Midway Gold Corp.
TSX VENTURE : MDW
AMEX : MDW

Midway Gold Corp.

June 23, 2008 08:01 ET

Midway Intercepts High-Grade Intervals Within 135 Feet of 0.086 opt Gold at Spring Valley

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW)(AMEX:MDW) intercepts significant gold in its ongoing 2008 drilling program in the North Hill target at the Spring Valley project, Nevada. Assay results include multiple intercepts in drill hole SV08-413 which hit 5 feet of 0.983 ounces per ton (opt) gold within 135 feet of 0.086 opt gold followed by 5 feet of 0.866 opt gold within 60 feet of 0.087 opt gold and a third intercept of 55 feet of 0.042 opt gold. This mineralization is contiguous with intercepts of 90 feet of 0.051 opt gold in SV08-384 and 115 feet of 0.021 opt gold in SV08-379.

"This new drilling in the North Hill area has intercepted a gold zone 1000 feet along strike that is 200 to 400 feet wide and 60 to 180 feet thick which remains open to the north and south," said Alan Branham, President and CEO of Midway Gold Corp. "Many of our North Hill intercepts from last year were not included in our January resource update due to wide spaced drilling or uncertainties about the geologic model in the north. This year we are finding more gold in the area with a program designed to bring previously known discoveries into our resource."

A Canadian NI 43-101 compliant updated 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 project that control over 60 square miles of mineral rights along four major gold trends in Nevada. Additional information on Midway and these projects can be found at: www.midwaygold.com.

This release has been reviewed and approved by Eric LeLecheur, (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.



Table 1: North Hill Area Spring Valley Project
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Gold Interval Assay Gold Interval
Hole ID opt ft From To Type g/t m
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SV08-379 0.031 10 365 375 MS 1.06 3.0
0.020 45 430 475 MS 0.69 13.7
0.021 115 550 665 MS 0.72 35.1
including 0.115 5 615 620 MS 3.94 1.5
0.110 5 625 630 MS 3.77 1.5
--------------------------------------------------------------------------
SV08-383 0.036 10 530 540 MS 1.23 3.0
0.090 20 555 575 MS 3.09 6.1
Including 0.221 5 555 560 MS 7.58 1.5
Including 0.137 5 570 575 MS 4.70 1.5
0.026 50 655 705 MS 0.89 15.2
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SV08-384 0.047 10 255 265 MS 1.61 3.0
0.020 25 445 470 MS 0.69 7.6
0.051 90 525 615 MS 1.75 27.4
Including 0.226 10 535 545 MS 7.75 3.0
Including 0.103 5 605 610 MS 3.53 1.5
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SV08-406 0.076 10 435 445 FA 2.61 3.0
including 0.127 5 440 445 FA 4.35 1.5
0.096 10 490 500 FA 3.29 3.0
including 0.148 5 490 495 FA 5.07 1.5
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SV08-407 0.028 50 450 500 MS 0.96 15.2
including 0.169 5 495 500 MS 5.79 1.5
0.033 180 520 700 MS 1.13 54.9
including 0.325 5 595 600 MS 11.14 1.5
including 0.119 5 655 660 MS 4.08 1.5
including 0.131 5 670 675 MS 4.49 1.5
including 0.173 5 685 690 MS 5.93 1.5
0.026 85 725 810 MS 0.89 25.9
including 0.121 5 725 730 MS 4.15 1.5
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SV08-408 0.041 15 300 315 FA 1.41 4.6
0.029 20 380 400 FA 0.99 6.1
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SV08-413 0.086 135 385 520 FA 2.95 41.1
including 0.108 5 385 390 FA 3.70 1.5
including 0.184 5 415 420 FA 6.31 1.5
including 0.983 5 445 450 FA 33.70 1.5
including 0.247 5 455 460 FA 8.47 1.5
including 0.107 5 470 475 FA 3.67 1.5
0.087 60 590 650 FA 2.98 18.3
including 0.866 5 595 600 FA 29.69 1.5
0.042 55 685 740 FA 1.44 16.8
including 0.134 5 685 690 FA 4.59 1.5
including 0.176 5 720 725 FA 6.03 1.5
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SV08-414 0.061 10 425 435 FA 2.09 3.0
0.026 20 560 580 FA 0.89 6.1
0.022 30 880 910 FA 0.75 9.1
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SV08-409 0.021 25 665 690 MS 0.72 7.6
0.019 75 710 785 MS 0.65 22.9
0.083 10 885 895 MS 2.85 3.0
including 0.149 5 890 895 MS 5.11 1.5
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SV08-420 No significant fire assay intercepts
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SV08-421 0.017 30 905 935 FA 0.58 9.1
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SV08-422 No significant fire assay intercepts
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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.



Table 2: Valley Breccia - Deep Hole - Spring Valley Project
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Gold Interval Assay Gold Interval
Hole ID opt ft From To Type g/t m
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SV08-396C 0.033 23.6 386.4 410 FA 1.13 7.2
including 0.186 1.5 395.5 397 FA 6.38 0.5
0.036 42 576.7 618.7 FA 1.23 12.8
including 0.141 6.4 605.6 612 FA 4.83 2.0
--------------------------------------------------------------------------


Core drilling was conducted by M2 Technical Services, Inc. of Spokane, Washington. 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.

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Contact Information

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