UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
__________________
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of Report: March 3, 2015
(Date of earliest event reported)
 
MIDWAY GOLD CORP.
(Exact Name of Registrant as Specified in Charter)
 
British Columbia, Canada
  
001-33894
  
98-0459178
(State or Other Jurisdiction of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)

Point at Inverness, Suite 280
8310 South Valley Highway
Englewood, Colorado
  
80112
(Address of principal executive offices)   (Zip Code)
 
Registrant’s telephone number, including area code: (720) 979-0900
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
 
 
 
Item 7.01. Regulation FD Disclosure.
 
On March 3, 2015, Midway Gold Corp. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing an update on the Company’s Pan Gold Mine Project (the “Pan Project” or “Pan”). In addition, on March 4, 2015, the Company uploaded an investor presentation (the “Investor Presentation”) to the Company’s website regarding an update on the Company’s projects. A copy of the Investor Presentation is attached to this current report on Form 8-K as Exhibit 99.1. A copy of the press release is attached to this current report on Form 8-K as Exhibit 99.2. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release and the Investor Presentation, respectively, is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of the Securities Exchange Act and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act or the Securities Exchange Act, except as shall be expressly set forth by specific reference in such filing. The information set forth in Item 7.01 of this report shall not be deemed an admission as to the materiality of any information in this report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD. In accordance with General Instruction B.2 of Form 8-K, the information set forth herein and in the press release is deemed to be “furnished” and shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended. The information set forth in Item 7.01 of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information in this Current Report on Form 8-K that is required to be disclosed solely to satisfy the requirements of Regulation FD.
 
Item 8.01. Other Events.
 
The Company provided an update on the Company’s Pan Project and reported the following:

Pan Development Milestones:

·
Construction of the Pan Project gold mine in Nevada is approximately 93% complete and first gold production is expected by the end of March.
 
·
On February 7, after six days of irrigation, initial breakthrough of fresh water that had been cycled through the pad was realized.
 
·
As of the end of February, 3.1 million tons of ore have been placed on the heap leach pad.
 
·
Two million tons of ore are currently being irrigated with solution flows to the leach pad at approximately 14% of capacity, as the system ramps up to the design of 5,000 gallons per minute.
 
Resolution of Previously Announced Delays:
 
·
The second production well (PW2) that had a mechanical malfunction on January 1, 2015 was abandoned and a replacement well is approximately 87% complete. Prior to initiating irrigation of the heap, both operating ponds were filled to capacity by pumping solely from the first production well (PW1) at a rate that was below the more productive PW2. While both ponds are now filled, the Company did experienced a delay of several days while the pump motor was replaced on PW1. Having begun irrigation, water is no longer likely to be a source of leaching delays as PW1 has more than adequate capacity to provide make-up water for leach operations as planned. In addition to replacing PW2, Midway will begin developing a permitted third well to support construction of a leach pad expansion scheduled for later this year.
 
·
Temporary local occupancy permits have been received for the ADR plant and are not expected to contribute to any further delays.
 
 
2
 
 
On-Going Construction:
 
·
ADR plant instrumentation and equipment installation, and commissioning of the refinery, represent a majority of the remaining plant construction activities.
 
·
The 69 kV power line to the Pan mine is 76% complete with line power expected in early May. In the meantime, mobile generators are providing power to the project. Spending for completion of the power line is expected to be within budget.
 
·
Ore control assays, currently outsourced to a commercial lab, are expected to be provided on–site with commissioning of the lab in April.
 
·
The total capital expenditure at project completion is estimated to be US$84 million and the estimate of project spending as of January 31, 2015 is approximately US$76 million.
 
Current Operations and Budgeting:
 
·
Contract mining, being performed by Ledcor CMI Inc., has ramped up and is currently exceeding planned production levels of 55,000 tons per day. In 2015 to date, tons mined, including tons placed on the pad, have exceeded budget.
 
·
Early sampling of ore grades have generally been below modeled grades with tonnage variances being both positive and negative. As is appropriate during start-up of a mine when observing initial variances averaging below expectations, the Company has engaged an independent engineering firm to review modeling, sampling, and assaying practices to gain an informed understanding of tonnage and grade variances to date. Sustained gold production from the heap will provide an additional data point from which to complete an assessment of initial model performance and will provide the first estimate of actual gold recoveries.
 
