Midway Reports Long Gold Intercepts at Spring Valley Project, Nevada

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
announces results calculated from data provided by Barrick Gold
Exploration Inc. ('Barrick?), who is earning into Midway′s Spring Valley
Project, Nevada. Highlights include metallic screen assays with gold
intercepts of 166 meters of 1.48 grams per tonne (gpt) gold,
including 23 meters of 2.15 gpt gold in SV10-510, and 218 meters of
2.7 gpt gold including 41 meters of 12.3 gpt in SV10-511c.

2010 Drilling

On the north end of the known resource, metallic screen assays for drill
hole SV10-510 report 166 meters of 1.48 gpt gold, which includes
23 meters of 2.15 gpt gold, and hole SV10-511c contains 218 meters of
2.7 gpt gold, which also includes 41 meters of 12.3 gpt gold. This
northern zone appears to remain open to the north, and additional infill
drilling will be required to include this zone with the currently
defined gold resource.

South of the existing resource (see map below), metallic screen assays
for drill hole SV10-499 confirm the presence of a 205-meter-thick zone
of anomalous mineralization averaging 0.24 gpt gold. This thick
anomalous gold zone, only 1,800 meters from the known resource area,
suggests that the intervening ground is ideally located for on-going
exploration and resource expansion. Additional reverse circulation (RC)
and core drilling will test this zone and its continuity with the known
gold resource.

Final metallic screen assay results have been received for 12 holes
drilled in 2010. Assays are pending for two 2010 core drill holes.
Highlights of the first quarter drill results as calculated by Midway
are summarized in the table below. These new metallic screen assays
include some intervals that Midway considers significantly better than
previously reported intercepts based on fire assays (Midway press
release dated February 24, 2011).Metallic screen assays
analyze a larger quantity of the sample and are more reliable when
coarse gold is present.

2011 Drilling

The 2011 drilling program commenced in early April, and two RC rigs and
one core rig are currently operating. The 2011 drill plan is focused on
expanding the resource and evaluating property acquired near the end of
2010 south of the current resource area. In addition to drilling,
cultural and biological surveys, hydrogeologic studies and trace element
analyses are underway to support future permit applications.

To view a map of the 2011 Resource Area and 2011 Drill Targets at Spring
Valley, please click on the following link: To view a map of the 2011
Resource Area and 2011 Drill Targets at Spring Valley, please click on
the following link: http://www.usetdas.com/pr/midwaymap.gif.

Spring Valley is a large, porphyry-hosted gold system. A May, 2011
updated resource estimate reported 2.16 million ounces of gold in the
combined Measured and Indicated categories at a cut-off grade of 0.14
gpt. There is an additional Inferred resource of 1.97 million ounces of
gold at the same cut-off grade. The Measured resource is 0.93 million
ounces contained within 59.0 million tonnes grading 0.49 gpt, the
Indicated resource is 1.23 million ounces contained within 85.8 million
tonnes grading 0.45 gpt, and the Inferred resource is contained within
103.9 million tonnes grading 0.59 gpt. The estimate was prepared for
Midway by Gustavson Associates, LLC of Lakewood, Colorado (Midway
press release dated May 2, 2011).

Under the terms of a March 9, 2009 agreement between Midway and Barrick,
Barrick will earn a 60% interest in the project by completing work
expenditures totaling US$30 million before December 31, 2013. Barrick
has informed Midway that it intends to conduct and fund the minimum
required program of US$7 million in 2011, resulting in cumulative
expenditures of US$16 million by December 31, 2011.

Reverse circulation drilling was conducted by Hard Rock Drilling of
Elko, Nevada.Core drilling was conducted by TonaTec Exploration
of Mapleton, Utah.Drill hole numbers ending with a 'C' indicate
core holes.Samples were assayed by ALS-Chemex Labs, in Sparks,
Nevada by 30-gram fire assays (FA) or 1000-gram metallic screen assays
(MS). Results reported represent thickness along the trace of the drill
hole and do not necessarily represent true thickness.

Data provided to Midway by Barrick and disclosed in this press release
have been reviewed for Midway by William S. Neal, (M.Sc., CPG), a
'Qualified Person? as that term is defined in National Instrument 43-101.

ON BEHALF OF THE BOARD

'Kenneth A. Brunk?

Kenneth A. Brunk, President, COO and Director

About Midway Gold Corp.

Midway Gold Corp. is a precious metals company with a vision to explore,
design, build and operate mines in a manner accountable to all
stakeholders while producing an acceptable return to its shareholders.
For more information about Midway, please visit our website at www.midwaygold.com
or contact R.J. Smith, Vice President of Administration, at (877)
475-3642 (toll-free).

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, but are not limited to, statements
about the Company's intended work plans for the Spring Valley project
and 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 the timing and completion of the
Company's intended work plans for the Spring Valley project, 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 and reserves; 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.

Cautionary note to U.S. investors concerning estimates of reserves
and resources: This press release and the technical report referred to
in this press release use the terms 'resource', 'reserve', 'measured
resources', 'indicated resources' and 'inferred resources', which are
terms defined under Canadian National Instrument 43-101 and the Canadian
Institute of Mining and Metallurgy Classification system. Estimates of
mineral resources in this press release and in the technical report
referred to in this press release have been prepared in accordance with
NI 43-101 and such definitions differ from the definitions in U.S.
Securities and Exchange Commission ('SEC') Industry Guide 7. Under SEC
Industry Guide 7 standards, a 'final' or 'bankable' feasibility study is
required to report reserves, the three-year historical average price is
used in any reserve or cash flow analysis to designate reserves and the
primary environmental analysis or report must be filed with the
appropriate governmental authority. 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 SEC 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 as defined in the
SEC's Guide 7. 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. The SEC normally only permits issuers to report mineralization
that does not constitute SEC Industry Guide 7 compliant 'reserves' as
in-place tonnage and grade without reference to unit measures. It cannot
be assumed that all or any part of mineral deposits in any of the above
categories will ever be upgraded to Guide 7 compliant reserves.
Accordingly, disclosure in this press release and in the technical
reports referred to in this press release may not be comparable to
information from U.S. companies subject to the reporting and disclosure
requirements of the SEC.

Midway Gold Corp.

R.J. Smith, 877-475-3642 (toll-free)

Vice
President of Administration