Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

October 28, 2005 13:02 ET

Midway Announces More Gold Discovered at Spring Valley Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 28, 2005) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce new results from exploration drilling on the Spring Valley Project, located 24 miles northeast of Lovelock, Nevada. Significant results are summarized below. The most significant intercepts are in Hole SV05-125, which contained 50 feet of 0.029 opt gold (15.2 m of 0.99 g/t gold) and 5 feet of 5.658 opt gold (1.5 m of 194 g/t gold) hosted in a rhyolite porphyry dike(s), in the Sill Area. Sample splits from this hole were concentrated over a sluice for each 5 foot interval and the sluice concentrate and tail samples were assayed. Estimates of the grade of the original samples were calculated using the sample weights and the grade of the concentrate and tail assays. This showed a 234% increase in gold grade or 50 feet of .097 opt gold (15.2 m of 3.33 g/t gold), in hole SV05-125.The grade from the sluice tests increased because the entire reject samples (averaging 85 pounds-38kg) were tested for gold and thus better identify and sample the coarse nuggets of gold. A core hole is currently in progress to identify the context of the 5.658 opt sample discovered in Hole SV05-125. Sluice tests for reject samples are currently being conducted on all new reverse circulation holes in the known gold zones.



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Drill Gold Width- g/t
Hole # Width opt feet Angle Target Assay m Au
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SV05-99c 28 ft 0.019 from 183 -70 Sill MS 8.5 m 0.65
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SV05-100c 6 ft 0.026 from 356 -70 Sill FA 1.8 m 0.89
15 ft 0.052 from 394.5 Sill FA 4.4 m 1.78
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SV05-101c 62 ft 0.025 from 133 -88 Sill MS 18.9 m 0.86
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SV05-122 65 ft 0.047 from 355 -80 Sill MS 19.8 m 1.61
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SV05-124 55 ft 0.023 from 380 -85 Sill MS 16.8 m 0.79
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SV05-125 50 ft 0.029 from 460 -90 Sill/
Pond MS 15.2 m 0.99
5 ft 5.658 from 540 Sill/
Pond FA 1.5 m 194
Sluice
checks 50 ft 0.097 from 460 Check FA 15.2 m 3.33
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SV05-126 25 ft 0.027 from 130 -72 Sill MS 7.6 m 0.93
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SV05-130 5 ft 0.028 from 205 -60 W.
Diatreme FA 1.5 m 0.96
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SV05-131 15 ft 0.023 from 515 -90 W.
Diatreme FA 4.6 m 0.79
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SV05-132 5 ft 0.026 from 175 -50 W.
Diatreme FA 1.5 m 0.89
5 ft 0.028 from 320 W.
Diatreme FA 1.5 m 0.96
5 ft 0.013 from 345 W.
Diatreme FA 1.5 m 0.45
5 ft 0.012 from 375 W.
Diatreme FA 1.5 m 0.41
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SV05-133 20 ft 0.025 from 275 -90 W.
Diatreme FA 6.1 m 0.86
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SV05-134 5 ft 0.630 from 240 -90 W.
Diatreme FA 1.5 m 21.60
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SV05-136 10 ft 0.059 from 310 -70 W.
Diatreme MS 3.0 m 2.02
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Additional Gold Identified in the West Diatreme Target

The discovery of additional gold in the West Diatreme target, especially Hole SV05-134 which encountered 5 feet of 0.630 opt (1.5 m 21.6 g/t gold) in contact between a welded tuff and a rhyolite in the West Diatreme target, is very encouraging. Volcanic rocks encountered, beneath the gravels, in the area suggest that additional vents might be present in the West Diatreme area. Step-out drilling is in progress to explore this large target.

Analysis was conducted at ALS-Chemex Labs, in Sparks, Nevada. Standard 30gm fire assays are denoted in assay type as "FA". Larger 1000 gram metallic screen assays are denoted with a "MS". A standard sample is collected by independent contractors on every drilled interval and assayed. The sluice checks will be routinely used to check the rejects from the reverse circulation drill holes. The sluice tests identify zones with coarse visible gold and suggest that in areas with coarse gold even the larger metallic screen samples may be underestimating the gold grade. Gold nuggets greater than 5 mm in size have been noted in some of the recent drilling. Midway is undertaken larger bulk sample tests in the Sill areas with known coarse gold to better determine the actual grade of the deposit.

Midway has also recently increased the Spring Valley project area by the purchase of 544 acres of private land adjacent to the project. This land will allow us build facilities and conduct project work in the area on private lands which increases our flexibility in developing the project.

Current Exploration Activities

Drilling is currently in progress at Spring Valley with two reverse circulation and one core drill rigs. A 6000 foot (12 hole) drill program at the Black Prince project in Lincoln Co., Nevada was completed with assays pending. A 20 hole (10,000) amendment is in progress at the Midway project, in Nye Co., Nevada to explore the Dauntless zone which recently discovered 175 feet of 0.349 opt gold at 195 foot depth (53.3 m of 11.97 g/t gold). Drilling is planned to begin in November.

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. 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. Statements in this press release other than purely historical information, including statements relating to the Company's future plans and objectives or expected results, constitute forward-looking statements. Forward-looking statements are based on numerous assumptions and are subject to all of the risks and uncertainties inherent in the Company's business, including risks inherent in mineral exploration and development. As a result, actual results may vary materially from those described in the forward-looking statements.

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