Midway Gold Corp.

Midway Gold Corp.

November 01, 2007 08:00 ET

New Gold Discovery Extends Midway's North Pan Deposit 1,000 Feet

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 1, 2007) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) has extended the Boulder gold zone 1,000 feet north of the North Pan deposit. Drill hole PN07-99 intercepted 95 feet of 0.016 opt (ounces per ton) gold in the Boulders target area along a previously untested extension of the Pan fault. The intercept in PN07-99 shows that the Pan gold system is more extensive than previously indicated, and that favorable host rock and gold mineralization underlie the volcanic cover to the north. This offers the Company significant potential to extend the Pan deposit northward. To view the map accompanying this release please click on the following link: http://www.ccnmatthews.com/docs/1101mdw.pdf

"This intercept is the third gold zone we have discovered within a one square mile area that is on or beneath the edge of this volcanic rock and we are excited about exploring beneath it. The zone is also the fifth new zone at the Pan Project in which we have stepped out and found new gold outside the known resource. Pan continues to grow as we expected," stated Alan Branham, President and CEO of Midway Gold Corp.

Drill hole PN07-99 is part of a seven-hole program that tested for continuation of the Pan deposit under younger volcanic rock cover to the north. This new gold intercept occurs in the same host rocks as those in the North Pan deposit, 1000 feet to the south and the NW target, 3000 feet to the west. Two other holes (PN07-66 and 67) were drilled 400 feet south of PN07-99 but were lost before reaching the target horizon due to poor drilling conditions. They had no significant intercepts. Four holes (PN07-01 through PN07-04), drilled approximately 1200 feet southwest of PN07-99, were reported previously (see table below).

Selected assays from the Boulders Target
Gold Interval From To TD Gold Interval From To
Hole ID opt feet feet Feet gm/t meters Meters
PN07-99 0.016 95 335 430 500 0.55 29.0 102.1 131.1

Previously Reported:
PN07-03 0.023 115 235 350 350 0.79 35.1 71.6 106.7
PN07-04 0.060 75 140 215 500 2.06 22.9 42.7 65.6
0.021 60 380 440 0.72 18.3 115.8 134.1
Assays are 30g fire assays conducted by ALS Chemex labs in Sparks, Nevada.
Reverse circulation drilling was conducted by O keefe Drilling, Butte,
Montana. Drilled intervals are true widths. Intercepts reported include
greater than 10 feet grading 0.010 opt gold. All intercepts are oxide,
unless noted.

The Company's aggressive drill program now totals 35,310 feet (10,762 meters) in 112 reverse circulation holes at Pan this year. Assays are pending for 21 holes in other target areas on the project.

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.

Midway Gold Corp. is focused on expanding and developing its three significant projects including their flagship resource, the Spring Valley deposit, along with its Midway and Pan deposits; all three of which are situated along major 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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