MIDAS GOLD'S PLAN OF RESTORATION & OPERATIONS FOR ITS STIBNITE GOLD PROJECT DEEMED COMPLETE

US Forest Service Completeness Determination Allows Project to Proceed into the NEPA Process

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced that the United States Forest Service (“US Forest Service”) has determined that the Plan of Restoration and Operations (“PRO”) filed by Midas Gold Idaho, Inc. on September 21, 2016 for the restoration, re-development and operation of the Stibnite Gold Project (“Project”) in Valley County, Idaho has met the requirements for a plan of operations under US Forest Service regulations. With this determination, the US Forest Service has confirmed that Midas Gold provided sufficient information in the PRO to commence the formal review of the Stibnite Gold Project under the National Environmental Policy Act (“NEPA”).

“Midas Gold is pleased that the US Forest Service has deemed our Plan of Restoration and Operations complete,” said Stephen Quin, President & CEO of Midas Gold Corp. “The US Forest Service determination allows us to formally enter the NEPA process. Federal and State agencies can now begin consideration of Midas Gold’s plan for the repair and restoration of legacy impacts of over 100 years of past mining activity while re-developing the site as a modern mining operation. Our plan was designed from the outset with closure in mind, to be protective of the environment, and to provide significant employment and economic benefits to the local and regional economy.”

The US Forest Service will now commence the review process as required by NEPA. It is expected that the State of Idaho will request that such a review be conducted in a joint review process that allows coordination of Federal, State and other agencies and regulatory bodies for a more efficient, timely and effective review.

“We look forward to working with the Federal and State regulators, Tribal governments, Valley County, and our local communities to ensure that there is a thorough and comprehensive review process for the Stibnite Gold Project,” said Laurel Sayer, President & CEO of Midas Gold Idaho, Inc. “We believe that the Midas Gold team has presented an outstanding plan for the future of the Stibnite Gold Project site that has been developed with input from many interested parties. Our plan is different because we started with the idea that mining and the environment can work hand in hand. We know we can take an area mined for 100 years and use the mineral resources there today to fund the restoration that the local environment desperately needs, while providing jobs and economic benefits. We can and will restore the site to a productive and self-sustaining ecosystem through the implementation of our plan. A key part of this restoration plan is to bring back salmon to the headwaters of the East Fork of the South Fork of the Salmon River for the first time since the 1930s,” she said. “We look forward to working closely and collaboratively with the various governments, communities and interested parties to ensure the Project design is robust, economically beneficial, and protective of the natural environment.”

Next Steps

With the completeness determination, the US Forest Service will now work with Midas Gold to prepare a strong, clear and responsible “proposed action”, based on the PRO, for consideration under NEPA. On finalizing the proposed action, the US Forest Service will seek input in a public comment period to determine the scope of the Project. Once the scoping process is complete, the US Forest Service will work towards preparing an Environmental Impact Statement (“EIS”) for review and filed with the Council on Environmental Quality.

“The team at Midas Gold is committed to continue being open and transparent as we move through the public review of our plan for restoration of the Stibnite Gold Project Site,” said Ms. Sayer. “We will continue to seek and welcome public input. Please visit our website www.midasgoldidaho.com where you can give us your feedback and sign up for a tour of the site in the coming summer. You can review the PRO, and a presentation summarizing key PRO aspects, which will be available on our website in January 2017.”

Midas Gold anticipates that Federal agencies, led by the US Forest Service, and Idaho state agencies (led by the Idaho Department of Lands), will soon enter into a Memorandum of Understanding that will provide clarity on timelines and agency responsibilities with respect to conducting a review of the PRO under NEPA. The process contemplated has been termed the “Idaho Joint Review Process” and is expected to provide for an efficient and timely review by the Federal and State agencies.

Details of previous news releases and technical studies can be found filed under Midas Gold’s profile on SEDAR (www.sedar.com) or at www.midasgoldcorp.com.

About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries are focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Information

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, next steps and courses of action including actions to be taken by the US Forest Service, the State of Idaho and other government agencies and regulatory bodies. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential”, “confirm” or “does not anticipate”, “believes”, “contemplates”, “recommends” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” “be achieved”. In preparing the Forward-Looking Information in this news release, Midas Gold has applied several material assumptions, including, but not limited to, assumptions that the current objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that general business and economic conditions will not change in a materially adverse manner; that the formal review process under the NEPA (including a joint review process involving the US Forest Services, the State of Idaho and other agencies and regulatory bodies) as well as the public comment period, scoping process and EIS will proceed in a timely manner and as expected; that all requisite information will be available in a timely manner such that the PRO and highlights presentation summarizing key PRO aspects may be posted to Midas Gold’s website by January 2017; and that a Memorandum of Understanding will be entered into among US Forest Service and Idaho state agencies and that the timing and content of such Memorandum of Understanding is consistent with Midas Gold’s expectations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Midas Gold to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, changes in laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may result in unforeseen results in the review process under the NEPA; uncertainty surrounding input to be received pursuant to the scoping process including but not limited to the public comment period; risks related to dependence on key personnel; risks related to unforeseen delays in the review process including availability of personnel from the US Forest Services, State of Idaho and other agencies and regulatory bodies; as well as those factors discussed in Midas Gold’s public disclosure record. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD DRILLING CONFIRMS SCALE OF MINERALIZING SYSTEM AT ITS STIBNITE GOLD PROJECT, IDAHO

MGI-16-414 intersects 200.3m @ 2.2g/t Au, 3.2g/t Ag & 0.13% Sb
(including 6.1m @ 3.6 g/t Au & 1.75% Sb)

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced the additional assay results from its ongoing resource enhancement drill program on the Stibnite Gold Project, Idaho. As reported on August 23, 2016, Midas Gold initiated this drill program with a goal of improving, expanding and de-risking the mineral resources defined in the December 2014 preliminary feasibility study (“PFS”) before commencing a feasibility study (“FS”). A single oriented HQ diameter drill hole was completed in the central portion of the Yellow Pine deposit in order to replace historical drill data and provide improved controls on gold and, particularly, antimony mineralization in this area. Drill hole MGI-16-414 intersected a 200m long continuous interval of significant gold mineralization and, in addition, cut a series of distinct higher grade antimony vein sets, starting at surface. Highlights of the intercept are tabulated below, while complete results are attached at the end of the press release.

Highlights of Recent Assay Results - Yellow Pine Deposit, Stibnite Gold Project

Hole ID	Type	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Antimony (%)
MGI-16-414	Core	0.0	200.3	200.3	2.25	3.2	0.13
Including		188.1	194.2	6.1	3.58	5.3	1.75

(1) The reported drill hole intercept widths are close to true widths, but true widths may be slightly less once modelling is completed.

“This 200m intercept of continuous gold mineralization, starting from surface, demonstrates the impressive scale and continuity of the mineralizing system in the Yellow Pine deposit, one of three deposits that comprise our Stibnite Gold Project,” said Stephen Quin, President & CEO of Midas Gold Corp. “The narrower, higher grade antimony intercepts within the much broader gold mineralizing system are consistent with prior drilling and historical mining records. These results improve our confidence in the controls on mineralization at Yellow Pine, and will enhance our resource estimates in this critical, early mine life area,” said Mr. Quin. Drilling is continuing, including additional holes planned for this area. Further drill results from the central and southern portions of the Yellow Pine deposit are pending. “Based on the results of the holes received to date, Midas Gold will be extending its drill program into the first quarter of 2017,” said Mr. Quin.

Hole MGI-16-414

As identified in the 2014 PFS, several areas within the Yellow Pine deposit were identified as potential sites for additional drilling that could result in potential improved confidence, enhanced economic returns through resource conversion and/or extending higher grade areas. Hole MGI-16-414 was drilled at a shallow inclination targeting an area directly beneath the former open pit that had extensive historical, but limited Midas Gold, drilling data due to challenges with drill hole management in this area. Recent structural analysis from pit mapping, reconstruction of historic underground stopes and oriented drill core suggested the majority of previous operators’ drilling was oriented to cut gold mineralized structures at optimum angles but not later faults and associated stibnite vein arrays. Hole MGI-16-414 was oriented to target the east-northeast gold-mineralized breccia zones as well as a series of east-west to west-northwest trending, north dipping antimony vein sets that are exposed in the current high wall of the former open pit. The results for hole MGI-16-14 are slightly lower grade than the legacy drill data for gold in this area (at 2.25g/t Au vs. the block model indicating 2.55g/t Au), which is consistent with the PFS modelling that indicates slightly lower gold grades if historical drill data is excluded from the grade estimate. However, the hole intersected significant stibnite veining outside the limits of the known antimony resource envelope. The antimony vein arrays were the subject of historical underground development and stoping, and subsequent open pit mining, and accounted for much of the past antimony production at Stibnite. Hole MGI-16-414 intersected six discrete zones of antimony veining ranging from 1.5-meters to over 10-meters true thickness and cut the veins at high angles. The drillhole and associated oriented core structural information will facilitate improved modeling of these features in future mineral resource and reserve estimates.

Details of the previous news releases, the Project and the Prefeasibility Study can be found filed under Midas Gold’s profile on SEDAR (www.sedar.com) or at www.midasgoldcorp.com.

To view the locations of current drill holes, please see the figures at the end of this release.

