Midway Establishes 'At-the-Market? Issuance Program

Midway Gold Corp. ('Midway' or the 'Company')
(MDW:TSX-V; MDW:NYSE-AMEX) announced today that it has established an
'At-the-Market' ('ATM') issuance program under
which it may sell up to a maximum of 6,000,000 of its common shares. The
ATM issuance program will be available to Midway on an as needed basis.
Subject to market conditions and funding requirements, Midway may, at
its discretion, from time to time sell all, some, or none of the
reserved shares during the term of the ATM program. Any common shares
issued under the ATM program will be sold through ATM issuances in the
United States. No ATM issuances will be made through the facilities any
Canadian exchange. Any ATM issuances will be made at market prices
prevailing at the time of the sale and, as a result, prices may vary.

Midway intends to use the net proceeds, if any, from the ATM issuance
program to fund its exploration and development activities on its Nevada
and Washington properties and for general corporate purposes.

Midway has entered into a sales agreement dated September 23, 2011 with
McNicoll, Lewis & Vlak LLC ('MLV'), under which MLV will
act as sales agent under the ATM issuance program during the term of the
agreement. The ATM sales agreement does not prohibit Midway from
conducting other financings.

The common shares are being offered pursuant to a prospectus supplement
dated September 23, 2011 to Midway′s U.S. base shelf prospectus dated
February 14, 2011, forming part of its registration statement on Form
S-3 (333-172009)filed the United States Securities and Exchange
Commission ('SEC'). The U.S. base shelf prospectus and the
prospectus supplement thereto have been filed with the SEC and are
available on the SEC's website at www.sec.gov
and on the SEDAR website maintained by the Canadian Securities
Administrators at www.sedar.com.
Alternatively, MLV will provide copies of the documents upon request by
contacting McNicoll, Lewis & Vlak LLC, Attention: Randy Billhardt, 1251
Avenue of the Americas, 41st Floor, New York, NY 10020, or by calling
212-580-5881.

This news release does not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of common
shares in any state or jurisdiction in which the offer, solicitation or
sale would be unlawful prior to registration or qualification under the
securities laws of any such state or jurisdiction. The offering of any
common shares has not been approved or disapproved by any regulatory
authority, nor has any such authority passed upon the accuracy or
adequacy of the prospectus supplement or Midway's shelf registration
statement.

ON BEHALF OF THE BOARD

'Daniel E. Wolfus'

Daniel
E. Wolfus, Chairman, CEO 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 financing plans and use of proceeds. 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
projects, 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.

Midway Gold Corp.

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

Vice
President of Administration

www.midwaygold.com