Initial Evaluation Of The Gold Rock Project 

DENVER, CO - Midway Gold Corp. reported results of an initial evaluation of its Gold Rock project located in White Pine County, Nevada. A summary of the conclusions in the technical report is provided below. The NI 43-101 report was independently prepared by Gustavson Associates, LLC.

In 1986, Echo Bay Mines discovered the Easy Junior gold deposit in what is now the center of Midway's Gold Rock project. Open pit mining at Easy Junior by Alta Gold occurred between 1989 and 1994, and leach production continued to 1996. Midway Gold Corp., through its acquisition of Pan-Nevada Gold Corporation, gained control of the project in 2007. The Company has secured and compiled historic project drill results for 673 drill holes  primarily shallow, vertical reverse circulation holes within and surrounding the Easy Junior open pit. Historic drilling information suggests there could be significant unmined gold mineralization along strike of Easy Junior, and this mineralization appears to represent a bulk tonnage epithermal gold target. Additional work will be required to confirm these initial impressions. Gustavson reviewed selected portions of the existing assay and geologic drill hole information during the preparation of the Gold Rock report. Their review confirmed that the assay database agrees with the original assay certificates from historic drilling by Echo Bay, Tenneco Minerals Company, Santa Fe Minerals, Inc. and Houston Oil and Gas. International Mining Consultants of Tucson, Arizona (IMC) completed a resource estimate in 1988 prior to mining (see table below). During operations, the mine reportedly produced approximately 52,400 ounces of gold. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources. The evaluation confirms that Gold Rock contains a gold system that warrants additional confirmation, validation, exploration and evaluation. The mineralizing system is strong, with a known strike length of over 8,000 feet. The lithology, alteration, and mineralization are similar to other sediment hosted Carlin-type systems such as Alligator Ridge, Bald Mountain, Rain, and Midway's Pan Project, 8 miles to the northwest. Only a portion of the system has been explored and mined, and drilling outside of the Easy Junior pit area is widely spaced and shallow. The Gold Rock system has structural controls; these feeder structures have not been explored, and previous exploration has not closed off mineralization in any direction. The company's address is 8310 South Valley Highway, Englewood, CO 80112, (720) 979-0900, fax: (720) 979-0898, email: [email protected].