Barrick Completed 60% Earn-in At Spring Valley

DENVER- Midway Gold Corp. reported that Barrick Gold Exploration Inc. has informed the Company that it has completed expenditures totaling $30 million at the Company's Spring Valley Project. This meets the requirements for Barrick to earn a 60% interest in the project. The notice further states Barrick's intent to expend an additional $8 million on the property before December 31, 2014. There are currently four drill rigs working at the Spring Valley Project.

Ken Brunk, Midway's President & CEO, stated, We are happy to see Barrick╒s continued progress at our Spring Valley project. They have completed their expenditures for a 60% earn-in well ahead of schedule. With four rigs currently operating on the property, they are on pace to spend $38 million for a 70% earn-in by first quarter of 2014. Again, well ahead of schedule. Barrick is responsible for all expenditures on the property until they complete their earn-in.

Barrick's 2013 budget includes $8 million for infill drilling in the main resource area, where the objective is to upgrade the quality of the resource. An additional $3.08 million is budgeted for development activities including metallurgical, geotechnical, and hydrology work as well as the completion of a scoping-level economic evaluation.

Barrick has accelerated their rate of earn-in to Spring Valley. They can earn a 60% interest in the project by completing expenditures totaling US$30 million before December 31, 2013. Barrick may choose to spend another $8 million before December 31, 2014 for a total of $38 million to earn a 70% interest in Spring Valley.

Spring Valley is a large, porphyry-hosted gold system mineable by open pit. Spring Valley is located about 20 miles northeast of Lovelock in Pershing County, Nevada. A May 2011 updated resource estimate released by Midway reported 2.16 million ounces of gold in the combined Measured and Indicated categories at a cut-off grade of 0.14 gpt. The same study reported an Inferred resource of 1.97 million ounces of gold at the same cut-off grade. The Measured resource is 0.93 million ounces contained within 59.0 million tonnes grading 0.49 gpt, the Indicated resource is 1.23 million ounces contained within 85.8 million tonnes grading 0.45 gpt, and the Inferred resource is contained within 103.9 million tonnes grading 0.59 gpt. The estimate was prepared for Midway by Gustavson Associates, LLC of Lakewood, Colorado. The updated resource includes Barrick's 2009 and 2010 drill results and significantly increased the resource in the Measured and Indicated categories and added additional Inferred resources. An updated Technical Report dated November 29, 2012 clarified some of the language but did not change any of the numbers.