Sampling Procedures, Quality Control and Quality Assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at the Stibnite Gold Project were carried out under the supervision of Richard Moses, C.P.G., Qualified Person and Field Operations Manager for the Stibnite Gold Project. All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t gold are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t silver are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-Acid digestion with ICP finish with a 5g/t lower reporting limit. Samples reporting values >500g/t antimony are reanalyzed using XRF fusion. Some intervals may not add or subtract correctly due to rounding, but differences are deemed insignificant. Analyses are carried out by ALS Chemex in their Reno and Elko, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are inserted at appropriate intervals and used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Company’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries are focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Information
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action including actions taken with the goal of improving, expanding and de-risking previously defined mineral resources; the timing and availability of further drill results; potential sites for additional drilling that could result in potential improved confidence, enhanced economic returns and/or extending higher grade areas. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential”, “confirm” or “does not anticipate”, “believes”, “contemplates”, “recommends” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” “be achieved”. In preparing the Forward-Looking Information in this news release, the Corporation has applied several material assumptions, including, but not limited to, that pending drill results will be available in a timely manner without undue delay; that areas identified as potential sites for additional drilling will yield results consistent with management’s expectations based on the PFS; any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies will be consistent with the Corporation’s expectations; that the current objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned activities on the Stibnite Gold Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks identified in the PFS and summarized above; risks related to the availability of financing on commercially reasonable terms; operations and contractual obligations; changes in exploration programs based upon results of exploration, including drill results; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under US federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration and development activities on the Stibnite Gold Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licenses and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Summary Drill Assay Results - Yellow Pine Deposit, Stibnite Gold Project

HOLE-ID	Hole Type	Collar Azimuth	Collar Dip	TD (m)	From (m)	To (m)	Width (m)(1)	Au (g/t)(2)	Ag (g/t)	Sb (%)
MGI-16-414	Core	215	-28	227.7	0.0	200.3	200.3	2.25	3.2	0.128
Including					14.3	20.4	6.1	3.59	5.1	0.011
And					26.5	34.1	7.6	4.34	2.7	0.005
And					55.5	66.1	10.7	4.49	2.9	0.005
And					125.6	136.3	10.7	1.84	3.6	0.409
And					163.7	175.9	12.2	3.22	3.8	0.495
And					188.1	194.2	6.1	3.58	5.3	1.747

(1) The reported drill hole intercept widths are close to true widths, but true widths may be slightly less once modelling is completed. Not all numbers will sum due to rounding.
(2) Gold composites are generated using a 0.5 g/t Au cutoff grade. Higher-grade composites are generated using a 3.0 g/t Au cutoff grade over a minimum 6-meter downhole length and may include internal waste below cutoff grade. Antimony composites are generated using a 0.05% Sb cutoff grade and may contain internal waste.

Yellow Pine Deposit - Drill Hole Plan Map

Click Image to Enlarge

Click Image to Enlarge

MIDAS GOLD REPORTS HIGH GRADES AT ITS STIBNITE GOLD PROJECT, IDAHO

MGI-16-411 intersects 35.2m @ 3.1g/t Au (including 18.3m @ 5.0g/t Au)
MGI-16-412 intersects 22.9m @ 4.7g/t Au & 0.15% Sb

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) today announced the first assay results from its ongoing resource enhancement drill program on the Stibnite Gold Project, Idaho. As reported on August 23, 2016, Midas Gold initiated this drill program with a goal of improving, expanding and de-risking the mineral resources defined in the December 2014 preliminary feasibility study (“PFS”) before commencing a feasibility study (“FS”).

Two holes completed at the north end of the Yellow Pine deposit intersected significantly higher than anticipated grades, as compared to the PFS mineral resource block model. The additional data from these holes extends a higher-grade trend approximately 100m northeast and is anticipated to support conversion of the mineral resource in this area from the inferred mineral resource category to the indicated mineral resource category. A third exploration hole intersected anomalous gold in a prospect outside of the mineral resource area. Highlights are tabulated below while complete results are attached at the end of the press release.

“The 2014 preliminary feasibility study identified several areas where further drilling could potentially enhance the economic returns for the Stibnite Gold Project through resource conversion and/or extending higher grade areas,” said Stephen Quin, President & CEO of Midas Gold Corp. “Our first two drill holes, completed in a sparsely drilled portion of the Homestake area of the Yellow Pine deposit, achieved both objectives - resource conversion and higher grade.” These two holes targeted an area of inferred mineralization, and returned similar widths as reported in the PFS block model, but returned gold grades 2-3 times higher than predicted. “These inferred mineral resources are located within the PFS mineral reserve pit and were treated as waste rock in the PFS financial model. Conversion of these inferred mineral resources into indicated mineral resources and, subsequently, mineral reserves, would reduce strip ratios, increase payable gold and Project NPV,” said Mr. Quin. “Additional drill results from the central and southern portions of the Yellow Pine deposit are pending.”

Highlights of Recent Assay Results - Yellow Pine Deposit, Stibnite Gold Project

Hole ID	Type	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Antimony (%)
MGI-16-411	Core	118.7	153.9	35.2	3.10	0.7	0.00
including		123.4	141.7	18.3	4.96	0.8	0.00
MGI-16-412	Core	86.8	109.7	22.9	4.70	2.1	0.15

* The reported drill hole intercept widths are close to true widths, but true widths may be slightly less once modelling is completed.

Holes MGI-16-411 and MGI-16-412

The area targeted by drill holes MGI-16-411 and -412 is situated along a stretch of a linear, northeast trending, 25-50m wide, steeply dipping structure discovered during 2012 Midas drilling, which was named the Hidden Fault Zone (“HFZ”) due to its lack of exposure. The drill holes targeted a gap in drilling along the projected trace of the structure. This area was modeled as inferred mineral resources in the 2014 PFS and was estimated to have a grade of 1.3g/t gold, but fell within the boundaries of the reserve pit. As a result, the inferred mineral resources were treated as waste rock in the PFS mine plan and financial model, having a negative impact on strip ratio and Project economics.

The HFZ structure, which has been systematically drilled over an approximately 1km length, is open to the northeast of the drilled area and southwest of the current limits of the Yellow Pine Deposit. It is located along a distinctive topographic linear that extends for several km in both directions beyond the deposit area. The zone is marked by extensive multi-stage brecciation, silicification, and gouge development. The granodiorite and granite intrusive host rocks show pervasive illite alteration of feldspars and micas and potassium feldspar flooding along with sulphide replacement of biotite.

DDH MGI-16-413

Extensive drilling by prior operators and Midas Gold indicates the presence of mineralization to the northeast of the Yellow Pine deposit, but on the east side of the Meadow Creek Fault Zone (“MCFZ”). Unlike the Yellow Pine deposit, which lies to the west of the MCFZ, the mineralization in this area is hosted in sediments, not intrusive rocks. Both narrow structurally controlled high grade and broadly disseminated lower grade gold mineralization occur locally in the metasedimentary package southeast of, adjacent to, and within, the MCFZ and other structural corridors. Mineralization in the metasediments in this area occurs in a package of altered carbonate rocks lying between two quartzite packages and is associated with vuggy silica veining, silica flooding and silica cemented breccia material. Breccia and silica flooding fabrics in the mineralized zones have variable orientations and the lack of good geological control due to negligible outcrop exposure creates uncertainty in determining mineralized trends in the subsurface.

Midas Gold hole MGI-12-307, drilled in 2012, intercepted 49.4m grading 5.4g/t Au, including multiple consecutive samples assaying over 10 g/t Au, but falls below the PFS mineral reserve pit. Historic hole B-043 intercepted 14m grading 5.9g/t Au approximately 100m to the south of this intercept.

Recently completed hole MGI-16-413 was situated northeast of the intercept in hole B-043 and above hole MGI-12-307 and targeted shallower mineralization cut in scattered nearby Midas Gold and prior operator’s drill holes. Alteration and sulphide mineralization in the hole occurs throughout the carbonate package and is localized in bedding parallel lenses and laminations, disseminated in small cross cutting breccia zones and/or localized quartz-carbonate microveinlets. Anomalous gold grades were intercepted in four zones that averaged between 0.17g/t and 0.70g/ over widths of 4-12m. While the mineralization and alteration intercepted were encouraging, additional work is required to better understand the controls on mineralization in this area of complex interaction between favourable stratigraphy, major and minor structures.

Details of the previous news releases, the Project and the Prefeasibility Study can be found filed under Midas Gold’s profile on SEDAR (www.sedar.com) or at www.midasgoldcorp.com.

To view the locations of current drill holes, please see the figures at the end of this release.

Sampling Procedures, Quality Control and Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at the Stibnite Gold Project were carried out under the supervision of Richard Moses, C.P.G., Qualified Person and Field Operations Manager for the Stibnite Gold Project. All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t gold are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t silver are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-Acid digestion with ICP finish with a 5g/t lower reporting limit. Samples reporting values >500g/t antimony are reanalyzed using XRF fusion. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS Chemex in their Reno and Elko, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are inserted at appropriate intervals and used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Company’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Stibnite Gold Project

Midas Gold Corp., through its wholly owned subsidiaries are focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Information

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Corporation’s properties, including but not limited to development and operating costs in the event that a production decision is made; success of exploration, development and environmental protection and remediation activities; permitting time lines and requirements; requirements for additional capital; requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential”, “confirm” or “does not anticipate”, “believes”, “contemplates”, “recommends” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” “be achieved”. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute Forward-Looking Information to the extent that they involve estimates of the mineralization that may be encountered if the Stibnite Gold Project is developed. In preparing the Forward-Looking Information in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies will be consistent with the Corporation’s expectations; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration, development and environmental protection activities on the Stibnite Gold Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks identified in the PFS and summarized above; risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under US federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration and development activities on the Stibnite Gold Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licenses and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Summary Drill Assay Results - Yellow Pine Deposit, Stibnite Gold Project

HOLE-ID	Hole Type	Collar Azimuth	Collar Dip	TD (m)	From (m)	To (m)	Width (m)(1)	Au (g/t)(2)	Ag (g/t)	Sb (%)
MGI-16-411	Core	-45	186	182.9	40.5	57.9	17.4	0.82	1.1	0.00
					74.7	82.3	7.6	0.42	0.7	0.00
					118.7	153.9	35.2	3.10	0.7	0.00
					Incl 123.4	141.7	18.3	4.96	0.8	0.00
MGI-16-412	Core	-45	158	135.6	54.9	64.0	9.1	0.36	0.6	0.00
					86.8	109.7	22.9	4.70	2.1	0.15
MGI-16-413	Core	-35	180	106.2	No Significant Intercepts

(1) The reported drill hole intercept widths are close to true widths, but true widths may be slightly less once modelling is completed.
(2) Composites are generated using a 0.5 g/t Au cutoff grade over a minimum 6-meter downhole length and may include internal waste below cutoff grade.