·
During 2015, near mine exploration expenditures at Pan are budgeted at US$2.5 million. Exploration drilling of the South Pan deposit will target expanding the northern and southern extensions of the existing resource along with targeting of the Wendy Deep zone. Step-out drilling in these areas will allow us to evaluate the potential to upgrade resources to reserves and exploration drilling will allow us to evaluate expanding the resources as these areas remain open at this time. While there is no assurance of exploration success, the objective of the exploration program is to determine if the mine life at Pan can be extended or production expanded.
 
·
The Company has drawn US$47.5 million of the US$53 million project finance facility held with Commonwealth Bank of Australia (“CBA” or the “Lender”). The Company is required to satisfy certain covenants, tests and obligations related to the facility, including schedule and other contingencies, in order to continue to draw amounts available under the facility and to remain in compliance with its terms. Based on current projections, a two week delay from an internal targeted mid-March pour will likely now result in a working capital shortfall of about US$5 million. In addition, Midway is working through the terms of a credit amendment with the Lender. As a contingency, these terms may require the Company to fund project working capital for a scenario under which first production is assumed to be May 1, 2015 and potentially defer project distributions which could increase corporate working capital needs from prior estimates. The Company’s performance in the coming weeks will impact the amount of these contingencies and Midway is evaluating alternatives to fund working capital needs.
 
·
Sustaining capital in 2015 includes US$8 million for construction of the second stage of the heap leach pad at Pan. This expansion, anticipated for completion by September 2015, is planned to more than double leach pad capacity. A total of 2.2 million square feet, capable of holding up to 12 million tons, will be added to the existing pad, which has a current capacity of approximately 8 million tons.
 
 
3
 
 
This Item 8.01 contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include, but are not limited to, statements about the Company's intended work plans and estimates, including construction plans and progress on the Pan Project, estimated production dates, percentage completion, permitting expectation, total capital expenditures for mine construction, evaluation of preliminary sampling, tonnage and grade estimates, projected mine expenditures, projected exploration expenditures, projected revenues, potential to expand resources or reserves, budget and capital requirement estimates and plans for expansion, second stage construction of the leach pad in relation to the Pan Project, projected working capital needs and potential outcomes of negotiations with our lender. The forward-looking statements in this Item 8.01 are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation, risks related to the timing and completion of the Company's intended work plans, risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results, modelling, engineering and other analysis; risk of inaccurate estimation of gold resources and reserves; inability to meet debt covenants and obligations; the possibility that the estimated recovery rates and grades may not be achieved as modelled or projected; the possibility that capital and operating costs may be higher than currently estimated and may render operations uneconomic; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; inherent, unanticipated and unknown risks associated with startup and commissioning of the ADR plant and production activities; the possibility that required permits may not be obtained on a timely manner or at all; changes in interest and currency exchanges rates; local and community impacts and issues; environmental costs and risks; and other factors identified in the Company's SEC filings. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change. Although the Company believes that such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. For the reasons set forth above, you should not attribute undue certainty to or place undue reliance on forward-looking statements.
 
Item 9.01. Exhibits.
 
Exhibit
  
Description
     
99.1*
  
     
99.2*
  
___________________
* The foregoing exhibits relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.
 
 
4
 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
MIDWAY GOLD CORP.
  
 
  
 
  
DATE: March 5, 2015
By:
/s/ Bradley J. Blacketor
  
   
Bradley J. Blacketor
Chief Financial Officer
  
 
 
5
 
 
EXHIBIT INDEX

Exhibit
  
Description
     
99.1*
  
     
99.2*
  
________________
* The foregoing exhibits relating to Item 7.01 is intended to be furnished to, not filed with, the SEC pursuant to Regulation FD.
 
