| x                                                 |   | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934  |
|---------------------------------------------------|--------|------------------------------------------------------------------------------------------|
| For the quarterly period ended September 30, 2010 |
| OR                                                |
| o                                                 |   | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |

| British Columbia                                                                             |   | 98-0459178                           |
|----------------------------------------------------------------------------------------------|--------|--------------------------------------|
| (State of other jurisdiction of incorporation or organization)                               |   | (I.R.S. Employer Identification No.) |
|                                                                                         |   |                                 |
| Unit 1 – 15782 Marine Drive                                                            |   |                                 |
| White Rock, British Columbia, Canada White Rock, British Columbia, Canada V4B 1E6  |   | V4B 1E6                              |
| (Address of principal executive offices)                                                     |   | (Zip Code)                           |

----

| PART I – FINANCIAL INFORMATION | 1                                                                                      |
|--------------------------------------|----------------------------------------------------------------------------------------|
| Item 1.                              | Financial Statements.                                                                  | 1 |
| Item 2.                              | Management's Discussion and Analysis of Financial Condition and Results of Operations. | 13 |
| Item 3.                              | Quantitative and Qualitative Disclosures about Market Risk.                            | 28 |
| Item 4.                              | Controls and Procedures.                                                               | 28 |
| PART II - OTHER INFORMATION          | 29                                                                                     |
| Item 1.                              | Legal Proceedings.                                                                     | 29 |
| Item 1A.                             | Risk Factors.                                                                          | 29 |
| Item 2.                              | Unregistered Sale of Equity Securities and Use of Proceeds.                            | 29 |
| Item 3.                              | Defaults Upon Senior Securities.                                                       | 29 |
| Item 4.                              | [Reserved]                                                                             | 29 |
| Item 5.                              | Other information.                                                                     | 29 |
| Item 6.                              | Exhibits.                                                                              | 29 |
| SIGNATURES                           | 30                                                                                     |

----

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      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----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|--------|
|   |   |   | September 30,  2010  
December 31, 2009      
(unaudited)    Assets                    Current assets:    
  
    Cash and cash equivalents
$
**     4,000,729**
$
       1,740,322  Amounts receivable (note 5)  
**        109,932**
  

          120,735  Prepaid expenses  
**        165,711**
  

            14,088      
**     4,276,372**
  

       1,875,145Reclamation deposit (note 6)  
**        269,082**
  

          279,126Equipment (note 4)  
**        187,752**
  

            86,985Mineral properties (note 5)  
**   49,530,547**
  

     49,251,838    
$
**   54,263,753**
$
     51,493,094    
  

** **

  

  
Liabilities and stockholders' equity
  

** **

  

  
    
  

** **

  

  
Current liabilities
  

** **

  

  
  Accounts payable and accrued liabilities
$
**        481,852**
$
          403,018    
  

** **

  

  
Future income tax liability
  

**     7,416,325**
  

       8,331,605    
  

** **

  

  
Stockholders' equity (note 7)
  

** **

  

  
  Common stock authorized - unlimited, no par value
  

** **

  

  
  Issued - 89,779,496 (2009 - 77,321,664)
  

**   97,331,062**
  

     92,670,965  Additional paid in capital
  

**     9,033,363**
  

       6,355,109  Deficit accumulated during the exploration stage
  

** (59,998,849)**
  

    (56,267,603)    
  

**   46,365,576**
  

     42,758,471    
$
**   54,263,753**
$
     51,493,094Nature of operations and going concern (note 1)Subsequent event (note 12)The accompanying notes are an integral part of these consolidated interim financial statements.  1  MIDWAY GOLD CORP.(An exploration stage company)CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (Expressed in Canadian dollars)  (unaudited)                              Three months endedSeptember 30, 2010  Three months ended September 30, 2009  Nine months ended September 30, 2010  Nine months ended September 30, 2009  Cumulative period from inception (May 14, 1996) to September 30, 2010                  
  

  

  
Expenses              
  

  

  
  Consulting (note 8)
$
                 26,277
$
              31,034
$
              71,277
$
              77,936
$
              695,466  Depreciation
  

