Midway Gold Upgrades Resource and Increases Budget at Spring Valley, Nevada

Midway Gold (TSX:MDW, NYSEMKT:MDW) announced a significant increase to its resource estimate at the Spring Valley project in Pershing County, Nevada. The new resource increases the measured and indicated categories to 4.37 million ounces, a 102% increase. Meanwhile, the company has also seen a 20% increase in the gold grade.

According to Ken Brunk, President and CEO of Midway:

We are thoroughly impressed with the continued growth and the significant quality upgrade at Spring Valley. The accelerated progress on the project continues to give us confidence that Spring Valley has the potential to be a world-class gold mine in the near future. The three drill rigs on site continue to be focused on in-fill drilling and will likely have an even greater future impact on ounce quality as we move forward to completion of a pre-feasibility study in the fall of 2015. The $9 million drilling program and the $8.4 million commitment currently being spent on all of the various engineering and permitting activities speaks to the merits of the project. We are happy to have Barrick as our joint venture partner and pleased to see 2014’s major progress.

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