Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.
Pan-Nevada Gold Corporation
TSX VENTURE : PNV

Pan-Nevada Gold Corporation

January 31, 2007 16:39 ET

Midway Gold Corp. and Pan-Nevada Gold Corp. Extend Arrangement Deadline

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 31, 2007) - Midway Gold Corp. (TSX VENTURE:MDW) ("Midway") and Pan-Nevada Gold Corp. (TSX VENTURE:PNV) ("Pan-Nevada") announced on December 12, 2006, having entered into a Letter of Intent ("LOI") under which Midway would acquire all outstanding Pan-Nevada shares on the basis of one Midway share and one-half of one Midway share purchase warrant being issued for every four Pan-Nevada shares held, each whole warrant entitling the holder to purchase one additional Midway share at a price of $4.00 per share, for a term of 12 months, all pursuant to a definitive Arrangement Agreement expected to be completed by January 31, 2007 (the "Arrangement").

While Midway and Pan-Nevada expect to proceed with the Arrangement on the terms previously announced, they have agreed to extend the January 31 deadline for completion of the definitive Arrangement documentation for two weeks, to February 16, 2007.

Midway Gold Corp. is a precious metals exploration company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". Midway focuses on the creation of value for shareholders by exploring and developing high-grade, quality precious metal resources in stable mining areas. Details of Midway Gold's projects are available on the company's website at www.midwaygold.com.

Pan-Nevada Gold Corporation is a junior gold exploration company, listed on the TSX Venture Exchange under the symbol "PNV", which focuses on acquiring and exploring precious metal projects in Nevada. The company is headquartered in Vancouver, British Columbia, Canada, with an operations office in Evergreen, Colorado, USA. Details of Pan-Nevada's projects are available on its website at www.pannevada.com.

This release has been reviewed and approved by Midway's President and CEO, Mr. Alan Branham (M.Sc. and CPG), as well as by Pan-Nevada's CEO, Mr. John E. Watson.

ON BEHALF OF THE BOARD OF MIDWAY GOLD CORP.

Alan Branham, President and CEO

ON BEHALF OF THE BOARD OF PAN-NEVADA GOLD CORPORATION

John E. Watson, Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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