Barrick Announces 70% Earn-in at Spring Valley

DENVER, CO - Midway Gold Corp. reported that Barrick has informed the Company that it has completed expenditures of $38 million on the Spring Valley project, Pershing County, Nevada. This meets the expenditure requirement to earn a 70% interest in the project. This announcement is more than a year ahead of the scheduled requirements in the earn-in agreement.

Ken Brunk, Midway’s President & CEO, stated, November is truly a pivotal month for Midway with significant progress achieved at our Pan project and at Spring Valley. Barrick's aggressive approach to the earn-in at Spring Valley speaks to the high quality of the project. We will be evaluating our option to retain a 30% interest in the project and develop with Barrick, or to dilute to a 25% interest in the project in exchange for a full carry to production.

Spring Valley Project, Nevada Spring Valley is a large, porphyry-hosted gold system, located about 20 miles northeast of Lovelock in Pershing County, Nevada. A May 2011 updated resource included 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