Kinross completes
initial drilling at Midway?s Thunder Mountain project, Nevada
Midway Gold Corp. (?Midway?) announces that a first pass
drill program was completed by Kinross Gold USA (?Kinross?) at Midway?s
Thunder Mountain project. Seven reverse circulation holes (3440 feet) were
completed in late December. Assay results are pending.
Kinross has also added 103 claims (3.2 square miles) to the project
area. Kinross can earn a 75% interest in the project pursuant to an
exploration and option to joint venture agreement, by incurring $3 million on
the project within five years (Press Release July 16, 2008).
?Kinross
has quickly begun to evaluate the Thunder Mountain project as they
aggressively explore for gold,? said Alan Branham, President and CEO of Midway
Gold Corp. ?They have tested a few obvious targets and have expanded the
land package in this early stage exploration project. We are excited to see
what their expertise, developed at their Round Mountain mine site north of
this project, will produce.?
In
2008, Midway drilled 1,120 feet in 4 RC holes, on the Thunder Mountain
project, testing for high-grade veins to complement the Midway Project
resource, located six miles to the northwest. Recent drilling has intercepted
higher grade gold in silicified breccias hosted rhyolite tuff containing 70
feet of 0.105 ounce per ton gold beginning at a 55 foot depth (Press Release
October 18, 2007) and 40 feet of 0.135 ounce per ton gold at 70 foot depth
(Press Release May 1, 2008) along with other reported intercepts. Two veins
were intercepted with the best intercept reporting 5.5 feet (true thickness)
of 0.389 opt gold in the Beckie vein (Press Release May 1, 2008).
Kinross began work on the project in the 3rd quarter and completed
a first pass drill test in late December. The drilling off-set the known
Beckie zone and targeted three other areas in the project.
Midway
Gold Corp. is a precious metals exploration company, listed on the NYSE
Alternext US 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 five advanced stage gold exploration projects
and three early stage exploration projects that control over 60 square miles
of mineral rights along three major gold trends in Nevada and the Republic
district in Washington. 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
R.J. Smith at Midway Gold Corp. at (877) 475-3642 (toll-free).
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
statements about the Company and its business. Forward looking
statements are statements that are not historical facts and include resource
estimates. The forward-looking statements in this press release are
subject to various risks, uncertainties and other factors that could cause
the Company?s actual results or achievements to differ materially from those
expressed in or implied by forward looking statements. These risks,
uncertainties and other factors include, without limitation risks related to
fluctuations in gold prices; uncertainties related to raising sufficient
financing to fund the planned work in a timely manner and on acceptable
terms; changes in planned work resulting from weather, logistical, technical
or other factors; the possibility that results of work will not fulfill
expectations and realize the perceived potential of the Company?s properties;
uncertainties involved in the interpretation of drilling results and other
tests and the estimation of gold resources; the possibility that required
permits may not be obtained on a timely manner or at all; the possibility
that capital and operating costs may be higher than currently estimated and
may preclude commercial development or render operations uneconomic; the
possibility that the estimated recovery rates may not be achieved; risk of
accidents, equipment breakdowns and labour disputes or other unanticipated
difficulties or interruptions; the possibility of cost overruns or
unanticipated expenses in the work program; and other factors identified in
the Company?s SEC filings and its filings with Canadian securities regulatory
authorities. Forward-looking statements are based on the beliefs, opinions
and expectations of the Company?s management at the time they are made, and
other than as required by applicable securities laws, the Company does
not assume any obligation to update its forward-looking statements if those
beliefs, opinions or expectations, or other circumstances, should change.
|