Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

December 04, 2007 08:00 ET

Midway Gold Corp.: Gold Intercepts Expand Midway's Spring Valley Deposit in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 4, 2007) - Midway Gold Corp. (TSX VENTURE:MDW) announces new intercepts from the West Diatreme target at Spring Valley. Higher grade intercepts included 10 feet of 0.964 opt (ounces per ton) gold in SV07-341 and 35 feet of 0.199 opt gold in SV07-319. Drill hole SV07-343 hit an upper interval of 90 feet of 0.031 opt gold and a lower intercept of 110 feet of 0.042 opt gold (to view map please click on the following link: http://www.ccnmatthews.com/docs/MDWmap1203.pdf).

This drilling is part of 90,300 total feet in 125 holes completed at Spring Valley this year. A 2006 43-101 resource estimate is currently being updated with 166 additional holes drilled in 2006 and 2007. These include the new gold discoveries at West Diatreme, North Hill, and Deep Porphyry and expansions of the Pond and Porphyry zones. The new 43-101 results are expected to be released in December 2007 or early 2008.

The West Diatreme deposit occurs on the Black Ridge fault zone, 3000 feet west of the main resource area. The discovery is still open to the south and west. Step-out drilling to the west is currently underway. Visible gold is common in drill cuttings from this target area.

Drilling within gaps in the Porphyry and Pond zones intercepted 35 feet of 0.050 opt gold and 100 feet of 0.028 opt gold in hole SV07-328 and 55 feet of 0.042 opt gold in SV07-329. Selected assays are shown in the table below. This drilling was completed to prepare the deposit for the upcoming resource study.

Drilling on the King David target, 2000 feet south of the Pond Zone, returned 5 feet of 0.475 opt gold within 15 feet of 0.205 opt gold at 160 feet in SV07-317. Seven other holes in the target did not return significant assays and this limits the expansion of this zone. Intercepts from step-out drilling in the North Hill fault zone included 40 feet of 0.017 opt gold in SV07-285 and 15 feet of 0.051 opt gold in SV07-337. This zone is still open to the west and north. No significant intercepts were encountered in the Golden Gate target three miles southwest of Spring Valley.

"Spring Valley continues to expand with new gold being discovered in the North Hill and West Diatreme areas," said Midway Gold President and CEO Alan Branham. "This fall we also began testing new targets outside the diatreme complex. We plan another aggressive drill program in 2008 to follow up on this year's results and to test up to nine new areas within the 17 square mile land package. We believe the discovery at Spring Valley is developing into a significant new gold district on the Humboldt gold trend."



Selected drill hole intercepts from Spring Valley
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Gold Interval From To Assay Gold Interval
Hole ID opt feet Feet Type gm/t meters Area
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SV07-319 0.050 20 510 530 MS 1.71 6.1 West Diatreme
0.199 35 670 705 MS 6.82 10.7
includes 0.528 5 MS 18.10 1.5
and 0.793 5 MS 27.19 1.5
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SV07-340 0.017 35 215 250 FA 0.58 10.7 West Diatreme
0.024 10 435 445 FA 0.82 3.0
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SV07-341 0.964 10 225 235 FA 33.05 3.0 West Diatreme
includes 1.873 5 FA 64.22 1.5
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SV07-342 0.016 80 455 535 FA 0.55 24.4 West Diatreme
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SV07-343 0.031 90 355 445 MS 1.06 27.4 West Diatreme
0.042 110 600 710 MS 1.44 33.5
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SV07-344 0.071 30 310 340 FA 2.43 9.1 West Diatreme
0.084 10 535 545 FA 2.88 3.0
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SV07-357 0.072 30 310 340 FA 2.47 9.1 West Diatreme
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SV07-321 0.050 15 465 480 MS 1.71 4.6 Porphyry
0.029 15 515 530 MS 0.99 4.6
0.053 35 745 780 MS 1.82 10.7
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SV07-325 0.068 15 245 260 MS 2.33 4.6 Pond Zone
0.128 20 295 315 MS 4.39 6.1
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SV07-328 0.050 35 370 405 FA 1.71 10.7 Pond Zone
0.028 100 475 575 FA 0.96 30.5
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SV07-329 0.042 55 330 385 MS 1.44 16.8 Pond Zone
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SV07-345 0.034 35 420 455 FA 1.17 10.7 Pond Zone
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SV07-346 0.023 60 140 200 MS 0.79 18.3 Pond Zone
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SV07-317 0.205 15 160 175 MS 7.03 4.6 King David
includes 0.475 5 MS 16.29 1.5
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SV07-334 0.012 25 275 300 MS 0.41 7.6 North Hill Fault
0.020 20 310 330 MS 0.69 6.1
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SV07-335 0.067 10 410 420 FA 2.30 3.0 North Hill Fault
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SV07-337 0.051 15 180 195 FA 1.75 4.6 North Hill Fault
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SV07-284 0.013 30 145 175 MS 0.45 9.1 North Hill Fault
0.028 15 350 365 MS 0.96 4.6
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SV07-285 0.017 40 845 885 FA 0.58 12.2 North Hill Fault
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SV07-286 0.164 5 270 275 MS 5.62 1.5 North Hill Fault
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Reverse circulation drilling was conducted by O'Keefe Drilling of Butte, Montana and Eklund Drilling of Elko, Nevada. Intervals with quartz veining, strong alteration, visible gold, or anomalous 30 gram fire assays are re-assayed using 1000 gram metallic screen fire assays by ALS- Chemex labs, in Sparks, Nevada. All sampling was conducted by independent contractors hired by Midway Gold Corporation. Results reported represent thickness along the trace of the drill hole. True thickness of these intercepts has not yet been determined.

Spring Valley is a diatreme hosted gold system covered by gravel pediment. Deep core drilling has intercepted gold-bearing quartz veins in porphyry intrusives below the diatreme. Known gold zones underlie an area 3500 feet long by 3500 feet wide and extend from 50 to 1450 feet in depth. Drilling in 2007 expanded the area of mineralization in the West Diatreme and North Hill zones. The Company has drilled 90,300 feet in 125 holes at Spring Valley this year. There are currently two drill rigs operating at Spring Valley. 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 as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". Midway's focus is creating value for shareholders through the exploration and development of high-grade, quality precious metal resources in stable mining areas.

This release has been reviewed and approved by Craig Stiles (MSc. 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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