MIDWAY GOLD CORP.

SCHEDULE OF MINERAL EXPLORATION EXPENDITURES

(Expressed in Canadian dollars) (unaudited)

	Three months ended June 30, 2012			Three months ended June 30, 2011			Six months ended June 30, 2012			Six months ended June 30, 2011			Cumulative period from inception (May 14,1996) to June 30, 2012
Exploration costs incurred are summarized as follows:
Tonopah project
Assays and analysis	$	16,649		$	-		$	19,496		$	-		$	552,388
Communication		117			-			117			-			9,630
Drilling		-			499,925			(64	)		499,795			2,834,782
Engineering and consulting		8,714			113,296			14,530			155,519			4,447,385
Environmental		-			2,440			-			2,440			236,138
Field office and supplies		700			10,300			12,035			12,151			278,186
Legal		578			5,554			395			6,431			165,741
Property maintenance and taxes		508			3,900			508			3,867			559,317
Reclamation costs		3,330			1,154			4,912			1,154			39,238
Reproduction and drafting		98			2,602			98			2,602			23,544
Salaries and labor		21,121			70,934			74,200			90,780			941,051
Travel, transportation and accommodation		2,521			16,910			5,793			38,110			478,602
		54,336			727,015			132,020			812,849			10,566,002
Spring Valley project
Assays and analysis		-			-			-			-			3,329,900
Communication		28			-			28			-			10,335
Drilling		-			-			-			-			10,261,359
Engineering and consulting		7,988			178,595			30,343			197,447			2,662,794
Environmental		-			-			-			-			300,445
Equipment rental		-			-			-			-			64,651
Field office and supplies		2,515			-			6,240			27			555,486
Legal		30,925			36,748			53,579			36,748			489,254
Operator fee		-			-			-			-			108,339
Property maintenance and taxes		-			-			-			(144	)		487,921
Reclamation costs		135			127			135			127			31,008
Reproduction and drafting		90			324			90			324			30,138
Salaries and labor		5,167			7,045			15,217			15,583			1,274,885
Travel, transportation and accommodation		469			(6,602	)		1,579			1,915			858,304
		47,317			216,237			107,211			252,027			20,464,819
Pan project
Assays and analysis		(36	)		166,217			3,807			202,239			931,888
Drilling		(58,887	)		630,415			(58,887	)		906,428			3,711,650
Engineering and consulting		1,773			432,949			25,637			892,565			3,583,462
Environmental		7,051			68,274			7,051			89,857			703,207
Field office and supplies		96,714			52,091			127,615			91,433			801,217
Legal		34,042			72,231			31,073			81,515			335,705
Property maintenance and taxes		3,220			233,925			2,945			313,764			872,549
Reclamation costs		(1,312	)		28,135			3,769			28,135			(10,997	)
Reproduction and drafting		3,417			1,889			3,417			5,318			75,445
Salaries and labor		194,694			229,036			277,084			367,865			2,300,992
Travel, transportation and accommodation		21,009			71,299			28,578			112,042			502,411
		301,685			1,986,461			452,089			3,091,161			13,807,529
Sub-total balance carried forward	$	403,338		$	2,929,713		$	691,320		$	4,156,037		$	44,838,350