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MIDAS GOLD FILES PLAN OF RESTORATION & OPERATIONS FOR STIBNITE GOLD PROJECT

Integrated Plan for the Restoration of Legacy Impacts & for Development of a Modern Operation

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) (“Midas Gold” or the “Company”) today announced that its wholly-owned subsidiary, Midas Gold Idaho, Inc., which operates the Stibnite Gold Project (“Project”) in central Idaho, filed a Plan of Restoration and Operations (the “PRO”) with the U.S. Forest Service and Idaho Department of Lands on September 21, 2016 in order to initiate the environmental assessment and permitting process for the Project. Midas Gold anticipates that the U.S. Forest Service and Idaho Department of Lands will conduct internal reviews to determine the PRO’s adequacy and completeness and will then commence the public review process in accordance with the U.S. National Environmental Policy Act and other requirements.

“The proposal laid out in the Plan of Restoration and Operations represents a rare opportunity to use private investment for natural resource restoration in conjunction with the redevelopment of the site as a modern mining operation that provides economic benefits to the region,” said Stephen Quin, President & CEO of Midas Gold Corp. “The redevelopment of the Stibnite Gold Project site will see the restoration of salmon migration into the headwaters of a branch of the Salmon River for the first time since the 1930s, clean up a large abandoned mine site that has compromised the local ecosystem, and benefit the local economy and local communities through the creation of a long life, modern operation that prioritizes protection of the environment.”

Community Input
Midas Gold has spent more than five years building relationships with individuals and organizations across Idaho, establishing existing environmental baseline conditions at the Project site, and conducting extensive technical studies to determine the environmental, social, technical and economic feasibility of redeveloping the Stibnite Gold Project. Through several phases of consultation and discussions over the past several years, Midas Gold has, where possible, incorporated the suggestions and advice of community members and other stakeholders into its plans for the Stibnite Gold Project in order to demonstrate that the Project will have a positive outcome from social, cultural and conservation perspectives, minimize its environmental footprint, while providing economic benefits and employment to the region.

“Cleaning up the site’s existing legacy impacts and restoring salmon migration are just the first steps of the multi‐year plan to restore the Stibnite Gold Project site to a self sustaining ecosystem,” said Laurel Sayer, President & CEO of Midas Gold Idaho, Inc. “This large scale and long life Project will require a substantial qualified workforce, provide numerous employment opportunities for Idahoans, and generate many business opportunities in all phases and aspects of the Project restoration and operations.”

Environmental Considerations
The Stibnite Gold Project has been designed with restoration and closure in mind. From the outset, Midas Gold has incorporated these objectives: addressing historical impacts, protecting the environment during all Project phases, and completing reclamation that incorporates stream restoration, wetland construction and enhancement, reforestation and fish and wildlife habitat enhancement.

With the redevelopment of the Project site, Midas Gold will repair the damage from a century of mining activity that has left a legacy of un‐reclaimed open pits, tailings, development rock dumps, heap leach piles and a failed hydro dam, all of which have impaired water quality and elevated metal and sediment levels in local waterways. Forest fires have compounded the legacy impacts, accelerating erosion, reducing water quality and exacerbating the effects of past human activity.

Economic & Employment Benefits
As described in the PRO, the Stibnite Gold Project will generate significant net employment and economic benefits to the local communities, counties, the State of Idaho and the Nation, providing more than 1,000 direct and indirect jobs over the approximately 15+ years of construction and operations at wages two to three times the local and Idaho averages. Numerous business opportunities will also be created in Valley County and across Idaho during this period. The Project will also contribute significant local, state and federal taxes. Additional employment and benefits will occur during the closure and monitoring periods.

Regulatory Considerations & Process
The integrated Plan of Restoration and Operations for the Stibnite Gold Project will be subject to permit conditions that safeguard the environment and provide financial assurance that is sufficient to cover third party costs for closure and site reclamation. The majority of cleanup and restoration of legacy impacts will occur early in the Project life, thereby ensuring that Midas Gold delivers the intended benefits.

Midas Gold will support the U.S. Forest Service and Idaho Department of Lands as they co‐ordinate the review of the Plan of Restoration and Operations by the public, by other Federal, State and local agencies, and by local and Tribal governments. “The proposal to develop the Stibnite Gold Project in an historical mining area, with an already impacted fishery, includes our ongoing commitment to continue open, respectful communication as we work with governments and with all of the Stibnite Gold Project’s stakeholders to navigate diverse interests in a collaborative manner,” said Ms. Sayer.

About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite‐Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Information
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Corporation’s properties, including but not limited to development and operating costs in the event that a production decision is made; success of exploration, development and environmental protection and remediation activities; permitting time lines and requirements; requirements for additional capital; requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential”, “safeguard”, “sufficient”, “confirm” or “does not anticipate”, “believes”, “contemplates”, “recommends” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource and mineral reserve estimates may also be deemed to constitute Forward-Looking Information to the extent that they involve estimates of the mineralization that may be encountered if the Stibnite Gold Project is developed. In preparing the Forward-Looking Information in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies will be consistent with the Corporation’s expectations; that the current exploration, development, environmental and other objectives concerning the Stibnite Gold Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration, development and environmental protection activities on the Stibnite Gold Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, the industry-wide risks and project-specific risks identified in the PFS and summarized above; risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under US federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration and development activities on the Stibnite Gold Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD COMPLEMENTS ITS LEADERSHIP TEAM WITH NEW APPOINTMENTS

Mr. M. Bogert appointed to Midas Gold Corp. Board of Directors
Ms. L. Sayer appointed President of Midas Gold Idaho & steps down from Midas Gold Corp. Board

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) (“Midas Gold” or the “Company”) today announced the appointment of Laurel Sayer as President and Chief Executive Officer of Midas Gold Idaho, Inc., (“MGII” or “Midas Gold Idaho, Inc.”), a wholly-owned subsidiary of Midas Gold Corp. and the operating company for the Stibnite Gold Project in central Idaho. In addition, Midas Gold announced the appointment of Michael Bogert to the board of directors of Midas Gold Corp., replacing Ms. Sayer as she steps down to take on her new role. These appointments reflect Midas Gold’s objective of increasing local accountability and local representation in all its activities.

“In order to best reflect the needs and values of Idaho, Midas Gold has Idahoans at all levels of our decision-making process,” said Stephen Quin, President & CEO of Midas Gold Corp. “Laurel Sayer’s move from the board of Midas Gold Corp. to leadership of the operating company, Midas Gold Idaho, complements the strong technical team led by Bob Barnes, who will continue as Chief Operating Officer. We are excited that Laurel will take a hands-on approach to help guide us in shaping the future of the Stibnite Gold Project, particularly given her commitment to conservation and protection of the environment.” Ms. Sayer will also be appointed to the board of directors of Midas Gold Idaho, joining four fellow Idahoans and two other US citizens, ensuring a dominant presence of Idaho interests at the operating level of the organization.

“Michael Bogert joins fellow Idahoan Keith Allred on the board of Midas Gold Corp. and brings a strong regulatory track record, with considerable experience at the State and Federal levels, to Midas Gold’s board of seven directors,” said Peter Nixon, Chairman of Midas Gold Corp. “We are looking forward to Michael’s input and guidance as we navigate the regulatory process for our Stibnite Gold Project”

Laurel Sayer
Ms. Sayer’s extensive experience in the fields of conservation, government, collaborative enterprise and leadership qualities complement the local and technical experience of MGII’s directors and staff. The team’s immediate focus will be to further advance the Stibnite Gold Project through the regulatory process.

In addition to her industry experience, having served on Midas Gold’s Board of Directors since 2014, Ms. Sayer has worked extensively within the environmental and arts communities as well as within Idaho state politics and U.S. federal politics. Ms. Sayer currently serves as executive director of the Idaho Coalition of Land Trusts, a position she accepted in 2013, and from which she will be retiring her executive role to focus on MGII. Prior to 2013, Ms. Sayer spent more than two decades working on policy matters with Idaho members of the U.S. Congress, Congressman Mike Simpson and Senator Mike Crapo, with an emphasis on natural resource matters. In her career, Ms. Sayer has a proven track record in building consensus amidst diverse opinions and political ideologies of key stakeholders in many situations, successfully creating meaningful relationships and delivering results with local, state, regional and federal government agencies.

Michael Bogert
Michael Bogert joins the Board of Directors of Midas Gold, filling the vacancy created by the resignation of Ms. Sayer as she takes on an executive role at MGII. Currently an attorney in Parsons Behle & Latimer’s Boise and Washington DC offices, Mr. Bogert is the former counselor to U.S. Interior Secretary Dirk Kempthorne, the former regional administrator of the U.S. Environmental Protection Agency’s (“EPA”) Region 10 office in Seattle and the former counsel to the Governor of the State of Idaho. As counselor to Secretary Kempthorne, Mr. Bogert advised the Secretary on various policy issues in the areas of endangered species and served as the Governor’s lead policy negotiator on Tribal water rights settlements. As the regional administrator for EPA Region 10, Mr. Bogert was responsible for leading EPA’s partnerships with the states of Washington, Oregon, Idaho, and Alaska, as well as the 271 federally recognized Tribes in EPA Region 10. He has also previously served on the Board of Directors of a publicly-traded mining company.

