Filing of Technical Report for Spring Valley

 

HELENA, MT - Midway Gold Corp. has filed a 43-101 Technical Report supporting an updated mineral resource estimate for the Spring Valley Project, Nevada. The Inferred mineral resource estimate of 87.75 million tons grading 0.021 ounce per ton (opt) gold for a total of 1,835,615 ounces of gold was reported March 3, 2009. On March 8, 2009, Midway announced that it had signed a definitive agreement with Barrick Gold Exploration Inc. for an exploration agreement and option to joint venture the Spring Valley project.

"This resource update represents an 85% increase in contained gold at the Spring Valley deposit using an 0.006 opt gold cut-off," said Alan Branham, President and CEO of Midway Gold Corp. "The efficiency of the Midway team resulted in growth of the resource at a cost of less than $10 per ounce last year. The Spring Valley project continues to hold strong potential and we look forward to more growth in the future."

Midway drilling has identified a coherent gold zone 5,000 feet long by 2,500 feet wide, and extends to a depth of 1,400 feet. Known mineralization remains open to the north, southwest, and at depth.

This resource estimate is in compliance with Canada's NI 43-101 and in accordance with CIM Definition Standards for Mineral Resources and Mineral Reserves.

This Technical Report by Midway supporting disclosure of the mineral resource has been filed on Sedar. The Technical Report updates the project as of December 31, 2008, and outlines work on the resource and progress to date.

This release has been reviewed and approved by William Neal, (M.Sc., CPG), a "qualified person" as that term is defined in National Instrument 43-101.

The company’s address is 600 Lola Street, Suite 10, Helena, MT 59601, (406) 475-9595, fax: (406) 475-9596, email: [email protected].