Midway Gold Files NI 43-101 Technical Report on Pan Project ? Resource Increases to More Than 1 Million Ounces of Gold

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
announces it has filed a NI 43-101 technical report including an updated
resource estimate that exceeds one million ounces of gold in the
Measured and Indicated categories for its Pan Project, located 29 km
southeast of Eureka, Nevada. The 1.13 million ounces of gold are
contained in 37 million tonnes of 0.49 grams per tonne (gpt) gold in the
Measured category and 43 million tonnes of 0.40 gpt gold in the
Indicated category using a 0.14 gpt gold cutoff grade. This current gold
resource remains open in multiple directions and additional exploration
drilling is planned.

Updated Resource Estimate, Pan Project, Nevada

Note: The tonnage and total ounces of gold were determined from the
statistical block model. Average grades were calculated from the tonnage
and total ounces and then rounded to the significant digits shown.
Calculations based on this table may differ due to the effect of
rounding.

This updated resource estimate includes all data available through
August, 2011. The estimate has been prepared by Gustavson Associates,
LLC of Lakewood, Colorado, under the direction of Ms. Terre A. Lane, an
independent Qualified Person. All estimates were prepared utilizing
standard industry software and resource estimation methodology. Further
details are available in the new NI 43-101 technical report, posted on
SEDAR (www.sedar.com).
A Feasibility Study using the updated resource is currently in progress.

The Pan Project in White Pine County, Nevada is a bulk tonnage,
Carlin-style, sediment-hosted gold deposit. The deposit remains open to
the north, to the south, and at depth. Midway announced a Prefeasibility
Study in April 2011. Using the earlier resource and a base case of
$1050/oz gold price, the project had an NPV of $91 million and a 33%
Internal Rate of Return.

Technical information in this release has been reviewed and approved 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, 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