About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

MIDAS GOLD TO INITIATE DRILL PROGRAM ON ITS STIBNITE GOLD PROJECT

Drilling aims to Expand & Improve Mineral Resources and Enhance Project Returns

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) (“Midas Gold” or the “Company”) today announced that its Board of Directors has approved a drill program for its Stibnite Gold Project (the “Project”), located in Idaho, USA. The Company’s objective for the drill program is to improve, expand and de-risk the mineral resources defined in the December 2014 preliminary feasibility study (the “PFS”) before commencing a feasibility study (the “FS”). Positive results could enhance the Project economics in the planned FS. The drill program is expected to commence in September and is scheduled to continue into late 2016. In parallel with drilling, Midas Gold plans to collect an approximately 14-ton bulk sample from existing core material in preparation for metallurgical pilot plant testing.

“The 2014 preliminary feasibility study identified a number of opportunities to enhance the economic returns for the Stibnite Gold Project related to the mineral resources,” said Stephen Quin, President & CEO of Midas Gold Corp. “To maximize the return on investment to shareholders from this drill program, targets have been ranked on a discounted present value basis, and some drill holes have been designed to achieve multiple objectives. In addition, drill holes will be sequenced on an iterative basis, working out from the known to the unknown, in order to maximize the potential for success.”

Drill Program Objectives
The PFS outlined a number of mineral resource related opportunities that have the potential to enhance Project financial returns, extend Project life and de-risk the projected production. These opportunities include:

Better defining the shallow, high grade mineralization in the core of the Yellow Pine deposit and portions of the Hangar Flats deposit, where certain historical drill data generated during prior commercial mining operations was excluded from the PFS due to uncertainty as to the reliability of the data. This excluded data suggests, if confirmed, potential for improved continuity of higher gold and antimony grades in the early production years (as set out in the PFS), which could increase payable gold and antimony production and enhance Project net present value (“NPV”).

Conversion (through additional drilling) of inferred mineral resources located within the PFS mineral reserve pits into indicated mineral resources and mineral reserves, thereby reducing strip ratio and increasing payable gold and Project NPV, if the results are positive.

Conversion (through additional drilling) of inferred mineral resources located outside, but immediately adjacent to, the PFS mineral reserve pits into indicated mineral resources and mineral reserves. Successful conversion could expand the PFS mineral reserve pits, and may also bring some currently excluded indicated mineral resources into the mineral reserves as a result of the expanded pit, thereby increasing payable gold and Project NPV.

Advancing current prospects that carry no mineral resource at present towards defining mineral resources with the objective of increasing payable gold and Project NPV. The priorities are prospects and exploration areas (such as the northeast and south ends of the Yellow Pine deposit, and possibly the Scout prospect, where the grades intersected to date suggest potential to displace or supplement early mine life production and enhance Project NPV. If initial results are positive, additional drilling would be required to define a mineral resource.

Replacing certain historical data that was used in the PFS and deemed to be reliable, but where additional confirmation drilling would further de-risk the mineral resource estimate in advance of commencement of the FS.

The majority of the drilling will take place on Midas Gold’s private land, with some holes located on unpatented mineral claims. All drilling will take place in accordance with Idaho Department of Lands regulations and with the terms of the plan of operations and decision notice issued by the U.S. Forest Service in early 2016, as applicable. “As with all of our activities, we will conduct the drilling and metallurgical sampling programs in a safe and environmentally conscientious manner,” said Mr. Quin. “Additionally, in accordance with our local-hire philosophy, we will look to Idaho first for our workforce and contracting requirements.”

Metallurgical Pilot Plant Sample Collection

The collection of a 14-ton metallurgical bulk sample from existing core material is also scheduled to commence in September. Sample material will include medium and large diameter core (HQ and PQ), much of which was drilled in 2011-2013. Collection of this bulk sample is a precursor to the planned pilot plant program that will commence later this year. See the news release dated July 21, 2016 for additional details on the planned metallurgical test program. The diagnostic and flotation test work discussed in the July 21, 2016 news release is progressing well, and results will be announced once received and reviewed.

Quality Assurance/Quality Control

All drilling and sample collection will be conducted under the guidance of a team of internal and external qualified persons in order to ensure the integrity of the sample collection process and the ability to use the collected samples in the final feasibility study.

Regulatory Compliance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person.

About Midas Gold and the Stibnite Gold Project

Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, site restoration and development of gold-antimony-silver deposits in the Stibnite‐Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “intended”, “expected”, “understanding”, “purpose”, “designed”, “planned”, “better predict” or variations of such words and phrases or statements that certain actions, events or results “can”, “could”, “should”, “would” or “be achieved”. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD COMMENCES FEASIBILITY LEVEL METALLURGICAL TESTWORK ON ITS STIBNITE GOLD PROJECT

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX / MDRPF:OTCQX) (“Midas Gold” or the “Company”) today announced that it has commenced feasibility level metallurgical testing, which is being conducted as a critical path item in advance of preparing a feasibility study on its Stibnite Gold Project (the “Project”). This work is expected to continue through the second quarter of 2017 and is intended to provide sufficient supporting process information to advance the Project through completion of a feasibility study.

“The commencement of the metallurgical testwork required to support a feasibility study represents another milestone in the advancement of the Stibnite Gold Project,” said Stephen Quin, President & CEO of Midas Gold Corp. “The purpose of undertaking these metallurgical programs, and advancing them all the way through pilot scale testing, is to provide us with the confidence required to support a feasibility study, while the incorporation of geo-metallurgical modelling in 3D should provide a higher degree of predictability in metallurgical outcomes for the Project”.

Initial Metallurgical Objectives

The purpose of the metallurgical testing is to (1) evaluate the opportunities for Project enhancement identified during preparation of the Preliminary Feasibility Study (“PFS”), the results of which were announced on December 14, 2014, (2) to further increase technical confidence associated with the Project to levels appropriate for a feasibility study, and (3) to improve the quality of design data for engineering studies to be undertaken as part of a feasibility study.

Initial studies are designed to further enhance the positive design and performance of the crushing, grinding and flotation circuits set out in the PFS and will be conducted at SGS Canada’s (“SGS”) Burnaby laboratory. The final flowsheet will be confirmed through additional locked cycle and bulk flotation testing at SGS, and ultimately through a mineral processing pilot plant at Blue Coast Research Ltd. in British Columbia. Improvements in crushing, grinding and flotation recoveries could potentially reduce capital and operating costs, thereby enhancing Project returns.

Pressure Oxidation Testwork

The pressure oxidation (“POX”) testwork will include extensive testing on the processing of the gold-bearing sulphide flotation concentrate produced during the flotation testwork discussed above. A batch POX program is planned, starting later in 2016, once sufficient concentrates have been generated. This batch testwork will be followed by two phases of continuous pilot plant POX testing. The first phase of continuous POX testing will fine-tune process design and will use a composite representing the projected first three years of mine production. The second phase will test the final design conditions on several composites of material originating from different sources throughout the Project. The selection of a preferred laboratory from those available in the United States and Canada will not be made until the required concentrates have been produced and laboratory availability has been confirmed. This phase of testing will also include the development of design information for all processes downstream of the POX circuit.

Geo-Metallurgy

A geo-metallurgical work program is being carried out in parallel with the flowsheet development testwork. This geo-metallurgical testwork will link Project geology and proposed mine plan with process performance, using the extensive and detailed geological, geochemical and mineralogical data collected by Midas Gold linked through algorithms to mineralogical and process performance data. This data includes detailed logging of rock type, alteration and mineralogy in core collected by Midas Gold since 2009, assisted by extensive multi-element geochemical analysis and advanced scanning techniques that assist in identifying particular styles of alteration and mineralogy much more precisely. With this detailed, multivariate information available in 3D space, the mineral resource model can then be used to evaluate variability in process response throughout the various deposits that comprise the Project, as well as better predict process performance through the projected life of the Project. Work started on this geo-metallurgical program in July and is expected to be complete late in the first quarter of 2017.

Quality Assurance/Quality Control

All testing will be conducted under the guidance of a team of independent specialist metallurgical consultants, will utilize internationally recognized metallurgical laboratories and will be supervised by Blue Coast Metallurgy Ltd. on behalf of Midas Gold.

Regulatory Compliance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person.

About Midas Gold and the Stibnite Gold Project

Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, development of gold-antimony-silver deposits in the Stibnite‐Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; and the plans for completion of the metallurgical testwork, results thereof and the results implications on other aspects of the Stibnite Gold Project. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “intended”, “expected”, “understanding”, “purpose”, “designed”, “planned”, “better predict” or variations of such words and phrases or statements that certain actions, events or results “can”, “could”, “should” or “be achieved”. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation, the risks and uncertainties related to the results of the metallurgical testwork. In making the forward-looking statements in this news release, Midas Gold has applied several material assumptions, including the assumptions that (1) the samples collected are representative of the deposits; (2) the metallurgical testwork will be carried out to the required specifications; (3) the mineral resource estimates accurately reflect the mineralization in the various deposits, and (4) general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD ANNUAL GENERAL MEETING - WEDNESDAY, MAY 11TH, 2016 AT 10:00AM

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) (“Midas Gold” or the “Company”) will hold its Annual General Meeting of shareholders at 10:00am Pacific Time this Wednesday, May 11th, 2016 in the Pearl Room of the Fairmont Pacific Rim Hotel, 1038 Canada Place, Vancouver, BC.

