MIDAS GOLD COMPLETES POSITIVE PRELIMINARY ECONOMIC ASSESSMENT FOR GOLDEN MEADOWS PROJECT, IDAHO

Study Demonstrates Potential for Robust, Long-life, Low Cost Gold Production with Antimony Credits

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced the results of an independent, National Instrument 43-101 compliant Preliminary Economic Assessment (“PEA” or “Study”) completed on its Golden Meadows Project (the “Project”) in Idaho as summarized in Table 1 below. The purpose of the Study was to (a) provide a preliminary concept for the scale and type of mining project that the Golden Meadows Project could support, (b) identify options and alternatives for consideration by Midas Gold in consultation with regulators, governments, communities and other interested parties, (c) identify areas where additional work is required before a pre-feasibility study (“PFS”) can be completed, and (d) demonstrate potential for positive economic returns that would support continued investment in the Golden Meadows Project. With this Study in hand, Midas Gold intends to actively engage with interested parties to evaluate potential options and considerations for the possible development of this large scale, long life mining operation in order to manage and mitigate impacts and ensure the sustainability of Midas Gold’s activities.

The Golden Meadows property has been the site of extensive open pit and underground mining for almost 100 years and, as such, has seen considerable disturbance and environmental impact. Midas Gold’s approach to the conceptual design of this project has been to select economic approaches and alternatives that mitigate and minimize the results of its proposed activities, to remediate considerable amounts of legacy disturbance and to develop a closure and reclamation concept that leaves the site with enhanced fisheries, wetlands and other productive environmental attributes. Midas Gold plans to engage with regulators, governments, communities, tribes, non-governmental agencies and other interested parties to consider the options identified in the PEA, to evaluate reasonable alternatives and to develop preferred options that can be incorporated into a future PFS and, if warranted, the permitting process for a full-scale mining operation.

Table 1: Preliminary Economic Assessment Highlights, Golden Meadows Project, Idaho(1)
(Base Case, at US$1,400/oz of gold)

	Years 1-8		Life-Of-Mine (14.2 years)
	Annual Average	Total	Annual Average	Total
Payable Gold (K oz)	390	3,121	348	4,922
Payable Antimony (M lbs)	9.9	79.3	6.4	90.6
Cash Costs (US$/oz)(2) (Net of by-product credits)	331		425
Initial Capital (US$M)				879
Pre-tax NPV5% (US$M)				2,136
After-tax NPV5% (US$M)				1,482
IRR (Pre-tax/After-tax)				33.7%/27.2%
After-tax Payback (Production Years)				3.0

(1) In this release, “M” = million, “K” = thousands, all amounts in US$
(2) See non-IFRS measures below

“This Preliminary Economic Assessment demonstrates potential for a robust, long life, low cost mining operation at Golden Meadows that could be in the lowest quartile of global gold producers,” said Stephen Quin, President and CEO of Midas Gold Corp. “The Study provides the basis for us to engage the various interested parties in discussions related to the options and scenarios laid out, and to work with them to determine the optimal and preferred options. The Golden Meadows Project represents a tremendous opportunity to create significant long term, well paid employment in an economically depressed part of Idaho, generate a substantial stream of revenue to county, state and federal governments, to remediate and improve the environmental sustainability of this heavily disturbed site, and to create attractive returns for our shareholders,” he said. “With a positive Study in hand, we have the basis from which to enter into meaningful discussions with interested parties to ensure we understand their perspectives, collect their input and consider options to improve and enhance the conceptual plan laid out in the PEA.”

Conference Call, Webcast and Conferences

Midas Gold will be hosting a conference call and webcast to discuss highlights of the PEA at 7:00 AM PDT on Wednesday September 5, 2012. Details are provided toward the end of this news release.

Midas Gold is also attending and presenting at the Precious Metals Summit in Vail, Colorado, on September 6-7, 2012, and is attending the Gold Forum in Denver, Colorado, September 9-12, 2012.

Preliminary Economic Assessment

The PEA was compiled by SRK Consulting (Canada) Inc. (“SRK”) who was engaged by Midas Gold Corp.’s wholly owned subsidiary, Midas Gold, Inc. (“MGI”), to evaluate potential options for the conceptual development of a mine at the Golden Meadows Project based on information available up to the date of the Study. Ausenco Solutions Canada Inc. (infrastructure and mineral processing); Blue Coast Metallurgy Ltd. (metallurgy); RTR Resource Management, Inc. (permitting and social and environmental considerations), and JDS Energy and Mining Inc. (project management and economic analysis) also contributed to the Study. Additional details are provided in a technical report to be filed on SEDAR by mid-September 2012.

Midas Gold instructed SRK and the other Study contributors to conduct the PEA with the sustainable operation and long-term reclamation of the Project as a key design consideration, with the intent to build a project that would eventually result in an improvement of the environmental conditions that currently exist at Golden Meadows due to historic mining in the area.

The PEA summarized in this news release is intended to provide only an initial, high-level review of the Project potential and design options, which is preliminary in nature. The PEA mine plan and economic model include the use of Inferred resources. Inferred resources are considered to be too speculative geologically to be used in an economic analysis except as permitted under NI43-101 in PEA studies. There is no guarantee that Inferred resources can be converted to Indicated or Measured resources, and as such, there is no certainty the Project economics described herein will be realized.

Project Concept

The preliminary designs presented in the PEA are based on the recognition that the site has been previously extensively mined and thus considerations were made for economic feasibility, mitigation or cleanup of “targeted” legacy environmental issues, improvement of water quality, minimizing mining-related disturbance, and protection of the fishery during operations and on mine closure. In formulating the mine closure, consideration was given to re-establishment of the upstream fishery, backfilling open pits (when appropriate) as part of waste management, and focusing meeting applicable water quality standards during operation with mechanical treatment and on passive water treatment for long term closure. Additional details of these considerations are provided in the ‘Environmental’, ‘Closure and Remediation’ and ‘Permitting’ sections below.

The Project, as currently envisioned, consists of three gold mineral resources with zones of antimony and silver mineralization located in an area of significant historic mining activity. Conventional open pit methods are recommended for mining the three deposits (Yellow Pine, Hangar Flats, and West End), all of which are located within three kilometres of each other.

The deposits contain oxide and sulphide mineralization that are contemplated to be treated with different extraction processes. The oxide material is amenable to milling and then vat leaching to recover gold and silver only. Sulphide materialization is recommended to be milled and treated with sequential flotation to produce two products: an antimony concentrate for off-site shipment to a third party smelter and a gold concentrate that would be further processed on site using pressure oxidation (POX) followed by vat leaching and cyanide destruction within the plant building to produce gold-silver doré.

Production is assumed to be nominally 20,000 t/d or 7.3 Mt/year of mill feed. With this assumed production rate, the mine life would be approximately 14.2 years, with approximately 101 Mt of material processed. The mine would have an overall strip ratio of 3.7 tonnes of waste rock per tonne of economic mineralized rock. Gold accounts for approximately 93% of the value of the payable metals, antimony accounts for about 7% of the payable value and silver has a negligible economic contribution.

Mineral Resources

Updated mineral resources were estimated for each of the three deposits that comprise the Golden Meadows Project. The mineral resource estimates are summarized in Table 2 below and were previously reported by deposit in news releases dated May 16, 2012, June 4, 2012 and June 27, 2012. Antimony and silver values were only estimated within certain limited sub-domains and are summarized in Table 3 below. As a result, the grades for these metals in Table 2 are reported averaged over the entire, much larger gold mineral resource volumes, which may underrepresent the overall grades for these metals.

Table 2: Mineral Resource Estimate(1) - All Three Deposits comprising the Golden Meadows Project, Idaho

Prepared by SRK Consulting (Canada) Inc., June 25, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade(5) (g/t)	Contained Silver (000s oz)	Antimony Grade(4)(5) (%)	Contained Antimony (000s lbs)
Open Pit Oxide(2) Mineral Resources
Indicated	10,573	0.90	305	0.00	-	0.00%	122
Inferred	2,201	0.97	68	0.00	-	0.00%	178
Open Pit Sulphide(3) Mineral Resources
Indicated	67,653	1.80	3,925	0.60	1,312	0.07%	108,385
Inferred	53,917	1.63	2,822	0.93	1,603	0.08%	92,606
Total Open Pit Oxide + Sulphide(2)(3) Mineral Resources
Indicated	78,226	1.68	4,229	0.52	1,312	0.06%	108,507
Inferred	56,117	1.60	2,890	0.89	1,603	0.07%	92,784

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (as detailed in June 27, 2012 news release).

(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (as detailed in June 27, 2012 news release).

(4) Where antimony grades are shown as “0.00” there is antimony present but it rounds to 0.00.
(5) Antimony and silver were not estimated for the entire West End deposit and significant portions of the Hangar Flats and Yellow Pine deposits due to a lack of sufficient assays, and these un-estimated volumes are averaged into the totals at an assumed zero grade.

Table 3: Antimony Subdomains(1) Mineral Resource, Yellow Pine & Hangar Flats Deposits
Prepared by SRK Consulting (Canada) Inc., June 25, 2012 for the Golden Meadows Project, Idaho

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade (%)	Contained Antimony (000s lbs)
Open Pit Sulphide(2) Mineral Resources
Indicated	9,999	2.31	743	3.15	1,012	0.49%	108,507
Inferred	8,639	2.08	576	5.04	1,400	0.49%	92,784

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

(2) Open pit sulphide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below). The antimony subdomain is further limited to discrete zones of mineralization with grades that exceed 0.1% Sb.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include Inferred mineral resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred mineral resources will be converted to Measured and Indicated mineral resource categories through further drilling, or into mineral reserves once economic considerations are applied.

The mineral resource estimates for the Hangar Flats, West End, and Yellow Pine deposits were prepared by SRK as summarized herein. The economically driven pit shell that limits the mineral resource was based entirely on gold value, with antimony and silver reporting within the resource-limiting pit but not defining it. Within the resource-limiting pit, antimony and silver grades are reported without any cut-off. Any mineralization lying outside the resource-limiting pit is not reported as mineral resources.

Since the date of this mineral resource estimate, additional drilling has been completed, and is continuing to infill and extend the mineralization reported herein and updated mineral resource estimates are targeted for the end of Q1/13.

Conceptual Life-of-mine Open Pit Production Schedule

Individual conceptual mine plans were developed for each of the Hangar Flats, West End and Yellow Pine deposits. The conceptual Life-of-mine (“LOM”) plan is summarized in Table 4, which is attached at the end of this release. The mine plans utilized approximately 80% of the recently reported mineral resource for the Golden Meadows Project that is summarized above.

Processing

The gold in the three deposits comprising the Golden Meadows Project is primarily contained in pyrite and arsenopyrite, while the antimony is contained in stibnite, and silver in pyrite, arsenopyrite and stibnite. As a result, the mineralized material contemplated to be processed would be crushed, ground and sulphides recovered by sequential flotation of the stibnite and then, subsequently, the pyrite and arsenopyrite, yielding two concentrates. The mineralized material is considered to be of medium hardness, with bond ball mill work indexes ranging from 13.0 to 13.7kWh/t. The conceptual base case approach to the sulphide concentrates is for the stibnite (antimony, along with minor gold and silver) concentrate to be sold to third parties for processing, while the pyrite-arsenopyrite concentrate (containing the gold) will be pressure oxidized on site and gold recovered as doré. Based on metallurgical test work completed to date, recoveries utilized in the PEA are as set out in Table 5 below. The grade of the gold concentrate is designed to manage sulphur grades for onsite pressure oxidation; were the gold concentrates to be shipped off-site for processing, higher concentrations are achievable.

Table 5: Recoveries Utilized in PEA, Golden Meadows Project, Idaho

Process	Units	Yellow Pine	Hangar Flats	West End
Sulphides with Recoverable Antimony Grades
Antimony Flotation
Concentrate grade	% Sb	50	50	n/a
Recovery	%	80	80	n/a
Gold-bearing Sulphide Flotation
Concentrate grade	% Sulphur	10+	10+	n/a
Gold Flotation Recovery	%	88	89	n/a
POX Residue Gold Extraction	%	98	98	n/a
Overall Gold Recovery	%	86	87	n/a
Sulphides Without Recoverable Antimony Grades
Gold-bearing Sulphide Flotation
Concentrate grade	% Sulphur	10+	10+	10+
Recovery	%	93	92	Variable (1)
POX Residue Gold Extraction	%	98	98	98
Overall Gold Recovery	%	91	90	Variable (1)
Oxides
Gold Leach Extraction	%	80	80	Variable (1)

(1) Depending on degree of oxidation

Indicative economic analysis shows that the slightly lower overall gold recovery in the material with recoverable antimony is more than offset by the recoverable, payable antimony values.

Tailings & Waste Rock Management

A total of 101 Mt (68.7 Mm3) of tailings are expected to be produced during the 14.2-year mine life of the recommended project. Based on results of current metallurgical test work and the recommended processing options, three separate tailings streams would be produced: oxide, POX, and flotation tailings. The geochemistry of the POX and oxide tailings suggests they may require containment within a lined facility, while the flotation tailings are considered to be relatively benign and could be placed in a separate unlined facility. However, the buffering capacity of the flotation tailings may serve to neutralize the POX tailings, and create a more benign product overall, which suggests that co-mingled tailings contained within a single, lined facility may be the better option. The recommended tailing storage facility (“TSF”) would consist of a lined basin and lined rock fill dam constructed in stages throughout the LOM. The downstream face of the rock fill dam would be buttressed by the waste rock facility (“WRF”), substantially reinforcing the dam. Waste rock from the mining operations at West End is recommended to be backfilled into the Yellow Pine pit. Other waste rock is recommended to be deposited in a designed WRF adjacent to the Hangar Flats deposit. In order to schedule waste placement within the waste facilities and isolate potential leachable material, a detailed waste management plan would be developed, including components of geochemical characterization, water management, and capping to limit infiltration.

Capital Costs

Capital costs (“CAPEX”) estimates were done based on Q3 2012, un-escalated U.S. dollars and are summarized in Table 6 below. Vendor quotes were obtained for all major equipment. Some of the costs were developed from first principles, while some were estimated based on factored references and experience with similar projects.

Table 6: Capital Cost Estimate, Golden Meadows Project

Area	Detail	Pre-production (M$)	Sustaining (M$)	Total (M$)
Direct Costs	Open Pit Mine	121.9	107.2	229.1
	Processing and Utilities	243.0	79.6	322.6
	On-site Infrastructure	93.1	38.8	131.9
	Off-site Infrastructure	67.0	0.0	67.0
Indirect Costs		148.9	19.4	168.3
Owner’s Costs		39.7	0.0	39.7
Closure Costs		0.0	53.0	53.0
CAPEX Without Contingency		713.6	298.0	1,011.6
Contingency (variable)		165.7	4.7	170.4
TOTAL CAPEX ESTIMATE with Contingency		879.4	302.6	1,182.0

Operating Costs

Operating cost estimates (“OPEX”) were done based on Q3 2012, un-escalated U.S. dollars and are summarized in Table 7 below. Most costs were developed from first principles, although some were estimated based on factored references and experience with similar projects.

Table 7: Operating Cost Estimate, Golden Meadows Project

Item	Unit Cost Estimate
	$/t Mined	$/t Milled	Cash Cost(2) $/Au ounce Payable
Mining	1.67(1)	7.78	160
Mineral Processing		13.94	287
General and Administration		4.14	85
Total (without by-product credits)		25.86	532
Total (with by-product credits)			425

(1) Excluding pre-strip (Year -1) mining which is captured as a capital cost
(2) see non-IFRS measures below

In the first eight years of operation, cash costs without by-product credits average US$479 per payable ounce of gold, and just US$331 per payable oz of gold after by-product credits are applied (see non-IFRS measures below).

Costs were independently estimated for oxides, low-antimony sulphides and high-antimony sulphides, as set out in Table 8 below.

Table 8: Operating Cost Estimate by Type of Mineralization, Golden Meadows Project

Item	Unit	Combined	Oxide	Sulphide	High Sb
Mining ($1.67/tonne mined*)	$/t milled	7.78	7.78	7.78	7.78
Stockpile material handling	$/t milled	0.13	0.13	0.13	0.13
Crushing and Grinding	$/t milled	2.83	2.83	2.83	2.83
Oxide Processing	$/t oxide milled	0.82	5.53
Sb Flotation	$/t high Sb milled	0.28			1.66
Au Flotation	$/t sulphide milled	1.77		2.08	2.08
POX	$/t sulphide milled	7.87		9.23	9.23
Water Management	$/t milled	0.25	0.25	0.25	0.25
General and Administrative	$/t milled	4.14	4.14	4.14	4.14
Total		25.86	20.66	26.44	28.10

* Excluding pre-strip (Year -1) mining which is captured as a capital cost

Production Schedule

Based on the conceptual mining schedule for the three deposits and recoveries summarized above, Table 9 sets out the estimated contained and payable metals over the life-of mine and is attached at the end of this release.

Economic Analysis

The economic assessment in the PEA is preliminary in nature and uses inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that this PEA will be realized. The inferred mineral resource used in the mine plan is 37% of the total life-of-mine mineral resource.

Four potential cash flow cases were studied using metal prices summarized in Table 10 below. All cash flow cases used the same mineral resource estimate, mine plan and production factors, as shown in Table 11 below.

Table 10: Metal Price Assumptions for the Four Economic Cases, Golden Meadows PEA

Case	Gold Price ($/ounce)	Silver Price ($/ounce)	Antimony Price ($/pound)	Basis
Case A	1,200	20.00	5.50	Gold price used in the mine optimization. The gold price is approximately the 5-year trailing average to the end of July 2012.
Case B (Base Case)	1,400	23.50	6.00	Approximate three-year trailing average gold price to the end of July 2012.
Case C	1,600	27.00	6.50	Approximate eighteen-month trailing average gold price to the end of July 2012.
Case D	1,800	30.00	7.00	An upside case to show project potential at a gold price about 12% higher than prices at the end of July 2012.

Table 11: Summary of Production - All Cases, Golden Meadows PEA

Item	Unit	Value
LOM PRODUCTION
Waste Mined	Mt	372
Mineralized Material Mined	Mt	101
Strip Ratio (Waste tonnes:mineralized material tonnes)	t:t	3.7
Daily Mill Throughput	t/d	20,000
Annual Mill Throughput	Mt	7.3
Mine Life	Production Years	14.2
MILL HEAD GRADE - OVERALL
Gold	g/t Au	1.72
Silver	g/t Ag	1.60
Antimony	% Sb	0.08
Oxide Process
Tonnes	Mt	15.0
Gold	g/t Au	1.05
Silver	g/t Ag	0.10
Gold Flotation Process (excluding Antimony Flotation)
Tonnes	Mt	69.0
Gold	g/t Au	1.75
Silver	g/t Ag	0.42
Sb Flotation Process (>0.1% Sb only)
Tonnes	Mt	17.4
Gold	g/t Au	2.18
Silver	g/t Ag	0.67
Antimony	% Sb	0.45
CONCENTRATE PRODUCTION
Antimony Concentrate	dry metric tonnes	126,474
LOM PAYABLE METAL
Gold	Koz	4,922
Silver	Koz	335
Antimony	Klb	90,618

The results of the economic analysis are summarized in Table 12 below.

Table 12: Economic Results by Case, Golden Meadows PEA

Parameter	Unit	Pre-tax Results	After-tax Results
Case A ($1,200/ounce Au, $5.50/pound Sb, $20.00/ounce Ag)
NPV0%	M$	2,549	1,874
NPV5%	M$	1,464	1,036
IRR	%	27	22
Payback period	Production years	2.8	3.7
Case B ($1,400/ounce Au, $6.00/pound Sb, $23.50/ounce Ag) - Base Case
NPV0%	M$	3,580	2,557
NPV5%	M$	2,136	1,482
IRR	%	34	27
Payback period	Production years	2.3	3.0
Case C ($1,600/ounce Au, $6.50/pound Sb, $27.00/ounce Ag)
NPV0%	M$	4,611	3,233
NPV5%	M$	2,808	1,923
IRR	%	40	32
Payback period	Production years	1.9	2.6
Case D ($1,800/ounce Au, $7.00/pound Sb, $30.00/ounce Ag)
NPV0%	M$	5,642	3,910
NPV5%	M$	3,480	2,364
IRR	%	46	36
Payback period	Production years	1.7	2.3

The contribution to the project economics, by metal, is about 93% from gold, 7% from antimony, and less than 1% from silver.

Using a discount rate of 5%, the after-tax break-even gold price for the project is $880/ounce gold (63% of the Case B gold price) assuming no contribution from antimony or silver.

Sensitivity Analysis

Sensitivity analyses were performed using metal prices, mill head grade, CAPEX, and OPEX as variables. The value of each variable was changed plus and minus 20% independently while all other variables were held constant. The results of the sensitivity analyses are shown in Table 13 below.

Table 13: Sensitivity Analysis - All Cases, Golden Meadows PEA

Case	Variable	After-tax NPV5% (M$)
		-20% Variance	0% Variance	20% Variance
Case A	CAPEX	1,176	1,036	889
	OPEX	1,242	1,036	816
	Metal Price or Grade	436	1,036	1,593
Case B (Base Case)	CAPEX	1,619	1,482	1,344
	OPEX	1,683	1,482	1,277
	Metal Price or Grade	828	1,482	2,122
Case C	CAPEX	2,060	1,923	1,786
	OPEX	2,124	1,923	1,721
	Metal Price or Grade	1,193	1,923	2,652
Case D	CAPEX	2,501	2,364	2,227
	OPEX	2,565	2,364	2,163
	Metal Price or Grade	1,547	2,364	3,181

Economic Impacts

The economic analysis set out in the PEA also provides some indications of the potential economic impact of the Golden Meadows Project on the local, Idaho and US economies, should the future work and permitting support development of a mining operation. Highlights include:

Direct employment of more than 400 people during the three-year construction phase and 425 people during the subsequent 14.2 year operating phase at annual salaries estimated to average more than double the average 2010 census reported salaries for Idaho;

A study by the University of Idaho estimates 2.5 times as many community-based jobs are likely to be dependent on each direct job at such a mine, with such jobs related to contracting, transportation, services and other support activities;

An average annual payroll of $20 million during the conceptual 14.2 year life of mine;

Gross investment of approximately over $500 million in capital equipment and equipment manufacturing during the construction phase, with an additional $200 million or more during operations, the substantial majority of which is expected to be sourced from within the United States; and,

Approximately $1,023 million in direct taxes to all levels of government, including payments to the local county ($3 million), State ($220 million) and Federal ($800 million) governments over the 14.2 year operating life of the project, but excluding payroll taxes, state sales taxes and income taxes paid by employees.

MGI is already having a significant impact on the local economy, with upwards of 115 people directly employed or working with contractors on site in 2011 and 146 so far in 2012, making MGI the largest private sector employer in Valley County, more than 70% of whom reside in the State of Idaho and almost half are from Valley and adjacent Adams counties. MGI has also been able to utilize a significant number of contractors and suppliers from within Valley and Adams counties and the State of Idaho, with an estimated 85% of its project expenditures being spent in Idaho, approximately half of which is being spent with local entities.

Environmental

Midas Gold and MGI recognize the importance of protecting the environment and, to facilitate the development of a sustainable project, Midas Gold established the following environmental objectives for the Project:

Protect surface and ground water quality;

Protect and enhance the fishery;

Maintain or enhance the objectives of CERCLA-ordered environmental improvements;

Minimize potential for sedimentation and spills along transportation corridors; and

Incorporate environmental enhancement opportunities into the conceptual concurrent and final reclamation plans.

In order to achieve Midas Gold’s and MGI’s objectives, SRK has incorporated the following design considerations, from an environmental perspective, into the recommended Project:

Minimize the project footprint - the concepts of backfilling pits, where practical, and concentrating tailings storage in one location (rather than multiple smaller locations) are high priorities for design. Minimizing the footprint enables better protection of water quality and simpler, more effective water management.

Management of water - a comprehensive water management strategy to minimize and reuse water supplies in order to support in-stream flow requirements for important fish species has been developed for additional study as part of this PEA.

Management of waste - the waste management plan for the project involves the potential for segregation and selective handling and placement of potentially reactive waste rock, and storage of flotation, oxide, and POX tailings in a synthetically lined facility. Further, blending of the plus 90% by volume, inert flotation material with the small volume POX tailings, is expected to chemically neutralize any residues in the POX tailings.

Reduce contact of Project infrastructure (including roads in particular) with waterways - The conceptual design presented in this PEA of an alternate road corridor to the Project site would move the main transportation route away from much of the environmentally sensitive Johnson Creek & South Fork of the Salmon River (“SFSR”) waterways.

Enhance the fishery - The environmental design also involves the creation of three fish spawning reaches in the East Fork of the SFSR (“EFSFSR”) above the planned Yellow Pine pit, backfilling of the Yellow Pine pit, and construction of a new channel through the backfilled area that would provide fish passage into the upper reaches of the EFSFSR and Meadow Creek drainage areas that are currently inaccessible due to the steep gradient within the abandoned Yellow Pine pit.

Clean up past environmental degradation - Selective environmental clean-up projects would be considered as part of the overall mine plan, where feasible; additional reclamation treatments at the historic spent ore disposal area (“SODA”) is an example of this opportunity.

