Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

April 25, 2007 08:30 ET

Midway Reports Updated Spring Valley Project Results, Nevada

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - April 25, 2007) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce recent results and updates of drilling at Spring Valley diatreme and the Hagen target in Limerick Basin, located in Pershing County, Nevada.

Midway currently has two reverse circulation rigs and one core rig operating at Spring Valley as part of a 90,000 foot drill program. In the first quarter the Company drilled on the West Diatreme and Valley Breccia zones. Over twelve holes (9800 feet) have been completed this year. Gold is associated with dike margins along the Black Ridge fault, cross cutting northwest faults, and breccias. Mineralization in the West Diatreme area is open to the north, west, and south. Assay results are shown in the table below. Core drilling is in progress to expand the deep potential beneath the Pond Zone where disseminated gold in intrusive host rock was encountered in SV06-171c. Core drilling will also test down-dip extensions of the Porphyry zone.

New Spring Valley Diatreme Drill Results



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Hole Gold Interval From To Assay Gold Interval From To Target
ID opt feet feet Type gm/t meters Meters Area
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SV06- 0.045 30 365 395 MS 1.54 9.1 111.3 120 Breccia
236 0.025 5 425 430 MS 0.86 1.5 129.5 131 Valley
0.027 5 550 555 MS 0.93 1.5 167.6 169
0.029 5 580 585 MS 0.99 1.5 176.8 178
0.012 20 605 625 MS 0.41 6.1 184.4 191
0.035 25 670 695 MS 1.20 7.6 204.2 212
0.018 20 745 765 MS 0.62 6.1 227.1 233
0.033 5 785 790 MS 1.13 1.5 239.3 241
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SV07- 0.013 10 330 340 FA 0.45 3.0 100.6 104 W.
237 0.016 20 375 395 FA 0.55 6.1 114.3 120 Dia-
0.014 35 710 745 FA 0.48 10.7 216.4 227 treme
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SV07- 0.043 5 360 365 FA 1.47 1.5 109.7 111 W.
238 0.023 60 405 465 FA 0.79 18.3 123.4 142 Dia-
0.022 10 520 530 FA 0.75 3.0 158.5 162 treme
0.011 10 655 665 FA 0.38 3.0 199.6 203
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SV07- 0.040 5 335 340 FA 1.37 1.5 102.1 104 W.
239 0.093 10 455 465 FA 3.19 3.0 138.7 142 Dia-
0.024 10 510 520 FA 0.82 3.0 155.4 158 treme
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SV07- No significant assays FA W.
240 Dia-
treme
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SV07- 0.030 5 260 265 FA 1.03 1.5 79.25 81 Valley
241 0.038 5 290 295 FA 1.30 1.5 88.39 90 Breccia
0.020 5 385 390 FA 0.69 1.5 117.3 119
0.019 40 455 495 FA 0.65 12.2 138.7 151
0.013 40 530 570 FA 0.45 12.2 161.5 174
0.133 5 680 685 FA 4.56 1.5 207.3 209
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SV07- No significant assays FA W.
242 Dia-
treme
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SV07- Assays pending FA Valley
243 Breccia
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SV07- Assays pending FA Valley
244 Breccia
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SV07- Assays pending FA Valley
245 Breccia
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SV07- Core in progress FA Pond
248C Zone
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SV07- Core pre-collar FA Por-
249C phyry
Zone
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SV07- 0.074 5 255 260 FA 2.54 1.5 77.72 79 W.
250 0.033 5 285 290 FA 1.13 1.5 86.87 88 Dia-
0.022 40 510 550 FA 0.75 12.2 155.4 168 treme
0.023 5 570 575 FA 0.79 1.5 173.7 175
0.049 35 600 635 FA 1.68 10.7 182.9 194
incl-
udes 0.233 5 FA 7.99 1.5
---------------------------------------------------------------------------
SV07- 0.030 5 315 320 FA 1.03 1.5 96.01 98 W.
251 0.056 5 345 350 FA 1.92 1.5 105.2 107 Dia-
treme
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SV07- 0.015 60 710 770 MS 0.51 18.3 216.4 235 Valley
252 Breccia
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SV07- Assays pending FA Valley
253 Breccia
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Reverse circulation drilling was conducted by O'Keefe Drilling of Butte, Montana. The holes were assayed by 30 gram fire assays (denoted as FA) by ALS- Chemex labs, in Sparks, Nevada. In zones with gold, obvious veining, intense silicification, or noted with visible gold, check assays of 1000 gram metallic screen fire assays (denoted as MS assay type) were conducted at ALS-Chemex. All the sampling was conducted by independent contractors hired by Midway Gold Corporation. True widths are shown if known.

Discovered by a soil gold anomaly in late 2006, the Hagen target was drilled in late 2006, three kilometres west of the Main Spring Valley diatreme. Coarse gold was observed in quartz veins at the surface, near these holes. Thus, the initial samples were re-assayed to test if a bias was being denoted in the smaller 30 gram fire assay method due to a nugget effect. The 1000 gram metallic screen check assays confirm that a nugget effect is present. The check assay results show a general increase in grade or thickness of intercepts, with the exception of two five-foot intervals a significant drop was noted in Holes LM06-7 and LM06-14 (shown in the table below). The metallic screen assays method will be used in future resource estimates.

Metallic Screen Fire Check Assays Updates-Hagen Area, Limerick Basin Target



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Hole ID Gold Interval From To Assay Gold Interval From To
opt feet (1) Feet Type gm/t meters Meters
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LM06-05 0.025 15 10 25 MS 0.86 4.6 3 8
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LM06-06 0.022 5 35 40 MS 0.75 1.5 11 12
0.133 5 70 75 MS 4.56 1.5
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LM06-07 0.048 5 5 10 MS 1.65 1.5 2 3
0.017 15 30 45 MS 0.58 4.6 9 14
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LM06-08 0.041 10 35 45 MS 1.41 3.0 11 14
LM06-13 0.039 35 5 40 MS 1.34 10.7 2 12
includes 0.186 5 20 25 MS 6.38 1.5 6 8
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LM06-14 0.159 25 15 40 MS 5.45 7.6 5 12
includes 0.703 5 MS 24.10 1.5
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LM06-15 0.060 10 5 15 MS 2.06 3.0
0.235 5 50 55 MS 8.06 1.5 15 17
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LM06-18 0.011 5 35 40 MS 0.38 1.5 11 12
0.012 5 60 65 MS 0.41 1.5 18 20
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LM06-20 0.026 5 135 140 MS 0.89 1.5 41 43
0.018 5 155 160 MS 0.62 1.5 47 49
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(1)True width has not yet been determined.


Five Foot Single Check Assay Results in the Hagen Area, Limerick Basin Target



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Fire Assay Metallic Screen
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LM06-06 0.05 ppm Au 4.56 ppm Au
LM06-07 68.1 ppm Au 0.96 ppm Au
LM06-13 1.7 ppm Au 6.4 ppm Au
LM06-14 40.9 ppm Au 24.1 ppm Au


The shallow gold zones in the Hagen target are hosted by vertical sheeted quartz veins in a flat-lying rhyolite porphyry sill. An additional 20 to 30 holes are planned, to test the extent of the gold in the Hagen target.

The permitting process for Midway's 600 hole exploration Plan of Operations at Spring Valley continues to move forward. The public comment period has been completed for the Environmental Assessment (EA). Approval of the Plan of Operations will allow Midway to expand its project activities from 5 acres to 75 acres and accelerate the exploration effort, which is hoped to be received by early June.

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 high-grade, 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 Company President and CEO Alan Branham (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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