Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

August 10, 2007 08:00 ET

Midway Extends Gold at South Pan Deposit, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2007) - Midway Gold Corp. (TSX VENTURE:MDW) (the "Company") announces twelve new drill holes which expand the South Pan and Wendy gold zones at the Pan Project, Nevada. Drill intercepts at South Pan include PN07-31 with 120 feet of 0.021 opt (ounce per ton) gold. Intercepts at Wendy include PN07-47 with 90 feet of 0.029 opt gold. These new zones start at the surface, are oxidized, and open at depth. To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/South-Pan.JPG

Drilling at Wendy intercepted a stacked series of gold zones up to 90 feet thick and grading up to 0.029 opt gold, along the east edge of the target. These intercepts expand the known gold zone eastward, at Wendy, for up to 200 feet, along a 1500 foot strike length of the Pilot Shale-Devils Gate Limestone contact. All eight holes encountered gold at the base of the Pilot Shale. The east side of the gold target remains open. The best intercept (PN07-47) also remains open to the west. To view the section accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/Wendy-Section.JPG

Step-out drilling in the northern portion of the South Pan deposit extended gold up to 200 feet eastward in Pilot Shale. Assays are pending on three additional holes in that area.

Significant intercepts are summarized below. Both zones are oxidized.



Wendy Zone, 2007 Drilling
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Gold Interval From To TD Gold Interval From To
Hole ID opt feet feet feet gm/t meters meters
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PN07-37 0.016 45 270 315 400 0.55 13.7 82 96
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PN07-38 0.019 35 155 190 400 0.65 10.7 47 58
0.012 35 315 350 0.41 10.7 96 107
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PN07-42 0.021 25 45 70 350 0.72 7.6 14 21
0.022 60 120 180 0.75 18.3 37 55
0.023 40 220 260 0.79 12.2 67 79
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PN07-46 0.012 25 135 160 300 0.41 7.6 41 49
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PN07-47 0.029 90 20 110 300 0.99 27.4 6 34
0.015 15 160 175 0.51 4.6 49 53
0.015 20 215 235 0.51 6.1 66 72
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PN07-48 0.018 10 75 85 300 0.62 3.0 23 26
0.017 15 105 120 0.58 4.6 32 37
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PN07-56 0.013 25 190 215 300 0.45 7.6 58 66
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PN07-58 0.014 100 5 105 300 0.48 30.5 2 32
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South Pan, 2007 Drilling
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Gold Interval From To TD Gold Interval From To
Hole ID opt feet feet feet gm/t meters meters
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PN07-29 0.013 40 85 120 465 0.45 12.2 26 37
0.017 10 205 210 0.58 3.0 62 64
0.014 45 270 315 0.48 13.7 82 96
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PN07-30 0.023 45 45 90 600 0.79 13.7 14 27
0.014 40 105 145 0.48 12.2 32 44
0.013 10 155 165 0.45 3.0 47 50
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PN07-31 0.021 120 50 170 600 0.72 36.6 15 52
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PN07-39 0.017 75 210 285 600 0.58 22.9 64 87
0.018 15 300 315 0.62 4.6 91 96
--------------------------------------------------------------------------

Assays are 30g fire assays conducted by ALS Chemex labs in Sparks, Nevada
and SGS Inc., Toronto, Canada. Reverse circulation drilling was conducted by
Drift Exploration of Elko, Nevada. Drilled intervals are true widths.
Intercepts reported include those greater than 10 feet of 0.010 opt gold.
All intercepts are oxide, unless noted.


"This initial drilling at South Pan and Wendy confirms our expectations that major areas of the Pan deposits remain open. We believe there is significant potential to expand the resources adjacent to known deposits," stated Alan Branham, President and CEO of Midway Gold Corp. "Our exploration team has identified un-drilled gaps between the deposits and areas where 20% of previously drilled holes bottomed in gold. Our initial drilling is testing a portion of this un-drilled potential, as well as eight gold targets outside the known resources on this thirteen square mile project."

The Pan project is located on the south end of the prolific Battle Mountain-Eureka gold trend in central Nevada. The project hosts four known Carlin-style disseminated oxide gold deposits over a two mile strike length along the Pan fault. The Company has drilled 22,535 feet (6,869 meters) in 70 reverse circulation holes at Pan this year. Previously reported results include hole 07-04 which hit 75 feet of 0.060 opt gold from the Boulders area at the north limit of drilling and PN07-21 which hit 65 feet of 0.048 opt gold in the NW zone, 4000 feet away. Assays are pending for 40 holes. Over 120 holes (40,000 feet) are planned across the project area in the current phase of drilling.

In other Nevada exploration projects

The Company is currently exploring the Spring Valley project (Nevada) with five drill rigs. Target zone drilling at the Midway project (Nevada) is complete with assay results 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 aggressively exploring and developing quality precious metal resources in stable mining areas. Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com.

This release has been reviewed and approved by Don Harris, (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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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