Meadow Bay Gold Update on Drilling at Atlanta Gold Mine in Nevada

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 08/03/11 -- Meadow Bay Gold Corporation ('Meadow Bay Gold') (TSX VENTURE: MAY)(PINK SHEETS: MBYCF)(FRANKFURT WKN: A1C3DN) has completed five core drill holes for a total of 3,854 feet (1,156 metres) of drilling on the Atlanta Gold Mine project and are currently on the sixth and last verification hole. The drill program is in accordance with recommendations made by Gustavson Associates, LLC of Boulder, Colorado - who have been retained to verify the drill results from earlier exploration and certify prior Kinross indicated mineral resources under modern day National Instrument 43-101 standards. Drill samples have been submitted to ALS Chemex for analysis and assays are pending. Gustavson Associates has also issued an opinion that sampling and security procedures at the Atlanta Gold Mine are compliant with QA/QC protocols required under NI 43-101.

Following the completion of the sixth verification hole, the drill will be moved northwards along the Atlanta Structure where it will begin in-fill drilling between widely -spaced exploration holes from previous operators. In addition to potentially adding to the resource base, these new holes will provide needed stratigraphic and structural controls before step-out drilling along untested portions of the structure further to the north.

In addition to the claims acquired this year through the acquisition of Desert Hawk Resources and the Agreement with Atna Resources, Meadow Bay Gold has staked in excess of 250 new unpatented mining claims. These claims effectively cover the entire Atlanta District and encompass both new exploration targets and space needed for any future mining operations.

Exploration in a new area, the Western Knolls, has revealed gold in rock-chip and soil samples over a broad area of silicified volcanics. Additional sampling and mapping is continuing with the goal of delineating a drill target during the 2011 exploration season. Initial soil sampling in further new area, the PEG area, has returned significant results from widely spaced samples and will be followed up later in August.

Charles (Bill) Reed, a Qualified Person under National Instrument 43-101, has reviewed the contents of this news release.

Meadow Bay Gold Corporation

Robert Dinning, Chairman and CEO

Neither 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 press release.

Contacts:

Launch IR

Matthew Harrington

613-882-7467
www.meadowbaygold.com