Midway Reports $11 Million Budgeted for Spring Valley, Nevada in 2012

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
reports a summary of 2011 work at Spring Valley, Nevada based upon
information provided to Midway by Barrick Gold Exploration Inc. Barrick
is earning into the project and in 2011 spent $7.6 million (unaudited).
Barrick′s total expenditure through the end of 2011 of approximately
$17.7 million exceeds the cumulative $16 million expenditure required.
In 2011, Barrick completed 4,682 meters in 14 core holes and 14,458
meters in 32 reverse circulation (RC) holes and 10 core pre-collars.
Assay results received during the last quarter of 2011 are listed in the
table below. These include metallic screen (MS) re-assays of some
previously reported holes. Higher grade intercepts include:

• 21.3 meters of 4.73 grams per tonne (gpt) including 1.5 meters of
  62.71 gpt in SV11-538C
• 6.1 meters of 6.86 gptincluding 3.0 meters of 13.51 gpt in
  SV11-521
• 6.1 meters of 4.97 gpt including 1.5 meters of 18.89 gpt in SV11-530
• 1.5 meters of 22.11 gpt in SV11-544
• 9.8 meters of 2.13 gpt in SV11-537C

Drilling continues with two rigs operating on the property to further
advance the project.

Barrick has informed Midway that it intends to conduct and fund an $11
million program in 2012 that includes both exploration drilling and
development work in preparation for an internal pre-feasibility study.
Exploration will be focused on in-fill drilling in the north resource
area and expansion drilling of the south resource area. The development
work will include metallurgical, geotechnical and hydrological studies.
This program exceeds the minimum required 2012 program. Under the terms
of the March 9th, 2009 agreement between Midway and Barrick, Barrick
will earn a 60% interest in the project by completing expenditures
totaling US$30 million before December 31, 2013.

Ken Brunk, Midway's President and COO said, 'We are pleased that Barrick
is accelerating their earn-in expenditures. If they continue on the
planned schedule, they could elect to complete their 60% earn-in by the
end of 2012 or in early 2013. They are in the initial stages of
transitioning Spring Valley from an exploration project into a mine
development project. They upgraded project support facilities in
Lovelock in anticipation of increased in-fill and step-out drilling and
are expanding the area permitted for drilling to allow exploration in
new areas of the property.?

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 using
30 gram fire assay methods (FA) and by metallic screen assay methods
(MS). Results reported represent thickness along the trace of the drill
hole and do not necessarily represent true thickness. Intervals may not
match to the nearest tenth due to arithmetic rounding.

To view the map associated with this release, please click on the
following link:

http://www.usetdas.com/pr/midwayfigure104112012.pdf

Spring Valley is a large, porphyry-hosted gold system. A May, 2011
updated resource estimate by Midway 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). The updated resource includes
Barrick′s 2009 and 2010 drill results and significantly increased the
resource in the Measured and Indicated categories and added additional
Inferred resources.

This release has been reviewed and approved for Midway by William S.
Neal (M.Sc., CPG), Vice President of Geological Services of Midway, a
'qualified person' as that term is defined in NI 43-101.

ON BEHALF OF THE BOARD

'Kenneth A. Brunk'

Kenneth A. Brunk, Director, President and COO

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, reserve
and resource estimates, estimated NPV of the project, anticipated IRR,
estimated strip ratio, anticipated mining methods at the project, the
estimated economics of the project, 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 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
report 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