Draft EIS for Pan has been published in the Federal Register
  • Address additional comments as needed for the Final EIS & the Final Positive Record of Decision

Midway is committed to the more detailed EIS process rather than the simpler EA process because it is one example of our commitment to build a responsible, forward thinking, long-term business. Not only does this mean meeting and exceeding regulatory requirements, but also not taking any short cuts in our processes. We will provide updates on this process as we complete the remaining milestones to our Record of Decision.

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