Midway′s Spring Valley Gold Project, Nevada Advances to Barrick′s Development and Mine Site Exploration Groups

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
announces third quarter progress at its Spring Valley project based on
information provided by Barrick Gold Exploration Inc. ('Barrick?), who
is earning into the project. Progress includes:

• 
  Continued drilling of gold intercepts outside of the present resource
  area.
  
• 
  Increased participation of Barrick′s Project Development group and
  Barrick′s Mine Site Exploration group.
  

To accommodate a planned increase in operations, Barrick has expanded
the project office in Lovelock. Additionally, Barrick has initiated
cultural and biological studies to support an environmental assessment
for an expanded drilling area.

Ken Brunk, Midway′s President and COO said, 'We are pleased to see good
drill results that continue to expand our resources beyond the current
resource area. We are pleased to see that Barrick is now involving both
the mine development and mine exploration groups in this project. We
also want to thank the exploration group that had responsibility for the
project for their effort and diligence in conducting their activities on
the project prior to this transition. Spring Valley is in the initial
stages of transitioning from a pure exploration project to a mine
development project. This is an important step in the making of a future
mine.?

Widely spaced reconnaissance drilling south of the current resource
continues to encounter gold over an area 1.5 km long by 0.5 km wide. New
gold intercepts include 27 meters of 0.79 grams per tonne (gpt)
gold in SV11-525, and 32 meters of 0.86 gpt gold in SV11-534.
Higher grade intercepts included 6.1 meters of 6.86 gpt (including
1.5 meters of 21.91 gpt) gold in SV11-521, 6.1 meters of 4.97 gpt
(including 1.5 meters of 18.89 gpt) gold in SV11-530 and 10.7
meters of 1.44 gpt (including 1.5 meters of 8.95 gpt) gold in
SV11-532c. At the north end of the resource a new intercept of 65
meters of 0.86 gpt gold in SV11-513c was reported. Barrick′s 2011
drilling through the third quarter totals 33,610 feet in 29 reverse
circulation (RC) holes, 3,450 feet of pre-collar RC in the upper levels
of core holes, and 15,283 feet in 10 core holes. Final metallic screen
assay results have been received for 8 holes, the remaining assay
results are from preliminary fire assays. Assays remain pending for an
additional 15 holes. Core drilling was completed in September; RC
drilling was completed in November.

Spring Valley is a large, porphyry-hosted gold system. A May, 2011
updated resource estimate reported 2.16 million ounces of gold in the
combined Measured and Indicated categories at a cut-off grade of 0.14
gpt. There is an additional Inferred resource of 1.97 million ounces of
gold at the same cut-off grade. The Measured resource is 0.93 million
ounces contained within 59.0 million tonnes grading 0.49 gpt, the
Indicated resource is 1.23 million ounces contained within 85.8 million
tonnes grading 0.45 gpt, and the Inferred resource is contained within
103.9 million tonnes grading 0.59 gpt. The estimate was prepared for
Midway by Gustavson Associates, LLC of Lakewood, Colorado (Midway press
release dated May 2, 2011).

Reverse circulation drilling was conducted by Hard Rock Drilling of
Elko, Nevada.Core drilling was conducted by TonaTec Exploration
of Mapleton, Utah.Drill hole numbers ending with a 'C' indicate
core holes.Samples were assayed by ALS-Chemex Labs, in Sparks,
Nevada by 30-gram fire assays (FA) or 1000-gram metallic screen assays
(MS). Results reported represent thickness along the trace of the drill
hole and do not necessarily represent true thickness.

To view the map associated with this release, please click on the
following link: http://www.usetdas.com/pr/midwaymap12062011.jpg

Barrick can earn a 60% interest in the project by completing work
expenditures totaling US$30 million before December 31, 2013 under the
terms of an agreement executed between Midway and Barrick March 9, 2009.
Barrick has informed Midway that it intends to conduct and fund the
required program of US$7 million in 2011, resulting in cumulative
expenditures of US$16 million by December 31, 2011.

Data reported to Midway by Barrick and disclosed in this press release
have been reviewed for Midway by William S. Neal, (M.Sc., CPG), a
'Qualified Person? as that term is defined in National Instrument 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 Spring Valley project
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 Spring Valley project, 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, Manager of Corporate
Administration

877-475-3642 (toll-free)