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Projects Overview Resource Estimates Spring Valley Project Pan Project Midway Project Golden Eagle Project Other Projects

Gold Rock Project Burnt Canyon Project

Golden Eagle Project

Golden Eagle Project
Ferry County, Washington

The Golden Eagle project is a volcanic-hosted gold deposit at the northern end of the historic Republic Mining District in Washington. This region has been an active mining area for over 100 years. Nearly 3 million ounces of gold have been produced from veins in the Republic district and nearly 7.5 million ounces have been identified in the region.

Midway acquired the Golden Eagle project in 2008. The Golden Eagle gold deposit had been discovered in 1988 by Hecla Mining Company after years of small vein mining in the area. Santa Fe Pacific Gold (SFPG) optioned the property and completed an internal pre-feasibility scoping study on the deposit in 1996. Due to mergers and low gold prices, the deposit was never mined.

In 2009, the NI 43-101 compliant resource was estimated to be:

Table 1: Golden Eagle Gold Resource

Indicated Resource Reported within an Optimal Pit Shell using $750 Gold Price

Cut-Off Grade (opt gold)	Short Tons (millions)	Gold Grade (opt)	Contained Gold (ounces)
0.010	43.0	0.045	1,915,000
0.020	31.4	0.055	1,744,000
0.030	23.4	0.066	1,545,000
0.040	17.9	0.076	1,355,000
0.050	13.8	0.085	1,173,000

Inferred Resource Reported within an Optimal Pit Shell using $750 Gold Price

Cut-Off Grade (opt gold)	Short Tons (millions)	Gold Grade (opt)	Contained Gold (ounces)
0.010	11.6	0.024	284,000
0.020	5.1	0.038	192,000
0.030	3.0	0.047	143,000
0.040	1.8	0.055	100,000
0.050	0.9	0.066	61,000

Notes for Indicated and Inferred Resources reported:
1. The most likely cut-off grade for this deposit is not known at this time and must be confirmed by the appropriate economic studies.
2. Tons and ounces have been rounded and this may result in minor discrepancies in the totals.
3. The estimated metal content does not include any consideration of mining, mineral processing, or metallurgical recoveries.
4. Historical underground workings have been depleted from the mineral resource. This resulted in a decrease from the June 25, 2009 announcement of 25,000 oz in the Indicated category and 2000 oz in the Inferred category at the 0.020 opt cut-off.

Alan Branham, President and CEO of Midway Gold, stated that "The Golden Eagle property offers a very attractive underground high-grade vein exploration target on private ground. We believe that exploring under the historic two million ounce hot springs system is an attractive place to find more high-grade gold. This target is adjacent to the Republic Knob Hill veins which produced high-grade gold for Hecla for over 20 years. We will also review options to process sulfide mineralization, in view of newer technologies and the economics afforded by a higher gold price. The ability to explore the deeper targets combined with the strategic access to Kinross' nearby mill is a bonus that could add value to any new oxide ounces discovered on the property."

Midway owns 100% of the Golden Eagle property resulting in very low holding costs and no exposure to a possible future federal royalty.

The Golden Eagle deposit occurs in a breccia body above epithermal quartz-adularia veins previously mined from the historic Mountain Lion and Knob Hill mines. It dips northward from where it is exposed at the surface at its southern end.

Click here to view the July 30, 2009 dated NI 43-101 Technical Report on the Golden Eagle, Washington Project.

See Press Releases for the latest on the Golden Eagle Project