 
6


EXHIBIT 99.1
 
NYSE MKT: MDW // TSX: MDW // MIDWAYGOLD.COM // 720.979.0900 NEVADA’S NEXT GOLD PRODUCER MARCH 2015
 
 
1
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Forward Looking Disclaimer
 
 
2
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Nevada’s Next Gold Producer Pregnant Pond Taken November 2014 Process Facilities Under Construction Ely, NV ~ 50 miles to the East Barren Pond
 
 
3
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * CEO Introduction William Zisch Royal Gold (5 yrs) VP Operations Newmont (12 yrs) VP Planning VP Africa/Central Asia Operations Assistant GM/Operations Management Minera Yanacocha, Peru Director Business Development and Planning Chief Mine Engineer, International Operations FMC Corporation/FMC Gold (16 yrs) Paradise Peak, Nevada Skill Point, Wyoming Ore at Surface – North Pan
 
 
4
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Midway Fundamentals Simple – Manageable - Financeable 3 KEY PROJECTS with UPSIDE POTENTIAL Pan – Production in March 2015 Gold Rock – In Permitting Spring Valley – Barrick Pursuing Pre-feasibility NEVADA’S LOCATION ADVANTAGE Infrastructure - Decreases Capital Requirements Infrastructure - Lowers Operating Costs Jurisdiction – Reduces Risk SIMPLE, EXECUTABLE PROJECTS Open pit Low strip ratio Heap leach Simple, low cost No mill
 
 
5
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Pan – Nevada’s Next Gold Producer Milestones to Pan Production PERMIT Completed ✔ Q4 – 2013 CONSTRUCT Began ✔ Q4 - 2013 FINANCE H2 2014 ✔ PRODUCE Q1 2015 EXPAND Exploration Potential MIDWAY ACHIEVEMENTS Completion of the federal permitting process in record time Run of Mine at South Pan Mining contractor has contributed to a smoother startup and reduced operational risk
 
 
6
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM Barren Pond & ADR Plant Looking North Lime Silo Carbon-in-Columns Train in ADR Plant Mine Power Substation Ready for Commissioning
 
 
7
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Poised for Gold Production MINING Achieved steady state in January Now exceeding budget of 55K tons per day 3.2M tons on leach pad 9.0M planned by EOY 2015 IRRIGATION Cyanide introduced into system week of 3/2 Conditioned with freshwater since mid-February 2.2M tons now under irrigation All under leach at once with cyanide added Expect 6 days for breakthrough of cyanide solution FIRST GOLD POUR Expect 20 days from first cyanide to first gold pour Rapid gold production ramp-up expected as mining is already steady state Overview of South Pit Looking North Tons Stacked to Leach Pad
 
 
8
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Ramp Up at Pan Expected 2015 Gold Production Still on Track!
 
 
9
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Run of Mine at South Pan Cumulative Recovery in Days See September 17, 2013 press release for more information Recovery curve based on large column tests performed by Kappes-Cassidy & Associates on representative samples of blasted ore in the South Pit of the Pan project. Irrigation of Leach Pad
 
 
10
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Cost Structure at Pan Several Key Cost Components Locked In Consumables under contract Labor costs have been established Diesel hedge in place for 75% of consumption throughout loan life at $55/barrel Hedging Program – 80,500 ounces over a 23-month period commencing May 2015 Sustaining capital of $10M includes $8M for pad expansion to be completed in September Double leach pad capacity From current 8M tons to 20M tons Operating Cost Breakdown ~ 75% Fixed Cost
 
 
11
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Pan – Cost to Completion We’re on the 2-Yard Line PROJECT CONSTRUCTION 93% COMPLETE Ready to produce gold Construction will conclude after first production Total cost to complete estimated at $84M Project spending as of Jan 2015 estimated at $76M CASH POSITION $5M working capital (Mar 15-Mar 30) Midway is working through terms of a credit amendment with our Lender as a result of delays New terms may require additional working capital as a contingency Carbon in Columns Train in ADR Plant
 
 
12
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Pan – Expansion Potential at South Pan Target North, South and Wendy Deep $2.5M budgeted in 2015 In-fill drilling planned for Wendy Deep and along perimeter of current block model Brownfields exploration of North Extension and South Extension – open Possible resource expansion to support extended life or expanded production Midway permitted for twice the current size of Pan North Extension South Extension Wendy Deep
 
