Midway Gold Corp.

Midway Gold Corp.

May 01, 2008 08:00 ET

Midway Hits High Grade Gold at Thunder Mountain

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 1, 2008) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW)(AMEX:MDW) is excited to announce new gold intercepts from 2008 drilling at the Thunder Mountain project, Nevada. Fire assay results for four holes totaling 1,120 feet drilled this year have been received and include 10 feet of 0.389 ounces per ton (opt) gold within 40 feet of 0.135 opt gold in drill hole TM08-09. The true thicknesses of these intercepts are estimated to be 5.5 and 17.5 feet respectively.

These intercepts were in the Beckie vein, approximately 50 to 100 feet northwest of 2007 drill holes TM07-04, which contained 5 feet of 1.187 opt gold within 20 feet of 0.342 opt gold, and TH-27 which encountered 10 feet 1.93 opt gold in 30 feet of 0.705 gold. The 2008 drilling demonstrates that the high grade zone remains open to the northwest.

TM08-10, returned 15 feet of 0.036 opt gold with 5 feet of 7.4 opt silver at the top of the interval. Two other holes were drilled above and below the mineralized horizon and returned no significant intercepts.

2008 Thunder Mountain Drill Hole Intercepts
(greater than 10 ft @ 0.010 opt)
Gold Interval From True Assay Gold Interval
Hole ID opt feet feet To Thickness Type gm/t meters
TM08-09 0.135 40 70 110 17.5 FA 4.6 12.2
Includes 0.389 10 95 105 5.5 FA 13.4 3.1
TM08-10 0.036 15 145 160 11 FA 1.2 4.6
Gold and silver assays are 30g fire assays conducted by SGS labs in
Ontario, Canada. Reverse circulation drilling was conducted by Eklund
Drilling of Elko, Nevada.

Thunder Mountain is an emerging epithermal gold district located six miles southeast of the Company's Midway project, which hosts a series of high grade epithermal quartz-adularia-gold veins. In January 2008, the Company submitted a Plan of Operations to the Bureau of Land Management (BLM) and the Nevada Division of Environmental Protection (NDEP) for an underground mining operation at Midway. Thunder Mountain will be explored while underground development proceeds at Midway. Potential future development at Thunder Mountain is expected to benefit from and complement mining at Midway.

Midway Gold Corp. is a precious metals exploration company, listed on the American Stock Exchange and on the TSX Venture Exchange under the symbol "MDW". Midway's focus is creating value for shareholders through the discovery and development of quality new precious metal resources in politically stable mining areas. The Company has three advance stage gold exploration projects and four early stage exploration project that control over 60 square miles of mineral rights along four major gold trends in Nevada. Additional information on Midway Gold Corp and these projects can be found at: www.midwaygold.com.

This release has been reviewed and approved by Don Harris, (M.Sc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.


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 to 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 update forward-looking statements.

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

Contact Information

  • Midway Gold Corp.
    Morgan Moffatt
    Investor Relations Manager
    Toll Free: 1-877-475-3642, Ext. 14
    Website: www.midwaygold.com