Midway Gold Develops Management and Operations Team

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
has been and continues to be actively building an experienced operations
team. During the past year, Midway has grown from a five person company
to one with 30 employees. To prepare a pathway towards production,
Midway has added executives and managers in key business areas including
operations, finance, controls, engineering and technical support,
permitting, and administration. Importantly, the additions have
operational and production skills that complement existing staff thereby
enabling Midway to transition into a producing gold company more
smoothly than could otherwise be achieved.

The growth outlined above has resulted in the achievement of a
remarkable amount of work on Midway′s Pan, Gold Rock, and Tonopah
projects over the past twelve months. Included in these achievements are
a Preliminary Economic Assessment, Preliminary Feasibility Study and
soon to be completed full Feasibility Study of its Pan gold project as
well the design and execution of a targeted drill program that resulted
in the creation of a resource that now exceeds one million ounces of
gold (see press release dated October 4, 2011). Additionally, the group
has conducted significant mine development drill programs at the Gold
Rock and Tonopah projects (formerly the Midway project). Results will be
reported when assays and evaluations are available.

While the engineering and resource development was underway, the Midway
team also successfully received an expanded exploration permit for the
Pan site. Additionally, they managed and wrote a Plan of Operations for
submittal to the BLM this week that will initiate the NEPA process for
the Pan mining permits required to enable construction and operations.
The team also created a Plan of Operations for Gold Rock that serves as
the basis for an Environmental Assessment to allow further development
activities to take place.

The project and operations growth resulted in a need to re-design the
organization into an operating company. Therefore, Mr. Richard Moritz
has been promoted to the position of Senior Vice President of
Operations. Reports to Mr. Moritz include Roger Gross, Vice President
and General Manager of Nevada Operations, Tom Williams, Vice President
of Environmental Affairs, Eric LeLacheur, Nevada District Geologist, and
David Mosch, Senior Mining Engineer. Mr. Moritz′s organization will
continue to grow with the addition of a Project Manager likely during
the next year. Midway′s philosophy is to build strong local/regional
management while creating and maintaining a small corporate group to
concentrate on financing, corporate growth, consolidation, and reporting.

To attract and retain the necessary talent to enable Midway to succeed,
the board of directors has endorsed a total compensation package that
includes wages, customary benefits and employee stock options. Today,
the board granted non-qualified and incentive stock options on a total
of 2,755,000 shares of Midway's common stock to directors, employees and
consultants pursuant to Midway's shareholder approved combined incentive
and non-qualified stock option plan. The options are exercisable for up
to five years at a price of C$2.10 per share being the last closing
price (on October 24, 2011) of Midway's common shares prior to the board
of directors granting the options. Some of the options are subject to
vesting provisions and all of the options granted are subject to any
applicable regulatory hold periods.

Dan Wolfus, CEO and Chairman said, 'I am sure you will join with me
to welcome those new to Midway and to congratulate Rick, as well as the
others on the team for a job well done.?

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 increasing shareholder value and minimizing shareholder
dilution, risks related to the Company′s ability to negotiate and
execute definitive agreements with respect to the debt portion of the
capital required to place the Pan Project into production, risks related
to the Company′s ability to place the Pan Project or any other of the
Company′s projects into production, risks related to the timing and
completion of the Company's intended work plans for its 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