Substantial Resource Increase At Gold Rock Project, Nevada

DENVER, CO - Midway Gold Corp. reported substantial resource growth at its Gold Rock project, located only 10.5 km to the southeast of its construction-stage Pan project in White Pine County, Nevada. The Company has received an updated NI 43-101 resource estimate for Gold Rock to include results from its 2012-2013 drill program. The updated resource estimate is effective as of May 27, 2014 and was prepared by Global Resource Engineering. The drilling has resulted in a 65% increase in Measured & Indicated resources, as well as a 62% increase in Inferred resources.

We always saw great upside in the potential to expand the resource base at Gold Rock, and we are particularly pleased by the extent to which this deposit has grown and improved in quality since our last resource estimate in 2012, said Ken Brunk, President and CEO. Given Gold Rock’s increased size, we plan to pursue a preliminary economic assessment for the Project to assist in determining the potential viability of developing Gold Rock, and to further recognize the value of Gold Rock within our Company’s portfolio of projects. Gold Rock is currently well into the permitting process, with finalization and publication of the draft environmental impact statement expected in Q3 of this year. We are leveraging the development and permitting experience gained from our accomplishments at Pan to advance Gold Rock as our second gold mine in a timely and efficient manner.

The 2014 resource estimate was subjected to a Whittle pit optimization to determine the portion of the resource, which has potential to be mined by open pit methods. Pit shells were generated at gold prices ranging from $1,100/oz to $1,900/oz in $200/oz increment. The $1,500/oz pit shell was selected for the mineral resource estimate based on the trailing 3-year average gold price of $1,543.83/oz. Mineral resources are not mineral reserves and have no demonstrated economic viability.

Gold Rock is in the Pancake Range of western White Pine County, Nevada. The property is 10.5 km southeast of Midway’s Pan Project and approximately 104 km west of Ely, Nevada. Historic gold production at Gold Rock came from the Easy Junior open pit mine during the 1980s and the 1990s.