Management of air quality - The use of the best practice control technology and practices to control air emissions at the site would be employed.

Environmental Monitoring - Monitoring to ensure compliance with all applicable air, water, waste, and reclamation objectives and to validate the effectiveness of water treatment and best management practice (BMP) technologies is a fundamental component of the Project.

Closure and Remediation

The conceptual closure plan is focused on effective remediation of a considerable area degraded by historic mining practices (including waste dumps, abandoned pits, leach pads, former mill and smelter location, etc.) by re-mining areas of past disturbance, creating substantially improved containment, and managing waste materials in fully engineered and contained facilities. The conceptual closure plan would create more than 60 hectares of new wetlands, restore local drainages, reopen fish pathways along the EFSFSR south of the current Yellow Pine pit lake to migratory species (including salmon), and create three fisheries enhancement habitats. In addition, all newly generated waste would be covered and planted to create sustainable vegetative cover.

Recognizing that there is already substantial disturbance from extensive past open pit and underground mining within its Golden Meadows project boundaries, over the past several years Midas Gold has undertaken a series of voluntary remediation efforts to mitigate the on-going impact of legacy environmental disturbance, including reclaiming more than five acres of ground disturbed prior to Midas Gold’s involvement in the area, planting 5,000 trees in 2011 (with a further 7,800 scheduled for planting in the fall of 2012) to reduce suspended solids run-off, application of dust suppression materials to almost seven miles of public roads, and replaced or repaired numerous culverts and other stream crossings, all of which has helped to reduce the sediment loading of local drainages, enhancing the downstream water quality and fish habitat.

Permitting

Midas Gold has developed an integrated plan to address the potential Environmental Impact Statement (“EIS”) and the potential regulatory process for any new mining operation, should such be warranted after the additional recommended work and further studies are completed. The plan considers: (a) environmental baseline study needs, (b) MGI’s ultimate “preferred alternative” to be described in the PFS, (c) a concurrent EIS and permitting schedule, (d) environmental risk management strategy, including “offsets” to potential impacts, and (e) an internal management program driven by scheduling milestones and cost tracking.

Substantial existing environmental baseline information generated by previous operators and governmental agencies is being confirmed and supplemented by MGI. This baseline is a compilation of previous studies and several EIS conducted for recent mining operations, remedial cleanup investigations, and multiple resource agency inventories. The new supplemental studies by MGI are aimed at describing ‘current mining’ environmental conditions at the site.

Project Risks & Opportunities

Aside from the risks typical of all large scale mining projects, such as confidence in mineral resource estimates, metallurgical performance, capital and operating cost increases, commodity price decreases, etc., the principal Project risks identified in the PEA include the following:

Ability to acquire a mining permit while maintaining an reasonable development timeline;

Success in converting Inferred resources to Measured or Indicated categories; and

The ability to attract and retain experienced professionals given the competitive state of the global mining industry.

Excluding the typical opportunities for such a mining project as that conceptualized in the PEA, such as higher metal prices, lower costs, etc., a number of specific opportunities have been identified at Golden Meadows and include the following:

Increases in mineral resources - all of the three deposits that contributed mineral resources to the conceptual plan laid out in the PEA are open to expansion and drilling is continuing. Additional mineral resources could extend the mine life, increasing the Project NPV and IRR.

Higher grade mineral resources - if MGI was successful in defining higher grade mineral resource within or around the existing deposits, or in completely new deposits, these mineral resources could displace lower grade material into the future, increasing the Project NPV and IRR.

Increased by-products - as noted in the mineral resource section above, antimony and silver grades have only been estimated for a small portion (approximately 17%) of the overall mineral resource. As additional drilling and modelling is completed, were by-product values extended into the un-estimated areas, higher by-product production could be contemplated and could result in reduced net operating costs, increasing the Project NPV and IRR.

Conversion of in-pit unclassified material - the currently contemplated pits have significant volumes of material with little to no drilling that are therefore unclassified tonnes treated as waste in the current financial model. Drilling has been on-going in 2012, and is continuing, with the objective of converting some portion of these unclassified tonnes to mineral resources above contemplated cut-off grades, which would result in increased mineral resources and mine life, positively affecting the NPV and IRR of the Project.

Improved geotechnical parameters - the currently contemplated pits have slopes assigned to them based on limited geotechnical information. Geotechnical drilling is currently in process to assist with better defining the appropriate geotechnical parameters, which could result in steeper pit walls, reducing strip ratios and therefore lowering operating costs.

Potential increases in design throughput - such increases could result in an improved capital return scenario.

Alternate oxide material processing options - such options could allow earlier or parallel processing of oxide materials, increasing production and economic returns.

Generation of quicklime – generation of quicklime from local limestone sources could reduce costs and the number of vehicles required to bring materials to site.

Moving Forward

MGI intends to use the recommendations in the PEA as the basis for informed discussions with tribal and other governments, NGOs, regulatory agencies, recreational groups, local communities and others in order to cooperatively develop a Project that is sustainable both from an economic and environmental perspective.

MGI did not wait for completion of the PEA to initiate activities it knew would be required to advance the Project towards completion of a PFS and design of a project that may subsequently warrant the filing of permit applications. MGI has already completed approximately 38,246m of in-fill and step-out drilling in 2012 in and around the mineral resources summarized herein with the objective of (a) upgrading the confidence in the existing Inferred mineral resources and better defining potential by-product values, (b) testing currently unclassified material within the current pit limits for its potential to host mineralization, (c) testing for possible extensions to the existing mineral deposits, (d) geotechnical drilling, and (e) commencing the testing for other potential deposits, such as Scout. In addition, MGI has begun collecting additional metallurgical samples for further testing, is continuing its geotechnical and baseline environmental assessments, is assessing potential local sources of limestone, and is continuing with other Project related activities.

All of the new 2012 drilling is to be incorporated in a new mineral resource estimate scheduled for completion in Q1/13, while all other information, including possible 2013 drilling, is to be incorporated into future studies (whether an updated PEA or a PFS) and to provide sufficient detail and confidence to contemplate the filing of permit applications, should the Project economics warrant once this additional information has been collected and incorporated into such studies.

Illustrations

To view the conceptual project layout and closure, please click here.

Updated Technical Report

Midas Gold plans to file a NI 43-101 Technical Report on SEDAR by mid-September detailing the information set out herein.


Compliance with National Instrument 43-101

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these Inferred mineral resources will be converted to the Measured and Indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

The mineral resources at Golden Meadows are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for MGI to advance its interests at Golden Meadows, the Project will be subject to a number of Federal, State and local laws and regulations and will require permit to conduct its activities. However, MGI is not aware of any environmental, permitting, legal or other reasons that would prevent it from advancing the project.

For readers to fully understand the information in this news release, they should read the Technical Report (to be available on SEDAR or at www.midasgoldinc.com by mid-September 2012) in its entirety, including all qualifications, assumptions and exclusions that relate to the information set out in this news release which qualifies the Technical Information. The Technical Report intended to be read as a whole, and sections should not be read or relied upon out of context. The technical information in that report is subject to the assumptions and qualifications contained in the Technical Report.

Non-IFRS Performance Measure

“Cash Operating Costs” is a non-IFRS Performance Measure. This performance measure is included because this statistic is a key performance measure that management uses to monitor performance. This performance measure does not have a meaning within IFRS and, therefore, amounts presented may not be comparable to similar data presented by other mining companies. This performance measure should not be considered in isolation as a substitute for measures of performance in accordance with IFRS.

Conference Call & Webcast Details

Midas Gold will be hosting a conference call and webcast at 7:00 AM PT on Wednesday September 5, 2012 to discuss highlights of the PEA on the Golden Meadows Project and to provide analysts and investors the opportunity to ask questions; call in details are as follows:

Canada & USA Toll Free Dial In: 1-800-319-4610
Outside of Canada & USA call: +1-604-638-5340

International local numbers are available at: http://services.choruscall.com/links/itfsa.html. Callers should dial in 5 - 10 min prior to the scheduled start time and simply ask to join the Midas Gold call.

Midas Gold will also webcast the presentation to accompany the discussion; simply click on the following link to access the presentation: http://services.choruscall.com/links/midas20120905.html.

The conference call will be available for replay by calling Canada & USA Toll Free 1-800-319-6413 or Outside Canada & USA Call: +1-604-638-9010. Alternatively, international local numbers are available at: http://services.choruscall.com/links/itfsa.html and enter the code 8230 followed by the # sign. The call will be available for one month.

Quality Assurance

The technical information in this news release has been approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The resource estimation for the gold deposits at Golden Meadows was completed by David Rowe, C.P.G of SRK under the supervision of Guy Dishaw, P. Geo, of SRK. The other QPs responsible for the PEA study are set out below.

• Gordon Doerksen, P.Eng., JDS Energy and Mining Inc. (overall project management and economic analysis);

• Dino Pilotto, P.Eng., SRK Consulting (Canada) Inc. (mining);

• Bruce Murphy, FSAIMM, SRK Consulting (Canada) Inc. (mine geotech);

• Maritz Rykaart, P.Eng., SRK Consulting (Canada) Inc. (waste management)

• John Duncan, P.Eng. SRK Consulting (Canada) Inc. (water management);

• Chris Martin, C.Eng., Blue Coast Metallurgy Ltd. (metallurgy);

• Kevin Scott, P.Eng., Ausenco Solutions Canada Inc. (infrastructure and mineral processing); and

• Rick Richins, BS, MS, RTR Inc. (environmental considerations).

About Midas Gold and the Golden Meadows Project
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” “confirm” or “does not anticipate”, “believes”, “contemplates”, “recommends” or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, certain assumptions as to production rate, operating cost, recovery and metal costs as set out in this news release, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Table 4: Conceptual Life-of-mine Open Pit Production Schedule, Golden Meadows Project, Idaho

Description	Unit	Total	Year
			-1*	1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Yellow Pine mineralized material mined	Mt	47.2	2.5	2.6	7.3	5.4	4.8	4.6	6.9	7.3	5.9	-	-	-	-	-	-	-
Hangar Flats mineralized material mined	Mt	20.5	-	-	-	2.0	2.5	2.7	0.4	-	1.6	-	-	-	0.7	2.1	7.3	1.3
West End mineralized material mined	Mt	33.6	-	-	-	-	-	-	-	-	-	7.1	7.3	7.3	6.6	5.2	-	-
Total	Mt	101.3	2.5	2.6	7.3	7.4	7.3	7.3	7.3	7.3	7.5	7.1	7.3	7.3	7.3	7.3	7.3	1.3
Overall Mill Head Grade	Au g/t	1.72	1.93	1.94	2.09	1.93	1.95	1.79	1.99	1.84	2.07	1.23	1.34	1.24	1.45	1.77	1.48	1.96
Overall Waste Tonnes	Mt	371.7	14.4	12.3	25.1	29.6	28.9	27.6	28.8	23.6	32.6	27.5	25.6	31.2	21.3	23.0	19.8	0.5
Overall Strip Ratio waste t:mineralized t	t:t	3.7	5.8	4.7	3.4	4.0	4.0	3.8	3.9	3.3	4.3	3.9	3.5	4.3	2.9	3.2	2.7	0.4

* Material mined in Year -1 is processed in Year 1

Table 9: Annual Plant Feed, Recovery and Cash Cost Estimates, PEA for Golden Meadows Project, Idaho

Description	Unit	Total	Year
			1	2	3	4	5	6	7	8	9	10	11	12	13	14	15
Total Plant feed	(Mt)	101.3	5.1	7.3	7.3	7.3	7.3	7.3	7.3	7.5	7.1	7.3	7.3	7.3	7.3	7.3	1.3
Gold grade	(g/t)	1.72	1.94	2.09	1.93	1.95	1.79	1.99	1.84	2.07	1.23	1.34	1.24	1.45	1.77	1.48	1.96
Silver grade	(g/t)	1.60	7.21	3.34	2.65	2.26	1.72	2.63	2.19	1.03	-	-	-	-	0.18	0.48	3.86
Antimony grade (for +0.1% Sb material)	(%)	0.45	0.60	0.36	0.46	0.38	0.36	0.41	0.53	0.31	-	-	-	0.29	0.55	0.51	0.84
Gold Recovery	(%)	89.0	87.4	88.8	88.9	89.6	89.9	90.7	90.4	90.6	79.6	91.3	84.6	88.7	90.3	89.9	89.6
Silver Recovery	(%)	13.0	16.1	15.0	15.6	12.5	10.2	8.5	11.0	7.6	0.0	0.0	0.0	0.0	14.2	15.0	10.2
Antimony Recovery (for +0.1% Sb material)	(%)	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	0.0	0.0	0.0	80.0	80.0	80.0	80.0
Payable Gold	Koz	4,922	272	425	399	403	372	419	383	447	222	284	244	300	371	308	72
Payable Silver	Koz	335	102	46	40	28	21	39	30	14	-	-	-	-	2	5	8
Payable Antimony	Mlb	90.6	20.8	15.3	14.1	10.9	4.5	3.5	7.5	2.5	-	-	-	-	1.6	5.8	3.9
Cash Cost (without by-product credit)	$/payable oz Au	532	484	450	489	482	523	468	498	452	818	656	712	580	504	590	540
Cash Cost (with by-product credit)	$/payable oz Au	425	35	239	283	325	453	417	382	419	818	656	712	578	479	481	225

MIDAS GOLD CONFIRMS SCOUT AS A MAJOR NEW ANTIMONY-GOLD SYSTEM AT ITS GOLDEN MEADOWS PROJECT, IDAHO

Hole MGI-12-249 intersects 1.85% Sb and 0.77 g/t Au over 183.3m
Including: 13.9m grading 1.77 g/t Au, 2.96% Sb; and 23.8m grading 1.04 g/t Au, 2.69% Sb

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced assay results from three exploration holes drilled at the Scout Prospect on its Golden Meadows Project in the Stibnite-Yellow Pine District, Idaho. These new results are from follow-up holes drilled after Midas Gold’s winter reverse circulation (“RC”) drilling program successfully cut thick intervals of gold-silver-antimony mineralization, as reported in a news release dated April 25, 2012. These results, which include significant gold and antimony intercepts, not only confirm historic drill results but also extend the known mineralized area approximately 150 metres to the south of the prior RC holes, demonstrating the presence of a major gold-antimony mineralizing system at Scout. Highlights of significant assay results from these new drill holes are summarized in Table 1, below, while more detailed results are in Table 2 at the end of this release.

Table 1: Highlights of Recent Drill Results from the Scout Prospect

Hole ID	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Antimony (%)
MGI-12-238	93.6	240.5	146.9(1)	0.86	4.5	0.46
Including	203.0	227.7	24.7	1.46	5.0	0.64
MGI-12-244	93.1	134.7	41.6	2.14	5.3	0.45
MGI-12-249(2)	48.3	58.8	10.5	0.71	2.9	0.14
And	79.6	262.9	183.3(1)	0.77	13.1	1.85
Including	79.6	141.7	62.2	1.16	12.1	1.15
And	149.7	169.6	20.0	0.35	15.5	2.13
And	211.4	225.3	13.9	1.77	5.9	2.96
And	239.1	262.9	23.8	1.04	14.6	2.69

“The results of our recent drilling at Scout clearly demonstrate the presence of a major new gold-silver-antimony system at our Golden Meadows Project. These most recent results confirmed mineralization reported in nearby historic drill holes by intersecting significant thicknesses of gold-silver-antimony mineralization where predicted and, in addition, at depths below those previously tested by past operators,” said Stephen Quin, President and CEO of Midas Gold Corp. “The considerable thicknesses of high grade antimony mineralization, with significant associated gold and silver values, intercepted in the most recent holes, suggests potential to define a major new gold-silver antimony mineral resource in this area.” More drilling is planned in the coming months to evaluate the extent and tenor of this system as it remains wide open to expansion along strike, to depth and toward surface. “Scout is the first of more than a dozen high priority exploration targets identified by Midas Gold on its Gold Meadows Project to be drill tested, and drilling of more of these targets is planned for later in 2012 and into 2013,” said Mr. Quin.

2012 Drill Program
To the end of July, Midas Gold has completed a total of 32,166 meters in 120 holes during its 2012 drill campaign, with between six and nine core and RC rigs operating on the property at various times through the season. Drilling with six core rigs is currently focused on continued in-fill and step-out drilling at the West End and Yellow Pine deposits with a view to upgrading the confidence levels of prior mineral resource estimates as well as testing unclassified material within the resource-limiting pits used to constrain the mineral resource estimates that are currently treated as waste but may, in some locations, be mineralized. In addition, core drilling to collect metallurgical samples, hydrological drilling (with a seventh, sonic rig), baseline environmental programs and other activities are proceeding with the objective of supporting completion of a pre-feasibility study (“PFS”) in 2013 and, subsequently, commencing the permitting of a mining operation, if supported by the PFS. Exploration focused on new targets and prospects within the Golden Meadows property will occur intermittently throughout the summer and fall of 2012 with the objective of discovering additional mineral deposits as has been successfully achieved at Scout. In parallel with these activities, work is proceeding on preparation of a preliminary economic assessment, due for completion in Q3/12, and components of the PFS.

Scout Prospect Description & History
The Scout Prospect is situated approximately 1.25km northeast of the Hangar Flats deposit, along a north-south fault system that hosts widespread gold-silver and antimony mineralization that can be traced along strike for approximately 650m in widely spaced drill holes. This fault system, all of which may not be mineralized, can be inferred to be present for several km to the north-northwest, based on Midas Gold’s 2011 airborne magnetics and EM surveys. Scattered soil anomalies and geologic mapping along this fault shows that it lies approximately 1km to the east of, and parallel to, the Meadow Creek fault system, which controls the Hangar Flats and Yellow Pine gold-silver-antimony-tungsten deposits.

The Scout Prospect was first discovered in the 1940s, after US Geological Survey and US Bureau of Mines workers conducted experimental biochemical sampling in the district, which outlined a large gold and antimony biogeochemical anomaly. The area that hosts the biochemical anomaly occurs in a distinct, linear, north-south trending topographic depression, interpreted to be a less resistant structural zone, which is marked by strong geophysical anomalies. A series of weak but pronounced soil anomalies occur parallel to this trend, slightly uphill to the east, where the drilled zones would project to the surface but are covered by talus and slope debris. Several small pits and trenches, which were likely excavated during the 1940s during government-sponsored antimony-tungsten exploration, exposed massive, blocky, slightly schistose quartzite containing narrow, gold-bearing, high-grade stibnite veins and altered, sulfide-bearing igneous dikes. Stratigraphic relationships, derived from outcrop mapping and drill data, indicate the valley itself is underlain by calc-silicates and silicified and dolomitized carbonates, similar to those that host the nearby Garnet Prospect. The Garnet prospect lies approximately 0.8km to the east of Scout and was the site of a 1995 open pit mining operation that produced approximately 35,000 ounces of gold from oxidized ores in skarn and calc-silicates that graded approximately 6 g/t gold.

Between 1948 and 1990 three companies explored the Scout area with 20 drill holes, totaling approximately 2,435m of drilling. Six east-west IP geophysical lines (by past operators and Midas Gold) run across the Scout Prospect area and delineate a large resistivity low and numerous IP chargeability anomalies that could be indicative of a much larger sulphide mineralized system than currently defined by drilling.

Mineralization can be traced down dip at least 250m and along strike for several hundreds of meters and occurs within a thick section of fractured, sheared and brecciated quartzites, felsic intrusive rocks, calcareous schists and thin dolomitic marbles impregnated with disseminated pyrite and stockwork veins of stibnite.

About Antimony

Antimony is a metal produced dominantly in China that is primarily used as a flame retardant in the manufacture of a variety of materials and, to a lesser extent, as an alloy with lead in the manufacture of batteries. Recent pricing for antimony was US$12,750 per tonne (or US$5.78 per pound), or about 70% more per pound than copper. The British Geologic Survey identified antimony as one of the metals with the highest supply risk in a recent survey, while the European Commission placed antimony on the list of fourteen raw materials on a list of critical concerns for the European Union in the face of serious potential supply shortages. In its 2012 Mineral Commodity Outlook, the US Geologic Survey noted that, ‘In China, the world’s leading antimony producer, the Government continued to shut down antimony mines and smelters in an effort to control environmental issues and resolve safety problems. The local Government in Lengshuijiang, Hunan Province, which accounts for about 60% of the world antimony supply, shuttered almost all of its mines and smelters. Also, officials in Lengshuijiang announced that after more than 110 years of continuous mining, the area now had only 5 years of mining life left.”

Illustrations
To view illustrations, please click here.

Quality Assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager for the Golden Meadows Project.

All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t Ag are reanalyzed using a 2g ICP-AES, four acid digest, while samples reporting > 750g/t Ag are reanalyzed using a 30g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-acid digestion followed by an ICP finish (with a 5.0g/t lower reporting limit). Samples reporting values > 2,000g/t Sb are reanalyzed using XRF with a 0.9g charge in a Lithium Borate fusion (with a 0.01% lower reporting limit).

All gold composites utilize a 0.3g/t cut off and may include internal waste. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver, British Columbia laboratories. Blank and standard samples are used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Corporation’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite-Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) and updated on June 12, 2012 is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “suggests”, “potential”, “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Table 2: Table of Scout Drill Results
(To accompany Midas Gold news release dated August 2, 2012)

Hole ID	Hole Type	Bearing	Inclination	Total Depth (m)	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Antimony (%)
MGI-12-238	Core	077	-66	267.2	93.6	240.5	146.9(1)	0.86	4.5	0.46
Including					93.6	130.5	36.9	1.20	6.0	0. 54
And					152.1	178.3	26.2	1.14	2.1	0.10
And					203.0	227.7	24.7	1.46	5.0	0.64
MGI-12-244	Core	077	-45	212.1	22.0	25.9	4.0	0.53	0.6	0.01
Including					37.8	55.5	17.7	0.43	0.7	0.05
And					93.1	134.7	41.6	2.14	5.3	0.45
And					148.6	170.4	21.8	0.33	0.3	0.08
MGI-12-249(2)	Core	115	-53	278.9	48.3	58.8	10.5	0.71	2.9	0.14
And					79.6	262.9	183.3(1)	0.77	13.1	1.85
Including					79.6	141.7	62.2	1.16	12.1	1.15
And					149.7	169.6	20.0	0.35	15.5	2.13
And					211.4	225.3	13.9	1.77	5.9	2.96
And					239.1	262.9	23.8	1.04	14.6	2.69

(1) These broader intervals of antimony mineralization are composited on the basis of the overall zone of antimony mineralization, whereas the sub-intervals are estimated on the basis of gold cut-offs as detailed in the QA/QC section below, which zones lie within but are not identical to the antimony zones. In some cases, the antimony composite has been expanded to encompass all of an overlapping gold composite to simplify reporting.
(2) Based upon the current 3D interpretation of the Scout prospect, the intervals quoted here are at or near true thickness. For intervals in hole MGI-12-249, true thickness is approximately 90% of reported interval.

MIDAS GOLD CONFIRMS NO MATERIAL CORPORATE DEVELOPMENTS

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) confirms that as of the date of this news release, there are no material corporate developments and the Company is not aware of any material undisclosed developments that would cause the recent movements in the Company’s share price.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com. A new technical report covering all three updated mineral resources will be filed on SEDAR in conjunction with the completion of a preliminary economic assessment, scheduled for completion in Q3/12.

MIDAS GOLD COMPLETES MINERAL RESOURCE UPDATE WITH A DOUBLING OF GOLD IN INDICATED CATEGORY

Overall Contained Gold at Golden Meadows increases 22%; First Antimony & Silver Estimates

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced the last of three planned independent NI43-101 mineral resource estimates for its Golden Meadows Project in Idaho, completing the process of updating its mineral resource estimates to incorporate second half of 2011 and early 2012 drill results. These updated estimates resulted in an overall 22% increase in contained gold at Golden Meadows in just six months of drilling. Including the previously announced updates for the West End and Yellow Pine deposits, gold contained in indicated mineral resources has increased 103% (to 4.23 million oz at a grade of 1.68 g/t gold) from the June 2011 estimate. A total of 59% of the contained gold at Golden Meadows is now in the indicated category, while 41% (2.89 million oz at a grade of 1.60g/t gold) is in the inferred category. Furthermore, antimony and silver have been added to the Yellow Pine and Hangar Flats mineral resource estimates, with 108.5 million pounds of contained antimony in the indicated category and an additional 92.8 million pounds of contained antimony inferred within the overall mineral resource. While each element is reported below for each of the three deposits, as constrained in the base case Whittle(r) pits, higher grade antimony and silver subdomains are also reported separately within 0.1% antimony shells, as detailed on the following page, which subdomains host all of the modeled antimony and have an average grade of 0.49% antimony. Antimony was not modeled outside the 0.1% antimony shell.

