Midway Gold Corp. (the "Company") (TSX VENTURE:MDW)(NYSE Amex:MDW) is pleased to
announce that it has engaged a syndicate of agents led by National Bank
Financial Inc. and Dahlman Rose & Company, LLC (the "Agents") to proceed with a
brokered private placement offering consisting of Units (the "Units") in the
Company, for total gross proceeds of up to Cdn$10 million (the "Offering"). Each
Unit consists of one common share of the Company ("Common Share") plus one half
of one Common Share purchase warrant (each whole warrant, a "Warrant") and will
be priced in the context of the market. Each whole Warrant entitles the holder
to purchase one additional Common Share for a period of 24 months following the
closing of the Offering at an exercise price to be determined in the context of
the market. 

The Agents will receive aggregate cash commission equal to 6% of the total
proceeds raised excluding proceeds raised from purchases by certain specified
individuals ("Specified Purchasers"). In addition, the Agents will be issued
broker warrants exercisable to acquire, in the aggregate, that number of Common
Shares as is equal to 6% of the aggregate number of Units issued pursuant to the
Private Placement excluding Units issued to Specified Purchasers. The Agents
will also be issued broker warrants exercisable to acquire, in the aggregate,
that number of Common Shares as is equal to 2% of the Units issued to Specified
Purchasers pursuant to the Private Placement. Each broker warrant will entitle
the holder thereof to acquire one Common Share at the same exercise price as the
exercise price of the Warrants for a period of 12 months following the closing
date for the Private Placement.

The closing of the Offering is expected to occur on or about November 16, 2009
or such other date that Midway and the Agents agree and is subject to certain
conditions including, but not limited to, the receipt of all necessary
regulatory approvals, including the approval of the TSX Venture Exchange and
NYSE Amex. The Company has also agreed to file a resale registration statement
with the United States Securities and Exchange Commission related to the Common
Shares and the common shares underlying the Warrants.

None of the securities have been registered under the Securities Act of 1933, as
amended (the "U.S. Securities Act"), or any state securities law, and may not be
offered or sold unless registered or exempt from such registration requirements.
This press release does not constitute an offer or sale of securities.

Proceeds of the private placement will be used to fund ongoing exploration and
development programs at Midway's gold projects in Nevada and Washington and for
general corporate purposes. 

About Midway Gold Corp.

Midway Gold Corp. is a precious metals exploration company that engages in the
acquisition, exploration, and development of mineral properties in the western
United States. Midway controls over 65 square miles of mineral rights along
three major gold trends in Nevada and the Republic district of Washington.
Midway has four advanced exploration projects including the Spring Valley, Pan,
Golden Eagle, and the Midway projects, and three earlier stage exploration
targets. These early stage exploration projects include Gold Rock, Roberts Gold
and Burnt Canyon.

Forward Looking Statements:

Some statements in this news release contain forward-looking information. These
statements include, but are not limited to, statements with respect to future
exploration, development and production activities, future studies and reports,
and future expenditures. These statements address future events and conditions
and, as such, involve known and unknown risks, uncertainties and other factors
which may cause the actual results, performance or achievements to be materially
different from any future results, performance or achievements expressed or
implied by the statements. Such factors include, among others, the use of
proceeds, the timing and success of future exploration, development and
production activities the timing and completion of future reports and studies,
and the timing and amount of expenditures

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