Midway Closes $55M Project Finance Facility With Commonwealth Bank Of Australia Pan Project, Nevada

Midway Gold Corp. ("Midway" or the "Company")

announces closing of the previously announced US$55 million 3-year senior secured project finance facility (the "Loan Facility"). The Loan Facility is with Commonwealth Bank of Australia (“Commonwealth Bank”) and will be used to fund continued development of the Company's 100%-owned Pan Gold Mine (“Pan”), located in White Pine County, Nevada. Pan is currently under construction and first gold pour is expected in the fourth quarter of 2014. The Loan Facility is comprised of two tranches: a project finance facility of US$45 million, plus a cost overrun facility of US$10 million. Advances under the project finance facility will bear interest at LIBOR plus 3.50% to 3.75%, and advances under the cost overrun facility will bear interest at the project finance facility rate plus 2.00%. The Loan Facility is secured by substantially all of the assets of the borrower (MDW Pan LLP, which is comprised solely of the Pan project) and its affiliates. Upon achieving economic completion and meeting certain other requirements, security will be limited to the assets of MDW Pan LLP and guarantees from the Company and one other affiliate. The Loan Facility is subject to customary conditions precedent to draw on the loan including the establishment of an un-margined hedging program through Commonwealth Bank, which provides downside protection for the Company's debt. This program will cover a period of less than two years commencing approximately six months after the planned start of production, and is expected to comprise an estimated 11% of the Pan project's anticipated life-of-mine production based on the current reserve base (see November 2011 Resource Estimate) assuming a spot gold price of approximately $1,300/oz. Commonwealth Bank of Australia is a leading financier to the mining industry globally, with specialist multi-disciplinary teams in New York, London and throughout the Asia-Pacific region with extensive transaction experience and clients spanning single-asset emerging producers to global multi-national mining companies. Commonwealth Bank is among the ten largest banks in the world by market capitalization with an AA- credit rating from S&P and total assets of AUD 782 billion (approximately USD 698 billion) as at 31 December 2013. ON BEHALF OF THE BOARD "Kenneth A. Brunk" Kenneth A. Brunk, Chairman, President and CEO About Midway Gold Corp.