Midway Updates Pan Development and Outlines Key 2013 Milestones

FSC / Press Release 
Midway Updates Pan Development and Outlines Key 2013 Milestones 
Denver, CO US, February 05, 2013 /FSC/ - Midway Gold Corp. (MDW - TSX Venture,
MDW - NYSE - Amex),would like to provide a 2012 year-end review of the Pan Gold
Mine Project ("Pan") and a road map for the year ahead. The Pan Project is an
open pit mining, development stage project in eastern Nevada with an expected
2014 production date. 
A Letter from Ken Brunk - Chairman, President and CEO of Midway 
2013 will be a transformational year for Midway. The beginning of a new year
provides an opportunity to share with our shareholders the successes of a year
past and the Company's plans for the next. This letter highlights 2012
accomplishments and outlines our priorities for the coming year.  Throughout
this year we plan to share updates on our projects and provide greater detail on
the "when" the "why" and the "how," which combined are the true backbone for
continued success. Key 2012 accomplishments for the Pan project:
* Permitting is on schedule and well positioned for construction in 2013 and
production in 2014
* Continued engineering and testing activities to better understand project
* Successful capital raise of $70 million at a significant premium to market 
Pan Permitting 
Pan, our flagship project, is an oxidized, Carlin-type gold deposit that will be
an open pit, heap leach mine. During 2012 Midway worked diligently to advance
Pan to be ready for 2013 construction and for production in mid-2014. 
We have advanced well into the NEPA permitting process. Progress in 2012
* Selection of our 3rd Party contractor who specializes in mining activity in
Nevada to draft the Environmental Impact Statement
* Publication in the Federal Register pursuant to the EIS notice requirements
* Holding multiple public scoping and informational meetings 
During the next three quarters, Midway plans to:
* Notify the public when the Draft EIS for Pan has been published in the Federal
* Address additional comments as needed for the Final EIS & the Final Positive
Record of Decision 
Midway is committed to the more detailed EIS process rather than the simpler EA
process because it is one example of our commitment to build a responsible,
forward thinking, long-term business.  Not only does this mean meeting and
exceeding regulatory requirements, but also not taking any short cuts in our
processes. We will provide updates on this process as we complete the remaining
milestones to our Record of Decision. 
Engineering, Operations and Equipment 
Our engineering and operational team are preparing for the next phase of our
growth. The team's 2012 focus included:
* Optimizing pit plans and mining equipment needs
* Continuing gold recovery tests on bulk samples from the mining area
* Working with Jacobs Engineering Group Inc. (NYSE:JEC), a world-class
construction and engineering company to detail and refine the design of the
Midway's goal has been to develop streamlined construction schedules that
enhance cost effectiveness. We believe you will all see the positive benefits of
these efforts as 2013 unfolds. 
Between now and the Fall of 2013, Midway will be placing the orders for our long
lead time equipment for Pan, such as the main electrical sub-station, front-end
loaders for mining and heap leach operational equipment. We will negotiate
supply contracts for the diesel fuel, reagents and other consumables needed for
Pan's operation in 2014. Our goal is to ensure that we have the materials at
cost effective prices to meet our business plan in a timely manner. 
Midway's financial team successfully raised $85 million in 2012 demonstrating
the strength of our business in very difficult markets. This capital will be
used to build the Pan project and to provide working capital to continue our
overall operations. $70 million of capital was raised as a preferred stock
transaction with our strong financial partner, Hale Capital. The team's goal was
to limit common shareholder dilution and to avoid hedging. 
Since that financing, we have been working with several banks and with
Caterpillar Equipment to secure the balance of the financing needed to fund
Pan's production and operations until Pan is cash flow positive. This effort is
advancing at a steady pace and we fully anticipate having agreements in place
this summer with the funds being drawn after receipt of permits this fall. 
The Team and the Community 
We have great properties, but one of our most important resources is our people.
We will be operating our own mines and not contracting out our labor, allowing
us to better manage and control our operations. Mines are built by people and
the Midway team that continues to grow is experienced, driven and truly a joy to
work with. It is a pleasure to acknowledge their hard work, dedication, and
commitment to the Company. 
This recognition is important at both the operations and the community level.
