Midway Gold Corp.

Midway Gold Corp.

October 02, 2007 14:25 ET

New Drilling Encounters Higher Gold Grades at Midway's Pan Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2007) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) announces assay results from drilling at North Pan, Nevada, demonstrate additional growth potential.

Fourteen holes were drilled on the south side of the North Pan deposit (to view a map of the deposit, please click the following link: http://www.ccnmatthews.com/docs/mdw1002.pdf). Two holes were drilled to confirm known gold. The two confirmation holes encountered thicker intercepts and higher grades of gold than expected. Drill hole PN07-65 twinned EP-48 (7 foot offset), drilled by a previous operator, in an area where numerous holes ended in mineralization. The old hole reported 150 feet of 0.019 opt (ounces per ton) gold compared to PN07-65 results of 200 feet of 0.032 opt gold with 10 feet of 0.186 opt gold. The hole also intercepted a second, lower interval of 80 feet of 0.014 opt gold. Drill hole PN07-78 tested a structural gold zone near another older hole, NP-210, drilled by a previous operator. The new drill hole encountered 20 feet of 0.188 opt gold within an interval of 190 feet averaging 0.042 opt gold, compared to 40 feet of 0.052 opt gold in the old hole.

"We get a double-dose of good news from these drill intercepts", said Alan Branham, President and CEO of the Company. "We not only have higher grade intercepts, but we also have nearly twice the overall thickness of gold. We have noted that approximately 30% of the holes at North Pan end in mineralization. With future in-fill drilling, similar improvements in thickness and grade could result in increases in the North Pan resource. We have also had success with our exploration drilling, which has found gold in four new areas outside the known resource. Now we may be able to upgrade the existing deposits as well. The upside potential of Pan continues to improve."

The remaining 12 holes were exploration holes to test for southern extensions of the North Pan deposit. Significant intercepts are listed in the table below.

Hole ID Gold Interval From To TD Gold Interval From To
opt feet feet feet gm/t meters Meters
PN07-65 0.032 200 0 200 400 1.10 61.0 0.0 61.0
Including 0.186 10
0.014 80 230 310 0.48 24.4 70.1 94.5
PN07-78 0.042 190 0 190 200 1.44 57.9 0.0 57.9
Including 0.188 20
PN07-85 0.013 75 75 150 300 0.45 22.9 22.9 45.7
PN07-77 0.012 30 95 125 200 0.41 9.1 29.0 38.1
PN07-87 0.011 20 65 85 350 0.38 6.1 19.8 25.9
PN07-90 0.022 25 190 215 325 0.75 7.6 57.9 65.5
PN07-81 0.034 30 120 150 250 1.17 9.1 36.6 45.7
0.031 10 180 190 1.06 3.0 54.9 57.9
0.018 10 200 210 0.62 3.0 61.0 64.0
Assays are 30g fire assays conducted by ALS Chemex labs in Sparks, Nevada
and SGS Inc, in Toronto Canada. Reverse circulation drilling was conducted
by Drift Exploration of Alberta, Canada and O'Keefe Drilling of Butte,
Montana. Drilled intervals are true widths. Intercepts reported include
greater than 10 feet grading 0.010 opt gold. Seven additional holes drilled
at North Pan, did not have significant intercepts. All intercepts are
oxide, unless noted.

The Pan project is located on the south end of the prolific Battle Mountain-Eureka gold trend in central Nevada. The project hosts four known Carlin-style disseminated oxide gold deposits over a two mile strike length along the Pan fault. The Company has drilled 31,060 feet (9,467.09 meters) this year in 95 reverse circulation holes at Pan with an additional 12 holes planned before the year's end. Assays for 14 holes are pending.

At other Midway projects

The Company is exploring the Spring Valley project (Nevada) with three drill rigs. Drilling is planned at Afgan later this fall. Geotechnical studies are underway at the Midway project (Nevada) to evaluate underground mining potential.

Conference call planned

A free live conference call is planned for Thursday, October 4, 2007 at 4 pm EDT with Alan Branham, President and CEO, presenting updates on Midway's Nevada projects. Call toll-free 1-800-391-1709, conference pin # will be 510651. For those unable to attend, the call will be recorded and posted on the Company's website at www.midwaygold.com on Friday October 5, 2007.

Midway Gold Corp. is focused on expanding and developing its flagship resource, the Spring Valley Project, along with its Midway and Pan deposits; all three projects are situated along major recognized gold trends in the mining friendly state of Nevada. Midway is a precious metals company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". 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 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.

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