Midway Gold Corp.

Midway Gold Corp.

May 14, 2008 08:01 ET

Drilling Hits 3.6 Ounce Per Ton Gold in Veins at Midway Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2008) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW)(AMEX:MDW) is pleased to announce that recent drilling has intersected high grade gold at the Midway project, Nevada. Fire assay results from the Discovery zone include 6.2 feet of 3.6 ounces per ton (opt) gold in the Nimitz vein and 1.1 feet of 2.5 opt gold within 10 feet of 0.4 opt gold in the Midway vein. See attached section (http://media3.marketwire.com/docs/mdw514.pdf).

"The location, grade, and thicknesses of these intercepts matched our model of the Discovery zone veins very closely," said Midway Gold President and CEO Alan Branham. "We drilled these holes to get geotechnical data for our stope designs, but we were also able to verify the locations of the veins and expand the area of high grade intercepts within the veins. These veins will be explored more completely from underground when our planned decline reaches the Discovery zone."

This geotechnical drilling program included 1,807 feet in four core holes and 2,090 feet in five reverse circulation holes. The intercepts encountered in these holes show that the Spruance, Midway, Rochefort and Nimitz veins have greater vertical and horizontal lengths than anticipated. In addition, four new intercepts may represent a new set of veins east of the Discovery Zone.

The Midway project is 15 miles northeast of Tonopah, Nevada at the intersection of the Round Mountain/Goldfield trend and the Walker Lane. It is a low-sulfidation epithermal gold system with near-vertical quartz-adularia-gold veins. Bonanza gold veins occur in a series of en echelon vein clusters along a 1.5 mile trend. Recent tests from a large sample demonstrated that 94% of the gold can be recovered using a simple gravity separation circuit followed by cyanide leaching. In January 2008, the Company submitted a Plan of Operations for an underground decline that will give access to high grade portions of the Discovery Zone for test mining, bulk sampling, and additional definition drilling.

2008 Midway Drill Hole Intercepts (greater than 2 ft @ 0.100 opt gold)
Gold val True From To Assay Gold Interval
Hole ID opt feet Width feet Type gm/t meters Area
MW07-69D 0.419 10 8.2 223.5 233.5 FA 14.4 3.05 Midway Vein
Includes 2.578 1.1 0.9 231.5 232.6 FA 88.4 0.34
0.255 3 2.5 236 239 FA 8.7 0.91 New Vein
0.411 2 1.6 260.5 262.5 FA 14.1 0.61 Rochefort
Hanging Wall
0.119 4 3.3 270 274 FA 4.1 1.22 Rochefort Center
0.609 2.5 2.1 278.5 281 FA 20.9 0.76 Rochefort
Center 2
0.248 8 6.6 285 293 FA 8.5 2.44 Rochefort
MW07-72D 0.166 7.5 6.5 362.5 370 FA 5.7 2.29 Spruance Vein
3.645 6.2 5.4 454 460.2 FA 125.0 1.89 Nimitz Vein
MW07-71D 0.112 10 6.4 80 90 FA 3.8 3.05 Rochefort Vein
0.173 2 1.2 334 336 FA 5.9 0.61 New Vein
MW07-61 0.226 5 2.9 335 340 FA 7.7 1.52 New Vein
0.269 10 7.1 375 385 FA 9.2 3.05 New Vein

Gold analyses are 30 gram fire assays conducted by ALS-Chemex Labs, in
Sparks, Nevada. Core drilling (holes ending with a D) was conducted by
Kirkness Drilling of Reno, Nevada. Reverse circulation drilling was
completed by Okeefe Drilling, Butte, Montana.

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 advanced stage gold exploration projects and four early stage exploration projects that control over 60 square miles of mineral rights along three 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