Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

January 11, 2007 13:03 ET

Midway Continues to Expand Gold Discovery at Spring Valley Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2007) - Midway Gold Corp. (TSX VENTURE:MDW) ("Midway") is pleased to announce continued expansion of the gold discoveries at Spring Valley project, Nevada with the results from twelve drill holes in the West Diatreme, North Hill, and Porphyry exploration program.

The three most significant intercepts are from holes:

SV06-217 with 10.7 meters of 9.19 g/t gold and 6.1 meters of 5.28 g/t gold (West Diatreme)

SV06-231 with 33.5 meters of 1.65 g/t gold (North Hill area)

SV06-234 with 33.5 meters of 1.78 g/t gold (North Hill area).

The SV231 and 234 holes are approximately 200 meters apart and are especially exciting as they open up the entire northwest side of the North Hill area for expansion. Details of the drill intercepts are shown on the tables below with eight of the twelve holes encountering significant gold. The three drilled areas surround the edge of the Spring Valley diatreme complex, a large volcanic vent located on the Humboldt trend in Nevada.



West Diatreme Target Area- Spring Valley Project
---------------------------------------------------------------------------
True Gold
Hole Assay Interval Gold Width Depth From To opt Interval
ID Type meters gm/t m Hole-m Meters opt feet
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SV06-216 FA 1.5 1.41 1.4 244 75 76 0.041 5
FA 15.2 0.48 14.3 87 102 0.014 50
FA 18.3 0.45 17.2 133 151 0.013 60
FA 1.5 0.45 1.4 181 183 0.013 5
FA 6.1 0.38 5.7 191 197 0.011 20
FA 1.5 1.58 1.4 242 244 0.046 5
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SV06-217 FA 10.7 9.19 8.2 244 113 123 0.268 35
FA 1.5 57.09 1.2 includes 1.665 5
checks MS 1.5 36.20 1.2 includes 1.056 5
FA 6.1 5.28 4.7 146 152 0.154 20
FA 1.5 14.43 1.2 includes 0.421 5
checks MS 16.8 1.63 13.1 145 162 0.048 55
FA 1.5 0.82 1.2 175 177 0.024 5
FA 6.1 0.51 4.7 183 189 0.015 20
checks MS 9.1 0.91 7.0 187 197 0.026 30
FA 7.6 0.75 5.8 209 216 0.022 25
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SV06-227 FA 4.6 1.75 4.3 256 67 72 0.051 15
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North Hill Target Area-Spring Valley Project, Nevada
---------------------------------------------------------------------------
True Gold
Hole Assay Interval Gold Width Depth From To opt Interval
ID Type meters gm/t m Hole-m Meters opt feet
---------------------------------------------------------------------------
SV06-224 FA 1.5 0.69 ? 244 108 110 0.020 5
Additional
assays
pending
---------------------------------------------------------------------------
SV06-225 FA 9.1 2.57 9.0 232 128 137 0.075 30
FA 1.5 8.85 1.5 includes 0.258 5
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SV06-229 FA 1.5 0.79 1.0 232 233 0.023 5
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SV06-231 FA 6.1 0.96 5.7 256 197 203 0.028 20
FA 33.5 1.65 31.5 209 242 0.048 110
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SV06-234 FA 1.5 0.96 1.5 238 66 67 0.028 5
FA 3.0 0.72 3.0 75 78 0.021 10
FA 1.5 0.69 1.5 105 107 0.020 5
FA 1.5 1.89 0.8 184 186 0.055 5
FA 33.5 1.78 16.8 204 238 0.052 110
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SV06-235 FA 1.5 0.51 1.4 250 64 66 0.015 5
FA 4.6 2.30 4.3 82 87 0.067 15
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Porphyry Target Area, Spring Valley Project, Nevada
---------------------------------------------------------------------------
True Gold
Hole Assay Interval Gold Width Depth From To opt Interval
ID Type meters gm/t m Hole-m Meters opt feet
---------------------------------------------------------------------------
SV06-226 Drill problems
- did not get
to bedrock
---------------------------------------------------------------------------
SV06-232 FA 1.5 0.55 1.1 134 50 52 0.016 5
FA 1.5 0.58 1.1 62 64 0.017 5
---------------------------------------------------------------------------
SV06-233 FA 1.5 3.81 1.4 207 85 87 0.111 5
FA 3.0 0.48 2.9 105 108 0.014 10
FA 1.5 0.34 0.5 130 131 0.010 5
FA 1.5 0.45 0.5 134 136 0.013 5
FA 1.5 1.20 0.5 145 146 0.035 5
FA 1.5 1.47 0.5 175 177 0.043 5
---------------------------------------------------------------------------
SV06-236 Assays
pending
---------------------------------------------------------------------------


Reverse circulation drilling was conducted by O'Keefe Drilling of Butte, Montana and Layne Christensen of Chandler, Arizona. The holes were assayed by 30 gram fire assays (denoted as FA) by ALS-Chemex labs, in Sparks, Nevada. In zones with gold or obvious veining, intense silicification, or noted with visible gold, check assays of 1000 gram metallic screen fire assays (denoted as MS assay type) are conducted at ALS-Chemex. All the sampling was conducted by independent contractors hired by Midway Gold Corporation. True widths are shown if known.

Midway plans an aggressive exploration program similar to the 2006 program which completed 90 holes or 20,304 meters (66,616 feet). In 2006 Midway encountered gold from 15 to 500 meters (50 to 1440 feet) depth and gold in a continuous zone over a one kilometer by one kilometer area. The best gold is associated with rhyolite porphyry dikes and sills. Sixty-eight of seventy-two holes drilled in 2006 encountered gold and most all were outside the known resource, representing new discoveries. The zone remains open along strike and at depth. At least 14 holes from the 2006 program still have assays pending. Midway plans to infill drill this newly discovered gold in a closer spaced drill hole density to create a new resource update in 2007. Midway has also identified at least nine other gold targets on the 38 square kilometer project area, which will also be tested. Midway is well funded by the recent placement with Barrick Gold Corporation and has secured two drills for 2007 and will be looking to add additional drills as they come available.

Midway Gold Corp. is a precious metals exploration company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". Midway focuses on the creation of value for shareholders by aggressively exploring and developing high-grade, quality precious metal resources in stable mining areas. Details of Midway Gold's projects are available on the company's website at www.midwaygold.com.

This release has been reviewed and approved by Company President and CEO Alan Branham (MSc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.

ON BEHALF OF THE BOARD

Alan Branham, President and CEO

This press release contains "forward-looking information" which may include, but is not limited to, statements with respect to the timing of our exploration and drilling programs; timing of the preparation of our preliminary economic assessment, geological models, mine plan and definitive feasibility study; expectations related enhancing resource grades; financing plans and the availability of future financing for our projects; anticipated results of our exploration, and other plans, projections, estimates and expectations. Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected. We do not undertake to updatte forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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