Midway Gold Corp.
TSX VENTURE : MDW
AMEX : MDW

Midway Gold Corp.

July 09, 2008 08:00 ET

Midway Finds Near Surface High Grade Gold at Pan Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW)(AMEX:MDW) has identified a near surface high grade zone within the North Pan deposit. Fourteen holes were drilled to verify former operators' results. Four of these holes drill holes hit substantially higher grades and thicknesses than previously reported. Drill hole PN08-7 returned 20 feet of 0.230 ounces per ton (opt) gold within 60 feet of 0.087 opt gold and was drilled near hole EP-53 which only encountered 20 feet of 0.021 opt gold. A second hole, PN08-6, intersected 15 feet of 0.107 opt gold within 165 feet of 0.023 opt gold and was drilled near hole NP-150 which encountered 20 feet of 0.019 opt gold (To view the map accompanying this press release please click on the following link: http://media3.marketwire.com/docs/mdw708.pdf). Additional assays are listed in the table below.

These new high grade intercepts, along with 10 feet of 0.186 opt gold in PN07-65 and 20 feet of 0.188 opt gold in PN07-78 define a previously unrecognized near surface high-grade zone 600 feet long, 30 feet wide, and open to the north, south, and at depth. Assays of continuous surface rock samples identified 70 feet of 0.088 opt gold in this high grade zone 650 feet north of PN07-65.

"Many of the fourteen verification holes significantly improved the grades and thickness of gold," said Alan Branham, President and CEO of Midway Gold Corp. "It appears that historic drilling stopped too soon and had occasional sample preparation and quality control problems that may have understated the gold, in portions of the current resource. We have also identified higher grade zones in the deposit that may be structurally controlled that were missed by vertical drill holes. Our geologic model improves our ability to find these zones of higher grade we plan to define with additional drilling."

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 Kevin Kunkel, (M.Sc. and CPG), a "qualified person" as that term is defined in Canadian 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.



Table 1 - Grade Verification Results

----------------------------------------------------------------------
Inter- Inter-
Gold val From To Historic Gold val From To
Hole ID opt feet feet Hole ID opt feet feet
----------------------------------------------------------------------
PN08-2 0.052 40 40 80 PR-83 0 0 0 0
----------------------------------------------------------------------
0.018 30 10 40
PN08-3 0.015 5 290 295 NP-261N 0.014 15 50 65
0.013 50 75 125
----------------------------------------------------------------------
PN08-4A 0.013 290 0 290 NP-147 0.030 65 0 65
0.010 100 355 455 0.018 175 90 265
----------------------------------------------------------------------
PN08-6 0.023 165 80 205
Includes 0.107 15 80 95 NP-150 0.019 20 120 140
0.014 40 325 365
----------------------------------------------------------------------
PN08-7 0.087 60 5 65
Includes 0.230 20 35 55 EP-53 0.021 20 35 55
0.010 30 205 235
----------------------------------------------------------------------
0.015 65 40 105
PN08-9 0.062 45 205 250 EP-087 0.030 250 80 330
Includes 0.130 10 230 240
0.021 120 390 510
----------------------------------------------------------------------
0.019 50 5 55 0.019 105 40 125
PN08-10 0.026 170 75 245 LPR-610 0.011 65 140 205
0.026 130 260 390 0.022 85 215 300
----------------------------------------------------------------------
0.015 130 0 130 0.011 95 0 95
PN08-11 0.035 200 145 345 EP-088 0.031 55 115 170
0.011 20 650 670 0.017 50 195 245
----------------------------------------------------------------------
PN08-12 0.028 280 65 345
Includes 0.065 35 180 215 SP-255 0.012 135 115 250
0.010 20 485 505 0.016 15 310 325
0.018 60 590 650
----------------------------------------------------------------------
PN08-13 0.052 140 50 190 0.042 135 45 180
Includes 0.112 25 160 185 EP-100 0.018 35 345 380
0.022 20 320 340
----------------------------------------------------------------------
PN08-14 0.011 10 10 20 03-12 0.015 25 0 25
----------------------------------------------------------------------

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. Grade
comparisons are made with the nearest historical drill hole ranging from
7 feet to 56 feet distance apart. The drill intercept is approximately
true width of mineralization.


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