Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

July 10, 2007 08:00 ET

Midway Announces Drill Results at Spring Valley, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 10, 2007) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce new gold intercepts in deep core drilling at its Spring Valley project in Pershing County, Nevada. SV07-248C, the first deep core hole for the year, intercepted over 356 feet of gold averaging 0.026 ounce per ton (opt) gold with specific intervals of better gold grade consisting of: 20 feet of 0.070 opt gold, 75 feet of 0.058 opt gold, 56 feet of 0.023 opt gold, and 35 feet of 0.023 opt gold. This interval is a continuation of the Pond Zone and starts 100 feet below the limit of the 2006 Spring Valley resource estimate.

Gold is hosted by quartz and quartz-tourmaline veins cutting a porphyry intrusion that cuts the Spring Valley diatreme. The intervals listed in the table below, which include gold zones in the overlying Pond Zone, make up a discontinuous gold zone that averages a true thickness of 857 feet of 0.013 opt gold. This new porphyry hosted mineralization is located in the same rocks and relative geologic position as previously reported intercepts 400 feet south in SV06-171C (166 feet of 0.033 opt gold). The porphyry-hosted gold in this hole, along with the gold overlying the Pond Zone, make up an interval that averages 692 ft of 0.020 opt gold. This deeper porphyry zone is open in all directions at depth. Additional core drilling is in progress to test the strike extent of this deep gold zone.

Results and upgrades from metallic screen assays for seventeen holes in the Valley Breccia and West Diatreme Zones, completed in the first and second quarter, are listed below. A plan map and cross section showing hole locations is attached (to view please click on: http://www.ccnmatthews.com/docs/mdw710.pdf). In the West Diatreme, metallic screen assays generally decreased single high grade fire assays and increased the thickness of some reported gold intervals. The West Diatreme is still open to the southwest. The Valley Breccia area is located between the Pond Zone and the West Diatreme Zone. Nearly every drill hole encountered spotty, low grade gold mineralization.



