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Midway Provides 3rd Quarter Update On Spring Valley Project Including Step-Out Drilling Results And Earn-In Update

Midway Gold Corp. ("Midway" or the "Company") (MDW:TSX-V; MDW:NYSE-MKT) is pleased to report on the continued development at Spring Valley, where Barrick Gold Exploration Inc. (“Barrick”) is earning into Midway’s multi-million ounce gold project in Nevada.

Ken Brunk, Midway’s President and CEO said “We are very happy with Barrick’s continued progress at our Spring Valley project. We have consistently reported positive drill results at Spring Valley and this update is no exception. Of equal consequence, based on the rate of Barrick’s expenditures through the third quarter, we anticipate that they will complete their 60% earn-in well ahead of schedule in early 2013."

Drilling Highlights

Step-out drilling within the quarter has demonstrated that the Spring Valley gold system continues for 1.5 km to the south of the current resource area, providing further evidence of the potential to expand the resource base. Highlights included:

  • SV12-595 10.7 meters of 2.43 gpt gold, including 3.0 meters of 6.89 gpt gold
  • SV12-596 38.1 meters of 1.30 gpt gold, including 1.5 meters of 13.75 gpt gold

An infill drill program within the existing deposit boundaries has continued to increase the certainty of the current resource, including several intercepts well in excess of the current resource grade. Highlights included:

  • SV12-561c 18.6 meters of 6.79 gpt gold and 118.9 meters of 2.33 gpt gold, including 17.1 meters of 8.06 gpt gold
  • SV12-583c 58.8 meters of 1.06 gpt gold, including 1.5 meters of 12.00 gpt gold
  • SV12-584c 36.3 meters of 1.92 gpt gold, including 3.2 meters of 14.67 gpt gold
  • SV12-594 27.4 meters of 1.68 gpt gold, including 1.5 meters of 12.79 gpt gold

Additionally, drilling at the northerly extent of the resource area indicates the potential for expansion of the resource to the north and at depth.

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