Midway's Spring Valley Gold Project, Nevada Advances to Barrick's Development and Mine Site Exploration Groups 

DENVER, CO - Midway Gold Corp. reported third quarter progress at its Spring Valley project based on information provided by Barrick Gold Exploration Inc., who is earning into the project.

Ken Brunk, Midway's President and COO said, "We are pleased to see good drill results that continue to expand our resources beyond the current resource area. We are pleased to see that Barrick is now involving both the mine development and mine exploration groups in this project. We also want to thank the exploration group that had responsibility for the project for their effort and diligence in conducting their activities on the project prior to this transition. Spring Valley is in the initial stages of transitioning from a pure exploration project to a mine development project. This is an important step in the making of a future mine."

Widely spaced reconnaissance drilling south of the current resource continues to encounter gold over an area 1.5 km long by 0.5 km wide. New gold intercepts include 27 meters of 0.79 grams per tonne (gpt) gold in SV11-525, and 32 meters of 0.86 gpt gold in SV11-534. Higher grade intercepts included 6.1 meters of 6.86 gpt (including 1.5 meters of 21.91 gpt) gold in SV11-521, 6.1 meters of 4.97 gpt (including 1.5 meters of 18.89 gpt) gold in SV11-530 and 10.7 meters of 1.44 gpt (including 1.5 meters of 8.95 gpt) gold in SV11-532c. At the north end of the resource a new intercept of 65 meters of 0.86 gpt gold in SV11-513c was reported. Barrick's 2011 drilling through the third quarter totals 33,610 feet in 29 reverse circulation (RC) holes, 3,450 feet of pre-collar RC in the upper levels of core holes, and 15,283 feet in 10 core holes. Final metallic screen assay results have been received for 8 holes, the remaining assay results are from preliminary fire assays. Assays remain pending for an additional 15 holes. Core drilling was completed in September; RC drilling was completed in November.