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News Releases
| | January 21, 2009
Kinross completes initial drilling at Midway's Thunder Mountain project, Nevada
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| | Midway Gold Corp. ("Midway") announces that a first pass drill program was completed by Kinross Gold USA ("Kinross") at Midway's Thunder Mountain project. Seven reverse circulation holes (3440 feet) were completed in late December. Assay results are pending. Kinross has also added 103 claims (3.2 square miles) to the project area. Kinross can earn a 75% interest in the project pursuant to an exploration and option to joint venture agreement, by incurring $3 million on the project within five years (Press Release July 16, 2008).
"Kinross has quickly begun to evaluate the Thunder Mountain project as they aggressively explore for gold," said Alan Branham, President and CEO of Midway Gold Corp. "They have tested a few obvious targets and have expanded the land package in this early stage exploration project. We are excited to see what their expertise, developed at their Round Mountain mine site north of this project, will produce."
In 2008, Midway drilled 1,120 feet in 4 RC holes, on the Thunder Mountain project, testing for high-grade veins to complement the Midway Project resource, located six miles to the northwest. Recent drilling has intercepted higher grade gold in silicified breccias hosted rhyolite tuff containing 70 feet of 0.105 ounce per ton gold beginning at a 55 foot depth (Press Release October 18, 2007) and 40 feet of 0.135 ounce per ton gold at 70 foot depth (Press Release May 1, 2008) along with other reported intercepts. Two veins were intercepted with the best intercept reporting 5.5 feet (true thickness) of 0.389 opt gold in the Beckie vein (Press Release May 1, 2008). Kinross began work on the project in the 3rd quarter and completed a first pass drill test in late December. The drilling off-set the known Beckie zone and targeted three other areas in the project.
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 Don Harris, (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 R.J. Smith 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 labor 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. |
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| | You can view the Next News Releases item: Mon Jan 26, 2009, Midway Gold Announces Project Updates and Plans for 2009
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