Spring Valley Project Advances To Pre-Feasibility

DENVER - Midway Gold Corp. has received Barrick Gold Exploration Inc.'s 2014 budget for Spring Valley, Pershing County, Nevada. The budget includes $8.3 Million for project development and $5 Million for exploration for a total of $13.3 Million in planned expenditures in 2014.

Ken Brunk, President and CEO of Midway stated, This budget reflects an approval to advance the project to the prefeasibility stage and to advance more studies related to development. Barrick has mobilized one R/C drill rig as well as 2 core rigs to Spring Valley for further in-fill drilling primarily focused on upgrading the categories of the resource.

Spring Valley is a large porphyry-hosted gold system located about 20 miles northeast of Lovelock in Pershing County, Nevada. Barrick achieved their earn-in by spending $38M to earn a 70% interest in the project. The project is now run as a joint venture with Barrick as manager. Midway has the option to be carried to production, at which point Midway will retain a 25% interest in Spring Valley.

This release has been reviewed and approved for Midway by Dave Mosch, Corporate Mining Engineer at Midway, a "qualified person" as that term is defined in NI 43-101.

Midway also reported that construction is underway at the Pan Project, located in White Pine County, Nevada. Discussions with a contract miner are almost complete and financing is in progress at the Gold Rock Project, also located in White Pine County, the Draft Environmental Impact Statement is underway.