Midway Gold Corp.

Midway Gold Corp.

February 21, 2008 08:01 ET

Midway Drills Shallow Gold at Afgan, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 21, 2008) - Midway Gold Corp. (TSX VENTURE:MDW)(AMEX:MDW) is pleased to announce new shallow gold intercepts in drilling on its Afgan property northwest of Eureka, Nevada. The results from the 2007 drill program intersected 85 feet of 0.039 opt gold (ounce per ton) in AF07-05 and 60 feet of 0.023 opt gold in AF07-02. A new gold zone with 25 feet of 0.016 opt gold in BC07-04 was intercepted on the Big Cyndi target two miles to the north.

"The Afgan project is a sediment-hosted gold target on one of the largest gold trends in the world," says Alan Branham, President and CEO of Midway Gold Corp. "We acquired the property from Pan Nevada last year and expanded the property to over five square miles as we developed the target concept. We have shallow gold intercepts on two sides of an area covered with Tertiary volcanic rocks. We believe that the volcanic rocks cover a much larger gold system. Two miles of untested ground lie between the Afgan and Big Cyndi gold intercepts giving us substantial size potential. Our gold intercepts occur in rocks that host several major gold deposits on the Carlin trend. These host rocks are believed to underlie the volcanics at an unknown depth and offer an attractive target for new discoveries."

"We have gold in the right host rocks on a prolific gold trend. These new drill tests have identified new faults that may have channeled gold bearing fluid to the right host rocks and give us new insights of where new gold might be discovered. We plan to conduct additional exploration on this attractive new prospect."

Midway Gold drilled eight of twelve planned reverse circulation holes (2,970 feet) at the Afgan Project in December 2007 before shutting down due to heavy snowfall. Four holes were drilled around the Afgan resource and four holes on the Big Cyndi target. The Afgan drilling was designed to test the deposit margins and extensions of higher grade gold along fault zones. AF07-02 drilled beneath a previously untested jasperoid northwest of the Afgan resource. AF07-05 was drilled to offset gold in a fault zone and successfully extended the mineralization. BC07-04 intercepted a silicified fault zone below jasperoid that contained from 0.001 to 0.090 opt gold in surface samples. Drill results are shown in the table below. Additional work will be needed to delineate the extent of this new gold zone.

Selected drill hole intercepts from Afgan Project, Nevada

Gold Interval From To Assay Gold Interval
Hole ID opt feet Feet Type gm/t meters Area
AF07-02 0.023 60 45 105 FA 0.79 18.3 Afgan
AF07-05 0.015 10 85 95 FA 0.51 3.0 Afgan
AF07-05 0.039 85 225 315 FA 1.34 25.9 Afgan
includes 0.075 15 FA 2.57 4.6
AF07-05 0.012 10 330 340 FA 0.41 3.0 Afgan
AF07-07 0.013 10 220 230 FA 0.45 3.0 Afgan

BC07-04 0.016 25 115 140 FA 0.55 7.6 Big Cyndi
Assays are 30g fire assays conducted by ALS Chemex labs in Sparks, Nevada.
Reverse circulation drilling was conducted by O'Keefe Drilling, Butte,
Montana. True widths of drilled intervals are unknown at this time.
Intercepts reported include greater than 10 feet grading 0.010 opt gold.
One hole at Afghan and three holes at Big Cyndi had no significant
intercepts. All intercepts are oxide, unless noted.

The Afgan Project consists of 177 unpatented lode mining claims that cover 5.7 square miles in the Eureka mining district of Nevada.

Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com.

Midway Gold Corp. is a precious metals exploration company, listed on the American Stock Exchange 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 three advance stage gold exploration projects and four early stage exploration projects that control over 60 square miles of mineral rights along four major gold trends in Nevada.

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