Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

August 08, 2005 11:43 ET

Midway Announces Increases in Gold at Spring Valley Project, Nevada-105 Feet of 0.325 opt Gold

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 8, 2005) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce significant upgrades in gold intercepts in Porphyry and Sill Zone at the Spring Valley project, Pershing Co., Nevada. Listed below are results of check assays using metallic screen fire assays and results from new holes on the project. The table lists the results from standard 30 gm fire assays and metallic screen fire (MS) assays that employ a larger 1000 gram assay. The metallic screen fire assays is a better technique for estimating gold with coarse gold nuggets, which has been identified at Spring Valley. All analysis was conducted with ALS-Chemex Labs, in Sparks, Nevada. Percentage of change is calculated on grade thickness of each interval. All the holes are angle holes and thickness reported below represent down holes lengths of mineralization.



Comparison of Fire Assay with 1000gm Metallic Screen Assays

----------------------------------------------------------
Imperial Depth Difference Metric Depth
Hole # Units Feet % Units M
----------------------------------------------------------
SV05-71 25 ft 325 7.6 m 99
0.027 opt 0.93 g/t
MS 25 ft 325 33% 7.6 m 99
0.036 opt 1.23 g/t
60 ft 475 18.3 m 145
0.049 opt 1.68 g/t
MS 60 ft 475 437% 18.3 m 145
0.263 opt 9.02 g/t
----------------------------------------------------------
SV05-72 5 ft 335 1.5 m 102
0.042 opt 1.44 g/t
MS 25 ft 325 245% 7.6 m 99
0.029 opt 0.99 g/t
----------------------------------------------------------
SV05-73 50 ft 630 15.2 m 192
0.070 opt 2.40 g/t
MS 90 ft 630 41% 27.4 m 192
0.055 opt 1.89 g/t
15 ft 735 4.6 m 224
0.011 opt 0.38 g/t
MS 25 ft 730 112% 7.6 m 223
0.014 opt 0.48 g/t
Additional MS results are pending
----------------------------------------------------------
SV05-74 105 ft 70 32.0 m 21
0.213 opt 7.30 g/t
MS 105 ft 70 53% 32.0 m 21
0.325 opt 11.14 g/t
10 ft 205 3.0 m 62
0.433 opt 14.85 g/t
MS 5 ft 205 -36% 1.5 m 62
0.550 opt 18.86 g/t
----------------------------------------------------------
SV05-76 25 ft 325 7.6 m 99
0.018 opt 0.62 g/t
MS 30 ft 325 20% 9.1 m 99
0.018 opt 0.62 g/t
----------------------------------------------------------
SV05-78 65 ft 120 19.8 m 37
0.110 opt 3.77 g/t
MS 65 ft 120 5% 19.8 m 37
0.116 opt 3.98 g/t
----------------------------------------------------------
New Holes
SV05-80 25 ft 120 7.6 m 37
0.020 Opt 0.69 g/t
MS 20 ft 125 -44% 6.1 m 38
0.014 Opt 0.48 g/t
5 ft 275 1.5 m 84
0.051 Opt 1.75 g/t
MS 5 ft 275 -47% 1.5 m 84
0.027 Opt 0.93 g/t
----------------------------------------------------------
SV05-81 40 ft 310 12.2 m 94
0.029 Opt 0.99 g/t
MS 55 ft 310 218% 16.8 m 94
0.067 Opt 2.30 g/t
----------------------------------------------------------

MS denotes 1000gm metallic screen assay
----------------------------------------------------------


These results are encouraging and continue to expand three gold zones as well as systematically upgrade the gold content. Midway is accelerating the exploration of this property with three drill rigs operating at the Spring Valley project with plans for at least 30,000 feet of drilling. The drilling will delineate the extent and grade of the three known gold zones and test at least six identified potential breccia pipes. Gold occurs in strong quartz- tourmaline stockwork veining. The host rocks are rhyolite diatreme breccias, breccia pipes, porphyry dikes, and sills. Midway currently has over 20 holes completed and has submitted over 1500 samples to ALS-Chemex; assays are pending. The metallic screen assays are taking in excess of 30 days for completion because of the need to prepare much larger samples. Because of the coarse nature of the gold, Midway plans to continue to use the metallic screen technique on all zones of significant gold at Spring Valley.

Midway is also currently conducting drill tests on the Midway project, in Nye County, Nevada to expand the main resource area.

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 favourable mining areas. 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 Company President and CEO Alan Branham (P.Geol.), a "qualified person" as that term is defined in National Instrument 43-101.

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 US Toll Free: 1-877-692-8288
    www.midwaygold.com