Mineral Resource Estimate(1) - All Three Deposits comprising the Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., June 25, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade(5) (g/t)	Contained Silver (000s oz)	Antimony Grade(4)(5) (%)	Contained Antimony (000s lbs)
Open Pit Oxide(2) Mineral Resources
Indicated	10,573	0.90	305	0.00	-	0.00%	122
Inferred	2,201	0.97	68	0.00	-	0.00%	178
Open Pit Sulphide(3) Mineral Resources
Indicated	67,653	1.80	3,925	0.60	1,312	0.07%	108,385
Inferred	53,917	1.63	2,822	0.93	1,603	0.08%	92,606
Total Open Pit Oxide + Sulphide(2)(3) Mineral Resources
Indicated	78,226	1.68	4,229	0.52	1,312	0.06%	108,507
Inferred	56,117	1.60	2,890	0.89	1,603	0.07%	92,784

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(4) Where antimony grades are shown as “0.00” there is antimony present but it rounds to 0.00.
(5) Antimony and silver were not estimated for the West End deposit due to a lack of sufficient assays, and is averaged into the totals at an assumed zero grade.

Antimony Subdomains(1) Mineral Resource, Yellow Pine & Hangar Flats Deposits, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., June 25, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade (%)	Contained Antimony (000s lbs)
Open Pit Sulphide(2) Mineral Resources
Indicated	9,999	2.31	743	3.15	1,012	0.49%	108,507
Inferred	8,639	2.08	576	5.04	1,400	0.49%	92,784

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

(2) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below). The antimony subdomain is further limited to discrete zones of mineralization with grades that exceed 0.1% Sb.

“The updated mineral resource for the three deposits within our Golden Meadows Project demonstrates excellent progress over the past year,” said Stephen Quin, President and CEO of Midas Gold Corp. “While the indicated gold mineral resource has more than doubled, we have also added significant value to the project by including antimony as a potential by-product and increased the overall contained gold by 22%, with significant gains at West End and Yellow Pine, partially offset by reductions at Hangar Flats. The addition of an antimony resource will become more important as we move into our economic studies, since the higher grade antimony mineralization is concentrated near surface and can be extracted early in a mine plan,” he said. “Furthermore, we have improved the confidence in our resource models as Midas Gold’s drill data provides better control on the mineralization and replaces a significant amount of historic data. Step out drilling, completed subsequent to the resource cut-off date, continues to intersect significant new mineralization outside of our current mineral resource at Yellow Pine and Hangar Flats, while drilling has recently commenced shortly at the West End deposit, which remains open to expansion in several directions.”

Hangar Flats Mineral Resource Update

The base case mineral resource estimate for the Hangar Flats deposit was prepared by SRK Consulting (Canada) Inc. and is summarized herein. Sensitivity according to gold cut-off grade is summarized below. The economically driven pit shell that limits the mineral resource was based entirely on gold value, with antimony and silver reporting within the resource-limiting pit but not defining it. Within the resource-limiting pit, antimony and silver grades are reported without any cut-off. Any mineralization lying outside the resource-limiting pit is not reported as mineral resources.

Since the date of this mineral resource estimate, additional drilling has been completed at Hangar Flats, and is continuing, that is extending the mineralization to the west and east beside and below the mineral resources reported herein, while Midas Gold plans to test possible extensions to the south of the current mineral resource later in 2012, subject to permitting, in areas where prior drilling has indicated potential for extensions to mineralization and is supported by airborne EM geophysical anomalies.

Mineral Resource Statement (1), Hangar Flats Deposit, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., June 25, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade (%)	Contained Antimony (000s lbs)
Open Pit Oxide(2) Mineral Resources
Indicated	750	0.73	18	-	-	-	-
Inferred	589	0.82	15	-	-	-	-
Open Pit Sulphide(3) Mineral Resources
Indicated	16,440	1.73	914	1.37	725	0.12	44,217
Inferred	7,828	1.50	378	0.09	22	0.02	3,106
Total Open Pit Oxide + Sulphide(2)(3) Mineral Resources
Indicated	17,189	1.69	932	1.31	725	0.12	44,217
Inferred	8,416	1.45	393	0.08	22	0.02	3,106

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).

(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).

Higher Grade Antimony Area at Hangar Flats

As noted above, within the larger envelope of gold mineralization, there are zones significantly enriched in antimony and silver relative to the overall mineral resource. These zones, defined by a plus 0.1% antimony shell, lie entirely within the pit-limited mineral resource and are reported separately below to illustrate the higher grades of antimony and silver within the overall mineral resource.

Mineral Resource Antimony Subdomain(1), Hangar Flats Deposit, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., June 13, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade (%)	Contained Antimony (000s lbs)
Open Pit Sulphide(2) Mineral Resources
Indicated	3,475	2.16	242	4.31	482	0.58	44,217
Inferred	339	1.33	14	0.91	10	0.42	3,106

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

(2) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below). The antimony subdomain is further limited to discrete zones of mineralization with grades that exceed 0.1% Sb.

Hangar Flats Mineral Resource Estimate at different Cut-off Grades

The sensitivity of the Hangar Flats deposit mineral resource estimate to different cut-off grades is tabulated below.

Sensitivity of Mineral Resource Statement (1) for the Hangar Flats Deposit to Cut-off Grade

Category (Base case highlighted)	Cut-off Grade (g/t Gold)	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade (%)	Contained Antimony (000s lbs)
Oxide Indicated	0.65	363	0.97	11	0.00	0	0.00	0
	0.55	491	0.87	14	0.00	0	0.00	0
	0.42	750	0.73	18	0.00	0	0.00	0
	0.35	926	0.67	20	0.00	0	0.00	0
	0.25	1,201	0.58	22	0.00	0	0.00	0
Sulphide Indicated	0.95	13,962	1.89	846	1.55	694	0.14	41,555
	0.85	15,233	1.80	883	1.44	703	0.13	42,314
	0.75	16,440	1.73	914	1.37	725	0.12	44,217
	0.65	17,829	1.65	945	1.29	737	0.11	44,810
	0.55	19,241	1.57	972	1.20	740	0.11	44,965
Oxide Inferred	0.65	286	1.09	10	0.00	0	0.00	0
	0.55	462	0.91	13	0.00	0	0.00	0
	0.42	589	0.82	15	0.00	0	0.00	0
	0.35	685	0.75	17	0.00	0	0.00	0
	0.25	942	0.63	19	0.00	0	0.00	0
Sulphide Inferred	0.95	5,698	1.75	320	0.12	21	0.02	2,638
	0.85	6,717	1.62	350	0.10	22	0.02	2,814
	0.75	7,828	1.50	378	0.09	22	0.02	3,106
	0.65	9,125	1.39	407	0.08	23	0.02	3,420
	0.55	10,318	1.30	430	0.08	25	0.02	3,412
Total Indicated	0.65 Oxide, 0.95 Sulphide	14,325	1.86	857	1.51	694	0.13	41,555
	0.55 Oxide, 0.85 Sulphide	15,723	1.77	897	1.39	703	0.12	42,314
	0.42 Oxide, 0.75 Sulphide	17,189	1.69	932	1.31	725	0.12	44,217
	0.35 Oxide, 0.65 Sulphide	18,755	1.60	965	1.22	737	0.11	44,810
	0.25 Oxide, 0.55 Sulphide	20,442	1.51	994	1.13	740	0.10	44,965
Total Inferred	0.65 Oxide, 0.95 Sulphide	5,984	1.72	330	0.11	21	0.02	2,638
	0.55 Oxide, 0.85 Sulphide	7,179	1.57	363	0.09	22	0.02	2,814
	0.42 Oxide, 0.75 Sulphide	8,416	1.45	393	0.08	22	0.02	3,106
	0.35 Oxide, 0.65 Sulphide	9,811	1.34	424	0.07	23	0.02	3,420
	0.25 Oxide, 0.55 Sulphide	11,260	1.24	449	0.07	25	0.01	3,412

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.

(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).

(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).

(4) Where antimony grades are shown as “0.00” there is antimony present but it rounds to 0.00.

Hangar Flats Mineral Resource Estimation

Mineral resource estimates for Hangar Flats were completed using Gemcom GEMS® software by David Rowe, C.P.G., of SRK Consulting (Canada), Inc. and incorporates the results of 49 holes drilled in 2011 and 2012 that were not utilized in the prior mineral resource estimate.

In reviewing the total drilling database, SRK and Midas Gold have eliminated all underground channel samples and any historic Bradley era holes that were not supported by Midas drilling, which resulted in a drop in total contained ounces of gold, especially from the inferred category. The underground channel samples were deemed inferior to the historic drilling, which holes were primarily drilled in the 1940’s using typical ‘A’ gauge core bits, with sludge and core both assayed. While the channel samples may have identified mineralization, the quality of the samples and the lack of reliable mapping in reference to the samples preclude confident estimation into immediately adjacent areas. Additional drilling would be required to determine whether this data could be used (if verified) or replaced in future mineral resource estimates with new data. The veracity of the remaining historic drilling, which was completed in the 1940s through the 1990s, was confirmed through a rigorous data verification protocol. This included reviewing original drill logs, assay certificates and survey information, comparison of data from different drilling campaigns within the same area, and comparison to the Midas Gold holes. Blocks of 25m and 50m that were well informed (6 samples minimum) by both historic data and recent drilling were compared to validate the older data. Where no bias existed, and where good correlations dominated, the older data was used in grade estimation.

Three dimensional structural domains were constructed based on the orientation of the structural controls for gold deposition, and the gold deposit extents were limited within a gold shell constructed at a 0.25 g/t Au fire assay (“AuFA”) threshold. The gold shell was also limited at the boundaries of the deposit so as not to extend more than 60 meters beyond any mineralized drill hole intercept. Antimony and silver shells were also constructed to drill holes, with 0.1% Sb and 5 g/t Ag cut-offs. Although spatially related, the antimony and silver mineralization is characterized by different structural controls than the gold mineralization.

Original gold, silver, and antimony assay values from drilling were capped, according to cumulative frequency plots of assays within resource limiting shells. Gold capping of individual assays resulted in a loss of 4% total metal. For silver and antimony, capping resulted in metal losses of 10% and 12% respectively. Composite samples were then created at three meter intervals, and were restricted to the limits of the 0.25g/t Au shell.

Ordinary kriging was used to interpolate grades within each of the three structural domains, and the total gold, silver, and antimony block model estimates consisted of two successively larger passes. The first pass used a maximum search radius of 40, 50, and 45 meters for each gold, silver, and antimony respectively, which represents one half (1/2) of the maximum range of the variography, and was subdivided into octants for gold only. The second pass was set to estimate the remaining blocks within the gold shell. Total gold, silver, and antimony assay values were estimated within blocks measuring 15x15x6 meters.

Once the estimation process was completed, the previously mined areas were removed, based on available surveys of the existing underground workings, the limits of which have been locally confirmed by holes drilled through voids and timbers.

Mineral resources are classified in the Indicated category for all blocks estimated by at least four composite samples from a minimum of two drill holes, and a minimum of three octants from the first interpolation pass which searched out to 40 metres or one half (1/2) of the maximum range of sample grade continuity defined by the variography. Final broad areas of indicated blocks were outlined by constructing a classification envelope designed to encompass zones predominantly flagged by the first search pass. This process allows review of the geologic control/confidence on the deposit, and expands certain areas but excludes others from Indicated category. All remaining blocks within the gold shell are classified as Inferred.

Cut-off Grade Selection

The cut-off grade selected for the base case resource-limiting pit was estimated on the basis of gold only, and used the following assumptions:

	June 2012 Estimate	June 2011 Estimate
Gold Price (US$/oz)	$1,400.00	$1,200.00
Refining & transport (US$/oz recovered)	$7.00	$5.00
Mining cost (US$/tonne moved)	$1.50	$1.50
Sulphide processing cost (US$/tonne processed)	$23.00	$20.00
Oxide processing cost (US$/tonne processed)	$10.00	$5.00
G&A cost (US$/tonne processed)	$3.00	$2.00
Sulphide recovery	90%	95%
Oxide recovery	80%	85%
NSR Royalty	0%	5%
Maximum Pit slopes	45 degrees	45 degrees
Discount rate	7%	0%

This led to a calculated cut-off grade of 0.36g/t gold for oxides and 0.65g/t for sulphides. In order to provide a level of conservatism, Midas Gold requested SRK to add a 15% contingency factor, increasing the base case cut-off grades to 0.42g/t gold for oxides and 0.75g/t for sulphides. This cut-off grade and the assumptions above were used by Jim Robertson, P.Eng., of SRK Consulting (Canada), Inc., to float conceptual pits using Whittle(r) that limit the mineral resources so that only mineral resources above these cut-offs and within the resource-limiting pit are reported; mineralization falling outside the resource-limiting pit is not reported, no matter what the grade. The strip ratio for this resource-limiting pit dropped from last year’s 7.31:1 to a current 7.1:1 (tonnes of waste to tonnes of mineral resource within the pit).

It should be noted that the assumptions used to derive the cut-off grades and define the resource-limiting pits are estimated so as to meet the NI43-101 requirement for mineral resource estimates to demonstrate “reasonable prospects for economic extraction” and the cut-off grades to be used in the upcoming preliminary economic assessment may vary from those used to limit the mineral resources reported herein, as the inputs to that study are determined. No inference is implied in the changes to the cut-off grade assumptions from the prior mineral resource estimates as to what will be used in the upcoming preliminary economic assessment, as those assumptions remain to be determined.

Updated Technical Report

The details of all three mineral resource estimates will be provided in a NI43-101 Technical Report to be filed in conjunction with the completion of a preliminary economic assessment due in Q3/12.

Compliance with National Instrument 43-101

David Rowe, CPG, of SRK Consulting (Canada), Inc. is the qualified person, as defined in National Instrument 43-101, responsible for the mineral resource estimates for the Hangar Flats deposit as reported herein. He has read and approved the relevant technical portions of this news release related to the mineral resource estimates for which he is responsible.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

The mineral resources at Golden Meadows are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for Midas to advance its interests at Golden Meadows, the project will be subject to a number of Federal, State and local laws and regulations and will require permit to conduct its activities. However, Midas is not aware of any environmental, permitting, legal or other reasons that would prevent it from advancing the project.

Illustrations
To view the locations of current drill holes and the old and new pit boundaries for the Hangar Flat deposit, please click here.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The resource estimation for the gold deposits at Golden Meadows was completed by David Rowe, C.P.G., and Wayne Barnett, Pr.Sci. Nat., of SRK Consulting (Canada), Inc. under the supervision of Guy Dishaw, P. Geo, of SRK Consulting (Canada), Inc., and was reviewed by Paul Jensen, C.P.G., Qualified Person and Midas Gold’s Senior Geologist for the Golden Meadows Project.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite-Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com. A new technical report covering all three updated mineral resources will be filed on SEDAR in conjunction with the completion of a preliminary economic assessment, scheduled for completion in Q3/12.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Mineral Resource Estimate(1) - All Three Deposits comprising the Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., June 25, 2012

	Hangar Flats	West End (5)	Yellow Pine	All Deposits
Oxides(2) (@ 0.42g/t Au cut-off)
Indicated
Tonnes(000s)	750	8,251	1,572	10,573
GoldGrade (g/t)	0.73	0.83	1.30	0.90
SilverGrade (g/t)	-		-	-
AntimonyGrade (%) (4)	-		0.00%	0.00%
ContainedGold (000s oz)	18	221	66	305
ContainedSilver (000s oz)	-		-	-
ContainedAntimony (000s lbs)	-		122	122
Inferred
Tonnes(000s)	589	1,185	427	2,201
GoldGrade (g/t)	0.82	0.63	2.12	0.97
SilverGrade (g/t)	-		-	-
AntimonyGrade (%) (4)	-		0.02%	0.00%
ContainedGold (000s oz)	15	24	29	68
ContainedSilver (000s oz)	-		-	-
ContainedAntimony (000s lbs)	-		178	178
Sulphides(3) (@ 0.75g/t Au cut-off)
Indicated
Tonnes(000s)	16,440	25,750	25,463	67,653
GoldGrade (g/t)	1.73	1.52	2.14	1.80
SilverGrade (g/t)	1.37		0.72	0.60
AntimonyGrade (%) (4)	0.12%		0.11%	0.07%
ContainedGold (000s oz)	914	1,262	1,749	3,925
ContainedSilver (000s oz)	725		587	1,312
ContainedAntimony (000s lbs)	44,217		64,168	108,385
Inferred
Tonnes(000s)	7,828	14,076	32,013	53,917
GoldGrade (g/t)	1.50	1.30	1.80	1.63
SilverGrade (g/t)	0.09		1.54	0.93
AntimonyGrade (%) (4)	0.02%		0.13%	0.08%
ContainedGold (000s oz)	378	588	1,856	2,822
ContainedSilver (000s oz)	22		1,581	1,603
ContainedAntimony (000s lbs)	3,106		89,500	92,606
Oxides+ Sulphides (2)(3)
Indicated
Tonnes(000s)	17,189	34,001	27,036	78,226
GoldGrade (g/t)	1.69	1.36	2.09	1.68
SilverGrade (g/t)	1.31	-	0.68	0.52
AntimonyGrade (%) (4)	0.12%	-	0.11%	0.06%
ContainedGold (000s oz)	932	1,483	1,814	4,229
ContainedSilver (000s oz)	725	-	587	1,312
ContainedAntimony (000s lbs)	44,217	-	64,290	108,507
Inferred
Tonnes(000s)	8,416	15,261	32,440	56,117
GoldGrade (g/t)	1.45	1.25	1.81	1.60
SilverGrade (g/t)	0.08	-	1.52	0.89
AntimonyGrade (%) (4)	0.02%	-	0.13%	0.07%
ContainedGold (000s oz)	393	612	1,885	2,890
ContainedSilver (000s oz)	22	-	1,581	1,603
ContainedAntimony (000s lbs)	3,106	-	89,678	92,784

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details above).
(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details above).
(4) Where antimony grades are shown as “0.00” there is antimony present but it rounds to 0.00, where blank, antimony was not estimated.
(5) Antimony and silver were not estimated for the West End deposit due to a lack of sufficient assays, and is averaged into the totals at an assumed zero grade.

MIDAS GOLD TO PRESENT ITS GOLDEN MEADOWS PROJECT AT IDAHO DAY IN TORONTO JUNE 5, 2012

Idaho Delegation Includes Lt. Governor Brad Little & Former Governor Cecil D. Andrus

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) is pleased to be presenting highlights of its Golden Meadows Project in Idaho at a one day “Idaho Day in Toronto” conference being held on June 5, 2012 at the Trump International Hotel. Idaho Day is co-sponsored by several mining companies active in Idaho and a number of leading national and international brokerage firms. The Idaho delegation is led by Idaho’s Lieutenant Governor Brad Little and former Governor Cecil D. Andrus, Idaho’s longest serving governor, who also spent four years as US Secretary of the Interior.

“The Idaho Day in Toronto conference provides a unique opportunity for investors and analysts to get a first-hand account of the importance of the mining industry to the State of Idaho and of its unique regulatory environment,” said Stephen Quin, President and CEO of Midas Gold Corp. “As a leading exploration company active in Idaho, Midas Gold is proud to be co-sponsoring this event.”

Any investor or analyst interested in attending this event in downtown Toronto tomorrow should contact Midas Gold’s Manager of Investor Relations, whose contact details are below.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite-Yellow Pine district of central Idaho, a world class gold deposit with significant potential for by-products of antimony and silver, and potentially tungsten. The principal deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com. Updates to those mineral resource estimates were announced for West End on May 16, 2012 and for the Yellow Pine deposit on June 4, 2012 including significant increases in contained gold, while an update for the Hangar Flats deposit is pending. A new technical report covering all three updated mineral resources will be filed on SEDAR in conjunction with the completion of a preliminary economic assessment, scheduled for completion in Q3/12.

MIDAS GOLD'S YELLOW PINE MINERAL RESOURCE UPDATE EXCEEDS EXPECTATIONS & DEPOSIT CONTINUES TO GROW

Gold Indicated Mineral Resource increases 445%; Antimony and Silver added to Estimates

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced the second of three planned independent NI43-101 mineral resource estimates for its Golden Meadows Project in Idaho. Gold contained in indicated mineral resources at the Yellow Pine Deposit has increased 445% (to 1.815 million oz at a grade of 2.09g/t) from the previously reported estimate, while the inferred mineral resource was largely replaced with newly added ounces of gold and contains 1.885 million ounces at a grade of 1.81g/t gold. A total of 49% of the resource ounces are now in the indicated category - up from 14% in 2011 - even with a 52% increase in total gold contained in the Yellow Pine Deposit and all of the indicated and inferred mineral resource reported herein is contained within resource-limiting open pit shells. Furthermore, antimony and silver have been added to the Yellow Pine mineral resource estimate, as detailed below, including an area with significantly higher grade antimony-silver grades that is detailed on the following page.

Mineral Resource Statement (1), Yellow Pine Deposit, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., May 31, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade(4) (%)	Contained Antimony (000s lbs)
Open Pit Oxide(2)Mineral Resources
Indicated	1,572	1.30	66	-	-	0.00	122
Inferred	427	2.12	29	-	-	0.02	178
Open Pit Sulphide(3)Mineral Resources
Indicated	25,463	2.14	1,749	0.72	587	0.11	64,168
Inferred	32,013	1.80	1,856	1.54	1,581	0.13	89,500
Total Open Pit Oxide + Sulphide(2)(3)Mineral Resources
Indicated	27,036	2.09	1,814	0.68	587	0.11	64,290
Inferred	32,440	1.81	1,885	1.52	1,581	0.13	89,678

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely. All composites have been capped where appropriate.
(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(4) Where antimony grades are shown as “0.00” there is antimony present but it rounds to 0.00.

“The updated mineral resource for Yellow Pine demonstrates excellent progress over the past year,” said Stephen Quin, President and CEO of Midas Gold Corp. “While the indicated mineral resource has grown significantly, we are also very pleased with the significant gain in overall contained ounces of gold, confirming our expectations that the Yellow Pine system has great potential for additional discovery,” he said. “Adding antimony and silver for the first time in a modern resource report is also a significant achievement, bringing potential economic and strategic value to our project. In addition, mineralization remains open in several directions and recent drilling has already demonstrated that it continues to increase.”

The base case mineral resource estimate for the Yellow Pine deposit as prepared by SRK Consulting (Canada) Inc. and is summarized herein. Sensitivity according to gold cut-off grade is summarized below. The economically driven pit shell that limits the mineral resource was based entirely on gold value, with antimony and silver reporting within the resource-limiting pit but not defining it. Within the resource-limiting pit, antimony and silver grades are reported without any cut-off. Any mineralization lying outside the resource-limiting pit is not reported as mineral resources.

Since the date of this mineral resource estimate, additional drilling has been completed, and is continuing, that is extending the mineralization to the west and east beside and below the mineral resources reported herein, while Midas Gold plans to test possible extensions to the south of the current mineral resource later in 2012, subject to permitting, in areas where prior drilling has indicated potential for extensions to mineralization.

Higher Grade Antimony Area

As noted above, within the larger envelope of gold mineralization, there are zones significantly enriched in antimony and silver relative to the overall mineral resource. These zones, defined by a plus 0.1% antimony shell, lie entirely within the pit-limited mineral resource and are reported separately below to illustrate the higher grades of antimony and silver within the overall mineral resource.

Mineral Resource Antimony Subdomain(1), Yellow Pine Deposit, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., May 31, 2012

(1) Mineral resources are reported as a subset of the total mineral resource in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
(2) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below). The antimony subdomain is further limited to discrete zones of mineralization with grades that exceed 0.1% Sb.

Geographic Distribution of Mineral Resources

For ease of reference to prior news releases detailing results of drilling, the mineral resource estimate within the pit shell is also provided below, split into a south area (around the former Yellow Pine open pit operated by Bradley Mining in the 1930s through 1950s), and a north area (around and below the old Clark Tunnel and Homestake area (Hecla Mining Company operated a small scale open pit heap leach operation on oxide material in the Homestake area in the 1990s). The southern portion of the mineral resources tends to have slightly higher gold but significantly higher antimony and silver grades than the northern portion of the deposit.

Mineral Resource Statement (1), Yellow Pine Deposit - South Area, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., May 31, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade (%)	Contained Antimony (000s lbs)
Open Pit Oxide(2) Mineral Resources - South Area
Indicated	762	1.34	33	0.00	0.00	0.01	100
Inferred	252	2.65	21	0.00	0.00	0.03	150
Open Pit Sulphide(3) Mineral Resources - South Area
Indicated	17,953	2.23	1,288	0.76	439	0.13	51,751
Inferred	25,454	1.79	1,465	1.90	1,555	0.15	86,733

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).

Mineral Resource Statement (1), Yellow Pine Deposit - North Area, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., May 31, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)	Silver Grade (g/t)	Contained Silver (000s oz)	Antimony Grade (4) (%)	Contained Antimony (000s lbs)
Open Pit Oxide(2) Mineral Resources - North Area
Indicated	810	1.26	33	0.00	0.00	0.00	21
Inferred	174	1.36	8	0.00	0.00	0.01	28
Open Pit Sulphide(3) Mineral Resources - North Area
Indicated	7,510	1.91	461	0.61	148	0.07	12,418
Inferred	6,559	1.86	391	0.12	26	0.02	2,767

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(4) Where antimony grades are shown as “0.00” there is antimony present but it rounds to 0.00.

Yellow Pine Mineral Resource Estimate at different Cut-off Grades

The sensitivity of the Yellow Pine deposit mineral resource estimate to different cut-off grades is tabulated below.

