Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

September 10, 2007 16:20 ET

Midway Updates Gold Resource and Expands Afgan Project, Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2007) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) reports a gold resource present on the Afgan property, Eureka County, Nevada and summarized in a technical report dated April 28, 2004 written in compliance with National Instrument 43-101 by Michael M. Gustin, B.Sc. (Geol), Ph.D. (Eco Geol.) of Mine Development Associates.

This resource estimate is based on 134 drill holes for a total of 44,760 feet and cut-off grades are shown below.



Indicated
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Cut-off Tons Gold Grade Gold Ounces
(Gold oz/ton) (oz Au/ton)
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0.010 1,851,000 0.027 50,000
0.030 572,000 0.056 32,000

Inferred
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Cut-off Tons Gold Grade Gold Ounces
(Gold oz/ton) (oz/ton)
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0.010 1,286,000 0.026 34,000

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The Afgan resources were estimated by evaluating the drill data statistically, constructing geologic and mineral domains on cross sections, refining the mineral domain interpretations on level plans, performing geostatistics to aid in the definition of estimation parameters, and estimating gold grades into a three-dimensional block model by inverse-distance interpolation. Surpac® mining software was used for the block modeling and estimation. MDA is not aware of the existence of any new drilling or other data that affects the Afgan mineral resources.

No models have been constructed to demonstrate the economics at current gold prices and therefore stated gold resources cannot be classified as a mineral reserve at this time. The 79 page report is available on the SEDAR site.

The Afgan Project initially consisted of 73 unpatented lode mining claims that cover an area of approximately 1,270 acres in the Eureka mining district of Nevada. The Afgan deposit is situated within the center of the Battle Mountain-Eureka Trend which hosts several gold occurrences such as Fortitude, Phoenix, Lone Tree, Pipeline, Cortez, Gold Bar and Archimedes mines, northwest and southeast of the property.

The Afgan resource is a disseminated, sediment-hosted gold deposit hosted in silicified siltstone and jasperoid breccia. The gold resources lie within a semi-continuous zone that extends for over 4,100 ft in a north-northeast direction and 1,500 ft east-west. The resources are open for possible expansion in several areas.

In August, Midway acquired 104 unpatented claims from WFW Resources, LLC of Elko, Nevada, for $52,000 property payment and annual advance royalty payments of $25,000 per year for years 2 to 5 and $50,000 per year for years 6 to 10 with a Net Smelter Return royalty of 4%. The royalty can be bought down to 1% N.S.R., depending upon the price of gold. The claims will more than double the size of the Afgan project, along the trend of the current gold resource. The newly acquired claims occur along the northwest extension of the resource and offer similar rock hosts and gold bearing fault zones as potential resource expansions and new gold targets.

"Midway is pleased to acquire this addition to the Afgan project. Our geologists have identified north-northwest faults filled with wide zones of jasperoid. Eight rock chip samples collected from this silicified zone contain gold from 0.001 to 0.090 ounces/ton gold. We plan to drill test this and other sediment hosted gold targets in gravel covered areas, adjacent these gold bearing zones, and the existing resources on the south block," said Alan Branham, President and CEO of Midway. A program of surface mapping and geochemical sampling is currently in progress. Exploratory drilling is planned for later this year. Midway is currently drilling on their Spring Valley, Pan, and Midway projects in Nevada.

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 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 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.

Contact Information

  • Midway Gold Corp.
    Allan Shepard
    Toll Free: 1-877-475-3642 or (406) 202-4877
    Website: www.midwaygold.com