Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

August 10, 2005 13:46 ET

Midway Announces $700,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 10, 2005) - Midway Gold Corp. (TSX VENTURE:MDW) (the "Company") is pleased to announce that it has arranged a non-brokered private placement with an institutional investor, of 500,000 units at $1.40 per unit, for proceeds of $700,000. Each unit consists of one common share and one-half non-transferable common share purchase warrant of the Company. The units will be subject to a four month hold period. Each whole warrant will entitle the holder to acquire one additional common share at a price of $1.45 per share, for a period of twelve months. The proceeds of the private placement will be used to fund ongoing exploration expenses on the Spring Valley Property and for working capital. Completion of the private placement is subject to regulatory approval. No finder's fee is payable in respect of this transaction.

The Company is also pleased to announce that it has exercised its option to acquire title to the Midway Property for a final option payment of US$200,000, paid this week to the property owners.

Midway Gold Corp. is a precious metals exploration company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". Midway focuses of the creation of value for shareholders by exploring and developing high-grade, quality precious metal resources in mining favourable areas. Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com.

ON BEHALF OF THE BOARD

Alan Branham, President and CEO


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.
    Ron Cooper
    (604) 986-0112 (Canada)
    or (877) 692-8288 (US Toll Free)
    www.midwaygold.com