MIDWAY GOLD CORP.
Unit 1 - 15782 Marine Drive
White Rock, B.C., Canada V4B 1E6
Tel: (877) 475-3642
May 14, 2008
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TSX Venture Exchange Symbol: MDW
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American Stock Exchange Symbol:
MDW
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DRILLING HITS 3.6 OUNCE PER TON GOLD IN VEINS AT
MIDWAY PROJECT
Midway Gold Corp. (the
“Company”) is pleased to announce that recent drilling has
intersected high grade gold at the Midway project, Nevada. Fire assay
results from the Discovery zone include 6.2 feet of 3.6 ounces per
ton (opt) gold in the Nimitz vein and 1.1 feet of 2.5 opt gold
within 10 feet of 0.4 opt gold in the Midway vein. See attached section.
“The location, grade, and thicknesses of these
intercepts matched our model of the Discovery zone veins very closely,”
said Midway Gold President and CEO Alan Branham. “We drilled these holes
to get geotechnical data for our stope designs, but we were also able to verify
the locations of the veins and expand the area of high grade intercepts within
the veins. These veins will be explored more completely from underground when
our planned decline reaches the Discovery zone.”
This geotechnical drilling
program included 1,807 feet in four core holes and 2,090 feet in five reverse
circulation holes. The intercepts encountered in these holes show that the
Spruance, Midway, Rochefort and Nimitz veins have greater vertical and
horizontal lengths than anticipated. In addition, four new intercepts may
represent a new set of veins east of the Discovery Zone.
The Midway project is 15 miles
northeast of Tonopah, Nevada at the intersection of the Round
Mountain/Goldfield trend and the Walker Lane. It is a low-sulfidation
epithermal gold system with near-vertical quartz-adularia-gold veins. Bonanza
gold veins occur in a series of en echelon vein clusters along a 1.5 mile
trend. Recent tests from a large sample demonstrated that 94% of the gold can
be recovered using a simple gravity separation circuit followed by cyanide
leaching. In January 2008, the Company submitted a Plan of Operations for an
underground decline that will give access to high grade portions of the
Discovery Zone for test mining, bulk sampling, and additional definition
drilling.
Gold
analyses are 30 gram fire assays conducted by ALS-Chemex Labs, in Sparks,
Nevada. Core drilling (holes ending with a D) was conducted by Kirkness
Drilling of Reno, Nevada. Reverse circulation drilling was completed by Okeefe
Drilling, Butte, Montana.
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. The Company has three 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.
Additional information on Midway Gold Corp. and these projects can be found at:
www.midwaygold.com.
This release has been reviewed and approved by Don Harris,
(M.Sc. and CPG), a “qualified person” as that term is defined in
National Instrument 43-101.
ON BEHALF OF THE BOARD
“Alan Branham”
______________________________
Alan Branham, President and CEO
For
further information, please contact Morgan Moffatt the Investor Relations
Manager at Midway Gold Corp. at (877) 475-3642, Ext. 14 (tollfree).
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release. 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.
Morgan T. Moffatt
Investor Relations Manager
Midway Gold Corp.
www.midwaygold.com
(877) 475-3642 ext.14
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