Resource World Magazine

MIDWAY GOLD CORP. [MDW-TSXV] NPV (5% Discount)......................$123 million IRR (After-Tax)........................................ 32%. Payback period.................................2.6 years Cash Costs.........................................$585/oz Capital Costs...............................$100 million Shares Outstanding.................... 128,451,298 NOTE: Assuming US $1,200/oz Au Midway Gold Corp. completed an independent Feasibility Study in November 2011 for its leased Pan gold project 20 miles southeast of Eureka, on the Battle Mountain Eureka Trend, east-central Nevada. The Pan Project, Midway's flagship project, is an oxidized, Carlin-type gold deposit envisaged as an open pit, heap leach mine. During 2012, the company prepared the project to be ready for 2013 construction and for production in mid-2014. Proven and probable reserves stand at 48,311,000 tonnes grading 0.56 grams gold/ tonne, for 864,000 oz of gold. Measured and indicated resources total 80,037,000 tonnes grading 0.44 grams gold/tonne, for 1,130,000 oz of gold. Inferred resources are 3,928,000 tonnes grading 0.36 grams gold/ tonne, for 45,000 oz of gold. Company geologists have determined that significant upside potential exists with possible resource expansion from step-out drilling to the north, south and southeast. Additional gold at depth is possible where 20% of historic drilling bottomed in mineralization. Metallurgical studies have demonstrated a 75% gold recovery. Mine life has been estimated at nine years with a life-of-mine gold production of 864,000 oz at an average annual production rate of 81,000 oz. Midway has received the Water Pollution Control Permit, which authorizes the construction, operation and closure of approved Pan mining facilities. The Nevada Division of Environmental Protection determined that the proposed operation will not degrade the waters of the state and that public safety and health will be protected. Another milestone was the completion and publication of the Draft Environmental Impact Statement by the BLM. In 2012, Midway raised $85 million. JUNE 2013 www.resourceworld.com 11

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