Midway Reports Long Gold Intercepts at Spring Valley Project, Nevada

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
announces second quarter results calculated from data provided by
Barrick Gold Exploration Inc. ('Barrick?), who is earning into Midway′s
Spring Valley Project, Nevada. Drill results are from holes that test
the northern extent of the known resource and holes that test the area
acquired late last year that is to the south of the known resource. The
drilling reported in this press release shows gold assays extend the
gold zone at least 1.7 kilometers to the southwest of the previously
known resource area over a width of approximately 0.5 kilometers.

In the north, long and high grade
gold intercepts extend northward the gold zone hosted in feldspar
porphyry and include 201 meters of 0.82 grams per tonne (gpt)
gold in SV11-515; and 94 meters of 1.06 gpt gold in SV11-517. In
the same area, SV11-514 encountered multiple intercepts including 47
meters of 0.72 gpt gold and 18 meters of 1.20 gpt gold.
Higher grade intercepts included 1.5 meters of 7.30 gpt gold and 1.5
meters of 6.89 gpt gold in SV11-514, and 9.1 meters of 4.70 gpt
gold in SV11-515.

In the south, reconnaissance
drilling in widely spaced holes beginning immediately adjacent to the
resource area extends the potential for mineralization to an area 1.7 km
long by 0.5 km wide for a total strike length of more than 3.5
kilometers long, including the known resource reported last year.
Initial results, along with results from SV10-499 reported earlier,
suggest that a widespread gold system may exist on land acquired in
2010. The most recent hole drilled furthest to the south, SV11-534,
encountered 30.5 meters of 0.89 gpt gold. Higher grade intercepts
included 1.5 meters of 15.91 gpt gold in SV11-521, 1.5 meters
of 9.46 gpt gold in SV11-530, and 4.6 meters of 7.47 gpt gold
in SV11-534. Assays are pending on additional holes in this area.

'We are very pleased to report these long and high grade gold
intercepts which expand Spring Valley′s resource potential in two
directions.We are particularly pleased about the gold intercepts
found south of the resource area on the lands acquired late last year
that had not been drilled,? said Ken Brunk, President and COO of
Midway. 'Spring Valley has the ear marks of a world class gold
system. Additional drilling will be needed to confirm the findings of
this widely spaced program.?

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).

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.

Please click on the following link to view the Spring Valley Q2 Drill
Holes and Results:

http://www.usetdas.com/pr/midwaypicture08252011.jpg

Drilling for 2011 commenced in early April and there is currently one
reverse circulation (RC) rig and one core rig operating on the property.
A total of 7,079 meters of RC and 2,363 meters of core in 24 holes were
completed through June. Results reported in this news release include
core holes SV10-503c and SV10-504c that were drilled at the end of 2010.
Hole SV10-507c was started in 2010 and completed in 2011 (See table
above). Final metallic screen assay results have been received for 5
holes, the remaining assay results are from preliminary fire assays.
Metallic screen assays analyze a larger quantity of the sample and are
more reliable when coarse gold is present.

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

Data reported 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 gold 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

Vice President of
Administration