Midway Gold Corp.

Midway Gold Corp.

February 27, 2007 08:00 ET

Midway Announces New Gold Intercepts at Midway Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 27, 2007) - Midway Gold Corp. (TSX VENTURE:MDW) ("Midway") announces continued expansion of the gold discoveries at the Midway Project with the results from four vertical water monitor wells and five angle step-out exploration holes completed in December, 2006. The best intercept was an extension of the Dauntless zone with a 10 foot intercept of 0.31opt gold in Hole MW06-47H, a well drilled to monitor hydrologic testing. The vein is estimated to be four foot true width and is approximately 130 feet south of the Dauntless zone. Midway was installing a series of 14 monitor wells to study the dewatering costs for an underground decline when the gold was encountered. These tests indicate that gold persists in vein zones peripheral to the Discovery Zone. Although the vertical monitor wells did not specifically target gold-bearing vein zones, they were located within southern extensions of the Discovery and Dauntless zones. Currently, it is unclear whether this is the Dauntless vein or a sub-parallel splay.

Hole greater True True
No. than Length Interval (ft) Width Gold Width
0.01 (ft) From To (ft) (g/t) (m) Area
MW06-47H 0.052 25 130 155 9.8 1.77 3 South
0.306 10 200 210 4.6 10.41 1.4 Dauntless

MW06-54 0.013 10 310 320 5 0.44 1.5 En Echelon
0.035 15 350 365 7.5 1.20 2.3 (between
MW06-53 0.013 5 260 265 2.1 0.46 0.6 Discovery N.
0.014 5 270 275 2.1 0.47 0.6
0.044 5 515 520 2.1 1.52 0.6

MW06-52 0.029 10 210 220 4.2 1.02 1.3 Discovery E.
0.010 10 315 325 4.2 0.37 1.3

MW06-51 0.013 5 205 210 2.9 0.45 0.9 Discovery E.

MW06-49H 0.027 15 95 110 3 0.83 0.9 Discovery S.

MW06-48H 0.040 5 230 235 1 1.37 0.3 63-77

MW06-46H 0.028 5 255 260 1 0.94 0.3 Discovery

MW06-55 0.012 5 335 340 2.1 0.43 0.6 Discovery N.

Reverse circulation drilling was conducted by Layne Christensen of Chandler, Arizona. The holes were assayed using 30 gram fire assays (denoted as FA) by ALS- Chemex labs, in Sparks, Nevada. In zones with gold or obvious veining, intense silicification, or noted with visible gold, check assays of 1000 gram metallic screen fire assays (denoted as MS assay type) are conducted at ALS-Chemex. All the sampling was conducted by independent contractors hired by Midway Gold Corporation. True widths are shown if known.

In the exploration holes, prospective quartz vein zones were encountered which returned anomalous gold values. Additional testing of these vein zones will be necessary to assess their potential host value as significant strike length and en echelon vein zone extensions of the Discovery and Dauntless Zones.

Midway currently is engaging a drill to conduct a 20 hole drilling program consisting of a combination of reverse circulation and core holes. The program will commence in late-February, testing the strike and dip extensions of several of the larger veins. A few geotechnical drill holes are planned, which will help develop and design an exploration decline. The exploration decline will be used to initiate a bulk sample of the Discovery zone.

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. Information on the current results in a plan map are shown at: http://www.midwaygold.com/images/MidwayImages/LG-GoldZoneNew.jpg.

This release has been reviewed and approved by Craig Stiles (MSc. 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 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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