Midas Reports Significant Gold Intercepts at West End, Golden Meadows Project, Idaho

Hole MGI-10-36 intercepts 2.84 g/t gold over 38.7m plus 3.43g/t gold over 32.7 meters
Hole MGI-10-37 intercepts 1.64 g/t gold over 61.7m
Hole MGI-10-48 intercepts 2.6g/t gold over 47.1m, 1.6g/t gold over 36.0m & 1.4g/t gold over 38.1m

VANCOUVER, Jan. 20 /CNW/ - Midas Gold, Inc. (a private company) today announced assay results from its 2010 core drilling program on the West End Deposit at the Company's Golden Meadows Project, Idaho.  A total of twelve drill holes were completed at West End as part of Midas Gold's resource definition and exploration drill program that was designed to develop a mineral resource to a level suitable for reporting under Canadian Instrument 43-101, the results of which will be announced during Q1/11. West End is an epithermal gold-silver discovery made at the past producing West End Mine. Highlights of assays from these recent drill holes are summarized in the table below and the full results for all twelve Midas holes are provided in the attached table.

Highlights of 2010 Drilling at West End
Hole ID Target Area From
(m)
To
(m)
Interval
(m)*
Gold
(g/t)
MGI-10-36 West End 46.4 58.6 12.2 1.03
And   78.1 116.8 38.7 2.84
And   130.2 146.4 16.2 1.06
And   154.0 186.7 32.7 3.43
MGI-10-37 West End 130.5 192.2 61.7 1.64
MGI-10-48 West End 29.0 33.6 4.6 2.02
And   50.3 57.0 6.7 1.03
And   64.7 111.6 46.9 2.64
And   129.0 165.0 36.0 1.64
And   183.3 221.4 38.1 1.44

   * Based upon the current 3D interpretation of the West End deposit the intervals quoted here are at or near true thickness and are composited using a 0.5 g/t cutoff and may include short intervals of internal waste below the cutoff grade.

"Our recent drilling at the former producing West End deposit clearly shows the potential for resource expansion in this rapidly expanding brownfields play," said Stephen Quin, President & CEO of Midas Gold. "Past production from oxides in the West End deposit is estimated at over 400,000 troy ounces of gold and our recent drilling indicates that the West End mineralized system is very large and open in all directions," he said.  "We are very pleased with the results from West End to date and, with our drilling now complete, resource estimation is well advanced and we have begun planning for an expanded drill program for this coming field season." 

These drill results, along with those from previous drilling, indicate that the West End deposit is a series of tabular, moderately dipping, lenses within a broad structural corridor along the trace of the West End Fault System, a major ore controlling structure within the district. A mineral resource estimate is being prepared for the West End deposit and will be released during Q1/11.

For current drill hole locations please view the accompanying illustrations:

1. Midas Gold - District Geology Map http://files.newswire.ca/924/MidasGold_Geo_Map.pdf

2. Midas Gold - WestEnd DH Plan Map http://files.newswire.ca/924/MidasGold_Plan_Map.pdf

3. Midas Gold - West End XSection http://files.newswire.ca/924/MidasGold_XSection.pdf

2010 Exploration Program at Golden Meadows

The drilling at West End was undertaken as part of a 12 hole, 2,536m drill program completed in 2010 by Midas Gold Inc., which program focused on the West End area.  All drilling was undertaken with HQ core drilling, with core logged and sawn in half on site, and samples sent offsite for assay.

About the Golden Meadows Project

The Golden Meadows Project encompasses most of the historic Stibnite-Yellow Pine Mining District in South-central Idaho.  Midas Gold, Inc. (a private company) owns or controls over 4,000 hectares in the district and has recently entered into a letter of intent with Vista Gold Corp. to combine Vista's Yellow Pine deposit, which Vista has reported as containing significant gold mineral resources in the Golden Meadows project area, with Midas Gold's interests, in a new company ("Newco").  As a result, Vista will become a 35% shareholder of Newco. 

The Stibnite-Yellow Pine district lies at the intersection of major, regional fault systems and lies on the margins of the western ring fractured margin of the Tertiary Thunder Mountain caldera complex.  Gold mineralization within the Golden Meadows Project appears to be related to an intrusion related, gold-rich system overprinted by a younger, epithermal gold system with increased silver and antimony.  Historic gold production of approximately one million ounces from the district came primarily from high grade underground gold-antimony production immediately north of Hanger Flats from 1928-38, open pit mining at Yellow Pine from 1938-52, or from heap leaching of oxide gold occurrences, including West End and Homestake, from 1974 to 1997.  The deeper sulphide gold potential has seen little attention in modern exploration. The principal gold deposits identified to date within the Golden Meadows Project are Hanger Flats and West End, along with Vista's Yellow Pine deposits, all associated with significant structural corridors.  In addition, numerous other smaller gold targets have been identified, some of which have historic gold resource estimates, and which remain to be explored for their deeper sulphide potential.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 and reviewed by Stephen P. Quin, P. Geo., President and CEO of Midas Gold, Inc.  The exploration activities at the West End deposit were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Project Manager for the Golden Meadows Project.

Gold is analyzed by fire assay fusion with 30g charges with an atomic absorption spectroscopy or gravimetric finish for gold.  Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada laboratories.  Blank and standard samples are used for quality assurance and quality control.  After the completion of the drilling programs, random check assays were analyzed at Inspectorate and American Assay Laboratories in Reno, Nevada.