All of the directors of Midas Gold Corp. will be attending the meeting. Following the formal business of the meeting, Stephen Quin, Midas Gold’s President and CEO will provide an update to the Company’s shareholders on current and future activities.

About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

MIDAS GOLD COMPLETES C$55.2 MILLION FINANCING

Funds to be used to Advance the Stibnite Gold Project, Idaho
Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) (“Midas Gold” or the “Company”) today reported that it has completed its previously announced offering (the “Offering”) of Canadian dollar denominated 0.05% senior unsecured convertible notes issued by a wholly owned subsidiary of the Company (the “Notes”) and common shares (“Shares”), raising total gross proceeds of C$55,204,000.

“We are pleased to have completed this Offering of Shares and Notes,” said Stephen Quin, President & CEO of Midas Gold Corp. “We also appreciate the written support of our shareholders, which allowed us to accelerate the closing of the Offering, and the participation of certain existing shareholders in the Offering. Through this Offering, we are now positioned to continue to advance the world class Stibnite Gold Project with certainty of funding.”

“We are excited to play an important role in the development of one of North America’s largest, highest quality gold projects,” said Victor Flores, Partner, Paulson & Co. Inc. (“Paulson”). “With the funding provided by Paulson and the Company’s existing shareholders, the team at Midas Gold can continue to advance the Stibnite Gold Project through the regulatory process, completion of a feasibility study and into site restoration and development.”

Director Appointments

In conjunction with the completion of the Offering, Midas Gold has appointed Victor Flores and Marcelo Kim, both Partners at Paulson, to its board of directors. In order to accommodate these appointments, Wayne Hubert and John Wakeford have stepped down from the board.

“On behalf of Midas Gold, we thank John and Wayne for their invaluable contributions to the creation and advancement of Midas Gold over the past five years,” said Mr. Peter Nixon, Chairman of the Board of Midas Gold Corp. “We welcome Victor and Marcelo to the board and look forward to working with them on this next important phase of the Company’s development.”

Participants & Ownership

Under the Offering, Paulson, on behalf of the several investment funds and accounts managed by it, purchased Notes in the aggregate principal amount of C$34,502,500. In addition, certain of the Company’s existing shareholders purchased 14,643,880 Shares at an issue price of $0.3541 per Share for gross proceeds of $5,185,398 and also purchased Notes in the aggregate principal amount of C$15,516,101. A total of 51 existing shareholders from 12 different countries purchased either Notes or Shares.

As a result of the completion of the Offering, including the issuance of the Advisory Fee Shares (as defined below), the Company’s issued and outstanding share capital consists of 175,826,167 Shares. Assuming conversion of all of the Notes, the issued shares would increase to 317,081,748. Were just the Notes held by Paulson converted into Shares, Paulson would hold approximately 97,437,165 Shares, representing 35.7% of the issued and outstanding Shares on a partially diluted basis and 30.7% on a diluted basis (assuming conversion of all outstanding Notes).

Shareholder Approval

Shareholder approval of the Offering was obtained through the written consent of shareholders holding an aggregate of 97,020,566 Shares, representing 60.3% of the outstanding Shares prior to completion of the Offering.

Insider Participation

Certain directors and senior officers of Midas Gold participated in the Offering by purchasing an aggregate of 978,000 Shares. Accordingly, the Offering constituted to that extent a “related party transaction” under applicable Canadian securities laws. The Company did not file a material change report more than 21 days before the expected closing of the Offering as the details of the Offering and the participation therein by related parties of the Company were not settled until shortly prior to closing and the Company wished to close on an expedited basis for sound business reasons.

Use of Proceeds

Midas Gold will use the proceeds from the Offering for permitting and feasibility studies for the Stibnite Gold Project and for working capital and general corporate purposes.

Advisors and Fees

Haywood Securities Inc. (“Haywood”) acted as financial advisor to Midas Gold. Dumoulin Black LLP acted as Canadian legal counsel, and Dorsey & Whitney LLP acted as US legal counsel to Midas Gold; Thorsteinssons LLP and Covington & Burling LLP provided Canadian and US tax advice, respectively, to Midas Gold. Goodmans LLP acted as Canadian counsel to Paulson and Kleinberg, Kaplan, Wolff & Cohen, P.C. acted as US counsel to Paulson.

In consideration for Haywood’s services, Midas Gold agreed to pay Haywood an advisory fee, of which Midas Gold elected to pay a portion through the issuance of 353,007 Shares (the “Advisory Fee Shares”).

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action and expected use of proceeds and business objectives. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to”, “will” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. In making the forward-looking statements in this news release, Midas Gold has applied several material assumptions, including the assumptions that general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD PROVIDES UPDATE ON PREVIOUSLY ANNOUNCED C$55.2 MILLION FINANCING

Shareholder Approval to be Sought in Writing

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) (“Midas Gold” or the “Company”) is in the process of seeking shareholder approval in writing of its previously announced offering of Canadian dollar denominated 0.05% senior unsecured convertible notes (the “Notes”) to be issued by a wholly owned subsidiary of the Company (the “Issuer”) to Paulson & Co. Inc., on behalf of the several investment funds and accounts managed by it (“Paulson”) on a private placement basis (the “Note Offering”) and concurrent offering of Notes and/or Shares (as defined below) to certain of the Company’s existing shareholders (the “Existing Shareholder Offering” and, together with the Note Offering, the “Offering”) for total gross proceeds of C$55,204,000.

Shareholder Approval to be Sought in Writing

In accordance with the policies of the Toronto Stock Exchange (the “TSX”), where a private placement has a material effect on control of the issuer; the private placement is for a number of listed securities greater than 25% of securities of the issuer which are outstanding; and where the anti-dilution provisions of the Notes provide for adjustments for events for which not all securityholders are compensated and may result in securities being issued at a price lower than market price less the applicable discount, the approval of shareholders is required, either by an ordinary resolution obtained at a meeting of shareholders or by the written consent of shareholders holding more than 50% of the outstanding common shares, excluding the votes attached to the securities held by insiders benefiting from those anti-dilution provisions.

In light of the significant support shown through the signing of written voting support agreements by shareholders holding in excess of 50% of the outstanding Midas Gold common shares (“Shares”), as disclosed in a news release dated February 29, 2016, Midas Gold is proceeding with seeking shareholder approval of the Offering in writing rather than at a meeting of shareholders, which is expected to accelerate the timing of the closing of the Offering compared to the expected timeframe if a meeting were required.

Securities Issuable Under the Offering

Assuming that all of the Notes are converted into Shares and issuance of the Advisory Fee Shares (as defined below), a total of up to 156,252,470 Shares (representing 97.15% of the Company’s currently issued and outstanding Shares) would be issued under the Offering, resulting in the currently issued number of Shares increasing from 160,829,280 Shares to 317,081,750 Shares. Completion of the Offering would result in, among other things, Paulson having ownership of Shares, or Notes convertible into Shares, representing more than 20% of Midas Gold’s outstanding Shares; Paulson would hold 97,437,165 Shares representing 30.73% of the then-issued Shares (assuming conversion of all of the Notes and issuance of the Advisory Fee Shares) or 37.68% of the then-issued Shares (assuming conversion of only Paulson’s Notes into Shares, issuance of the Advisory Fee Shares and no Shares being purchased under the Existing Shareholder Offering). As at the date of this news release, Paulson does not hold any Shares nor any securities convertible into Shares.

The table below sets out the potential amount of Notes (and Shares into which such Notes are convertible) that could be held by Paulson upon completion of the Offering, based on the minimum, median and maximum amounts of gross proceeds raised under the Existing Shareholder Offering. Paulson’s participation in the Note Offering shall be for an amount equal to C$55,204,000 less the amount raised under the Existing Shareholder Offering.

Table 1: Possible Share Ownership by Paulson

Paulson Ownership Scenario	Proceeds under Existing Shareholder Offering	Shares issuable under Existing Shareholder Offering	Proceeds under Paulson Note Offering	Shares issuable under Paulson Note Offering	Percentage of Shares held by Paulson(1)	Total gross proceeds of Offering
Minimum	C$20,701,500(2)	58,462,299 Shares	C$34,502,500	97,437,165 Shares	37.68%	C$55,204,000
Median	C$10,350,750	29,231,149 Shares	C$44,853,250	126,668,314 Shares	44.00%	C$55,204,000
Maximum	Nil	0 Shares	C$55,204,000	155,899,463 Shares	49.17%	C$55,204,000

(1) On a partially diluted basis, assuming: (a) conversion of Notes held by Paulson; (b) only Notes (and not Shares) will be issued under the Existing Shareholder Offering; and (c) issuance of the Advisory Fee Shares.
(2) The Company currently expects that existing shareholders will participate under the Existing Shareholder Offering to the maximum extent of C$20,701,500. As a result, and assuming conversion of 100% of all of the Notes, it is anticipated that Paulson would own approximately 30.73% of the outstanding Shares.

Material Terms of Offering

As disclosed on February 22 and 29, 2016, the Notes will have a term of seven years and may be converted into Shares at a price of C$0.3541 per Share (the “Conversion Price”), subject to adjustment in certain circumstances. Any Shares purchased under the Existing Shareholder Offering will be sold at a price of C$0.3541 per Share, being equal to the Conversion Price. The terms of the Offering were negotiated at arm’s length and the Conversion Price of C$0.3541 is equal to the volume-weighted average trading price (“VWAP”) of the Shares for the 10 trading days prior to announcement of the transaction, or a 5.04% discount to the VWAP for the five trading days prior to the announcement.

The Notes will be created and issued under an indenture and a guarantee indenture (the “Guarantee Indenture”), to be dated as of the date of closing and to be entered into between Midas Gold, a subsidiary of Midas Gold (the “Subsidiary”) and Computershare Trust Company of Canada. A summary of the material terms of the Notes is set out below.

