Midway Gold Corp.
TSX VENTURE : MDW
NYSE Amex : MDW

Midway Gold Corp.

November 30, 2009 08:01 ET

Midway Gold Corp.: Positive Drilling and Metallurgical Results in Spring Valley Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 30, 2009) - Midway Gold Corp. ("Midway") (TSX VENTURE:MDW)(NYSE Amex:MDW) is pleased to announce continued success from third quarter work reported by Barrick Gold Exploration Inc. ("Barrick") at Midway's Spring Valley Project, Nevada. Significant intercepts include fire assays of 339.5 feet of 0.037 opt gold (including 10 feet of 0.485 opt gold) and 156 feet of 0.028 opt gold in SV09-461C. Metallic screen assays include 220 feet of 0.034 opt gold in SV09-456, 45 feet of 0.058 opt gold including 5 feet of 0.400 opt gold and 110 feet of 0.031 opt gold in SV09-466, and 140 feet of 0.033 opt gold and 100 feet of 0.021 opt gold in SV09-450. Additional high grade intercepts include a metallic screen assay of 52.5 feet of 0.889 opt gold including 5 feet of 9.101 opt gold in SV09-451C and a fire assay of 15.8 feet of 1.731 opt gold including 5 feet of 6.038 opt gold in SV09-454C.

"We are pleased with the progress Barrick has made this year in improving the quality of the resource with their program that tested the grade and distribution of gold, filled internal gaps in the resource area, and conducted extensive metallurgical tests," said Alan Branham, President and CEO of Midway Gold Corp. "These tests highlight the presence of abundant coarse gold in the Spring Valley deposit, exhibited in numerous high grade results noted in this release. Metallurgical tests are examining the effect of coarse gold to better establish overall grade and determine optimal gold recovery methods. All of Midway's exploration permits have been assigned to Barrick so they may test to the north and south of the resource where there are untested areas with unmistakable potential for growth. We anticipate an aggressive expansion drill program in 2010."

Barrick estimates that expenditures through the third quarter stand at 94% of their US$4,000,000 firm commitment for the year ending December 31, 2009. Barrick drilled 34 holes in 2009, totaling 29,002 feet of reverse circulation (RC) drilling and 8,738 feet of core. Fire assay results have been received for all 2009 holes but metallic screen assays are pending on ten holes, including two of the twin holes. New drill intercepts provided to Midway by Barrick are summarized in Table 1 below.

Bottle roll and gravity separation tests have been completed and column leach tests are still underway. Metallurgical testing of thirteen composite samples continues to give positive results. Initial Bottle Roll tests are complete and preliminary results were reported in a previous update (See 24 August 2009 report). Column Leach tests must run to completion before final conclusions can be made, but already five of the samples have recovered more gold than was estimated from the head grade assays.

Results from the gravity testing indicate that substantial amounts of the gold in the samples could be recovered by simple gravity methods without fine grinding, but that gravity alone may not be the optimal processing option. Gravity separation tests showed gold recoveries in the range of 91% to 50.6% of the calculated head grade. The majority of gravity recoverable gold was released with the coarsest grind. Gravity tails were found to be amenable to leaching of the remaining gold.

Midway and Barrick entered into an agreement on March 9, 2009 for the exploration and development of the Spring Valley property in Pershing County, Nevada, covering approximately 18.4 square miles. Under the terms of the agreement, Barrick may earn a 60% interest in the property by spending US$30,000,000 in work expenditures by December 31, 2013. Midway is a gold exploration and development company that currently has four advanced stage gold resources in Nevada and Washington. Aggressive exploration has resulted in new discoveries in Nevada. For additional information, see the company website at: http://www.midwaygold.com

Data reported to Midway by Barrick and disclosed in this press release has been reviewed for Midway by William Neal, (M.Sc., 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 statements about the Company and its business. Forward looking statements are statements that are not historical facts and include resource estimates. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and other factors identified in the Company's SEC filings and its filings with Canadian securities regulatory authorities. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and other than as required by applicable securities laws, the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.