Sensitivity of Mineral Resource Statement (1) for the Yellow Pine Deposit to Cut-off Grade

Category (Base case highlighted)	Cut-off Grade (g/t Gold)	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s ozs)	Silver Grade (g/t)	Contained Silver (000s ozs)	Antimony Grade(4) (%)	Contained Antimony (000s lbs)
Oxide(2)- Indicated	0.65	1,229	1.51	60	0.00	0	0.004	122
	0.55	1,405	1.39	63	0.00	0	0.004	122
	0.42	1,572	1.30	66	0.00	0	0.004	122
	0.35	1,654	1.25	67	0.00	0	0.004	122
	0.25	1,758	1.20	68	0.00	0	0.004	122
Sulphide(3)- Indicated	0.95	23,258	2.26	1,689	0.78	582	0.12	63,003
	0.85	24,292	2.20	1,719	0.75	585	0.12	63,662
	0.75	25,463	2.14	1,749	0.72	587	0.11	64,168
	0.65	26,590	2.08	1,774	0.69	587	0.11	64,593
	0.55	27,871	2.01	1,799	0.66	587	0.11	65,157
Oxide(2)- Inferred	0.65	341	2.52	28	0.00	0	0.02	178
	0.55	370	2.37	28	0.00	0	0.02	178
	0.42	427	2.12	29	0.00	0	0.02	178
	0.35	452	2.02	29	0.00	0	0.02	178
	0.25	479	1.93	30	0.00	0	0.02	178
Sulphide(3)- Inferred	0.95	26,969	1.98	1,719	1.65	1,427	0.14	81,349
	0.85	29,210	1.90	1,784	1.60	1,505	0.13	85,072
	0.75	32,013	1.80	1,856	1.54	1,581	0.13	89,500
	0.65	34,894	1.71	1,921	1.48	1,657	0.12	94,550
	0.55	38,032	1.62	1,981	1.39	1,702	0.12	99,410
Total - Indicated	0.65 Oxide, 0.95 Sulphide	24,487	2.22	1,748	0.74	582	0.12	63,125
	0.55 Oxide, 0.85 Sulphide	25,697	2.16	1,782	0.71	585	0.11	63,784
	0.42 Oxide, 0.75 Sulphide	27,036	2.09	1,814	0.68	587	0.11	64,290
	0.35 Oxide, 0.65 Sulphide	28,244	2.03	1,841	0.65	587	0.10	64,714
	0.25 Oxide, 0.55 Sulphide	29,630	1.96	1,867	0.62	587	0.10	65,279
Total - Inferred	0.65 Oxide, 0.95 Sulphide	27,310	1.99	1747	1.63	1,427	0.14	81,526
	0.55 Oxide, 0.85 Sulphide	29,580	1.91	1812	1.58	1,505	0.13	85,250
	0.42 Oxide, 0.75 Sulphide	32,440	1.81	1,885	1.52	1,581	0.13	89,678
	0.35 Oxide, 0.65 Sulphide	35,346	1.72	1950	1.46	1,657	0.12	94,728
	0.25 Oxide, 0.55 Sulphide	38,511	1.62	2011	1.37	1,702	0.12	99,588

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability - see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(4) Where antimony grades are shown as “0.00” there is antimony present but it rounds to 0.00.

Yellow Pine Mineral Resource Estimation

Mineral resource estimates for Yellow Pine were completed using Gemcom GEMS(r) software by David Rowe, C.P.G., of SRK Consulting (Canada), Inc. and incorporates the results of 92 holes drilled in 2011 and 2012 that were not utilized in the prior mineral resource estimate.

This resource estimate relies on an extensive database of 451 holes drilled by owners prior to Midas Gold, and on 92 holes completed by Midas Gold. In reviewing the total drilling database, SRK and Midas Gold have eliminated 215 drill holes of the total 758 drilled from consideration for various quality assurance reasons. These 215 eliminated holes were primarily drilled in the 1940’s using typical ‘A’ gauge core bits, with sludge and core both assayed and, while they may have identified mineralization, these areas that have not already been delineated by later drilling, will need to be re-drilled prior to incorporating them into a mineral resource estimate. Where the original assay intervals were composited, these holes were removed from consideration. Shallow churn drill holes and air track drill holes were also excluded from the resource calculation. The veracity of the remaining historic drilling, which was completed in the 1940s through the 1990s, was confirmed through a rigorous data verification protocol. This included reviewing original drill logs, assay certificates and survey information, comparison of data from different drilling campaigns within the same area, and comparison to the Midas Gold holes. Blocks of 25m and 50m that were well informed (6 samples minimum) by both historic data and recent drilling were compared to validate the older data. Where no bias existed, and where good correlations dominated, the older data was used in grade estimation. The verification process has increased the degree of confidence in the quality of drilling prior to Midas Gold’s ownership.

Three dimensional structural domains were constructed based on the orientation of the structural controls for gold deposition, and the gold deposit extents were limited within a gold shell constructed at a 0.25 g/t Au fire assay (“AuFA”) threshold. The gold shell was also limited at the boundaries of the deposit so as not to extend more than 60 meters beyond any mineralized drill hole intercept. Antimony and silver shells were also constructed, at 0.1% Sb and 10 g/t Ag respectively. Although spatially related, the antimony and silver mineralization is characterized by different structural controls than the gold mineralization.

Original drill hole gold, silver, and antimony assay values were capped, at 13.5 g/t, 100 g/t, and 7.0% respectively, within the gold grade shell to restrict the influence of high grade outlier values. Composite samples were then created at three meter intervals, and were restricted to the limits of the 0.25g/t Au shell.

Ordinary kriging was used to interpolate grades within each of the three structural domains, and the total gold, silver, and antimony block model estimates consisted of two successively larger passes. The first pass used a maximum search radius of 45 meters for each gold, silver, and antimony, which represents one half (1/2) of the maximum range of the variography, and was subdivided into octants for gold only. The second pass was set to estimate the remaining blocks within the gold shell. Total gold, silver, and antimony assay values were estimated within blocks measuring 15x15x6 meters.

Once the estimation process was completed, the previously mined areas were removed, based on available surveys of the existing open pits, the limits of which have been locally confirmed by holes drilled through backfill material that was placed in some of the pits post-mining, where applicable.

Mineral resources are classified in the Indicated category for all blocks estimated by at least four composite samples from a minimum of two drill holes, and a minimum of three octants from the first interpolation pass which searched out to 45 metres or one half (1/2) of the maximum range of sample grade continuity defined by the variography. Final broad areas of indicated blocks were outlined by constructing a classification envelope designed to encompass zones predominantly flagged by the first search pass. This process allows review of the geologic control/confidence on the deposit, and expands certain areas but excludes others from Indicated category. All remaining blocks within the gold shell are classified as Inferred.

Cut-off Grade Selection

The cut-off grade selected for the base case resource-limiting pit was estimated on the basis of gold only, and used the following assumptions:

	May 2012 Estimate	June 2011 Estimate
Gold Price (US$/oz)	$1,400.00	$1,200.00
Refining & transport (US$/oz recovered)	$7.00	$5.00
Mining cost (US$/tonne moved)	$1.50	$1.50
Sulphide processing cost (US$/tonne processed)	$23.00	$20.00
Oxide processing cost (US$/tonne processed)	$10.00	$5.00
G&A cost (US$/tonne processed)	$3.00	$2.00
Sulphide recovery	90%	95%
Oxide recovery	80%	85%
NSR Royalty	0%	5%
Maximum Pit slopes (2012 has 4 domains)	45/43/40 degrees	45 degrees
Discount rate	7%	0%

This led to a calculated cut-off grade of 0.36g/t gold for oxides and 0.65g/t for sulphides. In order to provide a level of conservatism, Midas Gold requested SRK to add a 15% contingency factor, increasing the base case cut-off grades to 0.42g/t gold for oxides and 0.75g/t for sulphides. This cut-off grade and the assumptions above were used by Jim Robertson, P.Eng., of SRK Consulting (Canada), Inc., to float conceptual pits using Whittle(r) that limit the mineral resources so that only mineral resources above these cut-offs and within the resource-limiting pit are reported; mineralization falling outside the resource-limiting pit is not reported, no matter what the grade. The strip ratio for this resource-limiting pit is 2.63:1 (tonnes of waste to tonnes of mineral resource within the pit).

It should be noted that the assumptions used to derive the cut-off grades and define the resource-limiting pits are estimated so as to meet the NI43-101 requirement for mineral resource estimates to demonstrate “reasonable prospects for economic extraction” and the cut-off grades to be used in the upcoming preliminary economic assessment may vary from those used to limit the mineral resources reported herein, as the inputs to that study are determined. No inference is implied in the changes to the cut-off grade assumptions from the prior mineral resource estimates as to what will be used in the upcoming preliminary economic assessment, as those assumptions remain to be determined.

Future Plans for Yellow Pine Drilling

Drilling at Yellow Pine is continuing, with approximately 14,000m of drilling planned in 51 holes designed to continue to upgrade the remaining inferred mineral resource to the indicated category and to step out beyond the limits of the current mineral resources. As happened in 2011 drilling, some holes will serve both purposes as the upper portions of the holes drill through existing mineral resources, thereby upgrading the confidence level, before extending out beyond the limits of the current mineral resource estimates to continue to test for potential extensions to the mineral resource at Yellow Pine.

Status of Hangar Flats Mineral Resource Estimates

Modelling of the updated Hangar Flats mineral resource has commenced, incorporating the results of 49 new in-fill and step-out holes completed in 2011 and early 2012 and an updated mineral resource estimate is expected to be completed in June 2012. “The results of these new holes have been previously announced by Midas Gold and, overall, results of the in-fill drilling would seem to support a conversion of a portion of the inferred mineral resource to the indicated category,” said Mr. Quin. “However, as noted in prior news releases, a previously unrecognized deflection in the Meadow Creek fault likely cut off some of the inferred mineralization incorporated in the last mineral resource estimate, and some of the holes drilled in the northern portion of the prior resource-limiting pit intercepted lower grade and narrower zones of mineralization than anticipated.”

Drilling subsequent to the cut-off date for both the Yellow Pine and Hangar Flats mineral resource estimates has, as reported in recent news releases available on SEDAR, indicated further extensions to the mineralization, beyond that being included in these updated estimates, and drilling is continuing.

Updated Technical Report

The details of all three mineral resource estimates will be provided in a NI43-101 Technical Report to be filed in conjunction with the completion of a preliminary economic assessment due in Q3/12.

Compliance with National Instrument 43-101

David Rowe, CPG, of SRK Consulting (Canada), Inc. is the qualified person, as defined in National Instrument 43-101, responsible for the mineral resource estimates for the Yellow Pine deposit as reported herein. He has read and approved the relevant technical portions of this news release related to the mineral resource estimates for which he is responsible.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

The mineral resources at Golden Meadows are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for Midas to advance its interests at Golden Meadows, the project will be subject to a number of Federal, State and local laws and regulations and will require permit to conduct its activities. However, Midas is not aware of any environmental, permitting, legal or other reasons that would prevent it from advancing the project.

Illustrations
To view the locations of current drill holes and the old and new pit boundaries for the Yellow Pine deposit, please click here.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The resource estimation for the gold deposits at Golden Meadows was completed by David Rowe, C.P.G of SRK Consulting (Canada), Inc. under the supervision of Guy Dishaw, P. Geo, of SRK Consulting (Canada), Inc., and was reviewed by Paul Jensen, C.P.G., Qualified Person and Midas Gold’s Senior Geologist for the Golden Meadows Project.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com. A new technical report covering all three updated mineral resources will be filed on SEDAR in conjunction with the completion of a preliminary economic assessment, scheduled for completion in Q3/12.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD PLANS AN ADDITIONAL ~40,000M OF DRILLING ON ITS GOLDEN MEADOWS PROJECT, IDAHO

Phase II Work Includes Continued Infill & Step-out drilling, Completion of a PEA and Exploration

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced its work plans for the remainder of 2012, including up to 40,000m of additional drilling, beyond the 17,000m completed in Phase I of the 2012 program. This Phase II work plan is focused on (1) continued infill and step-out drilling on the three main deposits that comprise the current mineral resources, which all remain open to expansion, (2) completion of a preliminary economic assessment (“PEA”) based on updated mineral resource estimates for all three deposits, (3) advancing the Golden Meadows Project towards a subsequent preliminary feasibility study (“PFS”) and permit applications in 2013, and (4) continued exploration for new deposits, outside of those hosting the current mineral resources. Midas Gold is fully funded for its 2012 activities and beyond.

“The Golden Meadows Project represents a world class mineral resource, with excellent grade, potential for significant by-product credits and is located in a geopolitically stable jurisdiction,” said Stephen Quin, President and CEO of Midas Gold Corp. “These factors warrant a sustained commitment to further expanding the existing mineral resources, as well as advancing the project through completion of a PEA and into a subsequent PFS,” he said. “In addition, we continue exploration within our extensive and highly prospective Golden Meadows Project holdings for potential new gold, silver, antimony and/or tungsten deposits.”

2012 Work Program

Board approval was recently granted for an additional Phase II work program comprised of up to 40,000m of drilling, beyond the 17,000m Phase I drilling completed in the first quarter of 2012. Up to 35,000m of this drilling is targeted as infill and step-out drilling in and around the Hangar Flats, West End and Yellow Pine deposits, with the balance of up to 5,000m focused on discovery of new gold deposits beyond the current geologic limits of these three deposits. Most of the Phase II infill and step-out drilling will be concentrated on the West End and Yellow Pine deposits, where significant upside remains to the mineral resource estimates, as demonstrated by recent drill results at Yellow Pine and by the recent updated mineral resource update for the West End deposit. A more limited program is planned for the Hangar Flats deposit, since this deposit has been the focus of a significant portion of the 2012 drilling to date, including drilling completed in April and May that forms part of the 35,000m of above-noted Phase II drilling. As previously disclosed, updated mineral resource estimates are scheduled for completion later in Q2/12 for the Hangar Flats and the Yellow Pine deposits that incorporate the Phase I drilling, while a further update to the mineral resource estimates will be completed in 2013 that will incorporate the Phase II drilling. During Phase II, up to 5,000m of exploration drilling is planned to test a number of prospects and targets outside of the three main deposits for their potential to host completely new deposits. In aggregate, these Phase II activities are forecast to cost between US$24 million and US$27 million over and above the Phase I expenditures incurred in Q1/12, with the range dependent on the total metres drilled (as some of the meterage is subject to permit applications that are currently under review by the US Forest Service).

In parallel with the Phase II drilling discussed above, Midas Gold is advancing the Golden Meadows Project towards completion of a PEA, scheduled for delivery in Q3/12, based on the updated mineral resource estimates (once completed) for all three deposits. As reported on April 23, 2012, most of the metallurgical testing for each of the three deposits with mineral resources has been completed, confirming that conventional, low-risk metallurgical approaches achieve excellent results. Additional mine planning, geotechnical, design, engineering and cost estimation work is proceeding for delivery of the PEA in Q3/12.

While the PEA is not scheduled for completion until Q3/12, given the size and grade of the existing mineral resources, the metallurgical test results, the potential for by-product credits and other factors, Midas Gold has determined to proceed with the work required to advance the Golden Meadows Project towards completion of a subsequent PFS by conducting the requisite Phase II infill and step-out drilling to finalize the definition of a substantial majority of the existing deposits to a minimum indicated resource category, completing required geotechnical, hydrogeological and hydrology studies, conducting additional metallurgical test work to continue to optimize process recoveries and options, advancing design and engineering activities, as well as cost estimation and other activities. Since the PEA will incorporate a component of inferred mineral resource that cannot be utilized in a PFS, the infill drilling is required before a PFS can be finalized. In addition to the aforementioned Phase II drilling, design and engineering work, environmental baseline data collection, installation of an expanded camp on the Golden Meadows property, required and voluntary environmental remediation and other activities will also continue in support of current and future permit applications and general improvement of site conditions.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The field activities are carried out under the supervision of Richard Moses, L.G., and Chris Dail, C.P.G., Field Operations Manager and Exploration Manager for Midas Gold, respectively.

About Midas Gold and the Golden Meadows Project
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, potential development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”), which is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com. An updated mineral resource estimate for the West End deposit was reported in a news release dated May 16, 2012. A new technical report covering all three updated mineral resource estimates, once completed, will be filed on SEDAR in conjunction with the completion of a preliminary economic assessment, which is scheduled for completion in Q3/12.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential”, “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might”, “is warranted” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD SIGNIFICANTLY INCREASES WEST END MINERAL RESOURCE ESTIMATE, GOLDEN MEADOWS PROJECT, IDAHO

Indicated Mineral Resource increases 32%, while Inferred Mineral Resource increases 61%

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced the first of three planned independent NI 43-101 mineral resource estimates for its Golden Meadows Project in Idaho. Gold contained in indicated mineral resources for the West End deposit has increased 32% (to 1.48 million oz) from the previously reported estimate, while the gold contained in inferred mineral resources has increased 61% (to 0.61 million oz). A total of 71% of the resource ounces are in the indicated category and all of the indicated and inferred resource reported herein is contained within resource-limiting open pit shells. The overall grade of the mineral resource remained similar to that previously reported and the West End deposit remains open to expansion in several directions.

The base case mineral resource estimate for the West End deposit as prepared by SRK Consulting (Canada) Inc. is summarized below, while the sensitivity according to cut-off grade is summarized on the following page.

Mineral Resource Statement (1), West End Deposit, Golden Meadows Project, Idaho
Prepared by SRK Consulting (Canada) Inc., May 11, 2012

Mineral Resource Category	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s oz)
Open Pit Oxide(2) Mineral Resources
Indicated	8,251	0.83	221.1
Inferred	1,185	0.63	23.9
Open Pit Sulphide(3) Mineral Resources
Indicated	25,750	1.52	1,262.3
Inferred	14,076	1.30	588.1

(1) Mineral resources are reported in relation to a conceptual pit shell. Mineral resources are not mineral reserves and do not have demonstrated economic viability – see “Compliance with NI43-101” below. All figures are rounded to reflect the relative accuracy of the estimate. All composites have been capped where appropriate.
(2) Open pit oxide mineral resources are reported at a cut-off grade of 0.42 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).
(3) Open pit sulfide mineral resources are reported at a cut-off grade of 0.75 g/t Au. Cut-off grades are based on a price of US$1,400 per ounce of gold and a number of operating cost and recovery assumptions, plus a 15% contingency (see details below).

“The updated mineral resource for West End demonstrates excellent progress over the past year,” said Stephen Quin, President and CEO of Midas Gold Corp. “There are as many ounces in the indicated category today as there were in all categories a year ago and the grade has been maintained; in addition, the total number of ounces has grown significantly,” he said. “Even with these increases in confidence and total contained gold, the West End deposit remains open in several directions and a large drill program is planned for the summer of 2012 to test this potential for continued resource additions, as well as continuing to upgrade the remaining inferred mineral resource.”

West End Mineral Resource Estimate at different Cut-off Grades
The sensitivity of the West End mineral resource estimate to different cut-off grades is tabulated below.

Category (Base case highlighted)	Cut-off Grade (g/t Gold)	Tonnes (000s)	Gold Grade (g/t)	Contained Gold (000s ozs)
Oxide - Indicated	0.65	4,360	1.11	156
	0.55	5,693	0.99	182
	0.42	8,251	0.83	221
	0.35	9,895	0.76	241
	0.25	12,647	0.66	268
Sulphide - Indicated	0.95	19,916	1.72	1,104
	0.85	22,700	1.62	1,184
	0.75	25,750	1.52	1,262
	0.65	29,341	1.42	1,343
	0.55	33,603	1.32	1,425
Oxide - Inferred	0.65	389	0.86	11
	0.55	623	0.76	15
	0.42	1,185	0.63	24
	0.35	1,625	0.56	29
	0.25	2,394	0.48	37
Sulphide - Inferred	0.95	10,529	1.45	492
	0.85	12,116	1.38	538
	0.75	14,076	1.30	588
	0.65	15,824	1.23	627
	0.55	17,591	1.17	661
Total - Indicated	0.65 Oxide, 0.95 Sulphide	24,276	1.61	1,260
	0.55 Oxide, 0.85 Sulphide	28,392	1.50	1,366
	0.42 Oxide, 0.75 Sulphide	34,001	1.36	1,483
	0.35 Oxide, 0.65 Sulphide	39,236	1.26	1,584
	0.25 Oxide, 0.55 Sulphide	46,249	1.14	1,693
Total - Inferred	0.65 Oxide, 0.95 Sulphide	10,918	1.43	503
	0.55 Oxide, 0.85 Sulphide	12,740	1.35	553
	0.42 Oxide, 0.75 Sulphide	15,261	1.25	612
	0.35 Oxide, 0.65 Sulphide	17,449	1.17	657
	0.25 Oxide, 0.55 Sulphide	19,985	1.09	698

West End Mineral Resource Estimation

Mineral resource estimates for West End were completed using Gemcom GEMS® software by David Rowe, C.P.G., of SRK Consulting (Canada), Inc. and incorporates the results of 21 holes drilled in 2010 and 2011 that were not utilized in the prior mineral resource estimate, as well as a more robust approach to handling the oxide vs. sulphide boundary. These holes were primarily drilled to test the potential to expand the boundaries of the West End mineral resource below, and to the west and east of the previous estimate. These holes also assisted with confirming prior resource estimates since the holes were generally started off within the existing mineral resource and penetrated through it before extending outside the prior resource limits.

This resource estimate relies on an extensive database of 655 holes drilled by owners prior to Midas Gold and was supplemented by the 21 holes completed by Midas Gold. The veracity of the historic drilling, which was completed in the 1970s through the 1990s, was confirmed through a rigorous data verification protocol. This included reviewing original drill logs, assay certificates and survey information, comparison of data from different drilling campaigns within the same area, and production reconciliation records from mining operations (including a review by the former chief geologist that supervised much of the drilling and the mining operations for a period in the early 1990s), and comparison to the Midas Gold holes. The verification process resulted in a high degree of confidence in the quality of drilling prior to Midas Gold’s drilling and is detailed in the June 2011 Technical Report, a copy of which is filed on SEDAR.

Three dimensional geologic domains were constructed based on host rock lithologies, and the gold deposit extents were limited within a gold shell constructed at a 0.25 g/t Au fire assay (“AuFA”) threshold. The gold shell was also limited at the boundaries of the deposit so as not to extend more than 50 meters beyond any mineralized drill hole intercept.

The geologic model was further subdivided into three distinct regions for resource estimation based on the orientation of the structural controls for gold deposition. Original drill hole gold fire assay values were capped within each lithologic domain to restrict the influence of high grade outlier values. Composite samples were then created at three meter intervals, and were restricted to the limits of the host lithologic domain; composites from one lithologic domain were not used in interpolation of blocks in a different lithologic domain.

Separate interpolation passes using ordinary kriging were utilized within each of the three structural regions, and the total gold block model estimate consisted of two successively larger passes. The first pass used a maximum search radius of 45 meters, which represents one half (1/2) of the maximum range of the variography, and was subdivided into octants. The second pass was set to estimate the remaining blocks within the gold shell. Total gold from fire assay values were estimated within blocks measuring 15x15x6 meters. A separate gold model was also estimated using only cyanide leachable gold composite values (“AuCN”). Oxide gold mineralization was outlined by calculating the ratio of the cyanide leachable gold block values by the total gold block values (AuCN/AuFA). Only blocks with AuCN/AuFA ratio values greater than 0.7 were included in the final oxide resource. All other blocks were reported as sulphide resource.

Once the estimation process was completed, the previously mined areas were removed, based on available surveys of the existing open pits, the limits of which have been locally confirmed by holes drilled through backfill material that was placed in some of the pits post-mining, where applicable.

Resources are classified in the Indicated category for all blocks estimated by at least four composite samples from a minimum of two drill holes, and a minimum of two octants from the first interpolation pass which searched out to 45 metres or one half (1/2) of the maximum range of sample grade continuity defined by the variography. All remaining blocks within the gold shell are classified as Inferred.

Cut-off Grade Selection

The cut-off grade selected for the base case resource-limiting pit was estimated on the basis of gold only, and used the following assumptions:

	May 2012 Estimate	June 2011 Estimate
Gold Price (US$/oz)	$1,400.00	$1,200
Refining & transport (US$/oz recovered)	$7.00	$5.00
Mining cost (US$/tonne moved)	$1.50	$1.50
Sulphide processing cost (US$/tonne processed)	$23.00	$20.00
Oxide processing cost (US$/tonne processed)	$10.00	$5.00
G&A cost (US$/tonne processed)	$3.00	$2.00
Sulphide recovery	90%	95%
Oxide recovery	80%	85%
NSR Royalty	0%	0%
Maximum pit slope	48 degrees	50 degrees
Discount rate	7%	0%

This led to a calculated cut-off grade of 0.36g/t gold for oxides and 0.65g/t for sulphides. In order to provide a level of conservatism, Midas Gold requested SRK to add a 15% contingency factor, increasing the base case cut-off grades to 0.42g/t gold for oxides and 0.75g/t for sulphides. This cut-off grade and the assumptions above were used by Jim Robertson, P.Eng., of SRK Consulting (Canada), Inc., to float conceptual pits that limit the mineral resources so that only mineral resources above these cut-offs and within the resource-limiting pit are reported; mineralization falling outside the resource-limiting pit is not reported, no matter what the grade. The strip ratio for this resource-limiting pit is 2.88:1 (tonnes of waste to tonnes of mineral resource within the pit).

