Midway updates on Spring Valley gold project

Midway Gold Corp. announces initial assay results from 2008 drilling at the Spring Valley project in Nevada. Fire assay results for six holes have been received to date, and include 110 feet of 0.024 ounces per ton (opt) gold in SV08-379. These results include core holes with 215 feet of 0.045 opt gold in SV07-294c and 135 feet of 0.035 opt gold in SV07-350c.

The intercept in SV08-379 ties together mineralization that was not included in the 2008 resource estimate due to wide spaced drilling. In addition to the assay results, visible gold has been observed in numerous recent drill intervals in the West Diatreme drilling. Gold nuggets weighing 2.1 grams cumulatively were recovered from 435 to 440 feet in hole SV08-401. Assays for these drill holes are currently pending.

Midway continues to aggressively drill our Spring Valley project, both to expand the deposit and to improve the grade and continuity of our known resource, said Alan Branham, President and CEO of Midway Gold Corp. Eric LeLacheur has joined Midway Gold as Project Manager at Spring Valley. Eric has 22 years of experience in mining geology and mineral exploration. His strong experience in bringing exploration projects to the development stage will be an asset in moving Spring Valley forward. Eric is excited by the potential to add ounces and build the resource at Spring Valley.

The Company has three reverse circulation (RC) drill rigs and one core rig currently operating at Spring Valley. A total of 15,180 feet have been drilled in 22 RC holes through the end of March. The Company plans a combined 100 hole program of in-fill, step-out, and exploration drilling for an estimated 90,000 feet at this project. The exploration drilling will test eight outlying targets where gold and favorable geology have been identified at the surface.