Midway Gold Corp.
TSX VENTURE : MDW
NYSE Amex : MDW

Midway Gold Corp.

May 14, 2009 08:00 ET

Midway Gold Warrants Exercised-Debt Retired

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 14, 2009) - Midway Gold Corp. ("Midway") (TSX VENTURE:MDW)(NYSE Amex:MDW) is pleased to report that investors of the November 2008 private placement have fully exercised their share purchase warrants and the Company has issued 12,500,000 common shares pursuant to the exercise of share purchase warrants at a price of $0.28 per share for proceeds of $3,500,000. Parts of the proceeds from the warrants were used to pay in full a $1,000,000 promissory note and accrued interest.

After retiring the debt, Midway has approximately $3.5 million cash on hand, allowing the Company to complete resource updates on the Golden Eagle project in the Republic district in Washington and the Pan project on the Eureka gold trend in Nevada. Permitting and mine design work is continuing on the Midway project. A possible update of the historic resource at the Gold Rock project, near Pan is also being considered. Two drills, funded by the partner, are currently working on the Spring Valley joint venture. The Company is fully funded to complete these plans through the end of the year.

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.

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.

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