Midway Gold Corp.: Positive Drilling and Metallurgical Results in Spring Valley Update

  Midway Gold Corp. ("Midway") (TSX VENTURE: MDW)(NYSE Amex: MDW) is pleased to announce continued success from third quarter work reported by Barrick Gold Exploration Inc. ("Barrick") at Midway's Spring Valley Project, Nevada. Significant intercepts include fire assays of 339.5 feet of 0.037 opt gold (including 10 feet of 0.485 opt gold) and 156 feet of 0.028 opt gold in SV09-461C. Metallic screen assays include 220 feet of 0.034 opt gold in SV09-456, 45 feet of 0.058 opt gold including 5 feet of 0.400 opt gold and 110 feet of 0.031 opt gold in SV09-466, and 140 feet of 0.033 opt gold and 100 feet of 0.021 opt gold in SV09-450. Additional high grade intercepts include a metallic screen assay of 52.5 feet of 0.889 opt gold including 5 feet of 9.101 opt gold in SV09-451C and a fire assay of 15.8 feet of 1.731 opt gold including 5 feet of 6.038 opt gold in SV09-454C.

"We are pleased with the progress Barrick has made this year in improving the quality of the resource with their program that tested the grade and distribution of gold, filled internal gaps in the resource area, and conducted extensive metallurgical tests," said Alan Branham, President and CEO of Midway Gold Corp. "These tests highlight the presence of abundant coarse gold in the Spring Valley deposit, exhibited in numerous high grade results noted in this release. Metallurgical tests are examining the effect of coarse gold to better establish overall grade and determine optimal gold recovery methods. All of Midway's exploration permits have been assigned to Barrick so they may test to the north and south of the resource where there are untested areas with unmistakable potential for growth. We anticipate an aggressive expansion drill program in 2010."

Barrick estimates that expenditures through the third quarter stand at 94% of their US$4,000,000 firm commitment for the year ending December 31, 2009. Barrick drilled 34 holes in 2009, totaling 29,002 feet of reverse circulation (RC) drilling and 8,738 feet of core. Fire assay results have been received for all 2009 holes but metallic screen assays are pending on ten holes, including two of the twin holes. New drill intercepts provided to Midway by Barrick are summarized in Table 1 below.

Bottle roll and gravity separation tests have been completed and column leach tests are still underway. Metallurgical testing of thirteen composite samples continues to give positive results. Initial Bottle Roll tests are complete and preliminary results were reported in a previous update (See 24 August 2009 report). Column Leach tests must run to completion before final conclusions can be made, but already five of the samples have recovered more gold than was estimated from the head grade assays.

Results from the gravity testing indicate that substantial amounts of the gold in the samples could be recovered by simple gravity methods without fine grinding, but that gravity alone may not be the optimal processing option. Gravity separation tests showed gold recoveries in the range of 91% to 50.6% of the calculated head grade. The majority of gravity recoverable gold was released with the coarsest grind. Gravity tails were found to be amenable to leaching of the remaining gold.

Midway and Barrick entered into an agreement on March 9, 2009 for the exploration and development of the Spring Valley property in Pershing County, Nevada, covering approximately 18.4 square miles. Under the terms of the agreement, Barrick may earn a 60% interest in the property by spending US$30,000,000 in work expenditures by December 31, 2013. Midway is a gold exploration and development company that currently has four advanced stage gold resources in Nevada and Washington. Aggressive exploration has resulted in new discoveries in Nevada. For additional information, see the company website at: http://www.midwaygold.com

Data reported to Midway by Barrick and disclosed in this press release has been reviewed for Midway by William Neal, (M.Sc., CPG), a "qualified person" as that term is defined in National Instrument 43-101.

ON BEHALF OF THE BOARD

Alan Branham, President and CEO

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 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 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; 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.

