Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

July 28, 2005 12:37 ET

Midway Closes Private Placement and Mobilizes Additional Drills

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - July 28, 2005) - Midway Gold Corp. (TSX VENTURE:MDW) is pleased to confirm that it has closed its previously announced non-brokered private placement of one million units at $1.15 per unit, for proceeds of $1,150,000. Each unit is comprised of one common share and one-half non-transferable common share purchase warrant of the Company. Each whole warrant will entitle the holder to acquire one additional common share at a price of $1.15 per share until July 27, 2006. The proceeds of the private placement will be used to fund ongoing exploration expenses on the Spring Valley Property and for working capital.

The shares, and any shares acquired upon the exercise of the warrants, will be subject to a four month hold period expiring November 28, 2005.

Three Drills Accelerated at Spring Valley Project

Work has accelerated at the Spring Valley project, near Lovelock, Nevada with three drill rigs now exploring the extensions of the Sill, Porphyry, and Pond gold zones. Sixteen holes have been completed on two of the zones and visible gold was noted in three of the holes. Assay work is being conducted at ALS-Chemex Labs, in Sparks, Nevada.

Drill Mobilized to Midway Project

A drill is being mobilized to the Midway project, near Tonopah, Nevada to test for high-grade extensions adjacent to the know resources areas. Drilling should begin next week.

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.

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