Midway Drills 334 gpt Gold at Tonopah Project, Nye County, Nevada

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
announces that drilling in the Discovery Zone at its Tonopah Project
(previously named the Midway Project), Nye County, Nevada has identified
multiple high grade intercepts listed below:

• 0.4 meters of 334.9 grams per tonne (gpt) gold and 1.5
  meters of 78.41 gpt gold within a zone of 45.9 meters of 7.68
  gpt gold in drill hole MW11-09c
  
• 0.5 meters of 88 gpt gold within a zone of 47.9 meters of
  2.02 gpt gold in MW11-05c
  
• 2.7 meters of 17.5 gpt gold within a zone of 21.6 meters of
  4.83 gpt gold in MW11-07c
  

In addition, the drilling also encountered longer intercepts of:

• 46.6 meters of 2.67 gpt gold in MW11-08c
  
• 30.5 meters of 2.09 gpt gold in MW11-11c
  
• 52.4 meters of 1.99 gpt gold in MW11-04c
  
• 44.5 meters of 1.13 gpt gold in MW11-06c
  

Additional drill intercepts are listed in the table below.

Ken Brunk, Midway′s President and COO said, 'We are pleased with the
grades and length of our drill results in the Discovery Zone. Our 2011
drilling confirmed that the higher grade gold zones occur within lower
grade blanket-like gold mineralization. This allows us to evaluate
various mining methods including open pit or underground methods and
select the best approach for the project.To avoid confusion with
the company name, the Midway Project has been renamed the Tonopah
Project.?

The Tonopah Project is about 15 miles north of the town of Tonopah,
Nevada, and Midway′s 2011 drilling program used core drilling to closely
define structurally controlled mineralization which was previously only
partially tested by RC drilling. Detailed core drilling was essential to
identify the true width and orientation of the veins. The drill program
totaled 3,970 meters of core with 1,562 meters in the Discovery zone,
902 meters in the 121 zone, 652 meters in the Dauntless zone, 609 meters
in the 63-77 zone, and 245 meters in a geotechnical hole near the site
of a possible future mine shaft. Drill intercepts for the Discovery Zone
are reported here. Assays for the other zones remain pending.

Core drilling was conducted by KB Drilling of Carson City, Nevada.
Samples were assayed at ALS-Chemex Labs, in Sparks, Nevada by 30-gram
fire assays. Metallic screen assays were completed by Florin Labs in
Sparks, Nevada. Results reported represent thickness along the trace of
the drill hole and do not necessarily represent true thickness.

This release has been reviewed and approved by Mr. William S. Neal
(M.Sc. and CPG), Vice President of Geological Services, and a 'Qualified
Person' as that term is defined in NI ?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 projects 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 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, Vice President of
Administration

(877) 475-3642 (toll-free)

www.midwaygold.com