Midway Drills 50 Meters of 1.3 gpt Gold at Gold Rock, Nevada

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
announces that drilling on its Gold Rock Project, White Pine County,
Nevada intercepted 50 meters of 1.37 grams per tonne (gpt) gold
including 8 meters of 4.4 gpt gold in core hole GR11-23c.
Drilling also intercepted 45 meters of 1.44 gpt gold including 3
meters of 4.8 gpt gold and 4.4 meters of 3.9 gpt gold in
GR11-14c, and 30 meters of 1.34 gpt gold including 16 meters
of 2.1 gpt gold in GR11-29. These final results from the 2011
drilling program continue to confirm the expected grade and location of
this bulk tonnage, Carlin-style, sediment-hosted gold mineralization
defined by historical drilling. Drill intercepts are listed in the table
below.

Core holes that twinned adjacent reverse circulation (RC) holes show
very good correlation in intercept thickness and average grade. The core
holes GR11-23c and GR11-25c intercepted better gold grades than in the
RC holes as shown in the twin hole comparison table below. Another core
hole, GR11-14c, intercepted thicker gold mineralization with similar
higher grade zones as seen in the RC twin.

Ken Brunk, Midway′s President and COO said 'Our 2011 drilling
verified the gold mineralization adjacent to the Easy Junior pit and
along strike to the north and south. The results from the three pairs of
twin holes are a robust confirmation of the RC drilling. Validation of
the historic data is being conducted independently and will be included
in a new NI 43-101 resource estimate in progress. We believe the Gold
Rock gold deposit is comparable in size to our nearby Pan gold deposit,
but with a potentially higher average grade.We are planning an
aggressive drill program for 2012 to establish the size and grade of the
deposit and to put the project on a course for mine development.?

Reverse circulation drilling was conducted by O′Keefe Drilling of
Butte, Montana and National Drilling of Elko, Nevada. Core drilling was
conducted by KB Drilling of Carson City, Nevada. Samples were assayed by
ALS-Chemex Labs, in Sparks, Nevada by 30-gram fire assays. Results
reported represent thickness along the trace of the drill hole and do
not necessarily represent true thickness.

Midway′s 2011 Gold Rock drill program was part of a two-stage
verification program designed to confirm a 2,500 meter long gold zone
that Midway geologists identified from historic drill results by past
operators. Verification drilling included 20,900 feet in 25 RC holes and
5,155 feet in 6 core holes. A detailed evaluation of historic drill hole
survey locations, confirmation of assay results, and review of geology
and alteration are in progress as part of 43-101 resource estimate
currently in progress.

Core-RC pairs GR11-07 & GR11-15c and GR11-29 & GR11-13C deviated away
from each other down the hole to such a degree that they do not
represent a true twin test at the depth of the intercept.

Gold Rock is 8 km southeast of Midway′s Pan Project and appears to
contain similar host rocks and similar styles of gold mineralization. A
1988 historical report of the resource around the Easy Junior open pit
mine estimates 344,770 oz gold in 13.5 million tonnes of 0.8 gpt gold
(NI 43-101 Technical Report dated March 28, 2011). A Qualified Person
has not done sufficient work to classify the historical estimate as a
current NI43-101 compliant mineral resource. Midway is not treating the
historical estimate as a current mineral resource and the historical
estimate should not be relied upon.

Map of Drill Hole Locations

Gold Rock Project, Nevada

To view the drill hole map, click onto the link below or cut and paste
into your web browser:

www.usetdas.com/maps/midway/midway2Feb21.jpg

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.

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