Gold resources at a prospect southeast of Eureka, Nev., have been determined to exceed one million ounces, Midway Gold Corp. said Thursday.

The Denver-based company said that measured and indicated resources at its Pan Project, in White Pine County, are 1.13 million ounces of gold.

The metal is contained in 37 million metric tons of 0.49 grams per metric ton gold in the measured category and 43 million metric tons of 0.40 grams per ton in the indicated category using a 0.14 grams per ton gold cutoff grade.

This current gold resource remains open in multiple directions and additional exploration drilling is planned, said Midway Gold, which included the resources estimate in a NI 43-101 technical report.

Using the earlier resource and a base case of $1,050 per ounce gold price, the project had a net present value of $91 million and a 33 percent internal rate of return, the company said.