Midway Gold Announces First Quarter 2013 Financial Results

Midway Gold Corp. (TSX.V and NYSE-MKT: MDW) (the 'Company?) announces
financial results for the quarter ended March 31, 2013. 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 securities regulators in Canada.

Ken Brunk, Midway′s Chairman, President and CEO stated, 'Midway is off
to a great start in 2013. We have achieved impressive successes in the
permitting arena at two of our leading projects, Pan and Gold Rock. The
$85 million we raised in 2012 leaves us with a strong balance sheet.
Barrick′s earn in announcement at Spring Valley was well ahead of their
scheduled requirements and they continue to move the project forward at
an advanced pace. We look forward to continuing to bring good news to
the sector throughout the remainder of this year.?

Recent Highlights

• 
  The Draft Environmental Impact Statement (EIS) for Pan was published
  in the Federal Register on March 22^nd and opened for public
  comment. The public comment period ended on May 6^th. This
  major milestone provided guidance on the permitting progress to date
  and confirmed that the Company is on track for receipt of final
  permits in October/November of 2013.
  
• 
  Barrick formally notified Midway that it completed its $30 million
  expenditure requirement to earn a 60% interest in the Company′s Spring
  Valley Project. They further stated their intent to exercise their
  option to earn a 70% interest by spending an additional $8 million.
  
• 
  Midway also announced it received the Water Pollution Control Permit ?
  a key permit for operations at Pan.
  
• 
  A mine Plan of Operations for the Company′s second project, Gold Rock,
  was submitted to the BLM to initiate the EIS process on that project.
  
• 
  Midway appointed John Labate as Chief Financial Officer, effective May
  8^th.
  

Results from Operations

Midway is advancing the Pan project towards production in 2014 and
developing its Gold Rock project. The operating loss of $4.9M for the
three months ending March 31, 2013 was primarily due to mineral
exploration expenditures of $1.8M, legal, audit, and accounting costs of
$1M and salaries and benefits of $1.0M (net of non-cash stock based
compensation expense). Increases in mineral exploration expenditures
were driven by drilling activity at the Company′s Gold Rock project and
salaries and labor costs across all projects. Legal, audit and
accounting costs related to legal expenses incurred on general, land and
other corporate matters, and the utilization of financial consultants
for SEC and SEDAR filing requirements and the investigation of different
financing options to meet our capital demands as we bring the Pan Gold
project into production. Salaries and benefits have increased period
over period as a result of 10 additional employees as of March 31, 2013
from 27 as of March 31, 2012.

Our consolidated net (income) loss attributable to common shareholders
for the three-month period ended March 31, 2013 was $(3,600,270) or
$(0.03) basic and $.02 diluted (income) loss per share, an increase from
a loss of $3,072,393 or $0.03 basic loss per share for the comparable
period in 2012.

All amounts in this report are expressed in Canadian Dollars. The
financial information is presented in accordance with U.S. generally
accepted accounting principles.

To review Midway Gold′s Quarterly Report on Form 10-Q for the quarter
ended March 31, 2013, 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 Jaime Wells, Investor Relations Analyst, 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.

Midway Gold Corp.

Jaime Wells, 877-475-3642 (toll-free)

Investor
Relations Analyst