Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

September 24, 2007 08:00 ET

New Intercepts at Midway's Spring Valley Project Indicates a Deep Porphyry Gold System

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2007) - Midway (TSX VENTURE:MDW) intercepts 21 feet of 0.202 ounces gold per ton including 3.7 feet of 1.108 ounces gold per ton at a depth of 467 feet in drill hole SV07-291C in its deep tests. All four deep holes reported here have encountered significant gold mineralization as Midway continues to expand the Company's Spring Valley Project in Nevada. Eighty percent (80%) of this year's Spring Valley assayed drill holes (64) have hit significant gold, (10 ft. minimum at .010 opt gold or greater). These new gold intercepts suggest a deep porphyry intrusive system below the Spring Valley diatreme is present. The deep porphyry is a continuation of previously announced near-surface porphyry intrusive bodies in the Porphyry and Sill zones.

"A porphyry-style gold deposit has the potential of being very large. It is why we see such widespread and diverse gold occurrences at Spring Valley," stated Alan Branham, President and CEO of the Company. "Though found in other parts of the world, such a deposit in Nevada would be the first of its kind and is obviously very exciting for us. We have a large and dynamic system at Spring Valley which deposited gold in a variety of geologic settings. Our geologists have suggested that a gold porphyry could very well be the driving force behind Spring Valley's unique system and these latest deep drill tests continue to validate this consensus."

The porphyry gold reported here lies immediately below the Company's 2006 resource estimate which was completed by Lerchs Grossman using a $450 per ounce gold price. When a new resource estimate is completed this fall, at the current higher gold price, the Company will be able to quantify how much of this deep gold can be brought into a new resource. Midway has encountered gold in the Valley Breccia, Porphyry, and North Hill area, around the edges of the 2006 resource which will likely expand the known resource, making the deep mineralization valuable.

The gold bearing porphyry has been tested with seven core holes over a length of 1000 feet, from north to south (to see the attached map please click on: http://www.ccnmatthews.com/docs/mdw0924map.jpg). This deeper gold zone ranges from 200 to 600 feet thick at depths averaging 800-900 feet. The system remains open to the North, West, and at depth. The gold is hosted in quartz and quartz-tourmaline veins in quartz-sericite-pyrite altered porphyry. See table below.

The holes reported below are adjacent to previously reported gold intercepts in SV07-248C (20 feet of 0.070 opt gold, 56 feet of 0.023 opt gold, 75 feet of 0.058 opt gold and 35 feet of 0.023 opt gold in a 356 foot zone with an overall average of 0.026 opt gold) and SV06-171C (100 ft of 0.026, and 49 ft of 0.058 within a zone of 166 feet of 0.033 opt gold).



Deep Porphyry Zone - Selected Drill Hole Intercepts
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Hole ID Gold Interval From To Assay Gold Interval From To
opt feet Feet Type gm/t meters meters
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SV07-255c 0.019 110 256 366 MS 0.65 33.5 78 112
0.033 23 398 421 MS 1.13 7.0 121 128
0.013 34.8 483 517.8 MS 0.45 10.6 147 158
0.096 11 585.5 596.5 MS 3.29 3.4 178 182
includes 0.182 5 MS 6.24 1.5
0.096 4.5 620.5 625 MS 3.29 1.4 189 191
0.144 4 791 795 MS 4.94 1.2 241 242
0.012 10.5 962.5 973 MS 0.41 3.2 293 297
0.067 26.5 1105 1131.5 MS 2.30 8.1 337 345
includes 0.188 8 MS 6.45 2.4
0.275 5 1437 1442 FA 9.43 1.5 438 440
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SV07-290C 0.024 5 260 265 FA 0.82 1.5 79 81
0.053 5 315 320 FA 1.82 1.5 96 98
0.011 18.5 467.5 486 FA 0.38 5.6 142 148
0.062 13.5 618 631.5 FA 2.13 4.1 188 192
includes 0.159 5 FA 5.45 1.5
0.034 35 833 868 FA 1.17 10.7 254 265
includes 0.124 5 FA 4.25 1.5
0.171 4 905 909 MS 5.86 1.2 276 277
0.116 5.5 935.5 941 MS 3.98 1.7 285 287
0.066 5 986.5 991.5 MS 2.26 1.5 301 302
0.139 5 1076 1081 MS 4.77 1.5 328 329
0.045 20.5 1223 1243.5 MS 1.54 6.2 373 379
includes 0.183 4.5 MS 6.27 1.4
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SV07-291C 0.010 28 244.5 272.5 MS 0.34 8.5 75 83
0.023 11 293 304 MS 0.79 3.4 89 93
0.010 40 353 393 MS 0.34 12.2 108 120
0.202 21 467.5 488.5 MS 6.93 6.4 142 149
includes 1.108 3.7 MS 37.99 1.1
0.023 12.5 645.5 658 MS 0.79 3.8 197 201
0.031 63.7 716 779.7 MS 1.06 19.4 218 238
includes 0.251 3 MS 8.61 0.9
0.033 31.7 810 841.7 MS 1.13 9.7 247 257
0.053 16.6 888 891.5 MS 1.82 5.1 271 272
includes 0.138 3.5 MS 4.73 1.1
0.026 253 998 1251 MS 0.89 77.1 304 381
includes 0.340 4 MS 11.66 1.2
and 0.129 4 MS 4.42 1.2
and 0.126 5 MS 4.32 1.5
and 0.100 5 MS 3.43 1.5
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SV07-292C 0.019 26.5 373 384 MS 0.72 3.4 114 117
0.017 21 438 457 MS 0.51 5.8 134 139
0.017 10 493 503 MS 0.58 3.0
0.015 15 543 558 MS 0.51 4.6 166 170
0.032 17.5 631 636 MS 3.05 1.5 192 194
0.041 32.5 703 735.5 FA 1.41 9.9 214 224
includes 0.196 5 FA 6.72 1.5
0.040 5 767.5 772.5 FA 1.37 1.5 234 235
0.017 33 947.5 980.5 MS 0.58 10.1 289 299
0.027 58 1106 1164 FA 0.93 17.7 337 355
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SV07-293C Assays pending
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Core drilling was conducted by Major Drilling of Salt Lake City, Utah.
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 Corp. Results
reported represent thickness along the trace of the drill hole. True
thickness of these intercepts has not yet been determined.


Spring Valley is completely covered by gravel pediment. The original discovery was a diatreme hosted gold system called the "Pond Zone". The deposit was expanded when the Company discovered gold in porphyry host rocks in the Porphyry and Sill Zones in 2005, and again in 2006 in volcanic rocks of the West Diatreme and North Hill Zones. Currently, known gold zones cover a notable area 3500 feet long by 3500 feet wide and extend from 50 to 1450 feet in depth. Large areas of pediment cover have yet to be drill tested.

The Company currently has 3 drill rigs operating at Spring Valley to delineate and expand the diatreme and porphyry gold systems.

At other Midway projects,

The Company is currently exploring the Pan and Afgan projects (Nevada). Drilling is ongoing at the Pan project. Drilling is planned at Afgan, later this fall. Geotechnical studies are underway at the Midway project (Nevada) to evaluate underground mining potential.

Midway Gold Corp. is focused on expanding and developing its flagship resource, the Spring Valley deposit, along with its Midway and Pan deposits; all three of which are situated along major recognized trends in the mining friendly state of Nevada. Midway is a precious metals company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". 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 Craig Stiles, (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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