Midway Gold Corp. (fka MDWCQ)

[califax]

Midway Gold Reports High Gold Recoveries at Spring Valley, Nevada

06.10.2010 14:08
http://www.finanznachrichten.de/nachrichten-2010-10/18161565-midway-gold-reports-high-gold-recoveries-at-spring-valley-nevada-004.htm

Midway Gold Corp. ("Midway") continues to find excellent gold recovery results for its Spring Valley gold project, Pershing County, Nevada. Test results report gold recoveries up to 98% with conventional oxide ore leaching treatment, and showed high gold recoveries across all the grade ranges tested. These tests were conducted at McClelland Laboratories Inc., Reno, Nevada, and were overseen by Barrick Gold Exploration Inc., a wholly owned subsidiary of Barrick Gold Corporation (NYSE:ABX, TSX:ABX), Midway's earn-in partner at Spring Valley.

Ken Brunk, President and COO of Midway said: "These positive metallurgical results speak well for the high quality of this gold resource at Spring Valley. The results show that several commonly used production options exist for processing and recovering the gold from Spring Valley and these include heap leaching, typical oxide leaching and recovery by gravity methods."

Thirteen composite samples representing oxide, transition and reduced ores were tested by column leaching, bottle roll and gravity methods. Grades of the composite samples ranged from 0.21 grams per tonne (gpt) to 5.07 gpt (0.006 ounces per ton - "opt" to 0.148 opt1); nine of the samples had grades less than 1.03 gpt (0.030 opt). Because coarse gold is known to be present at Spring Valley, the reported gold grades were determined by metallic screen fire assays.

Column Leach Tests

Column leach tests simulate heap leach conditions, and these tests conducted over 260 days yielded gold recoveries from 46% to 98% and average 73%. Individual results for the oxide, transition and reduced ores averaged 77%, 80% and 68% respectively. Rocks tested by column leach methods were crushed such that 80% of the rocks were less than 12.7 millimeters (one-half inch) in diameter.

Bottle Roll Tests

Bottle roll tests were conducted for 96 hours on ores ground to minus 300, 150, and 75 microns (48, 100 and 200 mesh sizes); these recoveries were 91%, 94% and 95% respectively.

Gravity Tests

Gravity test recoveries ranged from 78% to 97% and averaged 86%. The tests were conducted on ores at 850, 212, 150, and 75 microns (20, 65, 100 and 200 mesh sizes). The tests used a Knelson concentrator; more than half of the recovered gold was coarser grained than 850 and 212 microns (20 and 65 mesh size screens).

Spring Valley is a large gold project covering 18.4 square miles and located about 20 miles northeast of Lovelock, Nevada. Spring Valley currently has an Inferred Resource of at least 1.8 million ounces of gold in 79.61 million tonnes grading 0.72 gpt (0.021 opt). (See the Midway press release dated March 2, 2009 and the subsequent NI 43-101 Technical Report filed on SEDAR March 30, 2009.) Midway and Barrick entered into an agreement on March 9, 2009 for the exploration and development of the Spring Valley project. Under the terms of the agreement, Barrick may earn a 60% interest in the project by spending US$30 million in work expenditures before December 31, 2013.

Data reported to Midway by Barrick and disclosed in this press release has been reviewed for Midway by Richard D. Moritz, (B.Sc., MBA), a "qualified person" as that term is defined in National Instrument 43-101.

1 Conversion factor: 1 ounce per short ton equals 34.2857 grams per tonne.

ON BEHALF OF THE BOARD

"Ken Brunk"

______________________________

Ken Brunk, President and COO

For further information, please contact R.J. Smith at Midway Gold Corp. at [phone] (toll-free).

About Midway Gold Corp.

Midway Gold Corp. is a precious metals company with a vision to design, build, and operate mines in a manner accountable to all stakeholders while producing an acceptable return to its shareholders. Midway controls over 65 square miles of mineral rights in the western United States, including four advanced projects: Spring Valley, Pan, Golden Eagle, and Midway, as well as two early stage exploration targets: Gold Rock and Burnt Canyon.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts 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.

This press release uses the terms "Measured resources", "Indicated resources" and "Inferred resources", which are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. We advise investors that while those terms are recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. In addition, "Inferred resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, except in rare cases. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally minable.

Contacts:

Midway Gold Corp.
R.J. Smith, 877-475-3642 (toll-free)
www.midwaygold.com


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