Meadow Bay Gold Reports First Assays From Atlanta Gold Mine in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 22, 2011) - Meadow Bay Gold Corporation ("Meadow Bay Gold") (TSX VENTURE:MAY)(OTCQX:MAYGF) is pleased to report assay results from its first two core drill holes of our confirmatory drilling program at the Atlanta Gold Mine, Lincoln County, Nevada.

The purpose of the first two drill holes was to test for thickness and grade of gold and silver mineralization beneath the past producing Atlanta Pit which was closed in 1985 due to low gold prices. The mineralization occurs in a jasperoid fault breccia between overlying Tertiary volcanic rocks and Paleozoic sedimentary rocks.

Below is a table summarizing the drill results:

The purpose of this initial drilling program is to confirm the historic indicated resource that exists on the project. Both Kinross and Gold Fields had extensive drilling programs at Atlanta in the 1990s. The first 6 core holes will either twin existing holes or drill below remaining mineralization in the historic open pit. Consequent core and RC step-out and exploration drilling will test both fault-controlled mineralization to the north as well as intrusive-hosted mineralization to the southwest of the pit. Meadow Bay Gold has engaged the firm Gustavson Associates, LLC of Boulder, Colorado to review the current and historic data with a view to preparing a updated estimate of the gold and silver resources pursuant to National Instrument 43-101.

To view map that shows the drill hole locations for the current round of drilling and cross sections, visit the following link: http://media3.marketwire.com/docs/DrillHoleMapandCrossSections.pdf

Robert Dinning, CEO commented, "We are happily surprised by these first results from our drill program at the Atlanta Gold Mine. An additional four holes in the first program are currently being analyzed at ALS Chemex with assays results expected within 4 to 6 weeks."

Bill Reed, a Qualified Person as defined by National Instrument 43-101, and Director of Meadow Bay Gold has reviewed the contents of this press release. An ongoing QA/QC program is being employed including blank, duplicate and reference standards with samples are being assayed at the ALS Chemex lab in Elko Nevada, by fire assay with a gravimetric finish. Meadow Bay Gold is focused on developing the former producing Atlanta Gold Mine in Nevada, USA. Drilling continues as does reconnaissance exploration on recently staked claims to the northwest and southeast.

Meadow Bay Gold has retained Goal Capital Inc. of Orange County, California to assist in developing and expanding its communications with the US investment community through a comprehensive investor relations program for a monthly consulting fee of US$7,000. Meadow Bay Gold has also granted Goal Capital 250,000 stock options vesting over a one year period exercisable for a period of five years at a price of $1.03 per share.