Midway Gold Announces Second Quarter 2012 Financial Results

Midway Gold Corp. (TSX.V and NYSE MKT: MDW) (the 'Company?) announces
financial results for the second quarter ended June 30, 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

• 
  Closing of a unit offering in Canada and the United States for
  aggregate gross proceeds of US$15,694,799 through the issue of
  12,261,562 units at a price of US$1.28 per unit. Each unit consists of
  one common share and one-half of one common share purchase warrant (please
  refer to our press release dated July 6, 2012 for further details).
  
• 
  First quarter drill results from the Spring Valley Project including
  136 meters of 0.75 grams per tonne (gpt) gold in hole SV11-516c, 61
  meters of 1.03 gpt gold in SV12-562, and 108 meters of 0.93 gpt gold
  in SV12-564 (please refer to our press release dated June 12, 2012
  for further details).
• 
  Mr. Kenneth A. Brunk appointed as Chairman and CEO of Midway (please
  refer to our press release dated May 12, 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 June 30, 2012 and December 31,
2011 is as follows:

Notes:

(1) The net decrease in cash and cash equivalents of $6.5 million is
primarily due to YTD operating activities of $4.6 million and investing
activities of $3.3 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 six months ended June
30, 2012 and June 30, 2011 is as follows:

Results from Operations

Our consolidated net loss for the six-month period ended June 30, 2012
was $7,299,639 or $0.06 per share, an increase of 21% from $6,015,264 or
$0.06 per share for the same period in 2010. The change primarily
relates to an increase in salaries and benefits of $939,969 as a result
of an increase in the number of employees of the Company as compared to
the same period in 2011. Salaries and benefits is inclusive of
$1,058,745 of non-cash stock based compensation for the six months ended
June 30, 2012 as compared to $635,687 for the comparable period of 2011,
an increase of $423,058.

To review Midway Gold′s Quarterly Report on Form 10-Q for the quarter
ended June 30, 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, Chairman, President and CEO

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 assuring return on shareholder investments. 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, its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
nor the NYSE MKT 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