Substantial Resource Growth At Spring Valley Reported 

DENVER, CO - Midway Gold Corp. reported that the total gold identified at its wholly-owned Spring Valley project in Pershing County, Nevada has grown significantly from the previous Inferred resource estimate in 2009. Drilling at Spring Valley in the last two years has resulted in the conversion of 2.16 million ounces of gold to the Measured and Indicated categories, consisting of 0.93 million ounces in the Measured category and 1.23 million ounces in the Indicated category at a cut-off grade of 0.14 grams per tonne (g/t). The new drilling also produced an additional Inferred resource of 1.97 million ounces of gold at the same cut-off grade.

The Measured resource is contained within 59.0 million tonnes grading 0.49 g/t, the Indicated resource is contained within 85.8 million tonnes grading 0.45 g/t and the Inferred resource is contained within 103.9 million tonnes grading 0.59 g/t. Ken Brunk, President and Chief Operating Officer said, We believe these new results show that Spring Valley is rapidly becoming a world-class gold system and could see further substantial growth with continued exploration along trend of the resource reported here. We are anxiously awaiting the commencement of drilling and future results from ground acquired late last year. The resource remains open at depth, to the south, and to the northwest. Significant untested strike length remains within land recently acquired adjacent to the south end of the resource. Drill hole SV10-499c encountered gold 1,800 meters south-southwest of the 2011 resource area in similar host rocks and alteration along trend of known mineralization. Midway considers the untested trend to be highly prospective. The resource is open to the north where hole SV10-511 intercepted 295 meters of 2.5 g/t gold, which included 71.6 meters of 9.0 g/t gold, using the 0.14 g/t cut-off. Under the terms of a March 9th, 2009 agreement between Midway and Barrick Gold Exploration Inc., Barrick will earn a 60% interest in the project by completing work expenditures totaling US$30 million before December 31, 2013. Barrick has informed Midway that it intends to conduct and fund the minimum required program of US$7 million in 2011 which will result in a cumulative expenditure of US$16 million by December 31, 2011. Drilling in 2011 is expected to focus on expanding the resource and evaluating satellite targets, particularly within the recently acquired land south of the existing resource. The 2011 resource estimate includes all data provided to Midway by Barrick from its 2009 and 2010 drill campaigns. The company's address is 8310 South Valley Highway, Englewood, CO 80112, (720) 979-0900, fax: (720) 979-0898, email: [email protected].