It should be noted that the assumptions used to derive the cut-off grades and define the resource-limiting pits are estimated so as to meet the NI43-101 requirement for mineral resource estimates to demonstrate “reasonable prospects for economic extraction” and the cut-off grades to be used in the upcoming preliminary economic assessment may vary from those used to limit the mineral resources reported herein, as the inputs to that study are determined. No inference is implied in the changes to the cut-off grade assumptions from the prior mineral resource estimates as to what will be used in the upcoming preliminary economic assessment, as those assumptions remain to be determined.

Given that the drilling in the West End deposit completed prior to Midas Gold’s acquisition was almost entirely conducted for determining quantities of mineralization potentially amenable to heap leaching, prior operators generally did not assay for potential by-product metals such as silver, antimony and tungsten. As a result, there is insufficient information to determine the grades for such metals within the West End deposit. However, based on the limited amount of data that is available, the grades for such metals is expected to be low and may not be economically recoverable, except for possibly minor amounts of silver that may be recovered where associated with gold mineralization.

Future Plans for West End Drilling

Drilling at West End is set to recommence shortly, with approximately 14,000m of drilling planned in 58 holes designed to continue to upgrade the remaining inferred mineral resource to the indicated category and to step out; as happened in 2010-11 drilling, some holes will serve both purposes as the upper portions of the holes drill through existing mineral resources, thereby upgrading the confidence level, before extending out beyond the limits of the current mineral resource estimates to continue to test for potential extensions to the mineral resource at West End.

Status of Yellow Pine and Hangar Flats Mineral Resource Estimates
Estimation of the Yellow Pine mineral resource is underway and is incorporating the results of 92 holes drilled in 2011 and early 2012; the updated estimate is expected to be completed by the end of May, 2012. “While the overall quantum of the mineral resource has not yet been determined, it should be noted that the majority of the meterage in the 92 new holes being incorporated into the mineral resource update was designed to upgrade the mineral resources from the inferred to the indicated category (with positive results, as has been reported),” said Mr. Quin. “However, while increases in the mineral resources can be expected (since extensions to mineralization were defined outside the limits of the prior mineral resource estimates) and given the larger number of ounces in the prior mineral resource estimate, any increase in mineral resource is anticipated to be proportionally lower than that for West End, where most of the newly incorporated drilling was step-out,” he added.

Modelling of the updated Hangar Flats mineral resource has commenced, incorporating the results of 49 new in-fill and step-out holes completed in 2011 and early 2012 and an updated mineral resource estimate is expected to be completed in June 2012. “The results of these new holes have been previously announced by Midas Gold and, overall, results of the in-fill drilling would seem to support a conversion of a portion of the inferred mineral resource to the indicated category,” said Mr. Quin. “However, as noted in prior news releases, a previously unrecognized deflection in the Meadow Creek fault likely cut off some of the inferred mineralization incorporated in the last mineral resource estimate.”

Unlike the West End deposit, there is expected to be sufficient data for antimony and silver to estimate a mineral resource for these metals at Hangar Flats and Yellow Pine. However, there is not expected to be sufficient data to define a tungsten grade within these deposits.

Drilling subsequent to the cut-off date for both the Yellow Pine and Hangar Flats mineral resource estimates has, as reported in recent news releases available on SEDAR, indicated further extensions to the mineralization, beyond that being included in these updated estimates, and drilling is continuing.

Updated Technical Report

The details of all three mineral resource estimates will be provided in a NI43-101 Technical Report to be filed in conjunction with the completion of a preliminary economic assessment due in Q3/12.

Compliance with National Instrument 43-101

David Rowe, CPG, of SRK Consulting (Canada), Inc. is the qualified person, as defined in National Instrument 43-101, responsible for the mineral resource estimates for the West End deposit as reported herein. He has read and approved the relevant technical portions of this news release related to the mineral resource estimates for which he is responsible.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral resource estimates do not account for mineability, selectivity, mining loss and dilution. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is also no certainty that these inferred mineral resources will be converted to the measured and indicated categories through further drilling, or into mineral reserves, once economic considerations are applied.

The mineral resources at Golden Meadows are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for Midas to advance its interests at Golden Meadows, the project will be subject to a number of Federal, State and local laws and regulations and will require permit to conduct its activities. However, Midas is not aware of any environmental, permitting, legal or other reasons that would prevent it from advancing the project.

Illustrations
To view the locations of current drill holes and the old and new pit boundaries for the West End deposit, please click here.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The resource estimation for the gold deposits at Golden Meadows was completed by David Rowe, C.P.G of SRK Consulting (Canada), Inc. under the supervision of Guy Dishaw, P. Geo, of SRK Consulting (Canada), Inc., and was reviewed by Paul Jensen, C.P.G., Qualified Person and Midas Gold’s Senior Geologist for the Golden Meadows Project.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com. A new technical report covering all three updated mineral resources will be filed on SEDAR in conjunction with the completion of a preliminary economic assessment, scheduled for completion in Q3/12.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD HOLDS ITS FIRST AGM AND PROVIDES CORPORATE OVERVIEW OF PROGRESS OVER THE YEAR

Achieves Significant Milestones Corporately and at its Golden Meadows Project, Idaho

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced the results of its first annual general meeting as a public company, at which all of the directors were re-elected and all resolutions were passed. Chairman, Peter Nixon, and President and CEO, Stephen Quin, provided the meeting with an overview of the company’s progress over the past 12 months, where a number of significant milestones have been achieved corporately and at Midas Gold’s Golden Meadows gold-silver-antimony-tungsten project in Idaho.

“The past year has been one of tremendous progress,” said Stephen Quin, President and CEO of Midas Gold Corp. “We have built a team and defined a project that has the potential to become a world-class gold project with potential for important by-products of antimony, silver and possibly tungsten,” he said. “We have the funding and are advancing Golden Meadows towards an updated mineral resource estimate and completion of a PEA, and plan to rapidly move towards completion of a pre-feasibility study and permitting thereafter.”

Corporate Overview

During the past 12 months or so, Midas Gold has:

Assembled a highly qualified board of directors with experience in exploration, mine development, financing and operations, capital markets, financial controls and reporting and corporate governance;

Built a management team with experience and a track record from discovery, through resource and reserve development, feasibilities, mine development and financing and operations, closure and reclamation based in Vancouver (BC) Lake Fork and Boise (Idaho) and Spokane (Washington);

Completed the consolidation of the historic Stibnite-Yellow Pine district, which has seen past production of almost one million ounces of gold and is estimated to have produced approximately 90% of all the antimony and two thirds of all the tungsten in the US during the Second World War and Korean War period. As a result of the consolidation, all significant mineral deposits and occurrences are 100% owned by Midas Gold and its subsidiaries, royalty-free, or under option to Midas Gold to earn 100% ownership;

Completed and announced the first comprehensive mineral resource estimate and technical report on three gold deposits within Golden Meadows property, which outlined a substantial, high grade gold mineral resource, all of which was constrained within conceptual open pits using a US$1,200/oz gold price;

Subsequent to the mineral resource estimate, conducted more than 43,500m of drilling in 175 holes designed to upgrade and expand the mineral resources on all three gold deposits at Golden Meadows, with considerable success, particularly with respect to demonstrating that previous property and geological boundaries did not constrain the mineral resources, all of which will be incorporated into a new mineral resource estimate expected to be completed shortly;

Collected and compiled more than 19 historic geological and exploration databases, through which the mineral resource estimates were supported (reinforced by Midas Gold drill holes) and which defined 16 priority prospects. This information was supplemented by an airborne EM survey that identified 10 priority anomalies (some coincident with the prospects) and suggests potential for the discovery of completely new deposits within the Golden Meadows property;

Assembled an experienced group of external consultants to oversee and direct the technical programs on the Golden Meadows property in support of a preliminary economic assessment scheduled for completion in Q3/12 and subsequent permitting plans;

Conducted an extensive mineralogical and metallurgical test program that demonstrated that conventional, low risk metallurgical approaches can achieve excellent results;

Significantly advanced design and costing of a major mining facility targeting a design throughput of 20,000 tonnes per day, production of gold and antimony concentrates with potential silver (and possibly tungsten) by-products, as well as considering options for the direct production of metal on or off site, all of which will be addressed in a preliminary economic assessment scheduled for completion in Q3/12;

Continued to conduct extensive, on-going environmental base line studies in anticipation of future permit applications while conducting significant voluntary remediation of legacy environmental disturbance;

Commenced an extensive community and stakeholder engagement program, with numerous introductory meetings with local community, state and federal representatives; county, state and federal regulators; non-governmental organizations and other interested parties;

Listed Midas Gold on the TSX Exchange in July 2011 with one of the largest gold resources ever for an IPO;

Raised more than US$90 million publicly and privately.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager for the Golden Meadows Project.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite-Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

STEPHEN QUIN, PRESIDENT & CEO OF MIDAS GOLD, RECEIVES CIM'S SELWYN G. BLAYLOCK MEDAL

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) is pleased to announce that Stephen Quin, President and CEO of Midas Gold, last night accepted the Selwyn G. Blaylock Medal, which is awarded by the Canadian Institute of Mining Metallurgy and Petroleum (CIM). Stephen was awarded this medal in recognition of a career dedicated to the responsible and sustainable advancement and development of national and international exploration.

Established in 1948, the medal honours Selwyn G. Blaylock, one of the pioneers in the mining industry in western Canada. He was president of Cominco, recipient of several international awards for his work in metallurgy, and was the President of the CIM in 1934-35.

“I would like to extend my sincerest personal congratulations to Stephen as recipient of this prestigious reward,” commented Peter Nixon, Chairman of the Board of Midas Gold Corp. “As President and CEO of Midas Gold, Stephen continues to demonstrate exceptional leadership, management skills and industry knowledge. He is a most deserving recipient of the Selwyn G. Blaylock Medal.”

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite Yellow Pine district of central Idaho. Additional information is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

MIDAS GOLD REPORTS ADDITIONAL DRILL RESULTS AT YELLOW PINE AND HANGAR FLATS, GOLDEN MEADOWS PROJECT, IDAHO

Additional results extend intercept in hole MGI-12-199 to 102.4m grading 3.10 g/t Au at Yellow Pine
Hole MGI-12-203 intersects 46.0 m grading 2.54 g/t Au, 3.6 g/t Ag, 0.28% Sb plus 20.9m grading 1.39 g/t Au, 118.9 g/t Ag, 6.37% Sb and 0.12% W below Hangar Flats

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced additional assay results from its continuing drilling campaign at its Golden Meadows Project in the Stibnite-Yellow Pine District, Idaho. Drilling at both Hangar Flats and Yellow Pine intersected strong gold-silver-antimony-tungsten mineralization over significant intervals beneath or adjacent to the limits of conceptual pits used to constrain prior mineral resource estimates.

Significant assay results from these most recent drill holes are summarized in Table 1, below, with a detailed list of intercepts in Table 2 at the end of this release.

Table 1: Highlights of Recent Golden Meadows Drill Results

Hole ID	Hole Type	Target Area	From (m)	To (m)	Interval (m)2	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-12-186	Core	Yellow Pine	122.5	202.7	80.2	1.56	0.8	0.00	0.003
MGI-12-187	Core	Yellow Pine	192.9	293.8	100.9	1.24	1.3	0.02	0.005
MGI-12-1921	Core	Hangar Flats	104.9	143.0	38.1	2.24	1.2	0.01	0.005
			306.6	396.2	89.6	1.57	43.1	2.76	0.067
MGI-12-1931	Core	Hangar Flats	15.9	56.1	40.2	1.58	2.8	0.04	0.003
			246.1	356.6	110.5	1.27	24.5	1.77	0.028
MGI-12-194	Core	Yellow Pine	61.9	84.1	22.3	4.77	1.4	0.00	0.004
MGI-12-1991	Core	Yellow Pine	20.7	123.1	102.4	3.10	1.4	0.00	0.003
MGI-12-201	Core	Hangar Flats	113.1	146.0	32.9	2.03	16.3	0.73	0.020
			190.5	232.0	41.5	3.02	11.3	0.68	0.004
		including	204.2	228.5	24.2	4.24	15.5	0.90	0.004
MGI-12-203	Core	Hangar Flats	210.6	256.6	46.0	2.54	3.6	0.28	0.003
		including	238.8	248.1	9.3	8.59	4.3	0.04	0.003
			306.6	327.5	20.9	1.39	118.9	6.37	0.118
MGI-12-205	RC	Yellow Pine	4.6	42.7	38.1	4.40	1.4	0.01	0.005
			131.1	153.9	22.9	1.84	2.2	0.00	0.002
MGI-12-206	Core	Yellow Pine	4.3	75.1	70.9	2.57	1.5	0.00	0.003

(1) Portions of this hole or preliminary results from this hole previously reported.
(2) Based upon the current 3D interpretation of the Yellow Pine and Hangar Flats deposits, the intervals quoted here are at or near true thickness unless otherwise noted in the text.

“Our ongoing drill program at both Hangar Flats and Yellow Pine is outlining areas of good grade gold-silver-antimony (+/- tungsten) mineralization over significant intervals beneath or adjacent to pits used to limit our prior mineral resource estimates,” said Stephen Quin, President and CEO of Midas Gold Corp. “These holes, completed during our Phase I drilling program, will continue to add confidence to our geologic and resource models for both Hangar Flats and Yellow Pine deposits and offer potential for increases in the overall mineral resources for each deposit,” he said. “The values for silver, antimony and, on occasion, tungsten, in these holes offer significant potential for by-product credits.” Additional drilling is planned in the coming months, with the objective of further expanding and refining the mineral resource models for both deposits, as well as for the West End deposit.

2012 Drill Program

Midas completed its 17,000m Phase I winter drilling program earlier in April, but drilling is continuing through spring break-up with three core rigs before ramping up for the planned summer drill campaign. The Phase II drill program, to be conducted over the balance of the year, will be focused on continued in-fill and step out drilling on the three known mineral resources (Hangar Flats, West End and Yellow Pine), while parallel exploration drilling (subject to applicable permitting) will focus on new targets and prospects within the Golden Meadows property with the objective of discovering additional mineral deposits.

Recent Results

In the northeastern portion of the Homestake area of the Yellow Pine Deposit, hole MGI-12-205 was collared approximately 34m northeast of hole MGI-11-108 (a hole completed in 2011). That 2011 hole intersected 71.6m grading 2.2 g/t Au (reported previously) and this 2012 step-out hole intersected two intercepts that correlate with the zone cut in the 2011 hole, including an interval 33.5m in length grading 0.61 g/t Au and an interval 22.9m in length grading 1.84 g/t Au. The intercepts from these holes occur to the southeast of a northeast trending fault previously thought to limit mineralization in this direction and both intercepts lie outside of the pit used to limit the prior mineral resource estimate for the Yellow Pine Deposit. This new zone remains open along strike and up dip and, to a lesser extent, down dip and opens up a significant area for exploration for potential additional mineral resources between the Yellow Pine and West End pits.

Recent drilling has also encountered mineralization along the western margin of the Yellow Pine deposit, south of the Clark Tunnel area and north of the former centre of historic mining at Yellow Pine. Drilling here demonstrates that good grades and thicknesses of gold mineralization exist northwest of a northeast trending fault that was previously thought to limit mineralization in this direction, as illustrated by the results in holes MGI-11-124 and MGI-12-187. These intercepts open up a large area of patented claims that has seen little exploration in the past 75 years, and which is largely covered by waste dumps from prior mining activities.

Although drilling on the upper, northern end of the Hangar Flats Deposit has been curtailed for the spring, in part due to lower than expected grades and thicknesses in that area, drilling beneath the Hangar Flats deposit along the lower, southern end of the deposit continues to intersect strong gold-silver-antimony-tungsten mineralization down dip from previous drilling. Final results for holes MGI-12-192, MGI-12-193, MGI-12-203 (portions of which were reported previously), are reported herein and, along with holes MGI-12-168 and MGI-12-169, demonstrate the presence of widespread gold-silver-antimony-tungsten mineralization as much as 100m beneath pits used to limit the prior mineral resource estimate for Hangar Flats. Some of these intercepts have significant antimony and silver associated with the gold mineralization, as illustrated by hole MGI-12-193, which intersected 110.5m grading 1.27 g/t Au, 24.5 g/t Ag and 1.77% Sb and hole MGI-12-203, which intersected 20.9m grading 1.39 g/t Au, 118.9 g/t Ag, 6.37% Sb and 0.118% W.

Illustrations
To view the locations of current drill holes, please click here.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager for the Golden Meadows Project.

All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t Ag are reanalyzed using a 2g ICP-AES, four acid digest, while samples reporting > 750g/t Ag are reanalyzed using a 30g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-acid digestion followed by an ICP finish (with a 5.0g/t lower reporting limit). Samples reporting values > 2,000g/t Sb are reanalyzed using XRF with a 0.9g charge in a Lithium Borate fusion (with a 0.01% lower reporting limit).

All composites utilize a 0.5g/t gold cut off and may include up to 6 meters of continuous internal waste. Composites above cut-off grade, but less than 10 meters in length, are not reported. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver, British Columbia laboratories. Blank and standard samples are used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Corporation’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

About Antimony

Antimony is a metal dominantly produced in China that is primarily used as a flame retardant in the manufacture of a variety of materials and, to a lesser extent, as an alloy with lead in the manufacture of batteries. Recent pricing for antimony was US$13,100 per tonne (or US$5.94 per pound), or about 50% more per pound than copper. The British Geologic Survey identified antimony as one of the metals with the highest supply risk in a recent survey, while the European Commission placed antimony on the list of fourteen raw materials on a list of critical concerns for the European Union in the face of serious potential supply shortages. In its 2012 Mineral Commodity Outlook, the US Geologic Survey noted that, ‘In China, the world’s leading antimony producer, the Government continued to shut down antimony mines and smelters in an effort to control environmental issues and resolve safety problems. The local Government in Lengshuijiang, Hunan Province, which accounts for about 60% of the world antimony supply, shuttered almost all of its mines and smelters. Also, officials in Lengshuijiang announced that after more than 110 years of continuous mining, the area now had only 5 years of mining life left.’

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Table 2: Detailed Golden Meadows Drill Results

Hole ID	Hole Type	Target Area	Bearing	Inclination	Total Depth (m)	From (m)	To (m)	Interval (m)2	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-12-164	Core	Hangar Flats	320	-60	294.4	84.1	96.3	12.2	4.78	2.5	0.01	0.003
						190.5	206.0	15.5	4.15	8.3	0.65	0.003
						212.8	228.8	16.0	4.42	6.3	0.48	0.003
MGI-12-186	Core	Yellow Pine	71	-71.5	309.1	122.5	202.7	80.2	1.56	0.8	0.00	0.003
MGI-12-187	Core	Yellow Pine	120	-72.5	365.8	192.9	293.8	100.9	1.24	1.3	0.02	0.005
MGI-12-1901	RC	Hangar Flats	140	-62.5	274.3	79.3	94.5	15.2	0.57	1.6	0.04	0.003
MGI-12-1911	Core	Hangar Flats	320	-72.5	315.5	12.5	27.6	15.1	1.25	4.1	0.03	0.008
						48.8	86.6	37.8	0.80	1.4	0.04	0.004
						270.4	282.6	12.2	0.91	2.1	0.06	0.006
MGI-12-1921	Core	Hangar Flats	280	-83	396.2	7.3	20.9	13.6	0.73	1.3	0.01	0.006
						49.1	78.9	29.9	0.93	0.7	0.01	0.007
						104.9	143.0	38.1	2.24	1.2	0.01	0.005
						165.5	186.5	21.0	1.03	2.4	0.09	0.004
						306.6	396.2	89.6	1.57	43.1	2.76	0.067
MGI-12-1931	Core	Hangar Flats	0	-90	368.5	15.9	56.1	40.2	1.58	2.8	0.04	0.003
						175.9	187.6	11.7	1.00	1.6	0.04	0.003
						246.1	356.6	110.5	1.27	24.5	1.77	0.028
MGI-12-1941	Core	Yellow Pine	120	-45	184.1	0.0	19.5	19.5	2.49	6.1	0.00	0.002
						27.7	54.7	27.0	1.80	2.7	0.01	0.004
						61.9	88.7	26.8	4.06	1.3	0.00	0.003
						117.4	135.2	17.8	0.66	1.7	0.00	0.002
MGI-12-1971	Core	Hangar Flats	0	-90	338.9	4.4	39.6	35.2	1.87	1.9	0.04	0.006
						249.2	271.0	21.8	2.00	3.2	0.06	0.006
MGI-12-1991	Core	Yellow Pine	120	-45	286.2	20.7	123.1	102.4	3.10	1.4	0.00	0.003
Including						43.3	88.7	45.4	3.22	1.2	0.00	0.003
and						95.0	111.0	16.0	3.86	1.5	0.00	0.003
MGI-12-201	Core	Hangar Flats	0	-90	340.8	113.1	146.0	32.9	2.03	16.3	0.73	0.020
						190.5	232.0	41.5	3.02	11.3	0.68	0.004
						204.2	228.5	24.2	4.24	15.5	0.90	0.004
MGI-12-203	Core	Hangar Flats	320	-65	392.3	210.6	256.6	46.0	2.54	3.6	0.28	0.003
including						238.8	248.1	9.3	8.59	4.3	0.04	0.003
						278.1	296.9	18.8	1.54	1.3	0.00	0.003
						306.6	327.5	20.9	1.39	118.9	6.37	0.118
MGI-12-204	Core	Hangar Flats	320	-66	321.9	126.8	142.0	15.2	0.66	0.9	0.01	0.003
MGI-12-205	RC	Yellow Pine	120	-60	189.0	4.6	42.7	38.1	4.40	1.4	0.01	0.005
						53.3	67.1	13.7	0.79	0.6	0.00	0.003
						91.4	125.0	33.5	0.61	1.0	0.00	0.002
						131.1	153.9	22.9	1.84	2.2	0.00	0.002
MGI-12-206	Core	Yellow Pine	120	-75	306.3	4.3	75.1	70.9	2.57	1.5	0.00	0.003
including						4.3	14.0	9.8	6.32	2.3	0.00	0.002
						48.5	60.2	11.7	5.47	1.5	0.00	0.004
						88.4	130.2	41.8	0.56	1.1	0.00	0.003

(1) Portions of this hole or preliminary results from this hole previously reported.
(2) Based upon the current 3D interpretation of the Yellow Pine and Hangar Flats deposits, the intervals quoted here are at or near true thickness unless otherwise noted in the text.

MIDAS GOLD CONFIRMS SIGNIFICANT AU-SB SYSTEM AT SCOUT PROSPECT, GOLDEN MEADOWS PROJECT, IDAHO

Hole MGI-12-198 intersects 13.7m grading 2.01% Sb and 16.8m grading 1.69 g/t Au, 0.91% Sb
Hole MGI-12-202 intersects 30.5m grading 1.17g/t Au, 0.27% Sb and 47.3m grading 1.39 g/t Au, 0.09%Sb

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced assay results from two exploration holes drilled at the Scout Prospect on its Golden Meadows Project in the Stibnite-Yellow Pine District, Idaho. Drilling by prior owners and operators had traced mineralization in the Scout area over approximately 650m of strike but typically drilled to depths of less than 150m. These recent drill results, which include significant gold and antimony intercepts, not only confirm historic drill results, but also significantly expand the spatial extent of the known mineralized area and indicate the presence of a significant gold-antimony mineralizing system in the Scout area.

Significant assay results from these drill holes, the first drilled by Midas Gold on the Scout Prospect, are summarized in the table below.

Highlights of Recent Drill Results from the Scout Prospect

Hole ID	Hole Type	Bearing	Inclination	Total Depth (m)	From (m)	To (m)	Interval (m)*	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-12-198	RC	0	-90	228.6	89.9	103.6	13.7	0.75**	3.1	2.01	0.005
					167.6	184.4	16.8	1.69	3.7	0.91	0.004
MGI-12-202	RC	090	-60	256.0	48.8	79.3	30.5	1.17	2.6	0.27	0.009
					93.0	140.2	47.2	1.39	3.3	0.09	0.010

* Based upon the current 3D interpretation of the Scout prospect, the intervals quoted here are at or near true thickness unless otherwise noted in the text.
** The composite Au value reported here contains intervals below the composite cut-off described below, but is reported here based on high antimony values

“We are pleased with the results of our first two holes drilled on the Scout prospect, which both confirmed historic drill results and intersected additional areas of gold-silver-antimony mineralization where predicted, confirming the presence of a significant gold-antimony system in the Scout area,” said Stephen Quin, President and CEO of Midas Gold Corp. “These holes, completed during our winter drilling program at our Golden Meadows Project, were the first exploration holes drilled in this area in over two decades and were the result of our compilation of numerous pieces of historic geologic and exploration data from as far back as the 1940’s, from multiple operators,” he said. “More drilling is planned in the coming months to better evaluate the potential of this system, subject to permitting”.