Our team in Ely, Nevada has gone above and beyond to take part in local
activities and events. Their participation continues to strengthen our
relationship with the local community and we would like to recognize their
efforts. To name a few:
* Safe and Sober Grad Night volunteers
* Sponsorship of a half court shot event with the White Pine County High
Basketball program
* Donation of football and basketball uniforms
* Sponsorship of the White Pine Gymkhana 4-H Horsemanship
* Provided 5 scholarships to students - 2 athletic and 3 academic
* Participated in the White Pine County fair including sponsorship of the WPC
horse races
* Purchased a beef, lamb and pig at the WPC 4-H Livestock Show and donated a
beef to the local Senior Center 
For this kind of enthusiasm and dedication we are very thankful. 
The Road Forward 
2013 will be an exciting year for our shareholders, as we focus on completing
the permitting process that will allow the commencement of construction in 2013
and of mining operations in 2014. Our current cash and facilities we are putting
in place will finance these activities. The Midway story is a strong one that is
gaining momentum with each new milestone. 2012 was indeed an important year in
advancing our projects and we look forward to updating you on the progress in
the coming weeks and months ahead. 
And to you, our shareholders, thank you for your continued support this past
year. On behalf of the team at Midway, we look forward to a successful,
transformational and rewarding 2013. 
"Kenneth A. Brunk"
Kenneth A. Brunk, Chairman, President and CEO 
About Midway Gold Corp. 
Midway Gold Corp. is a precious metals company with a vision to explore, design,
build and operate gold mines in a manner accountable to all stakeholders while
assuring return on shareholder investments. For more information about Midway,
please visit our website at www.midwaygold.com or contact Jaime Wells, Investor
Relations Analyst, at (877) 475-3642 (toll-free). 
Neither the TSX Venture Exchange, its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) nor the NYSE MKT accepts
responsibility for the adequacy or accuracy of this release. 
This press release contains forward-looking statements about the Company and its
business. Forward looking statements are statements that are not historical
facts and include, but are not limited to, statements about the Company's
intended work plans and resource estimates and potential offering of common
shares of the Company from time to time. The forward-looking statements in this
press release are subject to various risks, uncertainties and other factors that
could cause the Company's actual results or achievements to differ materially
from those expressed in or implied by forward looking statements. These risks,
uncertainties and other factors include, without limitation, risks related to
the timing and completion of the Company's intended work plans, risks related to
fluctuations in gold prices; uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable terms;
changes in planned work resulting from weather, logistical, technical or other
factors; the possibility that results of work will not fulfill expectations and
realize the perceived potential of the Company's properties; uncertainties
involved in the interpretation of drilling results and other tests and the
estimation of gold resources and reserves; the possibility that required permits
may not be obtained on a timely manner or at all; the possibility that capital
and operating costs may be higher than currently estimated and may preclude
commercial development or render operations uneconomic; the possibility that the
estimated recovery rates may not be achieved; risk of accidents, equipment
breakdowns and labor disputes or other unanticipated difficulties or
interruptions; the possibility of cost overruns or unanticipated expenses in the
work program; and other factors identified in the Company's SEC filings and its
filings with Canadian securities regulatory authorities. Forward-looking
statements are based on the beliefs, opinions and expectations of the Company's
management at the time they are made, and other than as required by applicable
securities laws, the Company does not assume any obligation to update its
forward-looking statements if those beliefs, opinions or expectations, or other
circumstances, should change. 
Cautionary note to U.S. investors concerning estimates of reserves and
resources: This press release and the documents referenced in this press release
use the terms "reserve" and  "mineral resource", which are terms defined under
Canadian National Instrument 43-101 and the Canadian Institute of Mining and
Metallurgy Classification system.  Such definitions differ from the definitions
in U.S. Securities and Exchange Commission ("SEC") Industry Guide 7.  Under SEC
Industry Guide 7 standards, a "final" or "bankable" feasibility study is
required to report reserves, the three-year historical average price is used in
any reserve or cash flow analysis to designate reserves and the primary
environmental analysis or report must be filed with the appropriate governmental
authority.  Mineral resources are not mineral reserves and do not have
demonstrated economic viability. The SEC normally only permits issuers to report
mineralization that does not constitute SEC Industry Guide 7 compliant
"reserves" as in-place tonnage and grade without reference to unit measures. 
The references to a "resource" in this press release and the documents
referenced in this press release are not normally permitted under the rules of
the SEC.  It cannot be assumed that all or any part of mineral deposits in any
of the above categories will ever be upgraded to Guide 7 compliant reserves.
Accordingly, disclosure in this press release and in the technical reports
referenced in this press release may not be comparable to information from U.S.
companies subject to the reporting and disclosure requirements of the SEC. 
To view this release as a web page, please click on the following link:
Source: Midway Gold Corp. (TSXV MDW) www.midwaygold.com
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-0- Feb/05/2013 12:46 GMT
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