                 16,526
  

              28,669
  

              59,706
  

              92,756
  

              668,990  Gain on sale of subsidiary
  

                          -
  

                      -
  

                        -
  

                      -
  

         (2,806,312)  Interest and bank charges
  

                   1,425
  

                7,568
  

                 4,526
  

              27,190
  

              890,609  Investor relations
  

                 13,363
  

              16,027
  

            107,331
  

              59,716
  

           1,205,081  Legal, audit and accounting
  

                 50,032
  

              72,105
  

            155,582
  

            468,690
  

           2,499,937  Management fees
  

                          -
  

                      -
  

                        -
  

                      -
  

              265,000  Management fees earned
  

                  (5,204)
  

                           (6,778)
  

             (14,552)
  

                        (23,624)
  

              (43,823)  Mineral exploration expenditures (Schedule)
  

           1,981,694
  

            483,644
  

         2,416,344
  

            906,003
  

         46,318,565  Mineral property interests written off (note 5)
                          -
  

                      -
  

            119,980
  

                      -
  

           4,391,734  Office and administration (note 8)
  

                 59,835
  

              46,159
  

            152,501
  

            158,407
  

           1,455,241  Salaries and benefits
  

               257,980
  

            820,336
  

         1,362,969
  

         1,522,310
  

           9,008,939  Transfer agent and filing fees
  

                 21,017
  

              19,809
  

              97,056
  

              75,000
  

              581,832  Travel
  

                 33,715
  

                     (49)
  

            133,007
  

              76,257
  

              911,653Operating loss
  

           2,456,660
  

         1,518,524
  

         4,665,727
  

         3,440,641
  

         66,042,912    
  

  

  

  

  

  

  

  

  

  
Other income (expenses):
  

  

  

  

  

  

  

  

  

  
  Foreign exchange gain
  

               275,928
  

            581,146
  

            179,480
  

            842,711
  

              844,850  Interest income
  

                   5,562
  

                2,060
  

                 7,882
  

                7,167
  

              850,754  Gain (loss) on sale of equipment
  

                         59
  

                (1,127)
  

                      59
  

               (3,921)
  

                (5,882)  Gain on sale of investments (note 3)
  

                          -
  

              72,540
  

                        -
  

              61,620
  

                44,077  Investment write down (note 3)
  

                          -
  

              (20,000)
  

                        -
  

           (107,770)
  

            (722,225)  Other income
  

                          -
  

                      -
  

                      60
  

                7,072
  

                87,281    
  

                             281,549
  

                        634,619
  

                       187,481
  

                        806,879
  

           1,098,855Net loss before income tax
  

                          2,175,111
  

                        883,905
  

                    4,478,246
  

                     2,633,762
  

         64,944,057  Income tax recovery
  

                648,000
  

              48,000
  

            747,000
  

              59,900
  

           4,945,208Net loss
$
                          1,527,111
$
                        835,905
$
                    3,731,246
$
                     2,573,862
$
         59,998,849Basic and diluted loss per share
$
                      0.02
$
                  0.01
$
                   0.05
$
                  0.04
  

  
Weighted average number of shares     outstanding
  

          89,769,442
  

                  77,321,664
  

      82,591,782
  

                   71,607,378
  

  
    
  

  

  

  

  

  

  

  
    The accompanying notes are an integral part of these consolidated interim financial statements.  2  MIDWAY GOLD CORP.(An exploration stage company)CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars)  (unaudited)                                  Three monthsended September 30, 2010  Three months ended September 30, 2009  Nine months ended September 30, 2010  Nine months ended September 30, 2009  Cumulative period from inception (May 14, 1996) to September 30, 2010Cash provided by (used in):        
** **
  
  

  

  

 Operating activities:        
** **
  
  

  

  

  
  Net loss
**$**
**       (1,527,111)**
$
             (835,905)
**$**       (3,731,246)
$
          (2,573,862)
$
        (59,998,849)  Items not involving cash:
** **

** **

  

  

** **
  
  

  

  