	Three months ended June 30, 2012		Three months ended June 30, 2011		Six months ended June 30, 2012		Six months ended June 30, 2011		Cumulative period from inception (May 14,1996) to June 30, 2012
Sub-total balance brought forward	$	403,338	$	2,929,713	$	691,320	$	4,156,037	$	44,838,350
Thunder Mountain project
Assays and analysis		69,221		-		70,940		-		85,508
Drilling		108,029		-		177,012		-		254,968
Engineering and consulting		21,521		-		46,462		-		47,168
Environmental		-		-		-		-		1,717
Field office and supplies		26,689		-		38,639		-		39,832
Property maintenance and taxes		-		82		20,449		82		39,436
Reclamation costs		1,382		5,365		1,382		5,365		6,169
Salaries and labor		49,216		372		108,671		563		112,346
Travel, transportation and accommodation		13,077		-		21,609		-		21,664
		289,135		5,819		485,164		6,010		608,808
Gold Rock project
Assays and analysis		29,539		194		89,414		194		279,957
Drilling		4,561		21,380		26,327		21,380		1,078,712
Engineering and consulting		128,575		39,566		223,550		51,924		493,557
Environmental		271,350		2,440		351,936		2,440		437,495
Field office and supplies		32,340		1,211		85,893		1,334		165,656
Legal		6,346		9,157		7,706		9,157		35,979
Property maintenance and taxes		785		194		14,332		827		438,027
Reclamation costs		2,494		6,631		12,179		15,621		37,365
Reproduction and drafting		783		-		783		108		36,199
Salaries and labor		87,444		20,608		210,339		32,149		425,702
Travel, transportation and accommodation		15,770		644		30,756		1,719		88,978
		579,987		102,025		1,053,215		136,853		3,517,627
Golden Eagle project
Assays and analysis		-		-		-		-		21,690
Drilling		-		-		-		-		3,638
Engineering and consulting		27,743		92,502		48,844		205,417		429,826
Field office and supplies		2,529		-		2,529		-		4,794
Legal		509		1,950		509		1,950		22,028
Property maintenance and taxes		8,527		4,268		8,527		4,268		29,904
Salaries and labor		4,940		2,746		4,940		7,209		13,378
Travel, transportation and accommodation		451		3,945		451		5,343		21,516
		44,699		105,411		65,800		224,187		546,774
Sub-total balance carried forward	$	1,317,159	$	3,142,968	$	2,295,499	$	4,527,536	$	49,511,559

	Three months ended June 30, 2012			Three months ended June 30, 2011		Six months ended June 30, 2012		Six months ended June 30, 2011			Cumulative period from inception (May 14,1996) to June 30, 2012
Sub-total balance brought forward	$	1,317,159		$	3,142,968	$	2,295,499	$	4,527,536		$	49,511,559
Abandoned properties
Acquisition costs and option payments		-			-		-		-			40,340
Assays and analysis		-			-		5,296		-			101,908
Communications		-			-		-		-			119,734
Drilling		-			-		-		-			1,018,952
Engineering and consulting		1,836			-		9,894		-			3,404,185
Equipment rental		-			-		-		-			348,377
Field office and supplies		58			65		2,447		65			312,816
Foreign exchange gain		-			-		-		-			(38,134	)
Freight		-			-		-		-			234,956
Interest on convertible loans		-			-		-		-			1,288,897
Legal and accounting		-			1,402		-		1,402			466,764
Marketing		-			-		-		-			91,917
Mining costs		-			-		-		-			693,985
Processing and laboratory supplies		-			-		-		-			941,335
Property maintenance and taxes		-			-		-		-			511,445
Reclamation costs		62			150		6,969		150			45,478
Recoveries		-			-		-		-			(39,850	)
Reproduction and drafting		-			-		-		-			6,215
Security		-			-		-		-			350,584
Salaries and labor		190			2,120		9,832		2,120			47,552
Travel, transportation and accommodation		278			862		3,084		862			448,862
Utilities and water		-			-		-		-			59,425
		2,424			4,599		37,522		4,599			10,455,743
Property investigations
Assays and analysis		9,434			-		9,434		-			184,830
Drilling		565			-		565		-			169,694
Engineering and consulting		174,734			-		174,734		-			385,125
Environmental		-			-		-		-			22,761
Field office and supplies		(135	)		-		5,545		(97	)		25,539
Legal		-			-		-		-			10,952
Property maintenance and taxes		608,569			-		608,569		-			731,799
Reclamation costs		-			-		-		-			3,048
Reproduction and drafting		394			-		394		-			5,336
Salaries and labor		11,393			1,226		24,989		5,707			36,293
Travel, transportation and accommodation		8,766			-		10,313		719			125,535
		813,720			1,226		834,543		6,329			1,700,912
	$	2,133,303		$	3,148,793	$	3,167,564	$	4,534,015		$	61,668,214