VANCOUVER, BRITISH COLUMBIA - (CCNMatthews - Oct. 13, 2006) - Midway Gold Corp. (the "Company") (TSX VENTURE:MDW) is pleased to announce the discovery and extension of new gold from an 18 hole drill test in the North Hill target, at the Spring Valley project, Nevada. The best intercept was noted in SV06-200 which encountered 10.7 meters of 7.27 g/t gold which included 1.5 meters of 55.4 g/t gold. Several long intercepts of lower grade were also discovered, as noted below. Fourteen of the 18 holes encountered gold mineralization. These intercepts extend the gold beyond the modelled resource over a 450 meter (1500 feet) by 300 meter (1000 foot) area. The holes are drilled mostly vertical on a 60 by 120 meter (200 by 400 foot) grid. The best grades are associated with rhyolite dikes and sills intruding the northeast edge of the Spring Valley diatreme. Angle infill drilling is currently in progress to delineate the gold and test several high angle dikes and faults that potentially host higher grades at shallower depths. Most of the results listed below are preliminary 30 gram fire assays; large metallic screen check assays are being conducted.
North Hill Preliminary Gold intercepts- Spring Valley Project
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Length
True feet Gold opt
From To Width Length Gold Cutoff equals Assay Target
Hole ID Meters m m gm/t 3m of .3g/t Au Method Area
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SV06-183 208 220 11 10.7 0.48 35 0.014 FA N Hill
------------------------------------------------------------------------
SV06-185 46 48 1.5 1.5 0.93 5 0.027 FA N Hill
121 141 18 18.3 0.41 60 0.012 FA
------------------------------------------------------------------------
SV06-186 159 161 1.5 1.5 1.03 5 0.030 FA N Hill
169 171 1.5 1.5 0.86 5 0.025 FA
198 200 1.5 1.5 1.30 5 0.038 FA
------------------------------------------------------------------------
SV06-190 156 157 1.1 1.5 2.47 5 0.072 FA N Hill
------------------------------------------------------------------------
SV06-200 71 72 1.5 1.5 4.73 5 0.138 FA
97 107 9.1 9.1 7.85 30 0.229 FA N Hill
includes 1.5 1.5 45.09 5 1.315 FA
95 107 0.7 10.7 7.27 35 0.212 MS (checks)
includes 1.5 1.5 55.40 5 1.615 MS (checks)
121 123 1.5 1.5 1.23 5 0.036 FA
174 198 18.3 22.9 9.39 75 0.274 FA
includes 1.2 1.5 134.0 5 3.908 FA
174 198 15.0 18.3 0.75 60 0.022 MS (checks)
includes 1.2 1.5 3.99 5 0.116 MS (checks)
------------------------------------------------------------------------
SV06-201 176 177 2.0 1.5 4.35 5 0.127 FA N Hill
213 231 16.8 16.8 0.86 55 0.025 FA
------------------------------------------------------------------------
SV06-202 151 154 3.0 3.0 0.41 10 0.012 FA N Hill
164 197 28.0 30.5 0.55 100 0.016 FA
238 244 5.6 6.1 0.51 20 0.015 FA
------------------------------------------------------------------------
SV06-203 213 225 11.0 10.7 0.41 35 0.012 FA N Hill
248 253 5.0 4.6 1.27 15 0.037 FA
262 267 5.0 4.6 2.93 15 0.086 FA
284 287 3.0 3.0 2.25 10 0.066 FA
------------------------------------------------------------------------
SV06-204 62 69 6.0 6.1 0.93 20 0.027 FA N Hill
------------------------------------------------------------------------
SV06-205 171 176 4.3 4.6 0.69 15 0.020 FA
180 182 1.7 1.5 1.95 5 0.057 FA N Hill
210 215 5.0 4.6 0.45 15 0.013 FA
267 271 3.0 3.0 0.45 10 0.013 FA
294 297 3.0 3.0 1.44 10 0.042 FA
------------------------------------------------------------------------
SV06-206 212 238 22.9 24.4 0.45 80 0.013 FA N Hill
------------------------------------------------------------------------
SV06-207 102 108 6.0 6.1 0.34 20 0.010 FA N Hill
223 231 7.6 7.6 0.48 25 0.014 FA
------------------------------------------------------------------------
SV06-208 151 157 2.1 6.1 0.93 20 0.027 FA N Hill
200 207 5.7 6.1 0.45 20 0.013 FA
281 282 1.0 1.5 1.99 5 0.058 FA
------------------------------------------------------------------------
SV06-209 223 253 29.3 30.5 0.89 100 0.026 FA N Hill
------------------------------------------------------------------------
SV06-182 No significant assays FA N Hill
------------------------------------------------------------------------
SV06-184 No significant assays FA N Hill
