Midway Drills 23 Meters of 2.3 gpt Gold at Gold Rock, Nevada

Midway Gold Corp. ('Midway' or the 'Company') (MDW:TSX-V; MDW:NYSE-AMEX)
announces that drilling on its Gold Rock Project, White Pine County,
Nevada intercepted 23 meters of 2.33 grams per tonne (gpt) gold,
including 3 meters of 4.56 gpt gold,in drill hole GR11-16
and 44 meters of 0.96 gpt gold in drill hole GR11-11. The drill
results continue to confirm the expected grade and location of
mineralization defined by historical drilling. Drill intercepts and hole
locations are listed in the table and shown on the map below. Gold Rock
is 8 km southeast of Midway′s Pan Project and appears to contain similar
host rocks and similar styles of gold mineralization to those at Pan.

Ken Brunk, Midway′s President and COO said 'Our verification drilling
is continuing to encounter gold mineralization adjacent to the Easy
Junior open pit and along strike to the north and south. The results
correlate well with the location and grade of gold intercepts found in
historical drill holes. This validation of the historic data should
allow us to include data from 673 historic drill holes along with our
own drilling when estimating a new NI 43-101 compliant resource. We
believe Gold Rock could host a gold deposit that is comparable in size
to our nearby Pan gold deposit, but with a potentially higher average
grade.?

Midway′s 2011 Gold Rock drill program was designed to verify historic
reports of gold mineralization indicated in drill results from past
operators and to further evaluate this bulk tonnage, Carlin-style,
sediment-hosted gold project. Midway′s verification drilling included
21,100 feet in 25 RC holes and 5,260 feet in 6 core holes. Assay results
from 7 RC holes and 6 core holes are pending. Results from the first 7
holes were released earlier (see press release dated September 14,
2011).

A 1988 historical report of the resource around the Easy Junior open pit
mine estimates the presence of 344,770 oz gold contained in 13.5 million
tonnes at a grade of 0.8 gpt gold. A Qualified Person has not done
sufficient work to classify the historical estimate as a current NI
43-101 compliant mineral resource. Midway is not treating the historical
estimate as a current mineral resource and the historical estimate
should not be relied upon.

In 1986, Echo Bay Mines discovered the Easy Junior gold deposit in what
is now the center of Midway's Gold Rock project. Alta Gold conducted
open pit mining at Easy Junior between 1989 and 1994; gold recovery
continued to 1996. Midway, through its acquisition of Pan-Nevada Gold
Corporation, gained control of the project in 2007.

Reverse circulation drilling was conducted by O′Keefe Drilling of
Butte, Montana and National Drilling of Elko, Nevada. Core drilling was
conducted by KB Drilling of Carson City, Nevada. Samples were assayed by
ALS-Chemex Labs, in Sparks, Nevada by 30-gram fire assays. Results
reported represent thickness along the trace of the drill hole and do
not necessarily represent true thickness.

To view the Map of Drill Hole Locations, Gold Rock Project, Nevada,
please click on the following link: http://www.usetdas.com/pr/midway11142011006.gif ? ?

This release has been reviewed and approved by Mr. William S. Neal
(M.Sc. and CPG), 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