Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

August 31, 2005 14:58 ET

Midway Announces New Gold Intercepts at Spring Valley Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 31, 2005) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce additional gold discovered in the Sill zone at the Spring Valley project, in Pershing Co., Nevada. These results are from core (holes suffix with a "c") and reverse circulation holes (no suffix) which enlarge the Sill gold zone on the east side of the project. Listed below are results from eight holes. Metallic screen assay were conducted on 1000 gram splits from the drill samples (denoted with MS) and standard 30 gm fire assays (FA) were conducted at ALS-Chemex labs in Sparks, Nevada.



Significant Intercepts Gold opt in new drill holes - Spring Valley
Project
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opt g/t
Hole # Width Au feet Angle Target Assay Width-m Au
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SV05-82 5 ft 0.138 from 345 -68 Sill FA 1.5 m 6.60
95 ft 0.025 from 420 MS 29.0 m 0.86
15 ft 0.069 from 650 MS 4.6 m 2.36
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SV05-83 50 ft 0.033 from 290 -65 Sill FA 15.2 m 1.13
15 ft 0.024 from 450 FA 4.6 m 0.82
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SV05-84c 88 ft 0.037 from 87 -58 Sill MS 26.8 m 1.27
Includes 17 ft 0.095 from 87 5.2 m 3.25
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SV05-85c pending
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SV05-86c 59 ft 0.031 from 80 -70 Sill MS 18.0 m 1.06
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SV05-87c 85 ft 0.025 from 125 -60 Sill MS 25.9 m 0.86
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SV05-88 50 ft 0.027 from 245 -65 Sill FA 15.2 m 0.92
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SV05-92c pending
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SV05-93 25 ft 0.017 from 290 -80 Sill FA 7.6 m 0.58
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SV05-94 5 ft 0.055 from 240 -60 Sill FA 1.5 m 1.88
30 ft 0.047 from 285 Sill FA 9.1 m 1.61
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These results are encouraging and continue to expand Sill gold zones. Midway is fully funded and 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. In addition, several new targets around the edge of the large 1 by 2 km diatreme volcanic breccia complex are being tested. 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. Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com. The locations of the drill sites can be reviewed at www.midwaygold.com/SpringValley.htm.

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.

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 (877) 692-8288 (US Toll Free)
    www.midwaygold.com