December 1, 2003

News Release: Midway Intersects 70 Feet of 12 gpt Gold and 20 Feet of 22.6 gpt Gold

Midway Gold Corp. is pleased to report results from three additional reverse circulation drill holes completed on the Spring Valley, Nevada property. Gold mineralization at Spring Valley is associated with quartz-tourmaline stockwork veins hosted within Triassic age rhyolite volcanics and volcaniclastics and has now been traced over a 1,300 foot by 1,000 foot area.

Hole SV-29, located approximately 320 feet southwest of SV-21 was drilled at an angle of 80 degrees to the north. The hole intersected several mineralized sequences as shown in the table below. A significant intercept of 22.6 grams per tonne (gpt) gold over 20 feet, including 73.5 gpt over 5 feet was recovered from 425 feet to 445 feet. Another mineralized interval of 13.2 gpt gold over 5 feet in quartz vein stockwork was intersected from 765 feet to 770 feet. Drill hole SV-30 is located approximately 200 feet west of SV-29. It was drilled vertically to a depth of 800 feet and intersected numerous mineralized intervals throughout the hole. Most significantly is 12.2 gpt over 70 feet, including 29.8 gpt gold over 25 feet. A further mineralized interval of 17.6 gpt gold over 5 feet was intersected starting at 585 feet.

SV-31 is located approximately 200 feet north of SV-30. This vertical hole returned 5.3 gpt gold over a 10 foot interval starting at 330 feet.

Hole #  Assay      From    To    Length         Au gpt     Au opt
         Type  (all distances are in feet)
SV-29      FA       185   190         5          1.418      0.041
                    330   345        15          2.222      0.065
                    425   445        20         22.589      0.659
including           425   430         5         73.493      2.144
                    495   510        15          1.104      0.032
                    560   565         5            4.7      0.137
                    720   735        15          1.373      0.040
                    765   777         5         13.151      0.384
SV-30      FA       295   300         5          14.42      0.421
                    315   320         5          1.998      0.058
                    340   590       250          4.195      0.122
including           340   410        70         12.155      0.355
including           345   370        25         29.777      0.868
and                 425   445        20          0.999      0.029
and                 525   530         5          4.658      0.136
and                 550   565        15           1.07      0.031
and                 585   590         5          17.56      0.512
                    615   620         5          1.235      0.036
                    660   665         5           5.02      0.146
                    725   735        10          1.655      0.048
SV-31      FA       330   340        10          5.318      0.155
                    470   475         5          1.597      0.047
                    700   705         5          1.004      0.029

Expanded Gold Zone

Results from the recently completed 11 drill holes, combined with previous drill results, indicate that gold mineralization at Spring Valley extends over an area of 1,300 feet by 1,000 feet. Within this area, drilling has intersected several zones of high grade gold mineralization (to 73 gpt over 5 feet) associated with quartz-tourmaline stockwork veins within a broader zone of disseminated gold mineralization. The system is open in all directions, including to depth. Mineralization is intersected from below the alluvial cover at 50 to 200 feet and is encountered over 5 to 250 foot intervals throughout the siltstone and rhyolite volcanic sequence. The upper 500 to 600 feet of the mineralized zone is oxidized with mixed sulphide/oxide occurring to the limit of drilling at 1,000 feet. Previous metallurgical testing indicates gold recoveries from 75 to 95% within the oxidized rock. Free milling particulate gold occurs at Spring Valley and occurs in both the coarse (+150 mesh) fraction and the fine (-150 mesh) fraction.

All samples reported herein were prepared using the standard preparation protocol for Spring Valley samples and analysed by fire assay (FA) on a 60 gram pulp. Sample preparation and analyses are conducted by BSi Inspectorate Laboratories in Reno, Nevada. Exploration activities are conducted by Global Geological Consultants Ltd. under the supervision of Geoffrey Goodall, P.Geo. Midway Gold Corp. is a mineral exploration company, listed as a Tier 1 issuer on the TSX Venture Exchange under the symbol 'MDW'. An updated drill plan and full details of the Midway and Spring Valley Gold projects are available on the Company's website at www.midwaygold.com.

On behalf of the Board.

Brian J. McAlister, President

Midway Gold Corp. Brian McAlister President (604) 408-7553 Website: www.midwaygold.com

WEBSITE This email address is being protected from spambots. You need JavaScript enabled to view it.