2012 Drill Program

Midas has completed its originally planned 17,000m Phase I winter drilling program but is continuing through spring break-up with two to three core rigs before ramping up for the planned summer drill campaign. The additional drilling, to be conducted over the balance of the year, will be focused on continued in-fill and step out drilling on the three known mineral resources (Hangar Flats, West End and Yellow Pine), while exploration drilling being conducted in parallel, subject to applicable permitting, will focus on new targets and prospects within the Golden Meadows property with the objective of discovering additional mineral deposits.

Scout Prospect Description & History

The Scout Ridge prospect is situated approximately 1.25 km northeast of the Hangar Flats deposit, along a north-south fault system that hosts widespread gold-silver and antimony mineralization, and can be traced along strike for approximately 650m in widely spaced drill holes. The fault system, all of which may not be mineralized, can also be inferred to extend for several km to the north-northwest, based on Midas Gold’s 2011 airborne magnetics and EM surveys. Scattered soil anomalies and geologic mapping of this fault shows that it lies approximately 1km to the east of, and parallel to, the Meadow Creek fault system, which controls the Hangar Flats and Yellow Pine gold-silver-antimony-tungsten deposits.

The Scout prospect was first discovered in the 1940s, after US Geological Survey and US Bureau of Mines workers conducted experimental biochemical sampling in the district, which outlined a large gold and antimony biogeochemical anomaly. The area that hosts the biochemical anomaly, occurs in a distinct, linear, north-south trending topographic depression interpreted to be a less resistant structural zone, which is marked by strong geophysical anomalies. A series of weak but pronounced soil anomalies occur parallel to this trend, slightly uphill to the east, where the drilled zones would project to the surface but are covered by talus and slope debris. Several small pits and trenches, which were likely excavated during 1940s during government-sponsored antimony-tungsten exploration, exposed massive, blocky, slightly schistose quartzite containing narrow, gold-bearing, high-grade stibnite veins and altered, sulfide-bearing igneous dikes. Stratigraphic relationships, derived from outcrop mapping and drill data, indicate the valley itself is underlain by calc-silicates and silicified and dolomitized carbonates, similar to those that host the nearby Garnet Prospect. The Garnet prospect lies approximately 0.8km to the east of Scout, and was the site of a 1995 open pit mining operation that produced approximately 35,000 ounces of gold from oxidized ores in skarn and calc-silicates grading approximately 6 g/t gold.

Between 1948 and 1990 three companies explored the Scout area with 20 drill holes, totaling approximately 2,435m. Six east-west IP geophysical lines (by past operators and Midas Gold) run across the Scout Prospect area and delineate a large resistivity low and numerous IP chargeability anomalies that could be indicative of a larger sulphide mineralized system.

Illustrations

To view the locations of current drill holes, please click here.

Quality Assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager for the Golden Meadows Project.

All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t Ag are reanalyzed using a 2g ICP-AES, four acid digest, while samples reporting > 750g/t Ag are reanalyzed using a 30g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-acid digestion followed by an ICP finish (with a 5.0g/t lower reporting limit). Samples reporting values > 2,000g/t Sb are reanalyzed using XRF with a 0.9g charge in a Lithium Borate fusion (with a 0.01% lower reporting limit).

All composites utilize a 0.5g/t gold cut off and may include up to 6 meters of continuous internal waste. However, where by-products such as antimony are significant, composites that fall below these cut-off requirements may be reported. Composites above cut-off grade, but less than 10 meters in length, are not reported. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver, British Columbia laboratories. Blank and standard samples are used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Corporation’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc. and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite-Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” “confirm” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD PROGRESSES METALLURGICAL TESTING ON GOLDEN MEADOWS PROJECT, IDAHO

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced an interim update from metallurgical testing on samples from its Golden Meadows Project in the Stibnite-Yellow Pine District, Idaho. These results, which include tests on a variety of mineralized samples from each of the three mineral deposits comprising the Golden Meadows Project, confirm that conventional, low-risk metallurgical approaches achieve excellent results.

“We are encouraged by the results from our metallurgical testing to date, which confirm that conventional, low risk approaches used during past operations and tested by prior operators can achieve excellent results,” said Stephen Quin, President and CEO of Midas Gold Corp. “These tests demonstrate moderate ore hardness, excellent liberation and separation of gold-rich and antimony-rich sulphides at reasonable grind sizes, as well as good recoveries into good quality flotation concentrates that comprise a small mass pull relative to the overall mill feed. These results indicate that overall metallurgical performance for Golden Meadows material should be very positive.” Metallurgical testing is continuing and the current and final test results will be used to determine those to be used in the preliminary economic assessment scheduled for completion in Q3/12.

Metallurgical Test Program

Over the past several months, Midas Gold has been conducting a systematic metallurgical test program at SGS in Lakefield and Vancouver, as well as other laboratories, under the supervision of Blue Coast Metallurgy Ltd., in order to evaluate options for, and optimize the recovery of, gold (“Au”), antimony (“Sb”) and other potential by-products. This test program involved the collection of representative samples from each of the three deposits that make up the Golden Meadows Project (Hangar Flats, West End and Yellow Pine), as well as a composite representing a blend of all three deposits.

For the Sb-rich samples (from Hangar Flats and parts of Yellow Pine), this test work has evaluated two principal approaches to flotation: firstly, a variant of that traditionally used during operations on site in the 1920s through 1950s, where ore was subjected to sequential flotation of Sb-rich concentrates and then Au-rich concentrates and, secondly, an alternative approach utilizing bulk flotation of all sulphide minerals (including both antimony and gold containing sulphides) and then, subsequently, using flotation to extract an Sb-rich concentrate from the bulk concentrate. Both approaches have provided positive results. The sequential flotation approach has the benefit of extensive on-site operating experience and its development is the most advanced at this time, but was primarily designed to ensure optimal antimony recovery and concentrate quality. The bulk flotation route offers the potential for higher overall gold recoveries. At this time, the bulk flotation route has less extensive testing, but work is continuing to advance this option as it shows considerable promise.

For the essentially Sb-free samples (West End and the remainder of Yellow Pine), a bulk gold flotation process has been developed and is now well proven.

In addition, Midas Gold has commenced the process of evaluating options for handling of each of the Au-rich and Sb-rich concentrates, including both on-site and off-site processing for each concentrate. Regardless of the option chosen, gold concentrates will require oxidation before gold extraction, and Midas Gold is focussing its test work on the pressure oxidation of the gold concentrates, which could be conducted at a company-owned facility on or off site, or at a third party facility off-site. It is important to note that the low overall sulphide content of the deposits and that all of the gold is tied up with those sulphides (except for the minor amount of oxide material) means that only a relatively small portion of the proposed mill feed would be subject to pressure oxidation, reducing capital and operating costs relative to whole ore pressure oxidation. Further, the high ratio of gold to sulphur in the concentrates produced and ease with which the concentrate can be processed through pressure oxidation, indicates that the process promises to be relatively cost-effective. The antimony concentrates produced in the testing undertaken have assayed up to 62% Sb and are expected to be directly saleable to third parties. Options for handling of antimony concentrates being considered include off-site processing, focused on sales to third party smelters, and the possibility for on- or off-site processing to convert the antimony bearing mineral in those concentrates, stibnite, into end-products for market consumption, such as antimony trioxide (flame retardant) or antimony metal (for alloys in batteries and the like). Test work on the latter process is in its early stages.

Thirdly, Midas Gold has embarked on a test program to evaluate gold recoveries from oxide materials using tank leaching (CIL or CIP), particularly those at the West End deposit, which could provide opportunities for an earlier start to production as compared to waiting for completion of the full sulphide and potential pressure oxidation circuit on site. Results are promising, with up to 85% gold extraction and potentially favourable processing economics (low reagent consumptions) achieved from true oxide samples.

Hardness testing

Extensive SAG, rod and ball mill amenability testing has been conducted on multiple samples of material from each of the three deposits. Results indicate the mineralized materials are of medium hardness, with ball mill work indexes in the range of 11.9 to 14.2 kWt/tonne for the three deposits. The West End mineralized materials tending to have a somewhat higher SAG mill index than Hangar Flats and Yellow Pine; however, current thinking is that the optimal circuit will use a rod mill and ball mill combination, as opposed to SAG mill and ball mill, providing greater operating flexibility and more uniform feed to a pressure oxidation circuit.

Sulphide liberation

Mineralogical studies have shown that, while some finer interlocking sometimes occurs between the antimony and gold-bearing minerals, the sulphide minerals are liberated from the gangue at a coarse size. This result points to the potential for a coarser primary grind under the bulk flotation scenario than currently adopted in the test programs, followed by regrinding of the bulk concentrates to achieve the desired selectivity between antimony- and gold-bearing minerals. As the flotation results discussed herein indicate, good separation of Au and Sb-rich sulphides has been achieved.

Sequential Flotation Test Work on Sb-rich samples

Based on testing completed to date on sulphide composites from all three deposits individually, as well as a composite of material from all three deposits, flotation recoveries of antimony from Golden Meadows’ antimony-bearing materials of 60% to 80% have been achieved with, typically, less than 1% gold losses into the antimony concentrate. Typical commercial antimony concentrate grades of 50-62% Sb have repeatedly been produced at these recoveries. Subsequent gold recovery into concentrates in the range of 81% to 93% gold have been successfully achieved, with little antimony reporting to the gold concentrate, confirming historic experience that the antimony and gold can be separated into two separate concentrates. The lower gold recoveries noted above are from samples of West End material with varying degrees of oxidation, which represent a minor component of the overall mineral resource at Golden Meadows, while recoveries from fresh sulphide material from West End tend to be in the range of 87-93%. Concentrate mass pulls associated with these recoveries in the sequential flotation test work are expected to be in the range of 9% to 11%.

The bulk flotation and subsequent antimony concentrate separation route, while showing promise to exceed these recoveries (with a somewhat higher overall mass pull), is still under development, and additional testing is on-going.

Flotation Test Work on Au-only samples

Extensive (including larger scale) bulk sulphide flotation testing has been conducted on Au-only materials from West End and Yellow Pine. These have yielded good gold recoveries, averaging 93% at Yellow Pine and 83% at West End, recoveries from the latter being lower due to the inclusion of poorer floating (but leachable) oxide component in the West End composite (see above). Test work to date on West End samples, excluding the oxides, have yielded recoveries averaging 91%.

Pressure Oxidation Test Work

A program of bench scale pressure oxidation test work on gold concentrates is being undertaken during the month of April, but no results are currently available from this latest test program. Early results from test work leading up to this program, prior test work by other parties, and the nature of the mineralogy of the sulphides, suggests high recoveries are achievable, with a good quality residue.

Continuing Work

As noted earlier, this is an interim update on metallurgical test work completed to date and additional testing is continuing in order to further optimize metallurgical performance which, combined with the results reported herein, will determine the final results to be included in the preliminary economic assessment scheduled for completion in Q2/12. Further metallurgical test work will continue after the cut-off date for the PEA, the additional data from which will be used in the preliminary feasibility study scheduled for completion in 2013.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The metallurgical test work on the Golden Meadows samples was carried out under the supervision of Christopher Martin, C.Eng., an independent Qualified Person and principal consultant for Blue Coast Metallurgy for test work on the Golden Meadows Project.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Hangar Flats is a high-grade gold-silver-antimony-tungsten discovery made in 2009 and these most recent drill intercepts are step-outs to the north from the areas discovered and drilled during the 2009 and 2010 field seasons. Yellow Pine is a significant past producer of gold, silver, antimony and tungsten from the 1930s through the mid-1950s. The Homestake deposit located at the northeast end of the Yellow Pine deposit and was operated by Hecla Mining Company from 1987 through 1989. The area between Yellow Pine and Homestake, known as the Clark Tunnel prospect, was the site of early 1930’s and 1940’s era exploration, but no mining has occurred and it has seen only minimal modern exploration drilling. Historical geologic, ground geophysical and drilling data obtained by Midas suggested the possibility that significant mineralization might be present in this area and recent drill results confirm this potential. The West End deposit was the site of open pit mining with heap leach recovery of gold from the 1970s to the late 1990s.

The Hangar Flats, West End and Yellow Pine deposits remain open to expansion along strike and to depth. In addition, Midas Gold continues to review and assess information contained within an extensive exploration database developed by Midas Gold from almost 100 years of exploration activity by multiple owners and operators with the objective of identifying opportunities for the potential discovery of additional gold mineralization.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; projected recoveries from flotation and pressure oxidation test work; results of future metallurgical test work; ability to sell concentrates to third parties at attractive prices, were that option selected; potential performance of secondary processing on site or off-site off concentrates and the ability to permit such; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD REPORTS DRILL RESULTS FROM HANGAR FLATS & YELLOW PINE, GOLDEN MEADOWS PROJECT, IDAHO

Hole MGI-12-199 intersects 92.7m of 2.90g/t Au at Yellow Pine
Hole MGI-12-205 intersects 38.1m of 4.37g/t Au at Yellow Pine

Hole MGI-12-164 intersects 18m of 3.46g/t Au and 44.0m of 3.50 g/t Au, 17g/t Ag
and 1.8% Sb at Hangar Flats

Hole MGI-12-192 intersects 15.8m of 4.15g/t Au, 21.0m of 1.00g/t Au
and 89.6m of 1.54g/t Au at Hangar Flats

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced additional assay results from its ongoing core and reverse circulation (“RC”) drilling program on its Golden Meadows Project in the Stibnite-Yellow Pine District, Idaho. Results include infill and extensions to the Hangar Flats and Yellow Pine deposits, with continued progress in both confirming and expanding previously defined mineralization below and laterally from previous deposit boundaries as established in mineral resource estimates reported in 2011.

Significant assay results from the most recent holes are summarized in Table 1, below, with more detailed results in Table 2 at the end of this release. Previous 2011 assay results were reported in other news releases that can be found on Midas Gold’s website at www.midasgoldcorp.com. Additional results from the ongoing program will be released when assays are received and validated.

Table 1: Highlights of Recent Drill Results from Golden Meadows

HOLE ID	HOLE TYPE	AREA	FROM (m)	TO (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-11-124	Core	Yellow Pine	153.0	237.4	84.4	1.64	3.7	0.02	0.002
MGI-11-125	Core	Yellow Pine	101.2	114.9	13.7	1.16	3.8	0.23	0.001
			135.8	160.9	25.1	2.30	0.6	0.00	0.002
			165.5	190.7	25.1	3.85	1.0	0.00	0.001
MGI-12-1641	RC	Hangar Flats	82.9	100.9	18.0	3.46	1.8	0.01	0.002
			146.5	169.0	22.6	1.43	2.7	0.01	0.004
			189.0	233.0	44.0	3.50	17.5	1.80	0.015
MGI-12-187	Core	Yellow Pine	192.9	293.8	100.9	1.20	P	P	P
MGI-12-192	Core	Hangar Flats	104.9	120.7	15.8	4.15	1.5	0.01	0.006
			165.5	186.5	21.0	1.00	2.2	0.09	0.004
			306.6	396.2	89.6	1.54	P	P	P
MGI-12-199	Core	Yellow Pine	20.7	113.4	92.7	2.90	P	P	P
			129.8	140.5	10.7	1.58	P	P	P
			202.7	223.0	20.3	0.93	P	P	P
MGI-12-205	RC	Yellow Pine	4.6	42.7	38.1	4.37	P	P	P

(1) Assays for portions if this hole were previously reported
(2) Based upon the current 3D interpretation of the Hangar Flats, West End and Yellow Pine deposits the intervals quoted here are at or near true thickness unless otherwise noted in the text and are composited using a 0.5 g/t Au cut-off and may include short intervals of internal waste below the cut-off grade.
(3) P - Results pending

“We are pleased with the recent results from our ongoing winter drilling program at our Golden Meadows Project, particularly at Yellow Pine, where we continue to locate mineralization below and laterally away from the previously known limits of mineralization,” said Stephen Quin, President and CEO of Midas Gold Corp. “These most recent drill results again confirm the potential to add significant gold-silver mineralization around the Hangar Flats and Yellow Pine deposits, as we have yet to define the limits of these large mineralized systems,” he said. “Drilling is continuing and, with the recently completed financing, Midas Gold plans to continue drilling with two to three rigs through spring break-up and then resume full scale drilling in May 2012 with seven or more drill rigs.” Drilling for the remainder of 2012 will be focused firstly on continuing to step out in an attempt to find the limits of each of the three main deposits along strike, to depth and laterally; secondly to convert inferred mineral resources to the indicated category; and, thirdly, to explore for completely new deposits.

2012 Drill Program
Midas has completed 16,778m of its planned 17,000m Phase I winter drilling program and anticipates this phase to be completed in the next month, dependent on weather and site conditions during spring break-up. Significant additional drilling is planned for the balance of the year, subject to applicable permitting, and will be focused on continued in-fill and step out drilling on the three known mineral deposits (Hangar Flats, West End and Yellow Pine) as well as drilling new targets within the Golden Meadows property with the objective of discovering additional mineral deposits. During spring break-up, drilling has been temporarily curtailed from seven to two or three active rigs but, once road conditions improve, Midas Gold plans to ramp back up to seven or more drill rigs for the summer and fall drilling season.

Drill results from 2011 and early 2012 are being used to complete updated mineral resource estimates for all three deposits, anticipated for completion in Q2/12, and will be incorporated in an independently prepared Preliminary Economic Assessment, scheduled for completion in Q3/12. Drilling completed for the balance of 2012 will be used to support updated mineral resource estimates and a Pre-feasibility Study scheduled for completion 2013.

Yellow Pine
Results from nine holes, drilled to in-fill and step-out from the Yellow Pine pit and Homestake portions of the Yellow Pine deposit, are reported herein and are located on a map accompanying this release.

Results from a series of in-fill and step-out holes drilled along drill fences between the main Yellow Pine pit area and the Clark Tunnel-Homestake zones, within the Yellow Pine deposit, indicate the mineralized system is still open at depth. Hole MGI-11-125, drilled to the southeast as an in-fill hole, cut thick intervals of mineralization in several zones near the bottom of the 2011 modeled resource-limiting pit. Two step-out holes, drilled in the same direction along the same drill fence, MGI-11-124 and MGI-12-187, cut mineralization approximately 50m and 100m below the resource-limiting pit, respectively. Results from other holes recently completed in this area include: MGI-12-187 which cut 100.9m at 1.2g/t Au; MGI-12-194, which cut several zones (including a zone averaging 4.01g/t Au over 26.8m) and MGI-12-199, which cut several mineralized intervals (including 92.7m grading 2.90g/t Au).

Farther to the northeast, in the Homestake portion of the Yellow Pine deposit, a single hole (MGI-12-205) was completed as a follow-up step-out hole from MGI-11-108, which was drilled this summer and reported previously. MGI-12-205 cut a thick interval of strong mineralization grading 4.37g/t Au over 38.1m and cut mineralization across a fault previously thought to limit mineralization to the east. Assays are still pending for the bottom half of this hole.

In the southwest portion of the main Yellow Pine Deposit, MGI-11-145 (portions of which have been previously reported) and MGI-11-147 (reported herein), tested for and successfully located extensions of mineralization across a fault previously thought to limit mineralization in this area, with hole MGI-11-145 reporting 36.7m grading 2.08g/t Au, 9.1g/t Ag, 0.56% Sb and 0.1% W.

Hangar Flats
Results for twenty-three additional holes completed in late 2011 and early 2012 in the Hangar Flats deposit area are reported herein. Late fall and winter drilling have been concentrated in two areas at Hangar Flats: (1) within and around the main mineral resource area on the south end of the Hangar Flats trend, and (2) to the north, 300-600m along strike near the crest of the hill above the main mineral resource area. The latter area was targeting the near surface projections of deeper gold-antimony mineralization intersected in 1950’s era US Department of Defense’s Defense Minerals Exploration Administration (“DMEA”) underground exploration and drilling activities.

Drilling along the southern portion of the Hangar Flats deposit continues to cut significant mineralization in-filling and testing down-dip and along strike from previously drilled areas. Hole MGI-12-164, an inclined hole directed to the northwest (portions of which were previously released), cut strong mineralization, including 44.0m grading 3.5 g/t Au, 17.5g/t Ag and 1.8% Sb.

Drill holes MGI-12-163, MGI-12-167, MGI-12-170, MGI-12-174 (all previously reported), MGI-12-178 and MGI-12-179 were RC holes drilled in the northern area to test 2009 and 2011 trench intercepts and to test for mineralization along a northeast trending fault system cut in the trenches and at depth in historic underground workings. These holes cut multiple lenses of low grade and sub-grade mineralization near surface and at depth, but the zones were narrow, on the order of 4-6m on average, suggesting mineralization is weaker in this area, away from the main Meadow Creek Fault zone (which is located approximately 100m to the west).

Drill holes MGI-12-181, 12-183 and 12-185 were collared closer to the Meadow Creek Fault and to the south of the holes described in the paragraph above and all cut significant stacked mineralized lenses averaging 10-20m in thickness and with better grades then the holes farther east and north.

A series of six holes were drilled at various orientations proximal to the main Meadow Creek Fault Zone and above and just north of the intercepts reported in historic underground workings. These holes included MGI-12-182 (previously reported), MGI-12-188, MGI-12-191, MGI-12-192, MGI-12-195 and MGI- 12-197. With the exception of MGI-12-192, these holes all cut multiple, but narrow lenses of stacked mineralization averaging 10-15m true thickness. MGI-12-192 cut a thick interval averaging 1.54 g/t Au over 89.6m. The true width of the zone is likely less than the reported down hole interval, but the true width is unknown.

Results from the initial holes drilled east of the Meadow Creek Fault to test the up-dip projection of the deep DMEA zone were reported in the February 27, 2012 news release and additional results are reported herein. As previously reported, the up-dip projection of the deeper DEMA zone (as represented by the deep intercept in MGI-12-192 discussed above), horsetails out from a single (20-40m thick) higher grade (2-7 g/t gold) lens at depth to multiple, thinner, lower grade (0.1-1.0 g/t gold) lenses up-dip and farther away from the Meadow Creek Fault Zone. Drill hole MGI-12-166 (previously reported), MGI-12-172 and MGI-12-184 evaluated this up-dip projection and are reported herein. As noted in other drill holes in this area, the up-dip and lateral extent of mineralization away from the Meadow Creek Fault is weaker and thinner than those areas proximal to the fault and limits potential for near surface mineralization amenable to open-pit extraction to mineralization close to the fault itself.

A series of in-fill and step-out holes were drilled on the periphery of the main mineralized area at Hangar Flats, on the south end of the mineralized trend. On the northeast end, holes MGI-12-173, MGI-12-175 and MGI-12-177 tested the along strike extension on the northeast-trending mineralization cut to the southwest in previous 2009 and 2010 Midas drilling. These holes cut several lenses of mineralization with the best intercepts in MGI-12-173 grading 1.10 g/t Au over 19.8m and in MGI-12-177 grading 1.04 g/t Au over 19.8m and 1.48 g/t Au over 18.3m, indicating the northeast trending zone is still open in this direction, along strike. Farther to the southwest, closer to the Meadow Creek Fault, MGI-12-190 reported a broader, but low grade interval averaging 0.83 g/t Au over 33.5m.

Adjacent to the Meadow Creek fault itself, MGI-12-193 cut a thick interval of mineralization grading 1.37 g/t Au over 93.6m. As in other holes previously reported, the corridor adjacent to the main Meadow Creek fault often carries the best grade and thickest intercepts as evidenced by the bottom portion of MGI-12-164, which reported a 44.0m intercept grading 3.50 g/t Au, 17.5 g/t Ag and 1.8% Sb. Results from other drill holes in this area are pending.

Illustrations
To view the locations of current drill holes, please click here.

Quality Assurance
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager for the Golden Meadows Project.

All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.002g/t lower reporting limit). Samples reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. All composites utilize a 0.5g/t cut off and may include up to 3 meters of internal waste. Internal waste has been assigned a nominal grade of 0.0g/t. Composites above cut-off grade, but less than 4.6 meters in length, are not reported. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 1.0g/t lower reporting limit). Samples reporting values > 10g/t Ag are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Company’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Golden Meadows Project
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Hangar Flats is a high-grade gold-silver-antimony-tungsten discovery made in 2009 and these most recent drill intercepts are step-outs to the north from the areas discovered and drilled during the 2009 and 2010 field seasons. Yellow Pine is a significant past producer of gold, silver, antimony and tungsten from the 1930s through the mid-1950s. The Homestake deposit located at the northeast end of the Yellow Pine deposit and was operated by Hecla Mining Company from 1987 through 1989. The area between Yellow Pine and Homestake, known as the Clark Tunnel prospect, was the site of early 1930’s and 1940’s era exploration, but no mining has occurred and it has seen only minimal modern exploration drilling. Historical geologic, ground geophysical and drilling data obtained by Midas suggested the possibility that significant mineralization might be present in this area and recent drill results confirm this potential. The West End deposit was the site of open pit mining with heap leach recovery of gold from the 1970s to the late 1990s.

