Midway Gold Corp.
TSX VENTURE : MDW
AMEX : MDW

Midway Gold Corp.

September 11, 2008 08:01 ET

Midway Strikes Porphyry Gold at Big Leap Zone Spring Valley, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 1, 2008) - Midway Gold Corp. (TSX VENTURE:MDW)(AMEX:MDW) ("Midway") has drilled new gold intercepts north of the Spring Valley resource in the newly defined Big Leap Zone. Intercepts in the zone include SV08-436 with 5 feet of 0.667 ounces per ton (opt) gold within 110' of 0.061 opt gold and SV08-432 with 25 feet of 0.294 opt gold within 40 feet of 0.190 opt gold. The zone has been intercepted over 1400 feet along strike, is 200 to 400 feet wide, and is still open to both the north and south and at depth. These intercepts are entirely outside of the 2008 resource estimate (see map, available at: http://media3.marketwire.com/docs/mdw911f.JPG). Significant assays for 10 holes are shown in the table below.

"The existing Spring Valley gold zones have been offset to the north and west in the Big Leap zone," said Alan Branham, President and CEO of Midway Gold Corp. "The northernmost hole in the zone, SV08-430, has seven distinct gold intercepts. When averaged with the intervening low grade and waste rock zones, the entire interval averages 455 feet of 0.020 opt gold. The hole bottomed in 25 feet of 0.144 opt gold. Thick zones of mineralization are seen in other holes where numerous intercepts averaged with lower grade and minor waste zones running 560 feet of 0.034 opt gold (SV08-413) and 580 feet of 0.035 opt gold (SV08-432). We don't know how big this new zone can grow when holes like SV08-432 and SV08-430 both bottom in gold mineralization within a rhyolite porphyry intrusive, the upside could be significant. As this zone continues to grow, it has the potential to expand a pit to the north and incorporate both these new intercepts and many previous intercepts not included in the 2008 resource estimate. Additional deep core drilling will be required to delineate the extent of this mineralization."

Midway has drilled 72,250 feet in 87 holes at Spring Valley in 2008 through August. This total includes 9,485 feet in 6 deep core holes. Deep core drilling tested extensions of the deeper ore zones along 1,200 feet of strike length. Assays are pending for the core holes.

The Spring Valley project is a diatreme/porphyry hosted gold system beneath pediment gravels. A Canadian NI 43-101 compliant resource estimate made March 7, 2008 is available on Midway's profile on Sedar. The inferred resource estimate is 50.6 million tons grading 0.0196 ounce per ton gold for a total of 992,152 ounces. The deposit is 3,500 feet long and 3,500 feet wide and has been tested to a depth of 1,400 feet.

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. Midway has four advanced 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 and the Republic district in Washington. Additional information on Midway Gold Corp and these projects can be found at: www.midwaygold.com.

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



Midway Gold Corp.
Table 1: Significant gold intercepts from the drilling in Big Leap zone
--------------------------------------------------------------------------
Gold Interval Assay Gold Interval
Hole ID opt ft From To Type g/t m
--------------------------------------------------------------------------
SV08-429 0.026 30 680 710 MS 0.89 9.1
0.017 45 730 775 MS 0.58 13.7
0.010 30 805 835 MS 0.34 9.1
0.029 50 855 905 MS 0.99 15.2
including 0.117 5 870 875 MS 4.01 1.5
0.011 15 940 955 MS 0.38 4.6
--------------------------------------------------------------------------
SV08-430 0.030 15 390 405 FA 1.03 4.6
including 0.110 5 285 290 FA 3.77 1.5
0.018 25 565 590 FA 0.62 7.6
0.011 50 625 675 FA 0.38 15.2
0.025 20 795 815 FA 0.86 6.1
0.016 10 835 845 FA 0.55 3.0
0.031 95 870 965 FA 1.06 29.0
including 0.127 5 935 940 FA 4.35 1.5
0.144 25 995 1020 FA 4.94 7.6
including 0.163 5 1000 1005 FA 5.59 1.5
and 0.484 5 1015 1020 FA 16.59 1.5
--------------------------------------------------------------------------
SV08-432 0.054 35 410 445 FA 1.85 10.7
including 0.139 5 420 425 FA 4.77 1.5
and 0.178 5 435 440 FA 6.10 1.5
0.190 40 540 580 FA 6.51 12.2
including 0.294 25 550 575 FA 10.08 7.6
0.020 15 600 615 FA 0.69 4.6
0.019 10 630 640 FA 0.65 3.0
0.063 50 695 745 FA 2.16 15.2
including 0.268 10 735 745 FA 9.19 3.0
0.046 130 860 990 FA 1.58 39.6
including 0.147 10 865 875 FA 5.04 3.0
and 0.283 5 905 910 FA 9.70 1.5
and 0.176 5 985 990 FA 5.83 1.5
--------------------------------------------------------------------------
SV08-435 0.063 15 390 405 MS 2.16 4.6
including 0.161 5 395 400 MS 5.52 1.5
0.021 80 440 520 MS 0.72 24.4
including 0.142 5 440 445 MS 4.87 1.5
0.024 30 610 640 MS 0.82 9.1
0.013 40 840 880 MS 0.45 12.2
--------------------------------------------------------------------------
SV08-436 0.061 110 730 840 MS 2.09 33.5
including 0.178 5 740 745 MS 6.10 1.5
and 0.104 5 755 760 MS 3.57 1.5
and 0.677 5 835 840 MS 23.21 1.5
--------------------------------------------------------------------------
SV08-437 0.128 10 670 680 FA 4.39 3.0
including 0.207 5 670 675 FA 7.10 1.5
--------------------------------------------------------------------------

Reverse circulation drilling was conducted by O'Keefe Drilling of Butte,
Montana. 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.

Midway Gold Corp.
Table 2: Metallic screen updates of previously reported intercepts from
the Big Leap zone
--------------------------------------------------------------------------
Gold Interval Assay Gold Interval
Hole ID opt ft From To Type g/t m
--------------------------------------------------------------------------
SV08-406 0.025 15 430 445 MS 0.86 4.6
0.073 10 765 775 MS 2.50 3.0
including 0.101 5 770 775 MS 3.46 1.5
--------------------------------------------------------------------------
SV08-408 0.055 20 380 400 MS 1.89 6.1
including 0.158 5 395 400 MS 5.42 1.5
--------------------------------------------------------------------------
SV08-413 0.073 145 385 530 MS 2.50 44.2
including 0.106 5 415 420 MS 3.63 1.5
and 0.163 15 440 455 MS 5.59 4.6
and 0.538 5 460 465 MS 18.45 1.5
and 0.167 5 495 500 MS 5.73 1.5
0.068 50 590 640 MS 2.33 15.2
including 0.554 5 595 600 MS 18.99 1.5
0.028 85 660 745 MS 0.96 25.9
including 0.147 5 695 700 MS 5.04 1.5
0.017 95 790 885 MS 0.58 29.0
0.012 35 910 945 MS 0.41 10.7
--------------------------------------------------------------------------
SV08-414 0.012 10 420 430 MS 0.41 3.0
0.040 25 565 590 MS 1.37 7.6
0.023 10 710 720 MS 0.79 3.0
0.039 35 885 920 MS 1.34 10.7
including 0.106 5 885 890 MS 3.63 1.5
--------------------------------------------------------------------------

Reverse circulation drilling was conducted by O'Keefe Drilling of Butte,
Montana. 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.

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