 
13
 
 
       
       
       
       
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * GOLD ROCK – MIDWAY’S 2ND PROJECT Sister Project – About 10km Away We are Building a Business in Mining. If you want a production profile, you have to build the assembly line. Applying lessons learned from Pan will help with execution of Gold Rock. PAN-style deposit Simple mining – Open Pit Potential to be larger than PAN PAN-style economics expected Low Capex project Nearby infrastructure No pit de-watering Simple, Manageable, Financeable RESOURCE SUMMARY RESOURCE SUMMARY RESOURCE SUMMARY RESOURCE SUMMARY RESOURCES(1) TONNES GRADE CONTAINED (‘000s) (g/t) (‘000s oz) M&I 20,215 0.79 513 Inferred 24,303 0.69 536 Amended NI 43-101 Technical Report Updated Mineral Resource Estimate for the Gold Rock Project, White Pine County, Nevada (January 2015). Assumes cutoff grade of 0.27 g/t A production decision will be contingent upon establishment of mineral reserves and at least a pre-feasibility study
 
 
14
 
 
         
         
       
       
         
       
       
         
       
       
         
       
       
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Spring Valley – Added Value Long-Term Barrick Midway Joint Venture Barrick is the Operator Announced initial resource February 2015 Pre-feasibility Stage – Expected Late 2015 2015 Budget – $11 for PFS and exploration 75/25 Joint Venture Amended NI 43-101 Technical Report on Resources, Spring Valley Project, Pershing County, Nevada (January 2015). Base Case assumes a cutoff of 0.21 g/t. The resource was calculated by Midway with data provided by Barrick. Barrick completed expenditures of $38M to earn 70% interest in Spring Valley Barrick funds everything to production Midway retains 25% interest Barrick recovers Midway share of capital From 90% of Midway cash flows Interest rate of Prime +2% “The Spring Valley Project…is a low capital cost, oxide heap leach project with potential to become another standalone mine in Nevada.” ~ Barrick in Q4 2014 Financials Press Release 2014 RESOURCE SUMMARY 2014 RESOURCE SUMMARY 2014 RESOURCE SUMMARY 2014 RESOURCE SUMMARY 2014 RESOURCE SUMMARY Cutoff (g/t) 0.27 0.21 0.14 Measured Tonnes (‘000s) 54,600 68,300 83,000 Measured (g/t) 0.8 0.69 0.6 Measured Contained ('000 oz) 1,410 1,510 1,590 Indicated Tonnes (‘000s) 105,600 133,600 162,500 Indicated (g/t) 0.71 0.61 0.53 Indicated Contained ('000 oz) 2,400 2,610 2,780 Measured plus Indicated Tonnes (‘000s) 160,200 201,900 245,500 Measured plus Indicated (g/t) 0.74 0.63 0.55 Measured plus Indicated Contained ('000 oz) 3,810 4,120 4,370 Inferred Tonnes (‘000s) 42,100 56,300 71,100 Inferred (g/t) 0.65 0.55 0.47 Inferred Contained ('000 oz) 880 990 1,070
 
 
15
 
   
   
   
   
   
   
   
 
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Capital Markets Overview Market statistics Symbol (TSX/NYSE MKT) MDW Share Price(1) $0.74 Market Capitalization $129.1M Share Outstanding(2) 174,919,068 Options 10,081,128 Fully Diluted 185,000,196 Preferred Shares(3) 37,837,838 8% Dividend 8% Dividend Payable Quarterly in Cash or Shares Payable Quarterly in Cash or Shares ANALYST COVERAGE As of February 25, 2015 As of January 2015 Convertible to Common Shares as of December 13, 2012 Assumes full dilution American Century Barrick Davenport & Co Franklin Templeton Hale Capital Investure Millennium Management Nantahala Capital Oppenheimer RBC US Global Van Eck Vanguard 46% Common share structure Preferred share structure Institutional Holdings(4)
 
 
16
 
NYSE MKT: MDW // TSX: MDW // MIDWAYGOLD.COM // 720.979.0900 APPENDIX
 
 
17
 
 
                 
               
               
               
               