The Hangar Flats, West End and Yellow Pine deposits remain open to expansion along strike and to depth. In addition, Midas Gold continues to review and assess information contained within an extensive exploration database developed by Midas Gold from almost 100 years of exploration activity by multiple owners and operators with the objective of identifying opportunities for the potential discovery of additional gold mineralization.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Table 2: Detailed Assay Results to Accompany Midas Gold Corp. News Release dated April 11, 2012

Hole ID	Hole Type	Area	Bearing	Inclination	Total Depth (m)	From (m)	To (m)	Interval (m)	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
11-124	Core	Yellow Pine	120	-69	398.4	127.9	136.4	8.5	1.26	2.8	0.00	0.001
						153.0	237.4	84.4	1.64	3.7	0.02	0.002
						309.1	330.4	21.3	0.37	0.2	0.00	0.005
						380.1	392.3	12.2	0.70	0.2	0.00	0.009
11-125	Core	Yellow Pine	120	-52	371.2	101.2	114.9	13.7	1.16	3.8	0.23	0.001
						118.4	123.8	5.3	1.27	1.3	0.00	0.003
						135.8	160.9	25.1	2.30	0.6	0.00	0.002
						165.5	190.7	25.1	3.85	1.0	0.00	0.001
						287.1	292.3	5.2	0.89	2.2	0.00	0.002
11-1271	Core	Yellow Pine	131.5	-54	409.3	12.2	19.8	7.6	1.10	6.1	0.13	0.001
						24.4	159.7	135.3	2.21	1.7	0.06	0.005
						164.3	191.7	27.4	1.83	1.8	0.00	0.002
						353.6	360.9	7.3	0.49	2.6	0.00	0.001
						368.5	376.4	7.9	0.75	1.3	0.01	0.001
11-1451	Core	Yellow Pine	112	-45	409.5	112.5	149.2	36.7	2.08	9.1	0.56	0.103
						381.3	403.6	22.3	0.70	0.8	0.01	0.001
11-1471	RC	Yellow Pine	65	-73	147.2	13.7	22.1	8.4	1.92	2.2	0.07	0.001
11-1621	Core	Hangar Flats	0	-90.0	301.1	49.7	57.9	8.2	0.97	1.1	0.00	0.003
						127.7	132.3	4.6	0.97	0.8	0.00	0.003
						157.6	166.7	9.1	0.78	1.4	0.01	0.005
						177.4	192.9	15.5	3.25	2.6	0.01	0.005
						242.6	246.9	4.3	1.77	0.9	0.00	0.005
12-163	RC	Hangar Flats	0	-90	274.3	6.1	13.7	7.6	1.18	1.4	0.00	0.017
						21.3	33.5	12.2	0.97	1.4	0.00	0.004
12-1641	RC	Hangar Flats	320	-60	294.4	15.2	24.4	9.1	2.77	13.2	0.57	0.003
						82.9	100.9	18.0	3.46	1.8	0.01	0.002
						107.9	114.0	6.1	2.74	1.6	0.00	0.003
						126.2	137.8	11.6	0.62	1.7	0.01	0.007
						146.5	169.0	22.6	1.43	2.7	0.01	0.004
						189.0	233.0	44.0	3.50	17.5	1.80	0.015
12-1701	RC	Hangar Flats	0	-90	249.9	150.9	155.5	4.6	0.76	1.2	0.01	0.010
						161.5	170.7	9.1	1.19	0.4	0.00	0.003
12-1711	RC	Hangar Flats	43	-79	274.3	129.5	137.2	7.6	1.29	1.0	0.00	0.003
						213.4	221.0	7.6	0.66	2.3	0.03	0.005
						227.1	237.7	10.7	2.69	2.9	0.00	0.003
						243.8	274.3	30.5	0.72	0.7	0.01	0.001
12-172	Core	Hangar Flats	0	-90	228.6	14.6	27.0	12.3	1.50	1.9	0.01	0.006
12-1731	RC	Hangar Flats	140	-68	274.3	25.9	30.5	4.6	1.50	1.7	0.01	0.014
						70.1	76.2	6.1	1.44	0.8	0.00	0.006
						189.0	208.8	19.8	1.10	1.7	0.00	0.003
						243.8	248.4	4.6	1.72	1.0	0.00	0.003
						260.6	269.8	9.1	0.81	0.9	0.00	0.002
12-175	RC	Hangar Flats	140	-90	271.3	99.1	108.2	9.1	0.60	0.5	0.00	0.003
12-177	RC	Hangar Flats	140	-45	277.4	86.9	106.7	19.8	1.04	1.3	0.00	0.005
						112.8	131.1	18.3	1.48	0.9	0.00	0.003
						135.6	147.8	12.2	0.98	0.2	0.00	0.002
12-1781	RC	Hangar Flats	0	-90	100.6	0.0	4.6	4.6	0.81	2.5	0.01	0.010
						76.2	82.3	6.1	1.90	2.9	0.01	0.008
12-179	RC	Hangar Flats	0	-90	249.9	195.1	201.2	6.1	1.54	2.2	0.01	0.006
						210.3	216.4	6.1	1.74	1.9	0.00	0.019
						228.6	233.2	4.6	1.08	0.8	0.00	0.003
12-180	Core	Hangar Flats	187.5	-71	349.9	11.4	17.8	6.4	0.95	1.0	0.00	0.006
12-181	RC	Hangar Flats	0	-90	298.7	158.5	170.7	12.2	2.66	2.7	0.01	0.010
12-183	RC	Hangar Flats	0	-90	298.7	0.0	19.8	19.8	1.85	2.3	0.04	0.002
						39.6	56.4	16.8	2.11	2.1	0.01	0.006
12-184	Core	Hangar Flats	172.5	-60	358.3	210.3	215.2	4.9	1.25	0.8	0.00	0.004
12-185	RC	Hangar Flats	0	-90	234.7	25.9	30.5	4.6	0.65	1.3	0.00	0.005
						74.7	86.9	12.2	1.92	2.7	0.01	0.009
12-187	Core	Yellow Pine	120	-73	365.8	192.9	293.8	100.9	1.20	P	P	P
12-188	Core	Hangar Flats	136	-60	303.3	66.0	78.9	13.0	1.35	2.1	0.01	0.008
						93.0	103.0	10.1	1.63	1.8	0.01	0.029
12-190	RC	Hangar Flats	140	-63	274.3	89.9	94.5	4.6	0.97	P	P	P
						103.6	137.2	33.5	0.83	P	P	P
12-191	Core	Hangar Flats	320	-73	315.5	12.5	27.6	15.1	1.18	4.1	0.03	0.008
						48.8	66.5	17.7	1.00	1.8	0.08	0.002
						270.4	282.6	12.2	0.83	2.1	0.06	0.007
12-192	Core	Hangar Flats	280	-83	396.2	7.3	20.9	13.6	0.69	1.3	0.01	0.006
						49.1	56.9	7.8	1.37	0.2	0.03	0.007
						61.4	67.5	6.1	1.62	1.0	0.01	0.007
						104.9	120.7	15.8	4.15	1.5	0.01	0.006
						125.3	132.3	7.0	1.60	1.3	0.01	0.004
						165.5	186.5	21.0	1.00	2.2	0.09	0.004
						255.9	260.6	4.7	1.55	P	P	P
						306.6	396.2	89.6	1.54	P	P	P
12-193	Core	Hangar Flats	0	-90	368.5	15.9	56.1	40.2	1.53	2.7	0.04	0.003
						104.7	112.2	7.5	0.65	1.2	0.00	0.002
						136.6	145.4	8.8	2.31	1.5	0.08	0.008
						175.9	180.3	4.4	2.19	1.9	0.07	0.004
						263.0	356.6	93.6	1.37	P	P	P
12-194	Core	Yellow Pine	120	-45	184.1	27.7	54.7	27.0	1.80	P	P	P
						61.9	88.7	26.8	4.01	P	P	P
						117.4	135.2	17.8	0.56	P	P	P
12-195	Core	Hangar Flats	140	-85	319.4	5.6	22.6	16.9	1.41	P	P	P
						31.9	47.2	15.4	0.89	P	P	P
12-197	Core	Hangar Flats	0	-90	338.9	4.4	26.2	21.8	2.49	P	P	P
						45.9	50.3	4.4	0.77	P	P	P
						216.4	223.6	7.2	2.91	P	P	P
						255.4	259.7	4.3	0.74	P	P	P
						263.4	271.0	7.6	4.78	P	P	P
						286.7	296.0	9.3	1.52	P	P	P
12-199	Core	Yellow Pine	120	-45	286.2	20.7	113.4	92.7	2.90	P	P	P
						117.4	123.1	5.8	8.32	P	P	P
						129.8	140.5	10.7	1.58	P	P	P
						185.9	198.7	12.8	0.60	P	P	P
						202.7	223.0	20.3	0.93	P	P	P
12-205	RC	Yellow Pine	120	-60	189.0	4.6	42.7	38.1	4.37	P	P	P
						59.4	67.1	7.6	1.04	P	P	P
						91.4	97.5	6.1	0.74	P	P	P

(1) Assays for portions if this hole were previously reported
(2) Based upon the current 3D interpretation of the Hangar Flats, West End and Yellow Pine deposits the intervals quoted here are at or near true thickness unless otherwise noted in the text and are composited using a 0.5 g/t Au cut-off and may include short intervals of internal waste below the unless cut-off grade otherwise noted in text.
(3) P - Results pending

MIDAS GOLD RECEIVES RECEIPT FOR PROSPECTUS AND QUALIFIES EXERCISE OF SPECIAL WARRANTS

Midas Gold Corp. (“Midas Gold” or the “Company”) (TSX: MAX) announces that it has received a receipt for its final short-form prospectus which qualifies the distribution, in the provinces of British Columbia, Alberta, Ontario and New Brunswick, of 9,085,000 common shares of Midas Gold on the deemed exercise of 9,085,000 special warrants (the “Special Warrants”) which will occur effective March 14, 2012. The Company previously announced the closing of this private placement financing of Special Warrants on February 14, 2012 and the deemed exercise of the Special Warrants does not result in any additional payments to Midas Gold or the issuance of any additional common shares beyond the issue of one common share of Midas Gold for each Special Warrant.

“We are pleased with the timely manner in which we have received final receipt for our prospectus,” said Stephen Quin, President and CEO of Midas Gold. “With gross proceeds of $40.4 million from this financing, Midas Gold is well positioned to carry on with our exploration program at the Golden Meadows gold-silver-antimony-tungsten project in Idaho.”

Details of the Special Warrant transaction are contained in the Company’s final short-form prospectus dated March 8, 2012 and available at www.sedar.com.

On Behalf of the Board of Directors
MIDAS GOLD CORP.

Per: Stephen Quin
President & CEO

About Midas Gold and the Golden Meadows Project
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, potential future development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors and are described in a technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Company’s properties; the approval of the Qualifying Prospectus; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed.

The mineral resources at Golden Meadows are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for Midas to advance its interests at Golden Meadows, the project will be subject to a number of Federal, State and local laws and regulations and will require permits to conduct its activities.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Company’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations.

Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Company’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Company’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Company’s public disclosure record.

Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES AND IS NOT A SOLICITATION OR A PROSPECTUS FOR STOCK

MIDAS GOLD REPORTS RESULTS FROM DRILLING AT HANGAR FLATS AND YELLOW PINE, GOLDEN MEADOWS PROJECT, IDAHO

Hole MGI-11-127 intersects 130.8m at 2.25g/t Au and 27.4m at 1.83 g/t Au at Yellow Pine
Hole MGI-11-145 intersects 36.7m at 2.08g/t Au, 9.1g/t Ag, 0.56% Sb and 0.10% W at Yellow Pine
Hole MGI-12-168 intersects 54.9m at 1.14g/t Au, 24.6 g/t Ag and 1.56% Sb below Hangar Flats

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced additional assay results from its ongoing core and reverse circulation (“RC”) drilling program on its Golden Meadows Project in the Stibnite-Yellow Pine District, Idaho. Results include infill and extensions to the Hangar Flats and Yellow Pine deposits, with continued progress in both confirming and expanding previously defined mineralization.

Highlights of assay results from the most recent holes are summarized in Table 1 below, with more detailed results in Table 2 at the end of the release. Previous 2011 assay results were reported in other news releases that can be found on Midas Gold’s web site at www.midasgoldcorp.com. Additional results from the ongoing program will be released when assays are received and validated.

Table 1: Highlights of Recent Drill Results from Golden Meadows

HOLE ID	Hole Type	Target Area	From (m)	To (m)	Interval (m)2	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-11-1271	Core	Yellow Pine	24.4	155.1	130.8	2.25	1.7	0.06	0.005
Including			24.4	50.8	26.4	3.13	2.3	0.09	0.001
And			164.3	191.7	27.4	1.83	Pending	Pending	Pending
MGI-11-145	Core	Yellow Pine	112.5	149.2	36.7	2.08	9.1	0.56	0.103
MGI-11-156	RC	Yellow Pine	16.8	39.6	22.9	1.75	3.3	0.08	0.004
And			80.8	94.5	13.7	2.59	0.7	0.00	0.001
MGI-11-162	Core	Hangar Flats	177.4	192.9	15.5	3.25	2.6	0.01	0.005
MGI-12-165	RC	Hangar Flats	13.7	24.4	10.7	2.93	2.2	0.01	0.001
And			53.3	67.1	13.7	1.49	0.6	0.01	0.002
And			105.2	129.5	24.4	1.66	1.7	0.09	0.002
And			135.6	173.7	38.1	0.91	1.7	0.05	0.002
And			181.4	214.9	33.5	1.86	1.7	0.01	0.002
And			251.5	265.2	13.7	1.40	10.2	0.67	0.189
And			277.4	292.6	15.2	1.21	13.9	0.91	0.002
MGI-12-1683	RC	Hangar Flats	253.0	307.9	54.9	1.14	24.6	1.56	0.030
Including			277.4	307.9	30.5	1.43	43.5	2.78	0.052
MGI-12-1693	RC	Hangar Flats	219.5	233.2	13.7	1.27	1.3	0.00	0.002
And			246.9	286.5	39.6	1.20	1.2	0.01	0.002

(1) The bottom portions of these holes are incomplete and are not reported.
(2) Based upon the current 3D interpretation of the Hangar Flats, West End and Yellow Pine deposits the intervals quoted here are at or near true thickness and are composited using a 0.5 g/t Au cut-off and may include short intervals of internal waste below the cut-off grade.
(3) These holes bottomed in mineralization.

“These most recent assay results from our ongoing drilling program at our Golden Meadows Project continue to demonstrate the large scale and pervasive mineralization in and around the Yellow Pine and Hangar Flats deposits,” said Stephen Quin, President and CEO of Midas Gold Corp. “Our drilling at Hangar Flats, as has been seen in prior and the current announcements for the Yellow Pine deposit, shows strong mineralization over significant intervals, beneath pits used to limit our prior mineral resource estimates. We are also pleased that the US Forest Service has issued permits for our winter drilling campaign in a timely manner and in accordance with applicable rules,” he said.

2012 Drill Program

As reported on January 11, 2012, Midas has commenced a 16,000m to 17,000m initial drilling program that is anticipated to be completed in the first five months of 2012. The US Forest Service recently issued permits for the component of this work program being conducted on Federal lands and permits are already in place for private lands controlled by Midas Gold. Significant additional drilling to be conducted over the balance of the year, subject to applicable permitting, will be focused on continued in-fill and step out drilling on the three known mineral deposits (Hangar Flats, West End and Yellow Pine) as well as exploring for completely new deposits within the Golden Meadows property.

The results reported herein are for some holes completed in late 2011 as well as some of the first holes completed in 2012. Drill results from 2011 and early 2012 will be used to complete updated mineral resource estimates for all three deposits, anticipated for completion in Q2/12, and will be incorporated an independent Preliminary Economic Assessment, scheduled for completion in Q3/12. Drilling completed for the balance of 2012 will be used to support updated mineral resource estimates and a Pre-feasibility Study scheduled for completion in 2013.

Yellow Pine

Results from two core holes and one RC hole, drilled to in-fill areas within the main Yellow Pine deposit area and the Homestake portions of the Yellow Pine deposit are reported herein.

Drill hole MGI-11-127 was collared on the northwest flank of the historic Yellow Pine pit and was drilled to a total depth of 409.4m. This drill hole cut a thick interval of strong mineralization that is consistent with our mineral resource block models. Antimony and silver assays are pending below 155.1m for this hole. Results from a second core hole, MGI-11-145, which was collared approximately 150m southwest of drill hole MGI-11-127, was drilled to a total depth of 409.5m and also cut a thick zone of alteration and mineralization that was consistent with our mineral resource block models.

A single vertical RC drill hole, MGI-11-156, was drilled to test the down-dip extension of the shear vein in the Clark Tunnel-Homestake area. This drill hole cut two lenses of mineralization, one outside of the 2011 resource, but within the pit used to constrain that resource, and the other approximately 50m beneath the bottom of the pit shell used to limit our mineral resource estimates. These intercepts demonstrate significant thicknesses of good grade gold mineralization in this portion of the Yellow Pine deposit.

Hangar Flats

Results for twelve additional holes completed in late 2011 and early 2012 in the Hangar Flats deposit area are reported herein. Late fall and winter drilling have been concentrated in two areas at Hangar Flats: (1) near the base of the hill, near the former Hecla heap leach pad and, (2) upslope, approximately 300-600m along strike, near the surface projections of deeper gold-antimony mineralization intersected in 1950’s era US Department of Defense’s Defense Minerals Exploration Administration (“DMEA”) underground exploration and drilling activities.

Drilling adjacent to the former Hecla heap leach facility cut significant mineralization in a series of six RC holes testing down-dip and along strike from previously drilled areas. Hole MGI-12-165, an inclined hole directed to the northwest, cut strong mineralization, including significant antimony at depth and down dip of previous drill intercepts.

Drill holes MGI-12-168, 12-169 and 12-171 fanned to the northwest and northeast from a drill pad approximately 75m to the northeast of drill hole MGI-12-165 and all cut significant stacked mineralized lenses. Strong, pervasive alteration and mineralization occurred in the bottoms of drill holes MGI-12-168 (which ended in mineralization approximately 70m below the pit used to limit prior mineral resource estimates) and drill hole MGI-12-169, which also ended in strong mineralization, approximately 40m beneath the resource-limiting pit.

Approximately 150m farther to the east-northeast, two RC holes (MGI-12-173 and 12-175) tested the along strike extensions of the zones intersected in MGI-12-168 and 12-169. Drill hole MGI-12-173, drilled to the southeast, cut several broad zones of lower grade mineralization with narrower higher grade intercepts. Results are pending for drill hole MGI-12-175.

Results from six holes drilled east of the Meadow Creek Fault to test the up-dip projection of the deep DMEA zone, indicate the up-dip projection of this zone horsetails out from a single (20-40m thick) higher grade (2-7 g/t gold) lens at depth to four or five, thinner, lower grade (0.1-1.0 g/t gold) lenses up-dip and farther away from the Meadow Creek Fault Zone. Drill hole MGI-11-162, a vertical core hole drilled closest to the Meadow Creek Fault Zone, cut five 5-16m thick lenses with an aggregate thickness of approximately 42m up-dip, including a 15.5m intercept with a length weighted average grade of 3.25 g/t gold. Drill hole MGI-12-166, a vertical core hole, which collared approximately 60m east of MGI-11-162 to a depth of 309.1m, cut only thin intercepts with the best intercept averaging 4.57 g/t gold over 4.6m, indicating the mineralization is fading to the east in this area, which is consistent with what is seen further south.

Drill holes MGI-12-167, 12-170, 12-174 were vertical RC holes and MGI-12-178 was an inclined RC hole; all were collared 100-150m east of the Meadow Creek Fault to test a series of historic trench intercepts and Hecla Mining Company RC holes drilled in the late 1980’s. These holes all cut thin, but persistent lower grade zones ranging in true width from 4-9m in thickness, up-dip of the deeper DMEA lens. Holes currently in progress are testing the more favorable areas, closer to the Meadow Creek Fault.

Illustrations

To view the locations of current drill holes, please click here.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Exploration Manager for the Golden Meadows Project.

All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.002g/t lower reporting limit). Samples reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. All composites utilize a 0.5g/t cut off and may include up to 3 metres of internal waste. Internal waste has been assigned a nominal grade of 0.0g/t. Composites above cut-off grade, but less than 4.6 metres in length, are not reported. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 1.0g/t lower reporting limit). Samples reporting values > 10g/t Ag are reanalyzed using a 50g Fire Assay charge followed by a gravimetric finish. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver, British Columbia laboratories. Umpire samples are routinely submitted to third party labs and blank and standard samples are used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Company’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite-Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Hangar Flats is a high-grade gold-silver-antimony-tungsten discovery made in 2009 and these most recent drill intercepts are step-outs to the north from the areas discovered and drilled during the 2009 and 2010 field seasons. Yellow Pine is a significant past producer of gold, silver, antimony and tungsten from the 1930s through the mid-1950s. The Homestake deposit located at the northeast end of the Yellow Pine deposit and was operated by Hecla Mining Company from 1987 through 1989. The area between Yellow Pine and Homestake, known as the Clark Tunnel prospect, was the site of early 1930’s and 1940’s era exploration, but no mining has occurred and it has seen only minimal modern exploration drilling. Historical geologic, ground geophysical and drilling data obtained by Midas suggested the possibility that significant mineralization might be present in this area and recent drill results confirm this potential. The West End deposit was the site of open pit mining with heap leach recovery of gold from the 1970s to the late 1990s.

The Hangar Flats, West End and Yellow Pine deposits remain open to expansion along strike and to depth. In addition, Midas Gold continues to review and assess information contained within an extensive exploration database developed by Midas Gold from almost 100 years of exploration activity by multiple owners and operators with the objective of identifying opportunities for the potential discovery of additional gold mineralization.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Table 2: Assay Results to Accompany Midas Gold Corp. News Release dated February 27, 2012

HOLE ID	Hole Type	Target Area	From (m)	To (m)	Interval (m)3	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-11-1231	Core	Hangar Flats	86.3	96.9	10.7	0.86	1.0	0.00	0.01
MGI-11-1272	Core	Yellow Pine	24.4	155.1	130.80	2.25	1.7	0.06	0.005
Including			24.4	50.8	26.4	3.13	2.3	0.09	0.001
And			164.3	191.7	27.4	1.83	Pending	Pending	Pending
MGI-11-145	Core	Yellow Pine	112.5	149.2	36.7	2.08	9.1	0.56	0.103
MGI-11-156	RC	Yellow Pine	16.8	39.6	22.9	1.75	3.3	0.08	0.004
			80.8	94.5	13.7	2.59	0.7	0.00	0.001
MGI-11-162	Core	Hangar Flats	49.7	57.9	8.2	0.97	1.1	0.00	0.003
			127.7	132.3	4.6	0.97	0.8	0.00	0.003
			157.6	166.7	9.1	0.78	1.4	0.01	0.005
			177.4	192.9	15.5	3.25	2.6	0.01	0.005
MGI-12-164	RC	Hangar Flats	15.2	24.4	9.1	2.77	13.2	0.57	0.003
MGI-12-165	RC	Hangar Flats	13.7	24.4	10.7	2.93	2.2	0.01	0.001
			53.3	67.1	13.7	1.49	0.6	0.01	0.002
			80.8	89.9	9.1	0.56	0.3	0.00	0.002
			105.2	129.5	24.4	1.66	1.7	0.09	0.002
			135.6	173.7	38.1	0.91	1.7	0.05	0.002
			181.4	214.9	33.5	1.86	1.7	0.01	0.002
			251.5	265.2	13.7	1.40	10.2	0.67	0.189
			277.4	292.6	15.2	1.21	13.9	0.91	0.002
MGI-12-166	Core	Hangar Flats	43.6	48.2	4.6	1.87	1.5	0.01	0.007
			162.5	167.0	4.6	4.57	3.5	0.01	0.008
MGI-12-167	RC	Hangar Flats	169.2	176.8	7.6	0.99	1.6	0.01	0.006
			240.8	248.4	7.6	0.82	1.3	0.00	0.005
MGI-12-1684	RC	Hangar Flats	199.6	204.2	4.6	1.06	2.7	0.08	0.004
			211.8	216.4	4.6	1.06	2.4	0.12	0.003
			236.2	248.4	12.2	1.19	1.9	0.02	0.003
			253.0	307.9	54.9	1.14	24.6	1.56	0.030
Including			277.4	307.9	30.5	1.43	43.5	2.78	0.052
MGI-12-1694	RC	Hangar Flats	0.0	7.6	7.6	0.65	1.8	0.05	0.007
			67.1	71.6	4.6	1.58	3.3	0.03	0.005
			129.5	143.3	13.7	1.14	1.7	0.00	0.003
			195.1	210.3	15.2	0.85	0.7	0.07	0.002
			219.5	233.2	13.7	1.27	1.3	0.00	0.002
			246.9	286.5	39.6	1.20	1.2	0.01	0.002
MGI-12-170	RC	Hangar Flats	150.9	155.5	4.6	0.76	1.2	0.01	0.010
MGI-12-171	RC	Hangar Flats	129.5	137.2	7.6	1.29	1.0	0.00	0.003
MGI-12-173	RC	Hangar Flats	25.9	30.5	4.6	1.50	1.7	0.01	0.014
			70.1	76.2	6.1	1.44	0.8	0.00	0.006
MGI-12-174	RC	Hangar Flats	25.9	30.5	4.6	0.85	1.7	0.02	0.004
			94.5	103.6	9.1	0.85	0.8	0.00	0.020
MGI-12-1782	RC	Hangar Flats	0.0	4.6	4.6	0.81	2.5	0.01	0.010

(1) Assays for portions of this hole were previously reported
(2) The bottom portions of these holes are incomplete and are not reported.
(3) Based upon the current 3D interpretation of the Hangar Flats, West End and Yellow Pine deposits the intervals quoted here are at or near true thickness and are composited using a 0.5 g/t Au cut-off and may include short intervals of internal waste below the cut-off grade.
(4) These holes bottomed in mineralization.

