MDW Midway Gold Corp.

Midway Gold Corp. ("Midway" or the "Company") (TSX VENTURE:MDW) (NYSE MKT:MDW)
announces that, further to its news release dated June 25, 2012, it has entered
into an underwriting agreement with a syndicate of underwriters co-led by RBC
Capital Markets and Haywood Securities Inc. and including Stifel Nicolaus Canada
Inc. (collectively, the "Underwriters"), whereby the Underwriters have agreed to
purchase 11,750,000 units (the "Units") at a price of US$1.28 per Unit for gross
proceeds of US$15,040,000 (the "Offering"). Each Unit consists of one common
share of the Company and one-half of one common share purchase warrant. Each
whole warrant (a "Warrant") will entitle the holder to purchase one common share
of the Company for a period of 18 months following the closing of the Offering
(the "Closing") at a price of US$1.85. The Company can accelerate the expiry of
the Warrants to a date 30 days after giving notice to the holders thereof in the
event the Company's common shares trade at a closing price on the NYSE MKT of
greater than US$2.10 for a period of 20 consecutive trading days following the
Closing.


The Company has granted the Underwriters an over-allotment option (the
"Over-Allotment Option") to purchase additional Units and/or additional Warrants
on the same terms as the Offering, in an amount equal to up to 15% of the number
of Units sold pursuant to the Offering, exercisable at any time up to 30 days
from and including the Closing. If the Over-Allotment Option is exercised in
full, the total gross proceeds to Midway will be US$17,296,000. 


Closing is expected to occur on or about July 6, 2012 and is subject to receipt
of all necessary regulatory approvals, including the approval of the TSX Venture
Exchange and the NYSE MKT. 


Midway intends to use the net proceeds of the Offering to advance its projects
and for general corporate purposes (including property maintenance fees) as
detailed in the Company's final prospectus supplement relating to the Offering
(the "Prospectus Supplement").


The Prospectus Supplement to the Company's short form base shelf prospectus
dated April 21, 2011 filed with the securities commissions in British Columbia,
Alberta and Ontario (the "Shelf Prospectus") and the base shelf prospectus as
part of an effective registration statement on Form S-3 filed with the
Securities and Exchange Commission ("Shelf Registration Statement") containing
important information relating to these securities, will be filed with the
securities commissions in British Columbia, Alberta and Ontario and in the
United States with the Securities and Exchange Commission. Copies of the
Prospectus Supplement will be available at www.sedar.com and www.sec.gov, and
may be obtained in Canada from RBC Capital Markets, Attention: Distribution
Centre, 277 Front St. W., 5th Floor, Toronto, Ontario M5V 2X4 (fax:
416-313-6066) or from Haywood Securities Inc., Attention: Michelle Jankovich,
Suite 700-200 Burrard Street, Vancouver, BC V6C 3L6 (fax: 604-697-7498) and in
the United States from RBC Capital Markets, LLC, Attention: Prospectus
Department, Three World Financial Center, 200 Vesey Street, 8th Floor, New York,
NY 10281-8098 (phone: 877-822-4089); (fax: 212-428-6260). 


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy, nor shall there be any sale of these securities in any state or
jurisdiction in which the offer, solicitation or sale would be unlawful. The
securities being offered have not been approved or disapproved by any regulatory
authority, nor has any such authority passed upon the accuracy or adequacy of
the Prospectus Supplement, the Shelf Prospectus or the Shelf Registration
Statement. 


ON BEHALF OF THE BOARD

Kenneth A. Brunk, Chairman, President, and CEO

About Midway Gold Corp.

Midway Gold Corp. is a precious metals company with a vision to design, build,
and operate mines in a manner accountable to all stakeholders while producing an
acceptable return to its shareholders.


This press release contains "forward-looking statements" and "forward-looking
information" within the meaning of Canadian and United States securities laws,
which may include, but is not limited to, the gross proceeds of the Offering,
closing of the Offering and exercise of the Over-Allotment Option and use of
proceeds. Such forward-looking statements and forward-looking information
reflect our current views with respect to future use of proceeds and are subject
to certain risks, uncertainties and assumptions, including but not limited to
risks related to delays in closing, the receipt of regulatory approvals and
changes in market conditions. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect, actual results
may vary materially from those anticipated or expected. We do not undertake to
update forward-looking statements or forward-looking information, except as may
be required by law.

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