Midway Gold Corp.
TSX VENTURE : MDW
AMEX : MDW

Midway Gold Corp.

July 08, 2008 08:01 ET

Midway Drills to Connect Gold Discoveries at Spring Valley

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2008) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW)(AMEX:MDW) is pleased to announce additional gold intercepts in its ongoing 2008 drilling in the Valley Breccia target at the Spring Valley project, Nevada. Assay results include 5 feet of 1.114 ounces per ton (opt) gold within 75 feet of 0.119 opt gold in SV08-417, 140 feet of 0.021 opt gold in SV08-403, and 80 feet of 0.031 opt gold in SV08-410. Assays and updated metallic screen fire assays for 27 drill holes are listed in the table below.

"Our drilling around the Valley Breccia is designed to connect the small resource at West Diatreme and the larger resource at the Pond Zone," said Alan Branham, President and CEO of Midway Gold Corp. "These in-fill holes are successfully finding more gold in this transition zone than the previous wide-spaced drilling indicated. The Pond zone and West Diatreme zone resources were initially thought to be two separate deposits. When the in-fill holes are re-modeled we hope the two resources will be combined to significantly expand the size of the discovery. These higher grade intercepts are encouraging to find. The deposit continues to be open to the north and at depth."

A Canadian NI 43-101 compliant resource estimate made March 7, 2008 is available on the Company's profile on Sedar.

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 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 Eric LeLacheur, (M.Sc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.

ON BEHALF OF THE BOARD

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.

To view the map accompanying this release please click on the following link: http://media3.marketwire.com/docs/708mdw.pdf



Table 1: Selected significant assays from the drilling in the Valley
Breccia area
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Gold Interval Assay Gold Interval
Hole ID opt ft From To Type g/t m Area
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SV08-391 0.021 15 805 820 MS 0.72 4.6 W. Diatreme
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SV08-392 0.015 15 560 575 MS 0.51 4.6 W. Diatreme
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SV08-393 No significant fire assay intercepts W. Diatreme
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SV08-394 0.011 20 685 705 MS 0.38 6.1 W. Diatreme
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SV08-395 0.020 25 510 535 MS 0.69 7.6 W. Diatreme
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SV08-399 0.015 35 290 325 MS 0.51 10.7 W. Diatreme
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SV08-400 0.020 60 170 230 MS 0.69 18.3 W. Diatreme
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0.026 15 280 295 MS 0.89 4.6
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SV08-401 0.216 10 310 320 MS 7.41 3.0 W. Diatreme
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including 0.405 5 310 315 MS 13.89 1.5
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SV08-402 No significant fire assay intercepts W. Diatreme
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SV08-412 No significant fire assay intercepts W. Diatreme
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SV08-415 0.014 25 470 495 MS 0.48 7.6 W. Diatreme
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SV08-418 0.019 105 430 535 FA 0.65 32.0 W. Diatreme
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0.061 10 565 575 FA 2.09 3.0
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including 0.140 5 570 575 FA 4.80 1.5
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0.056 20 645 665 FA 1.92 6.1
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including 0.183 5 645 650 FA 6.27 1.5
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SV08-419 No significant fire assay intercepts W. Diatreme
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SV08-385 0.128 10 490 500 MS 4.39 3.0 Valley Bx
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including 0.170 5 490 495 MS 5.83 1.5
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SV08-386 0.011 25 485 510 MS 0.38 7.6 Valley Bx
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0.025 10 530 540 MS 0.86 3.0
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SV08-387 0.025 15 525 540 MS 0.86 4.6 Valley Bx
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SV08-388 0.034 55 585 640 MS 1.17 16.8 Valley Bx
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including 0.100 5 590 595 MS 3.43 1.5
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0.015 35 685 720 MS 0.51 10.7
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0.014 15 770 785 MS 0.48 4.6
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0.033 25 800 825 MS 1.13 7.6
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SV08-389 0.019 10 805 815 MS 0.65 3.0 Valley Bx
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0.025 10 850 860 MS 0.86 3.0
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SV08-390 0.017 30 190 220 MS 0.58 9.1 Valley Bx
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0.031 60 365 425 MS 1.06 18.3
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including 0.151 5 390 395 MS 5.18 1.5
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0.015 70 450 520 MS 0.51 21.3
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SV08-403 0.021 140 825 965 MS 0.72 42.7 Valley Bx
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SV08-404 No Significant MS Assay Intercepts Valley Bx
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SV08-410 0.031 80 700 780 MS 1.06 24.4 Valley Bx
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including 0.156 5 710 715 MS 5.35 1.5
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SV08-411 0.010 20 310 330 MS 0.34 6.1 Valley Bx
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0.012 35 365 400 MS 0.41 10.7
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0.010 30 445 475 MS 0.34 9.1
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0.016 85 495 580 MS 0.55 25.9
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0.015 150 640 790 MS 0.51 45.7
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including 0.101 5 735 740 MS 3.46 1.5
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0.056 5 825 830 MS 1.92 1.5
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SV08-416 0.030 20 375 395 MS 1.03 6.1 Valley Bx
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0.025 20 420 440 MS 0.86 6.1
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0.027 10 475 485 MS 0.93 3.0
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0.037 15 705 720 MS 1.27 4.6
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0.019 35 760 795 MS 0.65 10.7
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SV08-417 0.033 25 460 485 MS 1.13 7.6 Valley Bx
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including 0.121 5 470 475 MS 4.15 1.5
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0.119 75 900 975 MS 4.08 22.9
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including 1.114 5 935 940 MS 38.19 1.5
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including 0.265 5 940 945 MS 9.09 1.5
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SV08-423 No significant fire assay intercepts Valley Bx
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SV08-424 No significant fire assay intercepts Valley Bx
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Reverse circulation drilling was conducted by O'Keefe Drilling of Butte, Montana and Eklund Drilling of Elko, Nevada. Assays are conducted by ALS-Chemex labs, in Sparks, Nevada. Intervals with quartz veining, strong alteration, visible gold, or anomalous 30 gram fire assays are re-assayed using 1000 gram metallic screen assays. Results reported represent thickness along the trace of the drill hole. True thickness of these intercepts has not yet been determined.

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.
    Morgan Moffatt
    Investor Relations Manager
    Toll Free: 1-877-475-3642, Ext. 14
    Website: www.midwaygold.com