MIDWAY GOLD CORP.
Unit 1
- 15782 Marine Drive
White
Rock, B.C., Canada V4B 1E6
Tel:
(877) 475-3642
May 16, 2008
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TSX
Venture Exchange Symbol: MDW
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American
Stock Exchange Symbol: MDW
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MIDWAY PRIVATE PLACEMENT
Midway Gold Corp. (the “Company”) is
pleased to announce that it proposes to raise up to $13.0 million by way
of a brokered private placement through the issuance of up to 6.5 million
common shares at a price of $2.00 per common share. The Company reserves
the right to increase the size of the private placement by up to 15% or to
modify the type, nature and/or price of the offering for any reason up to
closing. The private placement and any modifications to it are subject to
compliance with applicable securities laws and to receipt of regulatory
approval. The Company may pay broker commissions in accordance with the
policies of the TSX Venture Exchange and the American Stock Exchange.
The proceeds of the financing will be used to fund the
Company's ongoing exploring and drilling programs on its projects and new
acquisitions.
The securities offered have not been registered under
the U.S. Securities Act of 1933, as amended, or any state securities laws, and
may not be offered or sold in the United States absent registration or an
exemption from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor shall
there be any sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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 can be found at: www.midwaygold.com.
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. Due to conditions precedent to closing the
offering, and the risk that the conditions precedent will not be satisfied,
there is no assurance that we will complete the transactions contemplated by
this press release or close the offering described herein. 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