Midway Gold Corp.

Midway Gold Corp.

November 10, 2005 15:06 ET

Midway Discovers New Gold Breccia Pipe and Expands Gold Zones at Spring Valley, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 10, 2005) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce a new gold zone discovered at the Spring Valley project, in Pershing Co., Nevada. Holes SV05-153 and SV05-102c encountered 50 feet of 0.135 opt (15.2 m of 4.66 g/t gold) and 65 feet of 0.135 opt gold (19.9 m of 4.63 g/t gold), respectively, in the Sill Zone. This verifies and expands the known high-grade in the Sill Zone. Significant new results for 10 drill holes are summarized below. Hole SV05-137 discovered a new low-grade gold zone, west of the Pond zone, called the Valley Breccia. This hole encountered 95 feet of 0.012 opt gold (29 m of 0.41 g/t gold), interpreted as the edge of a breccia pipe. Drilling has discovered zones of up to 390 feet of 0.044 opt gold (119 m of 1.5 g/t gold) in similar breccia pipes in the nearby Pond zones. Drilling will explore around the SV05-137 &138 holes to delineate the size, orientation, and grade of this new breccia body.

Significant Intercepts greater than 10 feet of 0.01 opt gold-
Spring Valley Project
Drill Gold Width- g/t
Hole # Width opt Feet Angle Target Assay m Au
SV05-83 50 feet 0.043 from 290 -70 Sill MS 15.2 m of 1.47
15 feet 0.024 from 450 FA 4.6 m of 0.82
SV05-102c 65 feet 0.135 from 70 -90 Sill MS/FA 19.8 m of 4.63
SV05-103c 5 feet 0.312 from 224 -90 Sill MS 1.5 m of 10.70
22 feet 0.012 from 263 Sill MS 6.7 m of 0.41
Results pending
SV05-110c 795 feet 0.018 from 67 -60 Pond MS/FA 242.3 m of 0.62
includes 65 feet 0.085 from 430 Pond MS 19.8 m of 2.91
81 feet 0.049 from 612 Pond MS/FA 24.7 m of 1.68
SV05-111c 98 feet 0.017 from 95 -70 Pond MS/FA 29.9 m of 0.58
3 feet 0.333 from 470 Pond FA 0.9 m of 11.42
Results Pending
SV05-122 65 feet 0.047 from 355 -80 Sill MS/FA 19.8 m of 1.61
SV05-137 20 feet 0.011 from 230 -90 Vlly
Bx FA 6.1 m of 0.38
5 feet 0.028 from 295 FA 1.5 m of 0.96
95 feet 0.012 from 475 MS 29.0 m of 0.41
SV05-138 30 feet 0.019 from 330 -70 Vlly
Bx MS 9.1 m of 0.65
SV05-139 no significant results -90 W.
SV05-145 5 feet 0.117 from 240 -90 Pond FA 1.5 m of 4.01
30 feet 0.052 from 510 Sill MS 9.1 m of 1.78
Results Pending
SV05-153 50 feet 0.136 from 540 -90 Sill MS 15.2 m of 4.66

Core holes are denoted with a "c" suffix and reverse circulation holes with no suffix. Metallic screen assay were conducted on 1000 gram splits portions of the holes and are denoted with "MS" while standard 30 gm fire assays with a "FA". "MS/FA" denotes intervals with both metallic screen and standard fire assays in the interval calculation. Analytical work was conducted at ALS-Chemex labs in Sparks, Nevada. The "Results Pending" identifies drill holes in which additional assays are pending further down the drill hole.

Results encourage additional drilling

These results will encourage Midway to continue to expand exploration drilling to the south and west. Currently, Midway has three drill rigs conducting exploration on the Porphyry, Sill, and West Diatreme targets, to continue to explore the extent and grade of these gold zones. Recent drilling and sluice tests in the Porphyry and Sill targets have identified new zones with visible gold hosted within porphyry dikes. Approximately 15 additional holes are pending assays results in the Sill and West Diatreme targets and offset drilling is in progress. Midway is also conducting PQ sized core and bulk sampling RC tests to better quantify the Sill Zone gold values in which several holes have discovered zones of coarse nuggets of gold hosted in rhyolite porphyry with quartz and tourmaline stock-work veining. These bulk tests will be sent to a metallurgical testing lab to compare to the results reported to date in the Sill zone.

Additional Exploration

Drill availability is very limited in Nevada, therefore, in mid-November Midway will move one reverse circulation drill rig to the Midway project, near Tonopah, Nevada, to drill approximately 20 exploration holes, by the end of the year. These holes will explore the extent of the new Dauntless zone, which recently discovered 175 feet of 0.349 opt gold (53 m of 11.97 g/t gold) in a quartz- adularia vein zone hosted in Palmetto argillite, and test three new exploration targets. Follow-up on the Midway project has been pending the approval of new sites by the Bureau of Land Management and availability of a drill.

Midway has recently completed 12 holes exploring a silver and gold vein system at the Black Prince project, in Lincoln Co., Nevada and results are pending.

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 and a featured interview on BTV are available on the Company's website at www.midwaygold.com.

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.


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 1-877-692-8288 (US Toll Free)