  
    Depreciation
** **

**               16,526**
  

                28,669
** **
               59,706
  

                92,756
  

              668,990    Stock-based compensation
** **

**               60,328**
  

              626,817
** **
            679,538
  

           1,112,822
  

           6,815,669    Unrealized foreign exchange (gain)
** **

**           (272,890)**
  

             (620,774)
** **
           (168,280)
  

             (990,866)
  

          (1,028,255)    Unrealized loss on investment
** **

**                        -**
  

                20,000
** **
                        -
  

              107,770
  

              722,225    Non-cash interest expense
** **

**                        -**
  

                        -
** **
  
  

                        -
  

              234,765    Income tax recovery
** **

**           (648,000)**
  

               (48,000)
** **
           (747,000)
  

               (59,900)
  

          (4,945,208)    Gain on sale of subsidiary
** **

**                        -**
  

                        -
** **
                        -
  

                        -
  

          (2,806,312)    Loss (gain) on sale of equipment
** **

**                     (59)**
  

                  1,127
** **
                     (59)
  

                  3,921
  

                  5,882    Loss on sale of investments
** **

**                        -**
  

               (72,540)
** **
                        -
  

               (61,620)
  

               (44,077)    Write off of mineral property interests
** **

**                        -**
  

                        -
** **
            119,980
  

                        -
  

           4,391,734  Change in non-cash working capital items:
** **

** **

  

  

** **
  
  

  

  

                        -    Amounts receivable
** **

**               (6,980)**
  

             (724,272)
** **
               10,803
  

             (809,091)
  

               (91,645)    Prepaid expenses
** **

**             (21,346)**
  

                30,419
** **
           (151,623)
  

               (11,358)
  

             (185,753)    Accounts payable and accrued liabilities
** **

**               71,108**
  

              171,052
** **
               78,834
  

              229,627
  

              576,857    Accrued interest payable
** **

**                        -**
  

                        -
** **
                        -
  

                 (7,918)
  

                        -      
** **

**       (2,328,424)**
  

          (1,423,407)
** **
       (3,849,347)
  

          (2,967,719)
  

        (55,683,977)      
** **

** **

  

  

** **
  
  

  

  

  
Investments activities:
** **

** **

  

  

** **
  
  

  

  

  
  Proceeds on sale of subsidiary
** **

**                        -**
  

                        -
** **
                        -
  

                        -
  

              254,366  Proceeds on sale of equipment
** **

**                 3,321**
  

                  3,239
** **
                 3,321
  

                16,379
  

                22,820  Proceeds on sale of mineral property
** **

**                        -**
  

                        -
** **
                        -
  

                        -
  

              233,459  Proceeds on sale of investments
** **

**                        -**
  

              108,540
** **
                        -
  

              300,525
  

              321,852  Mineral property acquisitions
** **

**                        -**
  

             (356,720)
** **
           (398,689)
  

             (897,476)
  

        (21,235,710)  Deferred acquisition costs
** **

**                        -**
  

                        -
** **
                        -
  

                        -
  

               (23,316)  Purchase of equipment
** **

**           (137,470)**
  

                 (7,540)
** **
           (163,735)
  

                 (7,540)
  

          (1,870,730)  Reclamation deposit
** **

**               20,839**
  

                26,905
** **
               10,044
  

              205,617
  

             (684,465)      
** **

**           (113,310)**
  

             (225,576)
** **
           (549,059)
  

             (382,495)
  

        (22,981,724)      
** **

** **

  

  

** **
  
  

  

  

  
Financing activities:
** **

** **

  

  

** **
  
  

  

  

  
  Advance from Red Emerald Ltd.
** **

**                        -**
  

                        -
** **
                        -
  

                        -
  

         12,010,075  Common stock issued, net of issue costs
** **

**             (66,811)**
  

                        -
** **
         6,658,813
  

           3,500,000
  

         64,331,750  Promissory note
** **

**                        -**
  

                        -
** **
                        -
  

                        -
  

           2,000,000  Repayment of promissory note
** **

**                        -**
  

                        -
** **
                        -
  

          (1,000,000)
  

          (2,000,000)  Convertible debenture
** **

**                        -**
  

                        -
****
                        -
  |