Midway Gold Corp.

Midway Gold Corp.

October 10, 2008 08:00 ET

Midway Continues to Expand Gold Zones at Pan

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 2008) - Midway Gold Corp (the "Company") (TSX VENTURE:MDW)(NYSE ALTERNEXT:MDW) is pleased to report that drilling on the Pan Project continues to expand gold mineralization at both the Wendy and Nana gold zones.

"Pan drilling continues to provide significant improvements to this near surface oxide deposit. Expanded gold mineralization at Wendy and Nana, coupled with confirmation drilling results and a high grade (greater than 0.100 opt gold) zone reported earlier at North Pan continue to upgrade and expand the gold deposits on this project," notes Alan Branham, President and CEO of Midway Gold Corp.

Drilling results at Wendy continued to expand near surface oxide mineralization to the west towards South Pan and to the east. This zone now measures 1,650 feet along strike and 300 feet wide, and remains open to the east (where it is covered by volcanics) west, north, and down dip. Significant results from the Wendy Zone include PN08-19, which intersected 75 feet of 0.020 opt gold, PN08-20 returned 65 feet of 0.046 opt gold, and PN08-21 returned 85 feet of 0.013 opt gold.

Step-out drilling in the Nana Zone continued to encounter gold mineralization, building upon the success of the 2007 program. Outcropping mineralization is in northeast-trending anticline, and remains open in all directions. Significant results include PN08-32 which encountered 50 feet of 0.015 opt, PN08-36 encountered 35 feet of 0.028 opt, and PN08-38 encountered 15 feet of 0.053 opt.

The 2008 Pan drilling program completed 26,245 feet in 49 reverse circulation holes. Drilling was focused on grade confirmation at both North and South Pan, step out drilling at Nana and Wendy, and exploration drill testing at the Neverland, Island, and Lily targets. Confirmation drilling results indicate that historic drilling appears to be under estimating overall grade and thickness at the project. (Midway Press Release dated July 9, 2008).

Exploration drilling on the 17 square mile project area continued during 2008. Efforts at the Neverland and Island targets returned no significant results. Work on the Lily target has identified a large intrusive body with no previous drill testing. Limited drill testing of the northwest corner provided no significant results. Surface mapping and sampling of the target will continue through the end of 2008.

Azi- Inter- Inter-
Hole ID muth Angle TD val Gold From To Assay Gold val Target
feet feet opt feet type g/t meters
PN08-19 270 -60 625 75 0.020 25 100 FA 0.69 22.9 Wendy
PN08-20 90 -60 565 15 0.011 30 45 FA 0.38 4.6 Wendy
65 0.046 75 140 1.58 19.8
PN08-21 270 -50 500 85 0.013 65 150 FA 0.45 25.9 Wendy
20 0.011 245 265 FA 0.38 6.1
PN08-24 0 -90 550 35 0.019 360 395 FA 0.65 10.7 Nana
PN08-27 245 -65 625 15 0.013 460 475 FA 0.45 4.6 Boulders
35 0.013 515 550 FA 0.45 10.7
PN08-28 45 -50 985 25 0.011 670 695 FA 0.38 7.6 Nana
PN08-31 225 -50 425 10 0.012 320 330 FA 0.41 3.0 Nana
PN08-32 45 -50 225 50 0.015 0 50 FA 0.51 15.2 Nana
PN08-33 45 -50 300 20 0.017 165 185 FA 0.58 6.1 Nana
PN08-35 0 -90 300 15 0.015 125 140 FA 0.51 4.6 Nana
PN08-36 225 -50 300 40 0.011 30 70 FA 0.38 12.2 Nana
35 0.028 105 140 FA 0.96 10.7
PN08-37 310 -50 230 15 0.014 40 55 FA 0.48 4.6 Nana
PN08-38 45 -50 200 15 0.053 80 95 FA 1.82 4.6 Nana

Table 1: Pan 2008 Significant assays. Assays are 30g fire assays conducted by ALS Chemex labs in Sparks, Nevada. Reverse circulation drilling was conducted by Eklund Drilling of Elko, Nevada. Intercepts reported include greater than 10 feet grading 0.010 opt gold. All reported intercepts are oxide, unless noted. The "Interval" widths noted are down the hole intercepts and are approximately true widths as drilling was designed to cross cut this disseminated (bedding replacement) style of mineralization.

Midway Gold Corp. is a precious metals exploration company, listed on the New York Stock Exchange Alternex and on the TSX Venture Exchange under the symbol "MDW." Midway's focus is creating value for shareholders through the discovery and development of quality new precious metal resources in politically stable mining areas. The Company has four advance stage gold exploration projects and four early stage exploration project that control over 60 square miles of mineral rights along three major gold trends in Nevada. Additional information on Midway Gold Corp and these projects can be found at: www.midwaygold.com.

This release has been reviewed and approved by Kevin Kunkel, (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.

Contact Information

  • Midway Gold Corp.
    Alan Branham
    President and CEO
    Toll Free: 1-877-475-3642
    Website: www.midwaygold.com