Midway Gold Corp. (AMEX: MDW, TSXV: MDW) – Positive PEA Results on Pan

Investment Highlights:

• In July 2010, the company announced preliminary economic assessment (PEA) results on the Pan project.
• The PEA also included an independent audit of the resource estimate. Measured and indicated resources are now about 42.75 million tons at 0.016 opt, up from the previous estimate of 34.65 million tons at 0.018 opt.
• The PEA indicated a pre-tax NPV (@5%) of $49 million, and a pre-tax NPV (@10%) of $28 million. The NPV was based on production of 327,000 ounces of gold over 7.25 years at a price of $950 /oz.
• As expected, in March 2010, Barrick Gold Corporation (“Barrick”; NYSE: ABX) announced a budget of $5 million for its 2010 exploration program at the Spring Valley project. We believe Barrick will spend about $9 million by the end of 2010, in order to meet the earn-in requirements.
• The company completed two rounds of financings since our last report that raised a total of C$7.4 million to fund on-going operating activities.

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