         
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Pan – A Great First Project Production Expand From Cash Flow Start simple, manageable, financeable Drill to a million ounces ✔ Develop a mine plan ✔ Get project permitted ✔ Produce at Pan in Early 2015 RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESERVE & RESOURCE SUMMARY RESOURCES(1) TONNES GRADE CONTAINED RESERVES(2) TONNES GRADE CONTAINED (‘000s) (g/t) (‘000s oz) (‘000s) (g/t) (‘000s oz) Measured 36,920 0.49 579 Proven 25,245 0.60 487 Indicated 43,118 0.40 551 Probable 23,067 0.51 377 M&I 80,037 0.44 1,130 P&P 48,311 0.56 864 Inferred 3,928 0.36 45 P&P Reserves are included in the M&I Resources P&P Reserves are included in the M&I Resources P&P Reserves are included in the M&I Resources P&P Reserves are included in the M&I Resources NI 43-101 Updated Mineral Resource Estimate for the Pan Gold Project, White Pine County, Nevada (September 2011). Assumes cutoff grade of 0.14 g/t NI 43-101 Technical Report Feasibility Study for the Pan Project, White Pine County, Nevada (November 2011). Assumes gold price of US$1,200/oz and cutoff grade of 0.27 g/t (South Pan) and 0.21 g/t (North Pan)
 
 
18
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Pan – A Great First Project Focus on Costs OPEN PIT Ore Starts at Surface No Pre-Strip <1:1 Strip in Payback Low 1.8:1 LOM Strip Ratio HEAP LEACH All Oxide – No Sulphides Simple, Low Cost No Mills Average 75% Recovery REDUCE FUEL SENSITIVITY Short Hauls 60% of Hauls Downhill Shallow Pits North Pit South Pit Waste Waste Waste Leach Pad Waste Waste
 
 
19
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Our Next Steps Simple, Manageable, Financeable Establish producer status with Pan and then focus on an excellent portfolio of growth projects in Nevada. LEVERAGE LESSONS LEARNED AT PAN Provide adequate, upfront, detailed engineering Avoid project funding delays after commencement of construction Lock project scope at commencement of construction Maintain continuity of owner’s team and allow for adequate peer review Coordinate local permitting throughout project construction Complete detailed operating plans in early stage of project (stripping, mining, stacking) Ensure robust cost control systems
 
 
20
 
 
       
       
       
       
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM RESOURCE SUMMARY RESOURCE SUMMARY RESOURCE SUMMARY RESOURCE SUMMARY RESOURCES(1) TONNES GRADE CONTAINED (‘000s) (g/t) (‘000s oz) M&I 20,215 0.79 513 Inferred 24,303 0.69 536 * Gold Rock – Using the Midway Recipe Production Expand From Cash Flow Learn from Pan to Develop Gold Rock Resource Growth 2012-2013 ✔ Begin Permitting – 2013 ✔ Design, Engineer, Construct Record of Decision Expected in 2015(2) Amended NI 43-101 Technical Report Updated Mineral Resource Estimate for the Gold Rock Project, White Pine County, Nevada (January 2015). Assumes cutoff grade of 0.27 g/t A production decision will be contingent upon establishment of mineral reserves and at least a pre-feasibility study
 
 
21
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM * Gold Rock – Wide Open for Growth Fold and thrust belt Current Resource 13 km, 8 mi Alteration Targets Throughout with 1 Large Covered Target Just North of Current Resource
 
 
22
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM Overview of South Pit Looking North, Heap Leach Pad in the Background
 
 
23
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM Panoramic of Barren Pond, ADR Plant & Leach Pad View of Replacement Production Water Well Drilling in Progress
 
 
24
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM Left: Carbon Regeneration Kiln Right: C-I-C Train on the Right
 
 
25
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM Irrigation of the Heap in Progress
 
 
26
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM View Looking Southeast at South Pan Mining
 
 
27
 
NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM NYSE MKT: MDW//TSX: MDW//MIDWAYGOLD.COM General Overview of Process Facilities & Heap Leach Pad
 
 
28
 


EXHIBIT 99.2
 

CONSTRUCTION AT PAN GOLD PROJECT NEARS COMPLETION
MIDWAY EXPECTS FIRST GOLD PRODUCTION IN MARCH

DENVER, CO – March 03, 2015 – Midway Gold Corp. (TSX and NYSE-MKT: MDW) (the “Company” or “Midway”) is pleased to announce that construction of the Pan Gold Mine (“Pan”) in Nevada is approximately 93% complete and first gold production is expected by the end of March.

