Midway Gold Corp.
TSX VENTURE : MDW

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

Pan-Nevada Gold Corporation

April 13, 2007 14:32 ET

Midway Gold Completes Acquisition of Pan-Nevada Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 13, 2007) - Midway Gold Corp. (TSX VENTURE:MDW) ("Midway") and Pan-Nevada Gold Corporation (TSX VENTURE:PNV) ("Pan-Nevada") are pleased to announce they have now closed the Plan of Arrangement, effective April 13, 2007.

As a result of the Arrangement, all former Pan-Nevada Shareholders have become shareholders of Midway on the basis of one Midway share for every 3.5714 Pan-Nevada shares held. Also, holders of Pan-Nevada share purchase warrants and stock options were issued new Midway share purchase warrants and stock options under the Arrangement, adjusted to reflect the same 3.5714 exchange ratio as the common shares. The new Midway share purchase warrants and stock options are exercisable within the deadlines applicable to their Pan-Nevada stock options and warrants, subject to the terms of the Pan-Nevada stock option plan and warrant certificates, respectively, at prices reflective of the 3.5714 exchange ratio.

The Arrangement became legally effective on April 13, 2007 (the "Effective Date"). The Share Distribution Record Date, April 17, 2007, is the date which has been fixed in consultation with the TSX Venture Exchange to establish a "cut-off date" in order to allow trades of Pan-Nevada shares occurring over the TSX Venture Exchange prior to the Effective Date to settle, to determine which Pan-Nevada shareholders are entitled to receive shares in Midway.

Midway's common shares will continue to trade on the TSX Venture Exchange under the symbol "MDW". Pan-Nevada has become a wholly owned subsidiary of Midway as a result of the Arrangement. Therefore, the common shares of Pan-Nevada will be delisted from the TSX Venture Exchange. The TSX Venture Exchange will issue a notice confirming the date on which the Pan-Nevada common shares will be delisted.

As soon as practicable, after the Effective Date, Computershare Trust Company of Canada ("Computershare"), the transfer agent of Midway and Pan-Nevada, will mail a Letter of Transmittal to the most recent registered address of record for each Pan-Nevada shareholder as of the Share Distribution Record Date. The Letter of Transmittal will contain instructions about what each Pan-Nevada shareholder must do to surrender the Pan-Nevada shares in exchange for certificates representing common shares of Midway. If you are a Pan-Nevada shareholder, and you do not receive a Letter of Transmittal from either Computershare or the registered holder of your common shares, you can obtain a Letter of Transmittal by sending a request to the office listed below:

Computershare Trust Company of Canada

100 University Ave 9th Floor

Toronto, Ontario M5J 2Y1

Fax: (416) 981-9800

Any questions about Pan-Nevada common shares should be directed to Computershare at 1-800-564-6253.

After the Share Distribution Record Date until the tenth (10th) anniversary after the Effective Date, share certificates representing, on their face, common shares of Pan-Nevada will be deemed to represent only the right to receive Midway common shares under the Arrangement. Therefore, holders of Pan-Nevada common shares must retain their current Pan-Nevada share certificates as evidence of their entitlement to receive Midway common shares. Certificates representing, on their face, Pan-Nevada common shares will continue to constitute good delivery in connection with the sale of Midway common shares completed on the facilities of the TSX Venture Exchange after the Share Distribution Record Date. Under the Arrangement, no fractional shares will be issued and fractional interests will be rounded down to the nearest whole common share.

In addition, as soon as practicable, after the Effective Date, Midway will mail, to the most recent address of record on Pan-Nevada's securities register, a letter to each holder of Pan-Nevada share purchase warrants and Pan-Nevada stock options as of the Effective Date advising them of their entitlement to receive certificates for the Midway warrants or options, as the case may be, upon surrender of their Pan-Nevada warrants or options, together with a completed Letter of Transmittal. If you are a holder of Pan-Nevada share purchase warrants or Pan-Nevada stock options and you do not receive such letter, you should contact Midway at the office listed below:

Midway Gold Corp.

Unit 1 - 15782 Marine Drive

White Rock, B.C. V4B 1E6

After the Effective Date, certificates representing, on their face, share purchase warrants and stock options of Pan-Nevada will be deemed to represent only the right to receive Midway share purchase warrants and stock options. Therefore, holders of Pan-Nevada share purchase warrants and stock options must retain their current Pan-Nevada certificates as evidence of their entitlement to receive Midway share purchase warrants and stock options.

As of the Effective Date, Dr. Kelly Hyslop has retired from the Midway Board and Mr. William Sheriff and Mr. William Lupien have been appointed to the Board.

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.

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, CEO

This news release contains certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical fact, that address events or developments that Midway and Pan-Nevada expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding: Midway's Plan of Arrangement and in particular post-Effective Date the anticipated commencement of trading of Midway's common shares on the TSX Venture Exchange. Although Midway and Pan-Nevada believe the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration success continued availability of capital and financing, inability to obtain required regulatory or governmental approvals (including satisfaction of listing and other conditions imposed by stock exchanges), and general economic, market or business conditions. Investors are cautioned by at any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of Midway's and Pan-Nevada's management on the date the statements are made. Midway and Pan-Nevada undertake no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

These statements are based on a number of assumptions, including, among others, assumptions regarding general business and economic conditions, the timing of the receipt of regulatory and governmental approvals for the transactions described herein, the ability of Midway and Pan-Nevada and other relevant parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Midway's and Pan-Nevada's proposed transactions and exploration and development programs on reasonable terms and the ability of third-party service providers to deliver services in a timely manner. The foregoing list of assumptions is not exhaustive. Events or circumstances could cause results to differ materially.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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