Midway Gold Corp.
TSX VENTURE : MDW

Midway Gold Corp.

August 22, 2007 14:24 ET

Resolute Performance Fund to Purchase 2 Million Shares of Midway Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce that it has arranged a private placement financing with Resolute Performance Fund ("Resolute") whereby, subject to regulatory approval, Resolute will purchase 2,000,000 common shares of the Company at a price of $2.70 per share for proceeds of $5,400,000.

The private placement is expected to close within the next two weeks. On closing, the Company expects to have approximately $9.5 million cash after having paid U.S. $3.2 million property acquisition payments on August 15, 2007. The Company's working capital will be used to continue the aggressive exploration and development work on the Company's 100% owned Spring Valley, Midway and Pan 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.

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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