Recent Pan Project Milestones:
 
·
On February 7, after six days of irrigation, initial breakthrough of fresh water that had been cycled through the pad was realized.
 
·
As of the end of February, 3.1 million tons of ore have been placed on the heap leach pad.
 
·
2.0 million tons of ore are currently being irrigated with solution flows to the leach pad at approximately 14% of capacity, as the system ramps up to the design of 5,000 gallons per minute.
 
Bill Zisch, Midway’s President & CEO commented, “While we have encountered some delays, we continue to make good progress and construction of our Pan gold project is now 93% complete. With recent milestones achieved, we expect first gold production at Pan by the end of March. We have contracted Jacobs Field Services to support commissioning of the process facilities and have moved beyond delays associated with the loss of one of our water wells. In addition, we have secured temporary local occupancy permits that allow us to begin operation of the ADR (Adsorption/Desorption Recovery) plant. We expect to begin leaching with cyanide this week and estimate that we will be able to produce gold approximately twenty days following the application of cyanide solution. We are excited to become a new producing company this month. Generation of revenue from Pan will mark the culmination of a great deal of collective efforts over the past several years.”
 
 
 
 
 
March 3, 2015
 
Resolution of Previously Announced Delays:
 
·
The second production well (PW2) that had a mechanical malfunction on January 1, 2015 was abandoned and a replacement well is approximately 87% complete. Prior to initiating irrigation of the heap, both operating ponds were filled to capacity by pumping solely from the first production well (PW1) at a rate that was below the more productive PW2. While both ponds are now filled, the Company did experience a delay of several days while the pump motor was replaced on PW1. Having begun irrigation, water is no longer likely to be a source of leaching delays as PW1 has more than adequate capacity to provide make-up water for leach operations as planned. In addition to replacing PW2, Midway will begin developing a permitted third well to support construction of a leach pad expansion scheduled for later this year.
 
·
Temporary local occupancy permits have been received for the ADR plant and are not expected to contribute to any further delays.
 
On-Going Construction:
 
·
ADR plant instrumentation and equipment installation, and commissioning of the refinery, represent a majority of the remaining plant construction activities.
 
·
The 69 kV power line to the Pan mine is 76% complete with line power expected in early May. In the meantime, mobile generators are providing power to the project. Spending for completion of the power line is expected to be within budget.
 
 
2
 
 
 
March 3, 2015
 
·
Ore control assays, currently outsourced to a commercial lab, are expected to be provided on–site with commissioning of the lab in April.
 
·
The total capital expenditure at project completion is estimated to be US$84 million and the estimate of project spending as of January 31, 2015 is approximately US$76 million.
 
Current Operations and Budgeting:
 
·
Contract mining, being performed by Ledcor CMI Inc., has ramped up and is currently exceeding planned production levels of 55,000 tons per day. In 2015 to date, tons mined, including tons placed on the pad, have exceeded budget.
 
·
Early sampling of ore grades have generally been below modeled grades with tonnage variances being both positive and negative. As is appropriate during start-up of a mine when observing initial variances averaging below expectations, the Company has engaged an independent engineering firm to review modeling, sampling, and assaying practices to gain an informed understanding of tonnage and grade variances to date. Sustained gold production from the heap will provide an additional data point from which to complete an assessment of initial model performance and will provide the first estimate of actual gold recoveries.
 
·
During 2015, near mine exploration expenditures at Pan are budgeted at US$2.5 million. Exploration drilling of the South Pan deposit will target expanding the northern and southern extensions of the existing resource along with targeting of the Wendy Deep zone. Step-out drilling in these areas will allow us to evaluate the potential to upgrade resources to reserves and exploration drilling will allow us to evaluate expanding the resources as these areas remain open at this time. While there is no assurance of exploration success, the objective of the exploration program is to determine if the mine life at Pan can be extended or production expanded.
 
