Midway Gold Announces First Quarter 2013 Financial Results

DENVER - Ken Brunk, MidwayGold Corp. Chairman, President and CEO stated, Midway is off to a great start in 2013. We have achieved impressive successes in the permitting arena at two of our leading projects White Pine County, Nevada, Pan and Gold Rock. The $85 million we raised in 2012 leaves us with a strong balance sheet. Barrick's earn in announcement at Spring Valley in Pershing County, Nevada, was well ahead of their scheduled requirements and they continue to move the project forward at an advanced pace.

The Draft Environmental Impact Statement (EIS) for Pan was published in the Federal Register on March 22nd and opened for public comment. The public comment period ended on May 6th. This major milestone provided guidance on the permitting progress to date and confirmed that the Company is on track for receipt of final permits in October/November of 2013. Barrick formally notified Midway that it completed its $30 million expenditure requirement to earn a 60% interest in the Company's Spring Valley Project. Barrick further stated their intent to exercise their option to earn a 70% interest by spending an additional $8 million. Midway also announced it received the Water Pollution Control Permit, a key permit for operations at Pan. A mine Plan of Operations for the Company's second project, Gold Rock, was submitted to the BLM to initiate the EIS process on that project. Midway appointed John Labate as Chief Financial Officer, effective May 8th.

Brunk said, Midway is advancing the Pan project towards production in 2014 and developing its Gold Rock project. The operating loss of $4.9M for the three months ending March 31, 2013 was primarily due to mineral exploration expenditures of $1.8M, legal, audit, and accounting costs of $1M and salaries and benefits of $1.0M (net of non-cash stock based compensation expense). Increases in mineral exploration expenditures were driven by drilling activity at the Company's Gold Rock project and salaries and labor costs across all projects. Legal, audit and accounting costs related to legal expenses incurred on general, land and other corporate matters, and the utilization of financial consultants for SEC and SEDAR filing requirements and the investigation of different financing options to meet our capital demands as we bring the Pan Gold project into production. Salaries and benefits have increased period over period as a result of 10 additional employees as of March 31, 2013 from 27 as of March 31, 2012.