Spring Valley Project, Nevada Deep Core Results and Update Midway Gold Corp (?Midway?) announces the final results and summary of 2008 work on the Spring Valley project in Nevada: Spring Valley Project, Nevada: Deep Core Results- 2008
Reverse circulation drilling was conducted by O?Keefe Drilling of Butte, Montana and Eklund Drilling of Elko, Nevada. Core drilling was conducted by M2 drilling of Spokane, Washington. Assays are conducted by ALS- Chemex labs, in Sparks, Nevada. Intervals with quartz veining, strong alteration, visible gold, or anomalous 30 gram fire assays are re-assayed using 1000 gram metallic screen assays (MS- Assay type). Results reported represent thickness along the trace of the drill hole. True thickness of these intercepts is likely 70 to 100% of the drill interval thickness. Drilling from February to August completed 87 holes including 63,565 feet of reverse circulation (RC) and 8,985 feet of core drilling. Nearly 75% of these new holes had significant gold intercepts. A Canadian NI 43-101 inferred resource of 50.6 million tons grading 0.0196 ounces per ton (opt) gold using a $650 gold price was reported in Jan 2008, prior to this round of drilling. Significant mineralization recognized outside of the known resource was targeted by 2008 drilling. Gold intercepts for 20 holes were reported on July 8, 2008, including 5 feet of 1.114 opt gold within 75 feet of 0.119 opt gold in SV08-417 and 140 feet of 0.021 opt gold in SV 08-403 and 80 feet of 0.031 opt gold in SV 08-410. New gold discovered in the Big Leap zone on the north end of the deposit was reported on September 11, 2008. Intercepts in this zone included 5 feet of 0.667 opt gold with 110 feet of 0.061 opt gold in hole SV08-436 and SV 08-432 with 25 feet of 0.294 opt gold within 40 feet of 0.190 opt gold. The Big Leap zone has been intercepted over 1400 feet along strike, is 200 to 400 feet wide, and is still open to both the north and south and at depth. Two outlying targets, the Fitting and Limerick areas, were tested with a total of 22 exploration drill holes with no significant results. Results from deep core drilling tested a gold-bearing porphyry intrusive, are reported below. These intercepts expand the gold deposit at depth and to the north. The gold deposit is still open for expansion in these directions. Midway signed a term sheet with Barrick Gold Corporation for an exploration agreement and option to joint venture the Spring Valley project that was announced on October 20, 2008. A definitive agreement is expected to be executed soon and exploration will begin in the first quarter of 2009. 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 Eric LeLacheur, (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 Alan Branham 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. |