Midway Gold Announces First Quarter 2012 Financial Results

Midway Gold Corp. (TSX.V and NYSE Amex: MDW) (the 'Company?) announces
financial results for the first quarter ended March 31, 2012. These
results were filed today with the United States Securities and Exchange
Commission (the 'SEC?) in the Company′s quarterly report on Form 10-Q,
and with the relevant security regulators in Canada.

Recent Highlights

• 
  Significant gold resource increase in NI 43-101 compliant estimate for
  Gold Rock Project, White Pine County, Nevada (please refer to our
  press release dated February 29, 2012).
  
• 
  Barrick Gold has informed Midway that it intends to conduct and fund
  an $11 million program at Midway′s Spring Valley Project, Pershing
  County, Nevada, 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 target area. The development
  work will include metallurgical, geotechnical and hydrological studies
  (please refer to our press release dated April 11, 2012).
• 
  The appointment of Mr. John W. Sheridan to the Company′s Board of
  Directors and as chair of its Audit Committee, filling a previously
  announced vacancy. All three of Midway's board committees (Audit,
  Compensation, and Corporate Governance and Nominating) have three
  independent board members (please refer to our press release dated
  February 28, 2012).

Financial Results

All references to '$? in this release mean the Canadian dollar. The
financial information is presented in accordance with U.S. generally
accepted accounting principles.

A comparison of our balance sheets at March 31, 2012 and December 31,
2011 is as follows:

Notes:

(1) The net decrease in cash and cash equivalents of $3.8 million is
primarily due to first quarter operating activities of $2.4 million and
investing activities of $1.5 million.

(2) The net change in liabilities is primarily related to an increase in
accounts payable and accrued liabilities.

A comparison of the results of operations for the three months ended
March 31, 2012 and March 31, 2011 is as follows:

Results from Operations

Our consolidated net loss from operations for the three-month period
ended March 31, 2012 was $3,072,393 or $0.03 per share, an increase of
13% from $2,714,283 or $0.03 per share from the first quarter 2011. The
change primarily relates to an increase in salaries and benefits of
$471,216 as a result of an increase in the number of employees of the
Company as compared to the first quarter of 2011. Of the year over year
change in salaries and benefits, $175,953 was included as non-cash stock
based compensation.

To review Midway Gold′s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2012, including our Management Discussion and Analysis,
visit any of the following websites: www.sedar.com,
www.sec.gov
or www.midwaygold.com.

The 'Recent Highlights? section of this release has also 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 of the Canadian Securities Administrators.

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, statements
about the Company's intended work plans and resource estimates and
potential offering of common shares of the Company from time to time.
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, 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 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.

R.J. Smith, 877-475-3642 (toll-free)

Vice
President of Administration

www.midwaygold.com