Table 1: Spring Valley significant assays as reported by Barrick

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           Assay   Gold  Interval                   Gold  Interval
Drill Hole Type     opt        ft    From      To    g/t         m
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SV09-449   MS     0.057        10     285     295   1.94         3
Including  MS     0.101         5     290     295   3.45       1.5
           MS     0.026        40     725     765   0.89      12.2
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SV09-450   MS     0.033       140     805     945   1.14      42.7
Including  MS     0.118         5     815     820   4.04       1.5
Including  MS     0.134         5     855     860   4.61       1.5
Including  MS     0.157         5     895     900   5.37       1.5
           MS     0.021       100    1060    1160   0.73      30.5
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SV09-451C  MS     0.013      35.9     119   154.9   0.44      10.9
           MS      0.03        12     272     284   1.02       3.7
           MS      0.07      44.9     321   365.9    2.4      13.7
Including  MS     0.579         5     321     326  19.85       1.5
           MS     0.022      31.8     396   427.8   0.76       9.7
           MS     0.889      52.5   504.4     557  30.47        16
Including  MS     9.101         5   509.3   514.3    312       1.5
           MS     0.048        44     701     745   1.64      13.4
Including  MS      0.27       5.5     726   731.5   9.24       1.7
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SV09-452C  MS     0.056        91     140     231   1.91      27.7
Including  MS     0.715       5.4     140   145.4   24.5       1.6
           MS     0.031        15   578.6   593.6   1.07       4.6
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SV09-453C  MS     0.019      23.1   315.1   338.2   0.66         7
           MS     0.035      17.4   745.6     763   1.19       5.3
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SV09-454C  FA     0.015      16.7     377   393.7   0.52       5.1
           FA     0.029      58.6     676   734.6   0.99      17.9
Including  FA     0.192       5.5     711   716.5   6.57       1.7
           FA     1.731      15.8     811   826.8  59.36       4.8
Including  FA     6.038       4.5     811   815.5    207       1.4
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SV09-455C  FA     0.022     109.1     441   550.1   0.76      33.3
           FA     0.043      46.5   834.5     881   1.46      14.2
Including  FA      0.14       5.1     862   867.1   4.81       1.6
Including  FA     0.146       5.2   875.8     881   5.02       1.6
           FA     0.019      28.8     908   936.6   0.66       8.8
           FA     0.025      12.1   974.4   986.5   0.84       3.7
           FA     0.053      17.3  1076.2  1093.5   1.82       5.3
           FA     0.088        17    1188    1205   3.02       5.2
Including  FA     0.153       6.3    1194  1200.3   5.26       1.9
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SV09-456   MS     0.036        10     585     595   1.25         3
           MS     0.039        25     615     640   1.33       7.6
Including  MS     0.144         5     635     640   4.94       1.5
           MS     0.024        10     770     780   0.82         3
           MS     0.018        50     900     950   0.61      15.2
           MS     0.034       220     980    1200   1.15      67.1
Including  MS     0.166         5    1105    1110    5.7       1.5
Including  MS     0.224         5    1185    1190   7.69       1.5
           MS     0.017        70    1220    1290   0.58      21.3
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SV09-460   MS     0.014        25     750     775   0.47       7.6
           MS      0.01        15     815     830   0.34       4.6
           MS     0.013        35     895     930   0.44      10.7
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SV09-461C  FA     0.025        16     541     557   0.86       4.9
           FA     0.037     339.5   578.5     918   1.26     103.5
Including  FA     0.485        10     724     734  16.62       3.0
Including  FA     0.191         5   836.5   841.5   6.53       1.5
           FA     0.026        10    1083    1093   0.88       3.0
           FA     0.028       156    1138    1294   0.95      47.5
Including  FA     0.172         5    1222    1227   5.89       1.5
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SV09-465   MS     0.019        60     435     495   0.65      18.3
           MS     0.036        30     595     625   1.24       9.1
Including  MS     0.162         5     595     600   5.56       1.5
           MS     0.016        15    1040    1055   0.53       4.6
           MS      0.03        20    1080    1100   1.04       6.1
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SV09-466   MS     0.058        45     580     625   1.99      13.7
Including  MS       0.4         5     605     610   13.7       1.5
           MS     0.019        75     695     770   0.66      22.9
           MS     0.026        50     850     900    0.9      15.2
           MS     0.031       110     920    1030   1.07      33.5
Including  MS      0.13         5     950     955   4.45       1.5
Including  MS      0.26         5    1010    1015   8.92       1.5
           MS     0.026        60    1055    1115   0.88      18.3
Including  MS     0.118        10    1090    1100   4.06       3.0
           MS     0.047        15    1145    1160   1.62       4.6
Including  MS     0.113         5    1145    1150   3.86       1.5
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SV09-467   MS     0.022        30     720     750   0.74       9.1
           MS     0.024        10     850     860   0.83         3
           MS     0.016        20     885     905   0.56       6.1
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SV09-470   FA     0.075        10     615     625   2.56         3
Including  FA     0.106         5     620     625   3.63       1.5
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SV09-471   FA     0.019        35     875     910   0.66      10.7
Including  FA     0.102         5     905     910   3.51       1.5
           FA     0.052        45    1135    1180   1.78      13.7
Including  FA     0.203         5    1140    1145   6.97       1.5
Including  FA     0.126         5    1160    1165   4.32       1.5
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SV09-473   FA     0.018        30     675     705   0.63       9.1
           FA     0.053        20    1020    1040   1.83       6.1
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SV09-474   FA     0.041        30     515     545   1.42       9.7
Including  FA     0.173         5     540     545   5.94       1.5
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Reverse circulation drilling was conducted by Hard Rock Drilling of
Elko, Nevada. Core drilling was conducted by Boart Longyear of Salt
Lake City, Utah. Drill hole numbers ending with a "C" indicate core
holes. Samples were assayed by ALS-Chemex Labs, in Sparks, Nevada by
30 gram fire assays (FA). Intervals with quartz veining, strong
alteration, visible gold, or anomalous fire assays were re-assayed
using 1000 gram metallic screen assays (MS). Results reported represent
thickness along the trace of the drill hole and do not necessarily
represent true thickness.

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.

Contacts: Midway Gold Corp. R.J. Smith [phone] (toll-free) www.midwaygold.com