Forward-Looking Statements

This document may contain "forward-looking information" within the meaning of Canadian securities legislation and "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, "forward-looking statements").  These forward-looking statements are made as of the date of this document and Midas Gold, Inc. (the "Company") does not intend, and does not assume any obligation, to update these forward-looking statements.

Forward-looking statements relate to future events or future performance and reflect Company management's expectations or beliefs regarding future events and include, but are not limited to, statements with respect to the estimation of mineral reserves and mineral resources, the realization of mineral reserve estimates, the timing and amount of estimated future production, costs of production, capital expenditures, success of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage.  In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology.  By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.  Such factors include, among others, risks related to actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of mineral resources; possible variations in ore reserves, grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of development or construction activities.  Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.  There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Cautionary Note - The United States Securities and Exchange Commission ("SEC") permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce.  Midas Gold uses certain terms such as "measured", "indicated", "inferred", and "mineral resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.  However, Midas Gold is not an SEC registered company.  This press release is NOT for U.S. distribution and is not a solicitation or a prospectus for stock.


Midas Gold Inc.
Significant 2009-10 Drill Intercepts, West End Area, Golden Meadows Project, Idaho
(To Accompany News Release Dated Jan.20, 2011)
DDH ID Location Orientation
(Dip/Strike/Length)
From
(m)
To(m) Width
(m)
Gold
(g/t)
Comments
               
MGI-10-33 West End -90/000/306.8 10.7 16.2 5.5 0.68  
and     261.1 305.9 44.8 1.61 Open at Depth
               
MGI-10-36 West End -90/000/216.9 46.4 58.6 12.2 1.03  
and     78.1 116.8 38.7 2.84  
including     81.7 88.8 7.0 5.41  
Plus     130.2 146.4 16.2 1.06  
Plus     154.0 186.7 32.6 3.42  
Including     174.8 183.9 9.2 5.55  
               
MGI-10-37 West End -45/210/229.7 12.2 21.4 9.2 0.34  
and     130.5 192.2 61.6 1.64  
including     138.8 141.2 2.4 6.03  
including     155.6 157.1 1.5 6.88  
including     174.5 175.7 1.2 10.95  
including     184.5 187.6 3.1 3.73  
               
MGI-10-40 West End -90/000/233.3 63.7 83.9 20.1 1.54  
And     102.2 151.0 48.8 1.51  
Including     103.7 108.3 4.6 3.46  
Plus     163.2 171.4 8.2 0.75  
Plus     223.0 225.7 2.7 1.61  
               
MGI-10-41 West End -90/000/322.1 32.3 41.2 8.8 0.44  
               
MGI-10-42 West End -90/000/174.5 24.7 86.6 61.9 1.51  
Including     33.2 35.7 2.4 3.73  
Including     48.8 50.3 1.5 8.46  
Including     70.8 72.3 1.5 9.21  
Plus     166.8 174.5 7.6 2.16 Open at Depth
               
MGI-10-44 West End -90/000/148.2 14.0 73.2 59.2 1.06  
      23.5 40.9 17.4 2.30  
      70.2 73.2 3.1 1.44  
               
MGI-10-45 West End -75/300/184 Hole abandoned short target - No significant intercepts
               
MGI-10-46 West End -90/000/134.7 12.2 16.8 4.6 0.44  
And     93.0 103.7 10.7 2.53  
Including     93.0 96.1 3.1 7.02  
Plus     117.4 134.7 17.2 2.36 Open at Depth
Including     119.0 120.5 1.5 8.80  
And     126.0 128.3 2.3 7.57  
               
MGI-10-47 West End -90/000/255 17.4 32.3 14.9 1.16  
And     79.3 93.0 13.7 0.75  
And     108.6 122.0 13.4 1.10  
               
MGI-10-48 West End -90/000/242.2 29.0 33.6 4.6 2.02  
And     50.3 57.0 6.7 1.03  
And     64.7 111.6 47.0 2.64  
Including     64.7 72.3 7.6 11.47  
And including     64.7 67.7 3.1 16.88  
Plus     129.0 165.0 36.0 1.64  
Including     137.6 139.4 1.8 11.30  
Plus     183.3 221.4 38.1 1.44  
               
MGI-10-50 West End -90/000/218.4 8.5 36.6 28.1 0.68  
And     53.4 73.2 19.8 1.06  
And     204.4 218.2 13.9 2.16 Open at Depth
Including     204.4 208.9 4.6 5.34  

SOURCE Midas Gold Inc.

For further information:

about Midas Gold, Inc., please contact:

Investor Relationsat (509) 927-GOLD (4653)
Or e-mail Midas at info@midasgoldinc.com

Profil de l'entreprise

Midas Gold Inc.

Renseignements sur cet organisme


FORFAITS PERSONNALISÉS

Jetez un coup d’œil sur nos forfaits personnalisés ou créez le vôtre selon vos besoins de communication particuliers.

Commencez dès aujourd'hui .

ADHÉSION À CNW

Remplissez un formulaire d'adhésion à CNW ou communiquez avec nous au 1-877-269-7890.

RENSEIGNEZ-VOUS SUR LES SERVICES DE CNW

Demandez plus d'informations sur les produits et services de CNW ou communiquez avec nous au 1‑877-269-7890.