Deep Core drill results
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Hole ID Gold Interval From To Assay Gold Interval From To
opt feet Feet Type gm/t meters Meters
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SV07-248c 0.074 2.1 263.5 265.6 FA 2.54 0.6 80 81
MS assays 0.011 16 317 333 FA 0.38 4.9 97 101
incomplete 0.048 5.5 422 427.5 FA 1.65 1.7 129 130
0.021 25 479.5 504.5 MS 0.72 7.6 146 154
0.143 2.6 562 564.6 MS 4.90 0.8 171 172
0.023 13.4 782 795.4 FA 0.79 4.1 238 242
0.070 20 842 862 MS 2.40 6.1 257 263
0.023 56.2 889 945.2 MS 0.79 17.1 271 288
0.058 75 1007 1082 MS 1.99 22.9 307 330
0.023 35.4 1112 1147.4 FA 0.79 10.8 339 350
0.151 5 1303 1308 FA 5.18 1.5 397 399
0.153 5 1367 1372 FA 5.25 1.5 417 418
0.291 5 1486 1491 FA 9.98 1.5 453 454
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West Diatreme drill results
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Hole ID Gold Interval From To Assay Gold Interval From To
opt feet Feet Type gm/t meters Meters
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SV07-237 0.016 35 375 410 MS 0.55 10.7 114 125
0.017 10 670 680 MS 0.58 3.0 204 207
0.048 20 710 730 MS 1.65 6.1 216 223
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SV07-238 0.025 10 360 370 MS 0.86 3.0 110 113
0.024 60 405 465 MS 0.82 18.3 123 142
0.019 70 485 555 MS 0.65 21.3 148 169
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SV07-239 0.032 5 350 355 MS 1.10 1.5 107 108
0.036 20 400 420 MS 1.23 6.1 122 128
0.013 70 450 520 MS 0.45 21.3 137 158
0.044 5 570 575 MS 1.51 1.5 174 175
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SV07-250 0.020 20 475 495 MS 0.69 6.1 145 151
0.061 40 510 550 MS 2.09 12.2 155 168
includes 0.327 5 MS 11.21 1.5
0.036 5 575 580 MS 1.23 1.5 175 177
0.023 40 600 640 MS 0.79 12.2 183 195
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SV07-251 0.022 10 340 350 MS 0.75 3.0 104 107
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Valley Breccia drill results
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Hole ID Gold Interval From To Assay Gold Interval From To
opt feet Feet Type gm/t meters Meters
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SV07-243 0.015 5 485 490 MS 0.51 1.5 148 149
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SV07-244 0.019 70 260 330 MS 0.65 21.3 79 101
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SV07-245 0.013 5 315 320 MS 0.45 1.5 96 98
0.023 20 365 385 MS 0.79 6.1 111 117
0.067 15 425 440 MS 2.30 4.6 130 134
0.015 5 490 495 MS 0.51 1.5 149 151
0.017 20 575 595 MS 0.58 6.1 175 181
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SV07-246 0.015 5 450 455 FA 0.51 1.5 137 139
0.016 5 460 465 FA 0.55 1.5 140 142
0.021 5 735 740 FA 0.72 1.5 224 226
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SV07-247 0.012 20 345 365 MS 0.41 6.1 105 111
0.028 10 435 445 MS 0.96 3.0 133 136
0.008 35 495 530 MS 0.27 10.7 151 162
0.020 10 590 600 MS 0.69 3.0 180 183
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SV07-252 0.029 5 460 465 MS 0.99 1.5 140 142
0.015 60 710 770 MS 0.51 18.3 216 235
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SV07-253 0.028 5 535 540 MS 0.96 1.5 163 165
0.033 5 595 600 MS 1.13 1.5 181 183
0.011 15 740 755 MS 0.38 4.6 226 230
0.181 5 780 785 MS 6.21 1.5 238 239
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SV07-254 0.036 5 700 705 FA 1.23 1.5 213 215
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SV07-256 No significant assays
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SV07-260 0.063 10 250 260 MS 2.16 3.0 76 79
0.011 80 285 365 MS 0.38 24.4 87 111
0.037 5 425 430 FA 1.27 1.5 130 131
0.021 5 625 630 FA 0.72 1.5 191 192
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SV07-261 0.011 45 250 295 FA 0.38 13.7 76 90
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Core drilling (as denoted by a suffix -C) was conducted by Major Drilling
of Salt Lake City, Utah. Reverse circulation drilling was conducted by
O'Keefe Drilling of Butte, Montana and Eklund Drilling of Elko, Nevada.
All sampling was conducted by independent contractors hired by the Company.
Intervals with quartz veining, strong alteration, visible gold, or
anomalous 30 gram fire assays are re-assayed using 1000 gram metallic
screen fire assays by ALS-Chemex labs, in Sparks, Nevada. Results reported
represent thickness along the trace of the drill hole. True thickness of
intercepts has not yet been determined, but in porphyry zones the drill
intercept is currently interpreted as a true thickness. Only significant
intervals of greater than 10 feet of 0.01 opt gold are shown.


"The gold discoveries in the Pond Porphyry, West Diatreme, and Valley Breccia zones are all new gold discovered outside the current resource. This new thick gold zone beneath the modelled resource is especially encouraging as we see the gold discovery growing along strike and at depth," says Alan Branham, President and CEO of Midway. "We are currently exploring with five drills on the project offsetting known gold intercepts, testing areas we now have the permits to drill, and drilling some of the new targets defined on the property outside the diatreme. Spring Valley continues to yield exciting results for a new deposit type along the Humboldt trend in Nevada."

Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com.

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 on the creation of value for shareholders by exploring and developing high-grade, quality precious metal resources in stable mining areas.

This release has been reviewed and approved by Company President and CEO Alan Branham (MSc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.

ON BEHALF OF THE BOARD

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. 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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