Midway Gold Corporation - Resource Estimates

Total Measured and Indicated Resources
Project	Short Tons (millions)	Gold Grade (opt)	Contained Gold (ounces)	Cut-Off Grade (opt gold)
Golden Eagle¹	31.4	0.055	1,744,000	0.020
Pan²	34.65	0.018	608,700	0.006
Total	66.05	0.036	2,352,700

Total Inferred Resources
Project	Short Tons (millions)	Gold Grade (opt)	Contained Gold (ounces)	Cut-Off Grade (opt gold)
Golden Eagle¹	5.1	0.038	192,000	0.020
Pan²	1.6	0.017	26,500	0.006
Midway³	5.5	0.039	215,500	0.010
Spring Valley⁴	87.8	0.021	1,833,000	0.006
Total	100.0	0.023	2,267,000

1. Golden Eagle Footnote

Effective date: July 30, 2009. Eric Chapman (M.Sc., C.Geol) of Snowden Mining Industry Consultants Inc. is the designated Qualified Person who has prepared the Golden Eagle resource estimate. Mineral resources have been estimated in accordance with the standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council in November 2003, as amended, and prescribed by the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource estimate includes verified drill results from 222 historic holes that were available up to May 1, 2009. Verification was completed by comparison of gold values to lab certificates and drill logs obtained from historic operators of the project. Only gold values that had lab certificates or drill log verification were utilized in the resource estimate. Mineralized domains were established by interpretation of geological, structural and assay information on sections and plans. Assays within the domains were composited into 5 foot intervals. Search distances and directions were established using spherical variograms on the composites within the domains. A capping threshold of 0.10 to 0.50 ounce per ton (opt) gold was utilized depending upon the domain, and assays greater than the capping threshold would be set to that value. Less than 0.2% of the samples were affected by the capping. A density factor of 13.7 cubic feet per short ton (ft³/st) was applied to the mineralized bedrock material, and 13.5 to 14.3 ft³/st was applied to surrounding bedrock. A tonnage factor of 15.1 ft³/st was applied to overlying glacial till. A three dimensional block model was generated using Datamine(r), a commercially available mine planning software package. Composited assays were used to estimate tons and gold grades within domains using an ordinary kriging estimation methodology. Resources reported are included within a Lerchs-Grossmann (L-G) optimization shell, which was generated using a $750 per ounce gold price and 85% gold recovery. The L-G shell is an economic test that simulates a break even pit using current mining costs. Further details of the estimation procedure are available in the NI 43-101 report posted on SEDAR (http://www.sedar.com).

2. Pan Footnote

Effective date: December 1, 2009. Don Harris (M.Sc., CPG) Vice President-Advanced Projects of Midway Gold Corp. is the designated Qualified Person who has prepared the Pan resource estimate update, based upon the Pan NI 43-101 report prepared by Mine Development Associates and dated effective January 15, 2005. Mineral resources have been estimated in accordance with the standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council in November 2003, as amended, and prescribed by the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource estimate is based on verified drill results from 864 exploration holes available up to July 1, 2009. Mineralized domains were established by interpretation of geological, structural and assay information on sections and plans. Assays within the domains were composited into 10 foot intervals. Search distances and directions were established using spherical variograms on the composites within the domains. A density factor of 13.5 cubic feet per short ton (ft³/st) was applied to the siltstones and shales, 12.3 ft³/st to limestones, and 15.0 ft³/st to overlying volcanic tuffs. Historic metallurgical test work by Alta Gold Company and Castleworth Ventures Inc. shows oxide leach recoveries ranging from 75-94% in column testing. A three dimensional block model was generated using Surpac(r), a commercially available mine planning software package. Composited assays were used to estimate tons and gold grades within domains using an ordinary kriging estimation methodology. Resources reported are included within a Lerchs-Grossmann (L-G) optimization shell using an 80% crushed leach gold recovery. The L-G shell is an economic test that simulates a break-even pit using current mining costs. Further details of the estimation procedure are available in the NI 43-101 report posted on SEDAR (http://www.sedar.com).

3. Midway Footnote

Effective date: February 24, 2005. Karl S. Hackett (P.Eng) of KRJA Systems Inc./Maptek is the designated Qualified Person who has prepared the Midway resource estimate. Mineral resources have been estimated in accordance with the standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council in November 2003, as amended, and prescribed by the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource estimate includes drill results from 195 holes up to October 2004 in the Discovery, 121, and 63-77 Zones. Mineralized domains were established by interpretation of geological, structural and assay information on sections. Assays within the domains were composited into 10 foot intervals. In high-grade zones, a capping threshold of 9.00 opt gold was utilized, and assays greater than 9.00 opt gold were set to 9.00 opt gold. In low-grade zones, a capping threshold of 0.3 opt gold was utilized, and assays greater than 0.3 opt gold were set to 0.3 opt gold. A density of 13.0 cubic feet per short ton (ft³/st) was applied to material in the high and low-grade zones, and 16.0 ft³/st was applied to country rock. A three dimensional block model was generated using Vulcan(r), a commercially available mine planning software package. Composited assays were used to estimate tons and gold grades within domains using an inverse distance cubed (ID³) estimation method, utilizing an 0.010 opt cut-off grade. Further details of the estimation procedure are available in the NI 43-101 report posted on SEDAR (http://www.sedar.com).

4. Spring Valley Footnote

Effective date: March 25, 2009. Eric LeLacheur (M.Sc., CPG) Project Manager of MGC Resources Inc. and Don Harris (M.Sc., CPG) Vice President-Advanced Projects of Midway Gold Corp. are the designated Qualified Persons who have prepared the Spring Valley resource estimate update, based upon the Spring Valley NI 43-101 report prepared by AMEC and dated effective March 7, 2008. Mineral resources have been estimated in accordance with the standards adopted by the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Council in November 2003, as amended, and prescribed by the Canadian Securities Administrators' National Instrument 43-101 Standards of Disclosure for Mineral Projects. The resource estimate includes drill results from 450 holes up to December 31, 2008 in the Pond, Sill, Porphyry, Valley Breccia, North Hill, West Diatreme, and Big Leap Zones. Mineralized domains were established by interpretation of geological, structural and assay information on sections. Assays within the domains were composited into 10 foot intervals. Search distances and directions were established using spherical variograms on the composites within the domains. A capping threshold of 1.00 opt gold was utilized, and assays greater than 1.00 opt gold were set to 1.00 opt gold. This cap is slightly lower than that used by AMEC in 2008. Higher grade composites between 0.25 and 1.0 opt were given a restricted range of 100 feet to limit high grade influences. A density of 12.6 cubic feet per short ton (ft³/st) was applied to all bedrock material, and 14.0 ft³/st was applied to alluvium overburden. A three dimensional block model was generated using Surpac(r), a commercially available mine planning software package. Composited assays were used to estimate tons and gold grades within domains using an inverse distance cubed (ID³) estimation method. Resources reported are included within a Lerchs-Grossmann (L-G) optimization shell, which was generated using a $715 per ounce gold price. The L-G shell is an economic test that simulates a break even pit using current mining costs. Further details of the estimation procedure are available in the 2009 Midway NI 43-101 report and the 2008 AMEC NI 43-101 report, both posted on SEDAR (http://www.sedar.com).