Conversion Price: C$0.3541 per Share, as may be adjusted in accordance with the terms of the Notes. Holders may convert any portion of their Notes into Shares prior to the maturity date at the Conversion Price.

Ranking: The Notes will constitute a senior unsecured obligation of the Subsidiary, ranking equally with other existing and future senior unsecured indebtedness of the Subsidiary and ranking senior to any existing or future subordinated indebtedness of the Subsidiary.

Interest: The Notes will bear interest at a rate of 0.05% per year payable annually, which may, at the Subsidiary’s election (subject to TSX approval), be paid in cash or in Shares having a value equal to the amount of interest due, such Shares to be issued at a deemed price equal to the VWAP of the Shares for the five trading days immediately preceding the date that the interest is due, provided that Midas Gold may not issue Shares to Paulson to the extent such issuance would result in Paulson’s aggregate ownership interest in Midas Gold, assuming conversion of Paulson’s Notes into Shares, exceeding 49.9% of the outstanding Shares (calculated assuming the conversion of Paulson’s Notes into Shares).

Maturity: Seven years after the initial issue date of the Notes on which the outstanding principal shall be due and payable.

Redemption and Purchase: On or after the fourth anniversary of the initial issue date to and including the maturity date, the Subsidiary may, subject to providing not more than 60 days’ and not less than 30 days’ prior written notice to the holders of the Notes, redeem the Notes, in whole or in part, at par together with accrued interest, if any; provided that the VWAP of the Shares at the close of trading on the TSX during the 20 trading days immediately preceding the date on which the notice of redemption is given is not less than 200% of the Conversion Price. Following provision of such a notice of redemption but prior to the redemption date contained in such notice, holders may convert the principal amount of their Notes into Shares at the then-current Conversion Price.

Change of Control: Upon a change of control, the Subsidiary shall offer to repurchase the Notes at a price equal to 100% of the principal amount of the Notes, plus accrued interest, if any.

Anti-dilution: The Notes will contain customary anti-dilution provisions. In addition, the Notes will provide that if Midas Gold issues Shares in a public or private offering at a price (the “Offering Price”) that is less than 95% of the Conversion Price then in effect, the Conversion Price shall be reduced to a price determined by multiplying the Conversion Price then in effect by a fraction of which the numerator will be the sum of (A) the number of Shares outstanding immediately prior to the offering (the “Additional Offering”) and (B) the number of Shares which the aggregate consideration receivable by Midas Gold under the Additional Offering would purchase at the Conversion Price and of which the denominator will be the sum of (A) the number of Shares outstanding immediately prior to the Additional Offering and (B) the number of additional Shares to be issued under the Additional Offering (the “Anti-Dilution Provisions”). For example, if Midas Gold were to issue 40,207,320 Shares (being 25% of its current issued and outstanding Shares, assuming only Notes are issued under the Offering and no Notes or other convertible securities have been converted or exercised), then the Conversion Price would be adjusted as set out in the table below:

Table 2: Illustrative Examples of Dilution from Hypothetical Future Financings, if Issued below the Conversion Price(1)

Example Offering Price	Number of Shares Outstanding Immediately Prior to Additional Offering	Number of Shares to be issued under the Additional Offering	Adjusted Conversion Price	Number of Shares Issuable under Notes with Adjusted Conversion Price	Number and Percentage of Then- Outstanding Shares held by Paulson(2)(4)
C$0.10	160,829,280	40,207,320	C$0.3033	182,023,214(2) (113.18%)(3)	113,764,508 (36.10%)
C$0.20	160,829,280	40,207,320	C$0.3233	170,762,188(2) (106.18%)(3)	106,726,368 (34.64%)
C$0.30	160,829,280	40,207,320	C$0.3433	160,813,331(2) (99.99%)(3)	100,508,332 (33.29%)

(1) Any Additional Offerings in which the Offering Price is less than 95% of the Conversion Price then in effect will result in further downward adjustments. (2) Assuming only Notes (and no Shares) will be issued under the Existing Shareholder Offering and assuming issuance of the Advisory Fee Shares. (3) Number of Shares issuable using the adjusted Conversion Price expressed as a percentage of the 160,829,280 Shares currently issued and outstanding. (4) On a partially diluted basis, assuming conversion of Notes held by Paulson at the adjusted Conversion Price.

Default: The Notes will contain customary events of default and cure provisions, including cross defaults with existing and future indebtedness in excess of C$5.0 million.

Use of Proceeds: Midas Gold will use the proceeds for permitting and feasibility studies for the Stibnite Gold Project and for working capital and general corporate purposes.

Investor Rights Agreement

On closing of the Offering, Paulson, the Subsidiary and Midas Gold will enter into an investor rights agreement (the “Investor Rights Agreement”) containing the following terms:

Standstill: Following closing of the Offering, Paulson will not acquire Shares that will cause its aggregate holdings of Shares at any particular time to exceed 49.9% of the then-outstanding Shares.

Use of Proceeds - Paulson and the Company have agreed on a three year budget for the Company and its subsidiaries that will commence immediately following closing of the Offering.

Approval Rights - So long as Paulson owns 20% or more of the outstanding Shares (calculated on a fully-diluted basis), without the prior written approval of Paulson and subject to certain exceptions, acting reasonably, the Company shall not, and shall not permit any subsidiary to: (a) voluntarily delist from any stock exchange where its securities are listed; (b) amend or propose any amendment to the Guarantee Indenture; (c) subordinate the Notes to any other indebtedness; (d) incur any indebtedness or guarantee any indebtedness; and (e) incur any lien, claim or security interest on assets of the Company or any subsidiary including royalty agreements, streaming agreements or long-term offtake agreements.

Board of Directors - Upon the closing of the Offering, the board of directors of Midas Gold (the “Board”) shall consist of seven directors of which two individuals will be selected by Paulson to serve until the next annual meeting of shareholders.

1. Paulson shall be entitled to designate nominees to the Board (each, a “Board Designee”) as follows: (a) so long as Paulson owns 10% or more of the outstanding Shares (calculated on a fully-diluted basis), Paulson shall be entitled to designate one Board Designee; and (b) so long as Paulson owns 20% or more of the outstanding Shares (calculated on a fully-diluted basis), Paulson shall be entitled to designate two Board Designees.

2. The Company shall, in respect of every shareholders’ meeting at which the election of directors to the Board is considered, nominate for election to the Board the Board Designee(s), and shall use its commercially reasonable efforts to obtain shareholder approval for the election of the Board Designee(s). In the event that a Board Designee is not elected to the Board at such meeting or a Board Designee resigns or is unable to serve as a director for any reason, Paulson shall be entitled to designate a replacement director and the Company agrees to appoint, subject to applicable laws and TSX requirements, such person to the Board.

3. So long as Paulson owns 10% or more of the outstanding Shares (calculated on a fully-diluted basis), Paulson shall be entitled to designate one Board Designee to any special committee formed by the Company to consider a material transaction provided that the Board Designees are not in a conflict of interest in relation to such transaction.

   Board Matters - Following closing of the Offering, certain matters will require the approval of at least six of the seven directors of the Company or, if less than seven directors are entitled to vote on a matter, the unanimous approval of the directors voting on the matter, subject to the fiduciary duties of the directors.

Board Matters - Following closing of the Offering, certain matters will require the approval of at least six of the seven directors of the Company or, if less than seven directors are entitled to vote on a matter, the unanimous approval of the directors voting on the matter, subject to the fiduciary duties of the directors.

Prospectus Qualification - Paulson shall be granted prospectus qualification rights which provide that so long as Paulson owns 20% or more of the outstanding Shares and/or Notes convertible into 20% or more of the outstanding Shares, it shall have the right to have distributions qualified by a Canadian prospectus: (a) on a demand basis up to two times per annum for minimum gross proceeds per demand registration of US$10 million; and (b) on a piggy-back basis at any time the Company files a prospectus.

Right of First Offer - So long as Paulson owns at least 10% of the issued and outstanding Shares of the Company (calculated assuming the conversion of Paulson’s Notes into Shares), Paulson will have a right of first offer to provide any equity financing required by the Company.

Pre-Emptive Rights - So long as Paulson owns at least 10% of the issued and outstanding Shares of the Company (calculated assuming the conversion of Paulson’s Notes into Shares), Paulson will be granted pre-emptive rights to participate in any future issuances of debt or equity securities of the Company to maintain its pro rata interest in the Company (calculated assuming the conversion of Paulson’s Notes into Shares).

Insider Participation

Certain insiders of the Company (the “Participating Insiders”) have advised that they will participate in the Offering as set out below. Midas Gold will exclude votes attaching to the Shares beneficially owned or controlled by the Participating Insiders who will be purchasing Notes under the Offering and their related parties and joint actors (as applicable), for the purposes of determining whether shareholder approval of the Offering has been obtained.

