Midway Drills 106.7 Meters of 1.23 gpt Gold at the Gold Rock Project, Nevada

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-MKT)
is pleased to announce drill results from its Gold Rock project, White
Pine County, Nevada, which have identified several new zones of
mineralization. Drilling highlights include:

'Drilling at Gold Rock continues to confirm historic drill results.
Additionally, step-out holes have been successful in identifying new
extensions to the current gold mineralization with the goal of expanding
the resource ahead of developing the mine plan at Gold Rock and
beginning the formal permitting process. Our geologists have also
identified a large number of nearby targets that warrant further
drilling to test for additional upside potential,? commented Ken Brunk,
President & CEO of Midway. 'The Company anticipates that Gold Rock will
be the next project in our portfolio to go into production, following
the construction and start-up of the Pan project.?

Midway currently has one RC rig operating on the Gold Rock property.
Table 1 lists previously unreleased drill results completed at Gold
Rock. The Company has completed 11,872 meters of RC drilling and 1,634
meters of core drilling thus far in 2012. An additional 6,084 meters of
RC is planned and drilling may extend into the beginning of 2013. Figure
1 shows the locations of drill holes listed in Table 1 in relation to
the current Gold Rock resource estimate, while Figures 2-3 demonstrate
representative intercepts in cross-section.

Reverse circulation drilling was conducted by National EWP of Elko,
Nevada. Core drilling was conducted by KB Drilling of Carson City,
Nevada. Drill hole numbers ending with a 'C' indicate core holes.
Samples were assayed by ALS-Chemex Labs, in Sparks, Nevada using 30 gram
fire assay methods. Results reported represent thickness along the trace
of the drill hole except where true thickness estimates are reported in
the table. Intervals may not match to the nearest tenth due to
arithmetic rounding.

Please click on the following link to view Figure 1: Gold Rock Drill
Hole Locations for Results in Table 1:

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Please click on the following link to view Figure 2: Gold Rock
Section 5800N:

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Please click on the following link to view Figure 3: Gold Rock
Section 8200N:

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About the Gold Rock Project

Gold Rock is 8 km southeast of Midway's Pan Project and appears to
contain similar host rocks and styles of gold mineralization. The Gold
Rock project is a Carlin-style gold deposit with a current Indicated
resource estimate of 310,000 oz of gold (12,968,000 tonnes at a grade of
0.74 gpt gold), plus an Inferred resource estimate of 331,000 oz gold
(17,894,000 tonnes at a grade of 0.58 gpt gold) using a 0.27 gpt gold
cutoff grade (see NI 43-101 Technical Report, February 2012). The
resource includes results from 466 verified historic drill holes and 31
Midway verification holes that were drilled in 2011. An updated
Technical Report dated November 29, 2012 clarified some of the language
contained within the report, but did not change the resource estimates.

This release has been reviewed and approved for Midway by Mr. William S.
Neal (M.Sc. and CPG), Midway′s 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, Chairman, President and CEO

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 assuring return on shareholder investments. For more
information about Midway, please visit our website at www.midwaygold.com.

Neither the TSX Venture Exchange, its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
nor the NYSE MKT 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, reserve
and resource estimates, estimated NPV of the projects, anticipated IRR,
estimated strip ratio, anticipated mining methods at the projects, the
estimated economics of the projects, anticipated gold recoveries and
annual production, estimated capital costs, operating cash costs and
total production costs, planned development drilling and anticipated
expansion of the resource, and the outcome of the permitting process.
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 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 reserved and resources; 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; risks related to
projected project economics, recovery rates, and estimated NPV and
anticipated IRR 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 documents referenced in this
press release use the terms 'reserve' and'mineral
resource', which are terms defined under Canadian National Instrument
43-101 and the Canadian Institute of Mining and Metallurgy
Classification system.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. 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.The references to a 'resource? in this press release
and the documents referenced in this press release are not normally
permitted under the rules of the SEC.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 referenced 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.

Jaime Wells, 877-475-3642

Investor Relations
Analyst