Meadow Bay Gold Consolidates the Atlanta Gold and Silver Mining District in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 24, 2011) - Meadow Bay Gold Corporation ("Meadow Bay Gold") (TSX VENTURE:MAY)(OTCQX:MAYGF) has completed its claim assembly in Lincoln County, Nevada, unitizing the Atlanta Mining District centered on the past producing Atlanta Gold Mine. The package now includes over 10,000 acres of mining and exploration claims divided amongst four main projects as set out below – The Atlanta Gold Mine, Western Knolls, PEG and Limestone Hills: http://media3.marketwire.com/docs/OverallClaimPositionAug152011.jpg

Western Knolls

Initial examination of the area along the pipeline road to the west of the Atlanta Mine revealed the presence of silicified, brecciated and iron-stained volcanic rocks. Preliminary rock-chip samples of favorable lithologies revealed the presence of precious metals and key pathfinder elements in significant quantities. Follow-up sampling has expanded the area of alteration to encompass over three square miles. Currently, the area is being evaluated by grid soil sampling over the area showing silicification. Preliminary results suggest that this is an effective tool for identifying areas worthy of more detailed exploration. Surface magnetic and gravity surveys will be conducted over these areas in the fall.

PEG

Initial widely spaced stream sediment samples turned up anomalous values beneath cliffs of post-mineral volcanics south of the Western Knolls. In addition to discovering favorable lithologics and mineralization, initial reconnaissance exploration has found exploration pits and shafts that are not mentioned in any geologic reports. Preliminary soil samples were highly anomalous in gold and a program of detailed follow-up soil sampling has been started. The PEG area lies along the margin of the proposed White Rock and Indian Peak Calderas, which may have localized potential ore-bearing fluids.

Limestone Hills

The Limestone Hills are the next range of hills to the east of the Atlanta Mine. Initial reconnaissance revealed that the Paleozoic carbonate rocks are iron stained, silicified and brecciated, particularly in proximity to the Tertiary volcanic rocks on the south end of the claim block. Further investigations revealed five RC drill sites from exploration dating back at least from the early 1990s. Rock-chip samples from favorable lithologies are currently in the lab being analyzed. Further work will include trying to get the results of past drilling and conducting preliminary soil sampling to see if this is an effective exploration tool. Geologic mapping will be conducted during the Fall to get a better understanding on the controls of mineralization.

Meadow Bay Gold continues drilling at the Atlanta Gold Mine to confirm the Kinross historic resource and execute its exploratory program.

Charles (Bill) Reed commented, "The Atlanta Gold and Silver District is a prospective precious metals district with exceptional potential to be one of the most prolific mines in the State of Nevada and we look forward to developing a multi million ounce gold deposit at Atlanta."