Table 3: Insider Participation in the Offering

Name and Position of Insider	Number of Shares held(1)	Percentage of Outstanding Shares held(1)	Securities to be purchased under Offering (1)	Percentage of participation in Offering (1)
Peter Nixon Director & Chairman	73,000	0.045%	C$35,410 in Notes	0.06%
Donald Young Director	27,000	0.017%	C$10,623 in Notes	0.02%
Keith Allred Director	28,571	0.017%	C$20,538 in Notes	0.04%
Stephen Quin Director, President & CEO	1,622,200	1.009%	C$35,410 in Shares (100,000 Shares)	0.06%
Darren Morgans CFO	25,000	0.016%	C$7,082 in Shares (20,000 Shares)	0.01%
Anne Labelle VP, Legal & Sustainability	170,000	0.106%	C$106,230 in Shares (300,000 Shares)	0.19%
Wayne Hubert Director	147,000	0.091%	C$131,017 in Notes	0.24%
Total	2,092,771	1.301%	C$346,310(2)(3)(4)	0.63%

(1) Beneficially owned, directly or indirectly, or over which control is exercised by such insider and their related parties and joint actors.
(2) This amount is expected to be comprised of Notes in the aggregate principal amount of C$197,588 (convertible into up to 558,000 Shares) and 420,000 Shares (for aggregate gross proceeds of C$148,722) for an aggregate of up to 978,000 Shares, which Shares represent 0.61% of the Company’s currently issued and outstanding 160,829,280 Shares.
(3) On a partially diluted basis assuming conversion of all Notes held by the Participating Insiders, the Participating Insiders as a group would collectively hold, upon completion of the Offering, less than 2% of the then-outstanding Shares.
(4) Midas Gold will exclude votes attaching to an aggregate of 275,571 Shares (representing approximately 0.17% of the Company’s issued and outstanding Shares), being the Shares beneficially owned or controlled by Peter Nixon, Donald Young, Keith Allred and Wayne Hubert (all of whom have advised that they will be purchasing Notes under the Offering), for the purposes of determining whether shareholder approval of the Offering has been obtained.

Advisors and Fees

Haywood Securities Inc. (“Haywood”) is acting as financial advisor to Midas Gold. Dumoulin Black LLP is acting as Canadian legal counsel, and Dorsey & Whitney LLP is acting as US legal counsel to Midas Gold; Thorsteinssons LLP and Covington & Burling LLP provided Canadian and US tax advice, respectively, to Midas Gold. Goodmans LLP is acting as Canadian counsel to Paulson and Kleinberg, Kaplan, Wolff & Cohen P.C. is acting as US tax counsel to Paulson.

In consideration for Haywood’s services, Midas Gold has agreed to pay Haywood an advisory fee, of which Midas may elect to pay a portion through the issuance of up to 353,007 Shares at an issue price of C$0.3541 per Share (the “Advisory Fee Shares”), subject to TSX approval.

Closing

It is expected that the Offering will close as soon as practicable following receipt of shareholder and regulatory approval which is expected to be in mid-March 2016.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the anticipated participation of existing shareholders in the Existing Shareholder Offering and the corresponding participation of Paulson in the Note Offering; the projected level of dilution; and the plans for obtaining shareholder approval, projected timing and plans for completion of the Offering, expected use of proceeds and business objectives. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation, the risks and uncertainties related to the Offering not being completed in the event that the conditions precedent thereto are not satisfied; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms. In making the forward-looking statements in this news release, Midas Gold has applied several material assumptions, including the assumptions that (1) the conditions precedent to completion of the Offering will be fulfilled so as to permit the Offering to be completed in mid-March 2016; (2) all necessary approvals and consents, including shareholder approval by written consent, in respect of the Offering will be obtained in a timely manner and on acceptable terms; and (3) general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD PROVIDES UPDATE ON PREVIOUSLY ANNOUNCED C$55.2 MILLION FINANCING

Support Agreements for over 50% Received, Existing Shareholders Offering Fully Subscribed

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) (“Midas Gold” or the “Company”) today announced that it has entered into support agreements with existing shareholders representing an aggregate of over 53% of its issued common shares committing to vote in favour of its previously announced proposed offering of Canadian dollar denominated 0.05% senior unsecured convertible notes (the “Notes”) to be issued by a wholly owned subsidiary of the Company (the “Issuer”) to Paulson & Co. Inc., on behalf of the several investment funds and accounts managed by it (“Paulson”) on a private placement basis (the “Note Offering”) and concurrent with an offering of Notes to certain of the Company’s existing shareholders (the “Existing Shareholder Offering” and, together with the Note Offering, the “Offering”) for total gross proceeds of C$55.2 million.

As disclosed on February 22, 2016, the Notes will have a term of seven years and may be converted into common shares of Midas Gold at a price of C$0.3541 per share (the “Conversion Price”), subject to adjustment in certain circumstances. The maximum gross proceeds of the Existing Shareholder Offering will be C$20.7 million, with the Note Offering to comprise the balance of the C$55.2 million to be raised. The Existing Shareholder Offering will also provide the participating existing shareholders the right to subscribe for common shares of the Company at an issue price of C$0.3541 per share, being the same as the Conversion Price (the “Common Share Offering”) instead of Notes.

The Company currently expects that existing shareholders will participate under the Existing Shareholder Offering to the extent of C$20.7 million and that, accordingly, Paulson would be entitled to participate to the extent of C$34.5 million. As a result, post completion of the offering and assuming conversion of 100% of the Notes, Paulson would own approximately 30.76% of the outstanding common shares of Midas Gold.

“Midas Gold appreciates this strong show of support for the Offering from its existing shareholders, both by entering into support agreements for more than 53% of its issued common shares, and for fully taking up the Existing Shareholder Offering,” said Stephen Quin, President & CEO of Midas Gold. “As a result of the support agreements in hand, Midas Gold will be looking to accelerate the closing of the Offering.”

Shareholder Approval to be by Consent and Closing Accelerated

It is a requirement of the Toronto Stock Exchange (the “TSX”) that the Company seek shareholder approval for the Offering and such approval generally must be sought at a duly called meeting of shareholders. However, in light of the significant support shown through the support agreements and, since the Company is able to provide written evidence that existing shareholders holding in excess of 50% of Midas Gold’s issued and outstanding common shares (other than insiders participating in the Offering), the Company is proceeding to seek the required shareholder approval to meet TSX requirements by way of written consent rather than at a meeting of shareholders, which is expected to accelerate the timing of the closing of the Offering compared to the expected timeframe if a meeting were required.

Insider Participation

Certain directors and officers of Midas Gold (the “Participating Insiders”) have advised that they will participate in the Existing Shareholder Offering to the extent of C$321,523, comprised of Notes in the aggregate principal amount of C$172,801 (convertible into up to 488,000 common shares) and 420,000 common shares (for aggregate gross proceeds of C$148,722). Any such participation would be considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 (“MI 61-101”). The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any shares issued to or the consideration paid by such persons will exceed 25% of the Company’s market capitalization. In accordance with the rules of the TSX, Midas Gold will exclude votes attached to the common shares beneficially owned or controlled by the Participating Insiders for the purposes of determining whether shareholder approval of the Offering has been obtained. To the knowledge of Midas Gold, as at the date of this news release, the Participating Insiders beneficially own or exercise control over an aggregate of 2,092,771 common shares (representing approximately 1.3% of the outstanding Midas Gold common shares). Excluding the Participating Insiders, 51.8% of the existing shareholders have provided support agreements.

Dilution Considerations

Assuming a total of C$55.2 million is raised under the Offering and all of the Notes were converted into common shares, a total of up to 155,899,463 common shares would be issued under the Offering, resulting in the currently issued number of common shares increasing from 160,829,280 common shares to 316,728,743 common shares, of which 97,437,165 common shares would be held by Paulson (representing 30.76% of the then-issued common shares or 37.73% of the then-issued common shares, assuming conversion of only Paulson’s Notes into common shares and no common shares being purchased under the Common Share Offering).

In addition to the terms of the Notes and the provisions of the investor rights agreement between the Company and Paulson as described in the Company’s news release dated February 22, 2016, the Notes will contain usual anti-dilution provisions which will, among other things, provide the adjustment of the Conversion Price in certain events such as consolidations, subdivisions, stock dividends and other transactions affecting all shareholders as well as the adjustment of the Conversion Price in the event that the Company issues common shares in a public or private offering at a price that is less than 95% of the Conversion Price then in effect, the Conversion Price shall be reduced to a price that takes into account the impact of that financing.

Closing

It is expected that the Offering will close as soon as practicable following receipt of shareholder and regulatory approval which is now expected to be in mid-March 2016.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.

About Paulson & Co.

Paulson & Co. Inc., founded in 1994, is an investment management firm that manages approximately US$16.1 billion as of January 1, 2016 and employs approximately 132 employees in offices located in New York, London and Hong Kong.

About Midas Gold and the Stibnite Gold Project

Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, development of gold-antimony-silver deposits in the Stibnite-Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the anticipated participation of existing shareholders in the Existing Shareholder Offering and the corresponding participation of Paulson in the Note Offering; the projected level of dilution; and the plans for obtaining shareholder approval, projected timing and plans for completion of the Offering, expected use of proceeds and business objectives. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation, the risks and uncertainties related to the Offering not being completed in the event that the conditions precedent thereto are not satisfied; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms. In making the forward-looking statements in this news release, Midas Gold has applied several material assumptions, including the assumptions that (1) the conditions precedent to completion of the Offerings will be fulfilled so as to permit the Offerings to be completed in mid-March 2016; (2) all necessary approvals and consents, including shareholder approval by written consent, in respect of the Offering will be obtained in a timely manner and on acceptable terms; and (3) general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD TO ENTER STRATEGIC RELATIONSHIP WITH PAULSON & CO. AND RAISE C$55.2 MILLION

Funds to Advance the Stibnite Gold Project, Idaho

Not for distribution to United States newswire services or for dissemination in the United States

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (TSX:MAX / OTCQX:MDRPF) (“Midas Gold” or the “Company”) today announced that it has entered into a letter of intent with Paulson & Co. Inc., on behalf of the several investment funds and accounts managed by it (“Paulson”), pursuant to which Midas Gold will conduct an offering of Canadian dollar denominated 0.05% senior unsecured convertible notes (the “Notes”) to be issued by a wholly owned subsidiary (the “Issuer”) to Paulson on a private placement basis (the “Note Offering”). Concurrently, Midas Gold will complete an offering of Notes to certain of the Company’s existing shareholders (the “Existing Shareholder Offering” and, together with the Note Offering, the “Offering”) for total gross proceeds of C$55.2 million. The Notes will have a term of seven years and may be converted into common shares of Midas Gold at a price of C$0.3541 per share. The maximum gross proceeds of the Existing Shareholder Offering will be C$20.7 million, with the Note Offering to comprise the balance of the C$55.2 million to be raised.