------------------------------------------------------------------------
SV06-199 No significant assays FA N Hill
------------------------------------------------------------------------
SV06-187 Assays pending FA N Hill
------------------------------------------------------------------------
All the drilling was reverse circulation drilling conducted by OKeefe Drilling of Butte, Montana and Layne Christensen of Chandler, Arizona. The holes were assayed by 30 gram fire assays (FA) by ALS- Chemex labs, in Sparks, Nevada. In zones of veining, intense silicification, or noted with visible gold check assays of 1000 gram metallic screen fire assays (MS) are being conducted at ALS-Chemex. All the sampling was conducted by independent contractors hired by Midway Gold Corporation.
The drilling the extension of known gold has encountered several faults and a large unexpected rhyolite flow dome intrusive that has offset the gold in the Sill and Porphyry zone. The high grade intercepts in hole SV06-200 had contained two extremely high grade intercepts in the preliminary 30 gram fire assays of 45 and 134 gram per ton gold. Check assays, also shown above, use the larger 1000 gram metallic screen method and returned 55.4 and 3.99 grams per ton gold values, respectively on these select high grade samples. Coarse gold was noted in several of the holes listed above and these zones are being checked with metallic screen fire assays.
Deep Tests Expands Gold 700 feet beneath Spring Valley Resource
Three holes have been completed testing for a deep porphyry target, in the main diatreme area. Results for two holes were previously announced July 20th, 2006. The holes extended mineralization beneath the modelled resource at Spring Valley with intercepts of 55 meters of 1.0 g/t from 290 to 350 meters (182 feet of 0.030 opt gold from 950 to 1148 feet) and 9 meters of 2.6 g/t gold from 444 to 453 meter (28 feet of 0.074 opt gold from 1457 to 1485 feet). Hole SV06-179c was drilled in the center of the Spring Valley diatreme to 609m (2000 feet) and encountered only anomalous gold. These three deep tests suggest that gold continues at least 200 meters (700 feet) beneath the modelled resource. All three holes encountered a west dipping low angle fault that cut off gold mineralization at depth. This drilling suggests the deeper porphyry portion of the system is west of the current drilling and can be drilled only after the Plan of Operation permit is received from the Bureau of Land Management; expected in early December.
"I am encouraged to see the expansion of the gold inventory to the North Hill, at depth, and in the West Diatreme area," says Alan Branham, President and CEO of Midway. "The Spring Valley project continues to add value to Midway. I also look forward to infilling these wide space exploration holes with angle drill holes and drilling deeper to expand the resource. The coming larger metallic screen check assays should better define the zones with coarse gold, and could give improved gold values. The recently announced private placement financing that includes Barrick Gold Corporation and others, allows us to begin conversion of these exploration holes into resource and expand drilling to test the new targets generated this summer." The Company currently has drills on the West Diatreme, North Hill, and Limerick Basin (new) targets.
The Spring Valley gold property information can be viewed at http://www.midwaygold.com/SpringValley.htm.
Details of Midway Gold's projects are available on the Company's website at www.midwaygold.com.
Midway Gold Corp. is a precious metals exploration company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol "MDW". Midway focuses on the creation of value for shareholders by exploring and developing high-grade, quality precious metal resources in stable mining areas.
This release has been reviewed and approved by Company President and CEO Alan Branham (MSc. and CPG), a "qualified person" as that term is defined in National Instrument 43-101.
ON BEHALF OF THE BOARD
Alan Branham, President and CEO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Website: www.midwaygold.com
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