Midway Gold Corp.
TSX VENTURE : MDW
AMEX : MDW

Midway Gold Corp.

March 11, 2008 08:00 ET

Midway Announces Land Expansion of Gold Rock Project in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2008) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW)(AMEX:MDW) has completed an expansion of the Gold Rock (formerly the Monte) project to now include 473 claims covering 14 square miles on the Battle Mountain-Eureka gold trend in Nevada.

"The Gold Rock project is a large property position with historic gold resources on a prolific gold trend in Nevada," said Alan Branham, President and CEO of Midway Gold Corp. "We have identified multiple shallow gold target zones in Carlin-type sediment-hosted settings. The host rocks are similar to other significant gold deposits such as Pan, Rain, Emigrant Springs, Bald Mountain, and Alligator Ridge. Over six miles of these favorable host rocks on the property have never been drill tested. The close proximity to our Pan deposit and the numerous exploration targets in a shallow setting next to these known oxide gold deposits prompted us to make these strategic acquisitions."

The property includes the Easy Junior mine operated and reclaimed by the Alta Gold/Echo Bay joint venture in 1989-94. In its annual report for the year ended December 31, 2005, Alta Gold estimated that there were 200,000 ounces of gold remaining in the deposit when they ceased mining operations in 1994. A qualified person has not done sufficient work to classify the historical estimate as current mineral resources and the historical estimate should not be relied upon.

A second gold target occurs on the Anchor Roc claims, 3.5 miles to the south, and was drilled by Echo Bay in 1987. Historic drilling files being compiled by the Company show numerous gold intercepts including: 120 feet of 0.014 ounce per ton (opt) gold and 15 feet of 0.033 opt gold. Additional data is still being compiled. These results have not been verified, but the Company plans to offset these results by new drilling.

The Gold Rock project is a sediment-hosted gold system in highly prospective host rocks. The Pilot shale-Devils Gate limestone contact has been the host rocks of several major gold deposits in the region. These prospective host rocks are exposed for over six miles on the property but have only been drill tested at the furthest south end on the Anchor Roc claims. Gold at Easy Junior is hosted in overlying rocks of the Chainman shale and Joanna limestone. Several miles of these rocks also remain untested on the property.

The Company expanded its claim position to cover the historic gold areas and exploration targets. The original Monte claim block of 104 unpatented claims leased from Gold Standard Royalty Corporation (formerly the Lyle Campbell Trust) was expanded by staking 204 additional claims within the area of interest. There is an annual $75,000 work commitment. The property has a 2.5 to 4.0% sliding scale Net Smelter Return ("NSR") royalty based on gold price.

The Company leased 21 unpatented claims from Anchor Minerals and then staked an additional 60 claims within the area of interest. In 2008, a payment of $6,000 and an annual $30,000 work commitment will be due. The property has a 3.5% NSR royalty.

The Company leased 13 unpatented claims with a purchase option from Peart and Moyle over the Easy Junior deposit area. Payment was $50,000 for 2008. The property has a 2.0 to 6.0% sliding scale NSR royalty based on gold price.

The Company leased 2 unpatented claims with a purchase option from Pankow. Payment was $7,750 for 2008. The property has a 2.0 to 6.0% sliding scale NSR royalty based on gold price.

The Company was assigned an existing lease on 10 unpatented claims covering Decker Flats, a gold discovery by Echo Bay on the Easy Junior feeder structure. The property has a 3.0% NSR royalty. Subject to regulatory approval, the Company will issue 30,000 common shares to William Sheriff, a director of the Company as consideration for his assignment of the lease to the Company.

The Company staked an additional 60 claims that are free from any royalty obligations.

The Company plans to drill 16,000 feet in 20 holes in 2008 to test targets at Gold Rock. A gravity and ground magnetic survey was completed in January on the southern end of the property. A number of structures were identified that may have acted as feeders to the gold identified at Anchor Roc. Geologic mapping, soil sampling and rock sampling programs are planned.

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 advance stage gold exploration projects and four early stage exploration projects that control over 60 square miles of mineral rights along four 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 Bill Neal, (M.Sc. 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 statements about the Company and its business. Forward looking statements are statements that are not historical facts and include resource estimates. The forward-looking statements in this press release are subject to various risks, uncertainties and other factors that could cause the Company's actual results or achievements to differ materially from those expressed in or implied by forward looking statements. These risks, uncertainties and other factors include, without limitation risks related to fluctuations in gold prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the Company's properties; uncertainties involved in the interpretation of drilling results and other tests and the estimation of gold resources; the possibility that required permits may not be obtained on a timely manner or at all; the possibility that capital and operating costs may be higher than currently estimated and may preclude commercial development or render operations uneconomic; the possibility that the estimated recovery rates may not be achieved; risk of accidents, equipment breakdowns and labour disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in the work program; and other factors identified in the Company's SEC filings. Forward-looking statements are based on the beliefs, opinions and expectations of the Company's management at the time they are made, and the Company does not assume any obligation to update its forward-looking statements if those beliefs, opinions or expectations, or other circumstances, should change.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information