Shareholder Support

All of the directors and officers of the Company have agreed to support the Offering at a meeting of shareholders to be convened to approve the Offering (the “Meeting”). Midas Gold intends to collect written support agreements from existing shareholders prior to the Meeting.

Use of Proceeds

Midas Gold intends to use the proceeds from the Offering to advance its Stibnite Gold Project (the “Project”) in Idaho. In December 2014, Midas Gold completed a preliminary feasibility study (“PFS”) which identified an environmentally sound and economically feasible Project that could also finance the restoration of what is an extensively disturbed brownfields site. Midas Gold has since (i) extensively engaged with local communities and other stakeholders in respect of the development and site restoration concepts for the Project; (ii) completed a number of optimization and risk reduction technical studies that would be required to support a feasibility study and/or a permit application; and (iii) essentially completed environmental baseline studies for the Project required to support a permit application. Additionally, Midas Gold is in the process of preparing a draft plan of operations that could be used to support requisite permit applications for the development of the Stibnite Gold Project. In tandem with ongoing corporate cost cutting initiatives undertaken by the Company over the past three years, which are continuing, it is expected that the gross proceeds of the Offering along with Midas Gold’s current working capital will be sufficient to fund ongoing stakeholder engagement, the environmental assessment and permitting process on the Project, and completion of a feasibility study for the Project.

“The Company believes the Stibnite Gold Project is at a critical juncture. With a long life project (as defined in the PFS) that includes three years of site clean-up and construction, 12 years of production (excluding resource upside), and culminating in the final restoration of the site, the clearest path to additional value creation is to see the Project advanced through environmental assessment and permitting and to complete a bankable feasibility study. Midas Gold carefully considered the structure and timing of this financing package and, though we do not take the potential share dilution lightly, we also realize that certainty of capital is essential before entering into the permitting process and we believe the Company’s value proposition and leverage to gold remain exceptionally high. We are pleased to welcome Paulson as a strategic investor, and wish to thank our existing shareholders for their continued support,” commented Stephen Quin, President & CEO of Midas Gold.

“We are excited to be investing in one of North America’s largest, highest quality gold development projects,” said Victor Flores, Partner, Paulson and Co. “With funding certainty, the team at Midas Gold will be able to continue to advance the Stibnite Gold Project. Following shareholder approval, we look forward to working with Midas Gold to see this project through the regulatory process, and into site restoration and development.”

During the past five years, Midas Gold has transitioned the Project from exploration to resource delineation, through a preliminary economic assessment that was followed by mineral reserve definition drilling that culminated in the PFS. In parallel with these activities, Midas Gold has conducted extensive, multi-year environmental baseline programs to determine and define existing environmental conditions at this brownfields site, while reaching out to communities of interest for their views and perspectives on the future of the Stibnite Gold Project site. The Company has focused on how best to remediate and repair the historic disturbance at the site during the construction and operating periods, how to incorporate concurrent reclamation and how to minimize new disturbance. Midas Gold’s goal has been to determine how best to protect the environment and provide stable and secure features that will serve as the foundation for a long‐term productive and naturally sustainable ecosystem that incorporates permanent fish passage through the area for the first time since the 1930s. The ultimate objective is the permanent restoration of the site.

“We acknowledge the impact on shareholders resulting from share price declines over the past several years and the effect of the proposed financing, but we assure our shareholders that appropriate measures have been and will continue to be taken to ensure these funds are levered to the maximum benefit of the Project - everyone is being asked to do more with less,” said Mr. Quin. Weak equity markets and declining metal prices over the past several years, combined with the transitions related to the advancement of the Project, have necessitated significant reductions in personnel and G&A. Since our peak of activity in 2012, we have reduced our workforce by more than 80% and have reduced our G&A costs by more than 40%. To ensure we use the proceeds of the Offering as efficiently, effectively and responsibly as possible, we intend to further reduce G&A expenditures going forward, as the Company positions itself for its future activities.

Note Terms

The Notes will mature seven years after issuance and are convertible by the holders thereof (the “Noteholders”) at any time prior to the maturity of the Notes, into common shares of the Company (“Common Shares”) at a conversion price of C$0.3541 per share, being the trailing 10-day volume weighted average closing price of the Company’s Common Shares on the TSX (“VWAP”) immediately prior to announcement. The Notes will be redeemable, at the option of the Issuer, at any time after the fourth anniversary of the initial issue date of the Notes, provided that the 20-day VWAP is not less than 200% of the Conversion Price (or C$0.7082 per share) at the time of redemption and subject to the conversion rights of the Noteholders.

The Notes will constitute a senior unsecured obligation of the Issuer, ranking equally with other existing and future senior unsecured indebtedness and ranking senior to any existing or future subordinated indebtedness, and will bear interest at a rate of 0.05% per year, payable annually, which may be paid in cash or common shares (based on the 10-day VWAP on the due date) at the Issuer’s election. Upon a change of control, the Issuer will offer to repurchase the Notes at a price equal to 100% of the principal amount of the Notes plus accrued interest.

Midas Gold intends to finalize the potential participation by current shareholders in the Existing Shareholder Offering by the close of business on Wednesday February 24, 2016.

Conditions

Closing of the Offering is conditional upon the execution of definitive documentation, satisfaction of customary closing conditions and deliveries, the receipt of all required regulatory approvals, the entry into of an investor rights agreement between the Company and Paulson (the “Investor Rights Agreement”) and the receipt of shareholder approval of the Offering, including Paulson’s ownership of Common Shares (or Notes convertible into Common Shares), at the Meeting to be convened in due course. An information circular outlining the details of the Offering and the voting instructions related thereto, together with a form of proxy, will be mailed to shareholders in respect of the Meeting.

The Investor Rights Agreement will contain terms including: (i) Paulson will not acquire common shares of the Company that will cause Paulson’s aggregate holdings (assuming conversion of Paulson’s Notes into common shares) at any time to exceed 49.9% of the then-outstanding Common Shares; (ii) agreement to the use of proceeds in line with the Company’s 3-year budget, which budget may be revised in certain circumstances in the event of a material adverse change; (iii) so long as Paulson owns 20% or more of the outstanding Common Shares (on a fully-diluted basis), the Company will not incur certain indebtedness without Paulson’s prior approval, such approval not to be unreasonably withheld; (iv) the right to nominate one director for so long as Paulson owns 10% or more, and two directors for so long as Paulson owns 20% or more, of outstanding Common Shares on a fully diluted basis; (v) certain matters will require the approval of six of seven directors, including the sale of all or substantially all of the Company’s assets, entering into a joint venture for the Stibnite Gold Project, a business combination of some form, equity financings in certain circumstances, and changes to the approved budget. Further, so long as Paulson owns Common Shares or Notes convertible into Common Shares representing at least 20% of outstanding Common Shares, it shall have the right, at their own pro-rata cost, to have a sale of common shares qualified by a Canadian prospectus on a demand basis up to two times per annum for minimum gross proceeds of US$10 million each, and on a piggy-back basis at any time the Company files a prospectus. In addition, so long as Paulson owns at least 10% of outstanding Common Shares (assuming conversion of Paulson’s Notes), Paulson will have a right of first offer on any additional equity financing and may participate in any future security issuances to maintain its pro rata interest in the Company.

Upon completion of the Offering, Midas Gold will appoint two individuals nominated by Paulson to its board of directors.

It is expected that the Offering will close as soon as practicable following receipt of shareholder and regulatory approval.

Advisors

Haywood Securities Inc. is acting as financial advisor to Midas Gold. Dumoulin Black LLP is acting as Canadian legal counsel, and Dorsey & Whitney LLP is acting as US legal counsel to Midas Gold; Thorsteinssons LLP and Covington & Burling LLP provided Canadian and US tax advice, respectively, to Midas Gold. Goodmans LLP is acting as Canadian counsel to Paulson and Kleinberg, Kaplan, Wolff & Cohen P.C. is acting as US tax counsel to Paulson.

This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws, and may not be offered or sold within the United States unless an exemption from such registration is available.

About Paulson & Co.
Paulson & Co. Inc., founded in 1994, is an investment management firm that manages approximately US$16.1 billion as of January 1, 2016 and employs approximately 132 employees in offices located in New York, London and Hong Kong.

About Midas Gold and the Stibnite Gold Project
Midas Gold Corp., through its wholly owned subsidiaries, is focused on the exploration and, if warranted, development of gold-antimony-silver deposits in the Stibnite‐Yellow Pine district of central Idaho that are encompassed by its Stibnite Gold Project.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward-Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; and the plans for completion of the Offering, expected use of proceeds and business objectives. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “anticipates”, “expects”, “understanding”, “has agreed to” or variations of such words and phrases or statements that certain actions, events or results “would”, “occur” or “be achieved”. Although Midas Gold has attempted to identify important factors that could affect Midas Gold and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended, including, without limitation, the risks and uncertainties related to the Offering not being completed in the event that the conditions precedent thereto are not satisfied; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms. In making the forward-looking statements in this news release, Midas Gold has applied several material assumptions, including the assumptions that (1) the conditions precedent to completion of the Offerings will be fulfilled so as to permit the Offerings to be completed in or about April of 2016; (2) all necessary approvals and consents, including shareholder approval, in respect of the Offering will be obtained in a timely manner and on acceptable terms; and (3) general business and economic conditions will not change in a materially adverse manner. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, Midas Gold does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.