 
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March 3, 2015
 
·
Midway has drawn US$47.5 million of the US$53 million project finance facility held with Commonwealth Bank of Australia (“CBA” or the “Lender”). The Company is required to satisfy certain covenants, tests and obligations related to the facility, including schedule and other contingencies, in order to continue to draw amounts available under the facility and to remain in compliance with its terms. Based on current projections, a two week delay from an internal targeted mid-March pour will likely now result in a working capital shortfall of about US$5 million. In addition, Midway is working through the terms of a credit amendment with the Lender. As a contingency, these terms may require the Company to fund project working capital for a scenario under which first production is assumed to be May 1, 2015 and potentially defer project distributions which could increase corporate working capital needs from prior estimates. The Company’s performance in the coming weeks will impact the amount of these contingencies and Midway is evaluating alternatives to fund working capital needs.
 
·
Sustaining capital in 2015 includes US$8 million for construction of the second stage of the heap leach pad at Pan. This expansion, anticipated for completion by September 2015, is planned to more than double leach pad capacity. A total of 2.2 million square feet, capable of holding up to 12 million tons, will be added to the existing pad, which has a current capacity of approximately 8 million tons.
 
Gold Rock Development Activities:

The team that successfully led Pan through the timely completion of the National Environmental Policy Act (NEPA) permitting process have now shifted their attention to Gold Rock, with activities this year focused primarily on the funding of the NEPA process and the collection of baseline data. On February 13, the Company received its Notice of Availability (NOA) from the Nevada Bureau of Land Management (BLM) for Gold Rock and has initiated a public comment period that will conclude on March 30, 2015. Approximately US$1 million is budgeted for Gold Rock permitting activities in 2015.
 
 
4
 
 
March 3, 2015
 
About Midway Gold Corp.

Midway Gold Corp. is a precious metals company with a vision to explore, design, build and operate gold mines in a manner accountable to all stakeholders while seeking returns for shareholders.

The scientific and technical information in this release has been reviewed and approved for Midway Gold Corp. by Eric LeLacheur, Nevada District Geologist, and “Qualified Person” as defined under NI 43-101.

Midway Gold Corp.
Jaime Wells, 720-979-0900
Investor Relations
www.midwaygold.com

Neither the TSX, its Regulation Services Provider (as that term is defined in the policies of the TSX ) nor the NYSE MKT accepts responsibility for the adequacy or accuracy of this release.

This press release contains forward-looking statements about the Company and its business. Forward looking statements are statements that are not historical facts and include, but are not limited to, statements about the Company's intended work plans and estimates, including construction plans and progress on the Pan Project, estimated production dates, percentage completion, permitting expectation, total capital expenditures for mine construction, evaluation of preliminary sampling, tonnage and grade estimates, projected mine expenditures, projected exploration expenditures, projected revenues, potential to expand resources or reserves, budget and capital requirement estimates and plans for expansion, second stage construction of the leach pad in relation to the Pan Project, projected working capital needs and potential outcomes of negotiations with our lender. Forward-looking statements are typically identified by words such as: “plan", "expect", "anticipate", "intend", "estimate", “budgeted” and similar expressions or the negative of such expressions or which by their nature refer to future events. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation, risks related to the timing and completion of the Company's intended work plans, risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results, modelling, engineering and other analysis; risk of inaccurate estimation of gold resources and reserves; inability to meet debt covenants and obligations; the possibility that the estimated recovery rates and grades may not be achieved as modelled or projected; the possibility that capital and operating costs may be higher than currently estimated and may render operations uneconomic; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; inherent, unanticipated and unknown risks associated with startup and commissioning of the ADR plant and production activities; the possibility that required permits may not be obtained on a timely manner or at all; changes in interest and currency exchanges rates; local and community impacts and issues; environmental costs and risks; and other factors identified in the Company's SEC filings and its filings with Canadian securities regulatory authorities. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change. Although the Company believes that such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct. For the reasons set forth above, investors should not attribute undue certainty to or place undue reliance on forward-looking statements.
 
 
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