Table 1: Spring Valley significant assays as reported by Barrick

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Assay Gold Interval Gold Interval
Drill Hole Type opt ft From To g/t m
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SV09-449 MS 0.057 10 285 295 1.94 3
Including MS 0.101 5 290 295 3.45 1.5
MS 0.026 40 725 765 0.89 12.2
------------------------------------------------------------------
SV09-450 MS 0.033 140 805 945 1.14 42.7
Including MS 0.118 5 815 820 4.04 1.5
Including MS 0.134 5 855 860 4.61 1.5
Including MS 0.157 5 895 900 5.37 1.5
MS 0.021 100 1060 1160 0.73 30.5
------------------------------------------------------------------
SV09-451C MS 0.013 35.9 119 154.9 0.44 10.9
MS 0.03 12 272 284 1.02 3.7
MS 0.07 44.9 321 365.9 2.4 13.7
Including MS 0.579 5 321 326 19.85 1.5
MS 0.022 31.8 396 427.8 0.76 9.7
MS 0.889 52.5 504.4 557 30.47 16
Including MS 9.101 5 509.3 514.3 312 1.5
MS 0.048 44 701 745 1.64 13.4
Including MS 0.27 5.5 726 731.5 9.24 1.7
------------------------------------------------------------------
SV09-452C MS 0.056 91 140 231 1.91 27.7
Including MS 0.715 5.4 140 145.4 24.5 1.6
MS 0.031 15 578.6 593.6 1.07 4.6
------------------------------------------------------------------
SV09-453C MS 0.019 23.1 315.1 338.2 0.66 7
MS 0.035 17.4 745.6 763 1.19 5.3
------------------------------------------------------------------
SV09-454C FA 0.015 16.7 377 393.7 0.52 5.1
FA 0.029 58.6 676 734.6 0.99 17.9
Including FA 0.192 5.5 711 716.5 6.57 1.7
FA 1.731 15.8 811 826.8 59.36 4.8
Including FA 6.038 4.5 811 815.5 207 1.4
------------------------------------------------------------------
SV09-455C FA 0.022 109.1 441 550.1 0.76 33.3
FA 0.043 46.5 834.5 881 1.46 14.2
Including FA 0.14 5.1 862 867.1 4.81 1.6
Including FA 0.146 5.2 875.8 881 5.02 1.6
FA 0.019 28.8 908 936.6 0.66 8.8
FA 0.025 12.1 974.4 986.5 0.84 3.7
FA 0.053 17.3 1076.2 1093.5 1.82 5.3
FA 0.088 17 1188 1205 3.02 5.2
Including FA 0.153 6.3 1194 1200.3 5.26 1.9
------------------------------------------------------------------
SV09-456 MS 0.036 10 585 595 1.25 3
MS 0.039 25 615 640 1.33 7.6
Including MS 0.144 5 635 640 4.94 1.5
MS 0.024 10 770 780 0.82 3
MS 0.018 50 900 950 0.61 15.2
MS 0.034 220 980 1200 1.15 67.1
Including MS 0.166 5 1105 1110 5.7 1.5
Including MS 0.224 5 1185 1190 7.69 1.5
MS 0.017 70 1220 1290 0.58 21.3
------------------------------------------------------------------
SV09-460 MS 0.014 25 750 775 0.47 7.6
MS 0.01 15 815 830 0.34 4.6
MS 0.013 35 895 930 0.44 10.7
------------------------------------------------------------------
SV09-461C FA 0.025 16 541 557 0.86 4.9
FA 0.037 339.5 578.5 918 1.26 103.5
Including FA 0.485 10 724 734 16.62 3.0
Including FA 0.191 5 836.5 841.5 6.53 1.5
FA 0.026 10 1083 1093 0.88 3.0
FA 0.028 156 1138 1294 0.95 47.5
Including FA 0.172 5 1222 1227 5.89 1.5
------------------------------------------------------------------
SV09-465 MS 0.019 60 435 495 0.65 18.3
MS 0.036 30 595 625 1.24 9.1
Including MS 0.162 5 595 600 5.56 1.5
MS 0.016 15 1040 1055 0.53 4.6
MS 0.03 20 1080 1100 1.04 6.1
------------------------------------------------------------------
SV09-466 MS 0.058 45 580 625 1.99 13.7
Including MS 0.4 5 605 610 13.7 1.5
MS 0.019 75 695 770 0.66 22.9
MS 0.026 50 850 900 0.9 15.2
MS 0.031 110 920 1030 1.07 33.5
Including MS 0.13 5 950 955 4.45 1.5
Including MS 0.26 5 1010 1015 8.92 1.5
MS 0.026 60 1055 1115 0.88 18.3
Including MS 0.118 10 1090 1100 4.06 3.0
MS 0.047 15 1145 1160 1.62 4.6
Including MS 0.113 5 1145 1150 3.86 1.5
------------------------------------------------------------------
SV09-467 MS 0.022 30 720 750 0.74 9.1
MS 0.024 10 850 860 0.83 3
MS 0.016 20 885 905 0.56 6.1
------------------------------------------------------------------
SV09-470 FA 0.075 10 615 625 2.56 3
Including FA 0.106 5 620 625 3.63 1.5
------------------------------------------------------------------
SV09-471 FA 0.019 35 875 910 0.66 10.7
Including FA 0.102 5 905 910 3.51 1.5
FA 0.052 45 1135 1180 1.78 13.7
Including FA 0.203 5 1140 1145 6.97 1.5
Including FA 0.126 5 1160 1165 4.32 1.5
------------------------------------------------------------------
SV09-473 FA 0.018 30 675 705 0.63 9.1
FA 0.053 20 1020 1040 1.83 6.1
------------------------------------------------------------------
SV09-474 FA 0.041 30 515 545 1.42 9.7
Including FA 0.173 5 540 545 5.94 1.5
------------------------------------------------------------------

Reverse circulation drilling was conducted by Hard Rock Drilling of
Elko, Nevada. Core drilling was conducted by Boart Longyear of Salt
Lake City, Utah. Drill hole numbers ending with a "C" indicate core
holes. Samples were assayed by ALS-Chemex Labs, in Sparks, Nevada by
30 gram fire assays (FA). Intervals with quartz veining, strong
alteration, visible gold, or anomalous fire assays were re-assayed
using 1000 gram metallic screen assays (MS). Results reported represent
thickness along the trace of the drill hole and do not necessarily
represent true thickness.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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