Midway Gold Corp.

Midway Gold Corp.

June 05, 2007 08:00 ET

Midway Announces New Gold Discovery at Pan Project-Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 5, 2007) - Midway Gold Corp. ("Midway" or the "Company") (TSX VENTURE:MDW) is pleased to announce the discovery of new gold at the Pan deposit, White Pine Co., Nevada in the Boulders target area. Results have been received for the initial four of five holes drilled in the Pilot Ridge area. The fourth hole (07-04) intersected 75 feet grading 0.060 ounce per standard ton (oz/st) gold (22.8 m @ 2.05 gm/t) and 60 feet grading 0.021 oz/st gold (18.2m @ 0.73 gm/t). A nearby hole, 07-03, intersected 115 feet grading 0.023 oz/st gold (35 m @ 0.79 gm/t) to the west of 07-04, in the same stratigraphic horizon. This new discovery in the Boulders target, north of Pilot Ridge opens up new growth potential to the north and northwest of the current Pilot Ridge resource. The Boulders target is a large volcanic covered area north of the Pan resource and has no historic exploration drilling. Midway has staked an additional 174 claims around the project, increasing the land holdings to over 13 square miles. Multiple new targets are being tested by the Company.

The Pan project is located on the south end of the prolific Battle Mountain-Eureka gold trend in central Nevada. The Pan project hosts five Carlin style disseminated oxide gold deposits, over a two mile strike length, in Mississippian shale and Devonian limestone. To date, the Company has completed 19 holes, for 5,320 feet (1,621 meters). Assay results are pending on fifteen holes. Drilling has focused on intersecting high grade associated with major faults, and district exploration. Over 120 holes (40,000 feet) are planned across the project area in a Phase I test.

North of Pilot Ridge - Boulders target area test
(Greater than 10 feet at 0.010 oz/st gold)
oxide, unless noted
Thickness Gold From To Comments Depth
Hole Id (ft) (oz/st) (ft) (ft) (ft)
07-02 15 0.010 140 155 495
07-04 75 0.060 140 215 Including 15 feet @ 500
0.153 oz/st gold
60 0.021 380 440
07-03 115 0.023 235 350 Ends in 350

Assay work is conducted by ALS Chemex labs in Sparks, Nevada. Reverse
circulation drilling was conducted by Drift Exploration of Elko, Nevada.
Midway has mobilized a second reverse circulation drill rig to the
property and plans over 120 holes (40,000 feet). All the holes are
angle holes. Drilled intervals are true widths. The first hole 07-01
encountered only zones of anomalous (greater than 50 ppb) gold.

"These initial results reflect the type of discoveries we hoped to find in this large shallow oxide Carlin type gold system," stated Alan Branham, President and CEO of Midway Gold Corp. "We have multiple targets similar to the Boulders target that we plan to test this summer. The exploration has started well on this prospective property. We will move a second drill rig onto the property to accelerate the discovery process at Pan, as rigs come available."

Other Exploration Project Updates

Spring Valley project, Pershing County, Nevada - the Company is currently exploring the project with four and soon to be five drill rigs- attempting to expand the Spring Valley diatreme resource and explore twelve other gold targets identified on the 17 square mile land package.

Midway project and Thunder Mountain Project, Nye Co., Nevada - the Company completed the initial hydrologic pump tests in the Discovery zone with results pending. A drill rig is being mobilized to the Thunder Mountain project to test for high grade gold and silver targets, six miles south of the Midway project. Once completed, the Company will use the rig to complete test holes for a proposed waste dump site for the underground decline that is currently being designed and permitted for the Discovery and Dauntless gold zones.

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 aggressively exploring and developing 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 Don Harris (M.Sc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.


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; timing of the preparation of our preliminary economic assessment, geological models, mine plan and definitive feasibility study; expectations related to enhancing resource grades; financing plans and the availability of future financing for our projects; anticipated results of our exploration, and other plans, projections, estimates and expectations. 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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