MIDAS GOLD COMPLETES C$40.4 MILLION FINANCING, INCLUDING EXERCISE OF OVER-ALLOTMENT OPTION

Midas Gold Corp. (“Midas Gold” or the “Company”) (TSX: MAX) today announced that it has completed the previously announced private placement financing of a total of 9,085,000 special warrants (the “Special Warrants”) of the Company at a price of C$4.45 for aggregate gross proceeds of C$40,428,250 (the “Offering”). The Offering includes 7,900,000 Special Warrants and the exercised over-allotment option (the “Over-Allotment Option”) to purchase an additional 1,185,000 Special Warrants of the Company. The syndicate of underwriters, led by Haywood Securities Inc., and including Macquarie Capital Markets Canada Ltd., BMO Capital Markets, RBC Capital Markets and Desjardins Securities Inc. received a cash fee equal to 5.0% of the total gross proceeds from the sale of Special Warrants under the Offering and the Over-Allotment Option.

The Company intends to use the net proceeds of the Offering for exploration and potential development of its Golden Meadows Project in central Idaho, and for general working capital purposes.

Each Special Warrant is exercisable into one common share of the Company (a “Common Share”) for no additional consideration at any time after the Closing Date (as defined below), and all unexercised Special Warrants will be deemed to be exercised on the earlier of (a) the date on which a receipt for a final short form prospectus (the “Qualifying Prospectus”) qualifying the Common Shares to be issued upon the exercise of the Special Warrants has been issued by the Securities Commissions in British Columbia, Alberta, Ontario and New Brunswick (the “Offering Provinces”), or (b) four months and one day after the date of closing of the Offering (the “Closing Date”).

Midas Gold has agreed to use commercially reasonable efforts to file and obtain a receipt for the Qualifying Prospectus qualifying the conversion of the Special Warrants in the Offering Provinces. In the event that a final receipt for the Qualifying Prospectus is not obtained prior to the date that is 60 days following the Closing Date, each Special Warrant shall thereafter be exercisable into 1.1 Common Shares (in lieu of 1.0 Common Share).

On Behalf of the Board of Directors

MIDAS GOLD CORP.

Per: Stephen Quin

President & CEO

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, potential future development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors and are described in a technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Company’s properties; the approval of the Qualifying Prospectus; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed.

The mineral resources at Golden Meadows are contained within areas that have seen historic disturbance resulting from prior mining activities. In order for Midas to advance its interests at Golden Meadows, the project will be subject to a number of Federal, State and local laws and regulations and will require permits to conduct its activities.

In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Company’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations.

Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Company’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Company’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Company’s public disclosure record.

Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

THIS PRESS RELEASE IS NOT FOR US DISTRIBUTION AND IS NOT A SOLICITATION OR A PROSPECTUS FOR STOCK

MIDAS GOLD REPORTS HIGH GRADE AU-SB-AG-W MINERALIZATION AT ITS GOLDEN MEADOWS PROJECT, IDAHO

MGI-11-057 intersects 175.9m of 2.56g/t Au, 2.4g/t Ag and 0.22% Sb, including higher grade intervals
MGI-11-134 intersects 23.3m of 2.12g/t Au and 332g/t Ag including 2.4m of 1.4g/t Au, 3,160g/t Ag, 0.15% Sb and 0.85% W
MGI-11-152 intersects 22.9m of 4.91g/t Au and 1.9g/t Ag
MGI-11-159 intersects 44.2m of 2.04g/t Au, 4.7g/t Ag and 0.43% Sb

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced further assay results from its ongoing exploration and definition core and reverse circulation (“RC”) drilling program on the Hangar Flats and Yellow Pine deposits at its Golden Meadows Project, Idaho. Previously reported 2011 assay results can be reviewed on the Corporation’s website. Newly received results are summarized in Table 1, below, and highlight the discovery of new areas of high grade gold-silver-antimony +/- tungsten mineralization within the Hangar Flats and Yellow Pine deposits. Complete results are tabulated in Table 2 attached at the end of this news release.

Table 1: Highlights of Recent Assay Results

Hole ID	Type	Target Area	From (m)	To (m)	Interval (m)(1)	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-11-057(2)	Core	Yellow Pine	136.3	312.1	175.9	2.56	2.4	0.22	0.002
including			180.8	182.3	1.5	5.78	4.8	5.78	0.006
including			273.9	276.9	3.0	3.39	14.3	2.20	0.002
including			295.1	296.3	1.2	5.74	6.0	2.69	0.000
MGI-11-060(2)	Core	Yellow Pine	174.7	215.8	41.1	2.97	1.7	0.00	0.003
including			194.5	199.0	4.5	9.77	4.0	0.01	0.005
MGI-11-105	Core	Yellow Pine	86.0	106.7	20.7	1.00	0.8	0.00	0.003
and			125.7	211.2	85.5	1.88	3.6	0.00	0.005
MGI-11-126	Core	Yellow Pine	35.1	70.1	35.0	2.62	4.6	0.42	0.002
including			36.6	42.7	6.1	2.54	19.0	1.49	0.001
MGI-11-131(3)	Core	Yellow Pine	178.6	219.8	41.1	1.53	1.4	0.01	0.002
MGI-11-134	Core	Hangar Flats	194.9	218.2	23.3	2.12	332.6	0.10	0.094
including			215.8	218.2	2.4	1.40	3,160.0	0.15	0.851
MGI-11-138	Core	Yellow Pine	146.3	201.2	54.9	1.73	2.7	0.01	0.003
and			275.8	301.8	25.9	1.03	2.2	0.01	0.003
MGI-11-148(4)	RC	West End	0.0	36.6	36.6	2.24	4.3	0.01	0.001
MGI-11-152	Core	Yellow Pine	88.4	111.3	22.9	4.91	1.9	0.00	0.008
MGI-11-159	Core	Yellow Pine	73.2	117.4	44.2	2.04	4.7	0.43	0.004

(1) Based upon current 3D interpretations the intervals quoted here are at or near true thickness unless otherwise noted and are composited using a 0.5 g/t Au cut-off and may include short intervals of internal waste below the cut-off grade.
(2) Assays for portions of these holes were previously reported, but the intervals reported herein were not.
(3) True thickness uncertain.
(4) Pre-collar, top of hole only drilled with RC, and remainder of hole using core not yet completed.

“The results from Hangar Flats hole MGI-11-134, drilled adjacent and beneath the original 1900’s era discovery outcrop at Hangar Flats that led to the development of the underground Meadow Creek Mine in the 1920s, and the high grade gold-antimony-silver mineralization intercepted by in-fill drill holes at Yellow Pine illustrate the potential for adding value to our gold mineral resource base through by-products from our discoveries on our Golden Meadows Project in Idaho,” said Stephen Quin, President and CEO of Midas Gold Corp. “Our ongoing exploration compilation and in-fill drilling is providing support for our emphasis on defining a multi-product process flow sheet for the metal-rich mineralized systems present on our large property position,” he said.

2011 Program

This drilling is being undertaken as part of a program designed to confirm and expand known mineral resources and potentially discover new mineralized areas. Four core rigs, one sonic rig and two RC rigs are currently on site. Our in-fill and step-out drilling program is continuing through the winter, while drilling that is more exploration-focused is subject to obtaining necessary permits.

Hangar Flats is a high-grade gold-silver-antimony-tungsten discovery made by Midas Gold in 2009 adjacent to the high grade underground Meadow Creek antimony-gold-silver mine that operated in the 1920s to early 1930s. Yellow Pine is a significant past producer of gold, silver, antimony and tungsten from the 1930s through the mid-1950s. The Homestake pit, located at the northeast end of the Yellow Pine deposit, was operated by Hecla Mining Company from 1987 through 1989. While gold, silver and antimony tend to occur in approximately the same areas, the mineralizing events are distinct and, as a result, the gold-based cut-off used to report results herein do not necessarily best illustrate the silver and, especially, the antimony values. Tungsten values tend to be much more geographically limited and, where they do occur, tend to be diluted down to low values over the long intervals of gold mineralization reported but nevertheless could represent a significant by-product opportunity. Holes MGI-11-057 and 11-134, reported herein, are good examples of narrower, high grade silver, antimony and/or tungsten occurring within a broader envelope of gold mineralization.

Recent Drill Results

During 2011, 23,860m of core and RC drilling was completed in 107 holes, excluding sonic drilling completed for geotechnical purposes. Following this announcement, approximately 940 assays remain outstanding out of 23,060 samples submitted for analysis from the 2011 drilling. 2012 drilling commenced in mid-January and currently comprises three core and two RC rigs, with a fourth core rig scheduled to commence drilling shortly. The sonic drill should resume geotechnical drilling once approval processes are completed.

Core holes MGI-11-057, 11-060, 11-105, 11-126, 11-131, 11-132 and 11-138 were drilled within and beneath the known mineral resource at Yellow Pine in order to upgrade the confidence level of the mineral resources, to test mineralization at depth and to provide metallurgical samples. Two of the holes, MGI-11-57 and 11-60 were collared, but not completed early in the 2011 field season; these partially completed holes were re-entered and completed later in the 2011 season and final results from these holes are reported herein. Results from these drill holes are consistent with historic drill program results, providing confidence in Midas Gold’s prior mineral resource models and, in some cases, indicate that additional mineralization may be present outside the modeled pit that limited these mineral resources. This is illustrated by hole MGI-11-138 (drilled near the historic Monday Tunnel on the south end of the mineral resource model), which cut mineralization approximately 75m beneath the modeled resource-limiting pit, and hole MGI-11-131 (a geotechnical hole, drilled in the main deposit area), which cut mineralization approximately 100m west of a fault previously thought to limit mineralization and approximately 65m below the currently modeled resource-limiting pit.

Holes reported herein, including MGI-11-150, 11-152, 11-153, 11-154, 11-155, 11-157, 11-158, 11-159 and 11-160 were drilled to confirm past drilling and test beneath or laterally the area within the Homestake portion of the Yellow Pine deposit. Drill results from this area continue to show mineralization to the west of the previously modeled resource.

Drill holes MGI-11-119, 11-123, 11-134 and 11-143 were drilled at Hangar Flats. Holes 11-123 and 11-143 were geotechnical holes that cut several narrow, but good grade gold intercepts outside of the previously defined mineralizing envelope, suggesting Midas Gold has not yet found the limits of this large system. Holes MGI-11-119 and 11-134 confirm Midas Gold’s geologic model in the near surface, but also indicate that portions of the previously modeled mineral resource may be cut-off by post-mineral faulting. Hole 11-134, which was drilled to test under the original 1900’s era discovery outcrop, cut high grade silver-tungsten mineralization along with strong antimony-gold mineralization down dip of the discovery outcrop. This drilling confirms a historic 1919 Idaho State Mine Inspector report noting “… a bold, zonal mineral outcropping… said to carry average values of 17 ounces silver and several dollars gold associated with disseminated antimony sulphide that, is believed will afford a high grade concentrate…”.

Details of prior mineral resource estimates can be found in the NI43-101 Technical Report filed under Midas Gold’s profile on SEDAR (www.sedar.com).

To view the locations of current drill holes, please click here.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp. (the “Corporation”), and a Qualified Person. The exploration activities at Golden Meadows were carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Project Manager for the Golden Meadows Project.

All gold assays are by a 30g Fire Assay charge followed by an atomic absorption finish (with a 0.005g/t lower reporting limit). Samples reporting values > 6g/t are re-analyzed using a 30g Fire Assay charge followed by a gravimetric finish. Silver is analyzed via a 4-acid digestion followed by an ICP finish (with a 0.5g/t lower reporting limit). Samples reporting values > 10g/t Ag are reanalyzed using a 2g ICP-AES, four acid digest, while samples reporting > 750g/t Ag are reanalyzed using a 30g Fire Assay charge followed by a gravimetric finish. Antimony is analyzed via a 4-acid digestion followed by an ICP finish (with a 5.0g/t lower reporting limit). Samples reporting values > 2,000g/t Sb are reanalyzed using XRF with a 0.9g charge in a Lithium Borate fusion (with a 0.01% lower reporting limit).

All composites utilize a 0.5g/t gold cut off and may include up to 3.05 meters of internal waste. Internal waste has been assigned a nominal grade of 0.0g/t. Composites above cut-off grade, but less than 6.1 meters in length, are not reported. Some intervals may not add or subtract correctly due to rounding, but are deemed insignificant. Analyses are carried out by ALS CHEMEX in their Reno and Winnemucca, Nevada and Vancouver, British Columbia laboratories. Blank and standard samples are used for quality assurance and quality control and a review of the results of analyses of the blanks, standards and duplicates by the Corporation’s Qualified Person indicates values are within normal and acceptable ranges.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

The Hangar Flats, West End and Yellow Pine deposits remain open to expansion along strike and to depth. In addition, Midas Gold continues to review and assess information contained within an extensive exploration database developed by Midas Gold from almost 100 years of exploration activity by multiple owners and operators with the objective of identifying opportunities for the potential discovery of additional gold mineralization. Since Midas Gold’s acquisition of the project in the spring of 2009, the Corporation has completed over 162 core and RC holes totalling over 36,700 metres, as well as completing an extensive airborne geophysical program that not only outlined the three known gold deposits, but has identified a number of significant new anomalies within Midas Gold’s extensive property holdings. Regional exploration programs are planned to evaluate these newly identified, extensive anomalies.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information.

Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Table 2: Recent Assay Results from Golden Meadows Project
To accompany Midas Gold news release dated February 1, 2012

Hole ID	Type	Target Area	From (m)	To (m)	Interval (m)(1)	Gold (g/t)	Silver (g/t)	Antimony (%)	Tungsten (%)
MGI-11-057(2)	Core	Yellow Pine	136.3	312.1	175.9	2.56	2.4	0.22	0.002
including			180.8	182.3	1.5	5.78	4.8	5.78	0.006
including			273.9	276.9	3.0	3.39	14.3	2.20	0.002
including			295.1	296.3	1.2	5.74	6.0	2.69	0.000
MGI-11-060(2)	Core	Yellow Pine	174.7	215.8	41.1	2.97	1.7	0.00	0.003
including			194.5	199.0	4.5	9.77	4.0	0.01	0.005
			328.9	341.1	12.2	0.80	0.9	0.00	0.002
MGI-11-105	Core	Yellow Pine	86.0	106.7	20.7	1.00	0.8	0.00	0.003
And			110.5	118.3	7.8	1.89	1.5	0.00	0.011
And			125.7	211.2	85.5	1.88	3.6	0.00	0.005
MGI-11-119	Core	Hangar Flats	188.7	194.8	6.1	2.61	1.0	0.00	0.006
And			218.5	223.1	4.6	1.04	0.5	0.00	0.003
MGI-11-123	Core	Hangar Flats	29.6	34.1	4.6	1.11	2.7	0.01	0.010
			40.5	55.8	15.2	0.48	1.5	0.01	0.009
MGI-11-126	Core	Yellow Pine	35.1	70.1	35.0	2.62	4.6	0.42	0.002
including			36.6	42.7	6.1	2.54	19.0	1.49	0.001
MGI-11-131(4)	Core	Yellow Pine	178.6	219.8	41.1	1.53	1.4	0.01	0.002
And			236.5	245.7	9.1	0.69	0.6	0.00	0.001
MGI-11-132(2)	Core	Yellow Pine	122.8	127.4	4.6	1.52	1.1	0.00	0.001
			160.9	171.3	10.4	1.38	3.1	0.00	0.000
			192.9	207.6	14.6	1.31	4.7	0.01	0.001
MGI-11-134	Core	Hangar Flats	185.3	190.4	5.0	2.73	2.4	0.17	0.005
And			194.9	218.2	23.3	2.12	332.6	0.10	0.094
including			215.8	218.2	2.4	1.40	3,160.0	0.15	0.851
MGI-11-138	Core	Yellow Pine	146.3	201.2	54.9	1.73	2.7	0.01	0.003
And			216.4	224.0	7.6	0.53	2.0	0.01	0.001
And			275.8	301.8	25.9	1.03	2.2	0.01	0.003
MGI-11-143	Core	Hangar Flats	133.5	138.1	4.6	0.84	5.6	0.01	0.004
And			158.8	166.4	7.6	1.26	1.4	0.00	0.003
And			299.3	303.9	4.6	2.16	1.0	0.00	0.002
MGI-11-147	RC	Yellow Pine	13.7	18.3	4.6	1.64	2.3	0.04	0.001
MGI-11-148(3)	RC	West End	0.0	36.6	36.6	2.24	4.3	0.01	0.001
MGI-11-150	RC	Yellow Pine	70.1	86.9	16.8	1.77	1.3	0.00	0.002
MGI-11-152	Core	Yellow Pine	88.4	111.3	22.9	4.91	1.9	0.00	0.008
MGI-11-153	RC	Yellow Pine	25.9	36.6	10.7	1.39	2.4	0.00	0.002
And			41.2	47.2	6.1	0.90	0.7	0.00	0.004
MGI-11-154	RC	Yellow Pine	13.7	21.3	7.6	2.39	5.5	0.57	0.005
And			35.1	45.7	10.7	4.58	4.9	0.01	0.004
And			68.6	82.3	13.7	1.96	1.9	0.06	0.001
MGI-11-155	RC	Yellow Pine	41.2	45.7	4.6	3.44	3.9	0.23	0.004
And			57.9	62.5	4.6	3.18	1.9	0.01	0.004
And			80.8	103.6	22.9	1.55	1.0	0.01	0.002
MGI-11-157	RC	Yellow Pine	64.0	76.2	12.2	2.07	4.4	0.01	0.003
And			99.1	125.0	25.9	3.18	1.9	0.10	0.001
MGI-11-158	RC	Yellow Pine	21.3	33.5	12.2	0.74	0.5	0.00	0.003
And			68.6	80.8	12.2	1.74	0.3	0.00	0.001
MGI-11-159	RC	Yellow Pine	73.2	117.4	44.2	2.04	4.7	0.43	0.004
MGI-11-160	RC	Yellow Pine	54.9	68.6	13.7	1.41	0.3	0.00	0.002

(1) Based upon current 3D interpretations the intervals quoted here are at or near true thickness unless otherwise noted and are composited using a 0.5 g/t Au cut-off and may include short intervals of internal waste below the cut-off grade.
(2) Assays for portions of these holes were previously reported, but the intervals reported herein were not.
(3) Pre-collar, top of hole only and hole not yet completed.
(4) True thickness uncertain

MIDAS GOLD ANNOUNCES CDN$35 MILLION FINANCING

Not for distribution to United States newswire services or for dissemination in the United States

Midas Gold Corp. (“Midas Gold” or the “Company”) (TSX: MAX) today announced that it has entered into an agreement with a syndicate of underwriters, led by Haywood Securities Inc., and including Macquarie Capital Markets Canada Ltd., BMO Capital Markets, RBC Capital Markets Inc. and Desjardins Securities Inc. (collectively the “Underwriters”), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 7,900,000 special warrants (the “Special Warrants”) of the Company at a price of CDN$4.45 per Special Warrant, for gross proceeds of CDN$35,155,000 (the “Offering”). The Company intends to use the net proceeds of the Offering for exploration and development of its Golden Meadows Project in central Idaho, and for general working capital purposes.

Each Special Warrant will be exercisable into one common share of the Company (a “Common Share”) for no additional consideration at any time after the Closing Date (as defined below), and all unexercised Special Warrants (other than Special Warrants sold in the Province of Quebec) will be deemed to be exercised on the earlier of (a) the date on which a receipt for a final prospectus (“the Qualifying Prospectus”) qualifying the Common Shares to be issued upon the exercise of the Special Warrants has been issued by the relevant securities commission(s), or (b) four months and one day after the date of closing of the Offering (the “Closing Date”). All Special Warrants in the Province of Quebec will be deemed to be exercised on the date that is four months and a day following the Closing Date.

In addition, the Underwriters have also been granted an option to purchase up to an additional 1,185,000 Special Warrants on the same terms as set out above (the “Over-Allotment Option”), which may be exercised at any time up to 24 hours prior to the Closing Date, for additional proceeds of up to CDN$5,273,250. The Underwriters will be paid a cash fee equal to 5.0% of the total gross proceeds from the sale of Special Warrants under the Offering and the Over-Allotment Option.

The Special Warrants to be sold under this Offering will be offered by way of a private placement in all of the Provinces of Canada and will also be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended.

The Offering is scheduled to close on February 14, 2012 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX, and other securities regulatory authorities as applicable. Midas Gold has agreed to use commercially reasonable efforts to file and obtain a receipt for the Qualifying Prospectus qualifying the conversion of the Special Warrants in all Provinces of Canada, with the exception of Quebec. In the event that a final receipt for the Qualifying Prospectus is not obtained prior to the date that is 60 days following the Closing Date, each Special Warrant shall thereafter be exercisable into 1.1 Common Shares (in lieu of 1.0 Common Share).

On Behalf of the Board of Directors

MIDAS GOLD CORP.

Per: Stephen Quin

President & CEO

About Midas Gold and the Golden Meadows Project
Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

Forward-Looking Statements

Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Company’s properties; the timing of completion of the Offering and Over-Allotment Option; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2012 will be consistent with the Company’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Company’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Company’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Company’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Company’s public disclosure record. Although the Company has attempted to identify important factors that could affect the Company and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

MIDAS GOLD OUTLINES INITIAL WORK PLAN & BUDGET FOR ITS GOLDEN MEADOWS PROJECT, IDAHO

Parallel Tracking of Mineral Resource Delineation and Expansion, Economic Studies and Exploration

VANCOUVER, BRITISH COLUMBIA - Midas Gold Corp. (MAX:TSX) today announced that its board of directors has approved an initial budget and work plan for its 11,600 hectare Golden Meadows Project in Valley County, Idaho.

Drilling has recommenced on site and approximately 16,000 to 17,000m of drilling are planned for the first five months of 2012, focused on the continued definition and expansion of the existing mineral resources at Golden Meadows, with drilling split into two phases. Phase 1 will wrap up drilling at Hangar Flats and Yellow Pine originally planned for 2011 that will be used to update the mineral resource estimates for the three main deposits and incorporate those estimates into an independent preliminary economic assessment (“PEA”) scheduled for completion during 2012. Phase 2 drilling, commencing in February until spring thaw, will focus in definition and step out drilling at both the Hangar Flats and Yellow Pine deposits in support of a planned subsequent preliminary feasibility study (“PFS”). Exploration drilling, for entirely new deposits, will run in parallel with the Phase 2 drilling and is subject to the granting of additional permits. Total drilling and related expenditures during Phase 1 and Phase 2 are expected to total approximately US$9 million.

In parallel with the drilling and completion of the PEA, Midas Gold plans to commence, to the extent reasonable, the process of advancing the project towards completion of a PFS, including the Phase 2 drilling noted above, extensive metallurgical, mine planning, engineering and other work, and to continue to advance environmental baseline studies and monitoring activities in support of potential permit applications, as well as all camp, logistics and support for the drilling activities. It is estimated that these additional technical, environmental and permitting activities, as well as camp and support costs but excluding drilling and related costs, will result in additional expenditures of approximately US$7 to US$8 million in the first half of 2012.

Significant additional work, including extensive drilling, is planned for the second half of 2012, but the scope of such work will be determined once mineral resource updates and technical studies have been completed, and is subject to additional permitting requirements.

“With three significant gold deposits already defined at its Golden Meadows Project in Idaho, Midas Gold is parallel tracking the delineation of those deposits, the evaluation of their economic potential and the exploration of the balance of its highly prospective property holdings,” said Stephen Quin, President & CEO of Midas Gold Corp. “The high grade, near surface nature of our gold deposits warrants a substantial commitment to advancing the Golden Meadows Project towards an economic evaluation as rapidly as practicable. Overlapping resource definition, economic studies, environmental baseline, regulatory activities, and exploration should reduce the overall timeframe to more fully determine and define the ultimate potential of this major gold system.”

Initial 2012 Program
Given that Midas Gold has not yet updated its mineral resource estimates to incorporate the results of the 2011 drilling, nor completed its first economic evaluation on the Golden Meadows Project, the initial 2012 work plan and budget has been designed to complete these studies, while continuing to progress the project towards the subsequent objectives of completing a PFS and potential permitting of a mining operation. In order to achieve and accelerate these objectives in a time-effective manner, Midas Gold plans to conduct its work on three parallel tracks:

Track 1 - Complete a PEA: Complete a limited amount of additional drilling on the Yellow Pine and Hangar Flats deposits (Phase 1), and possible extensions, that (combined with the 2011 and prior drilling) will be utilized in preparing an independent, updated mineral resource estimate for each of the Hangar Flats, Yellow Pine and West End deposits during Q2/11. These updated mineral resource estimates will be used to complete an independent PEA in Q3/12.

Track 2 - Advance a PFS: In parallel and overlapping with Track 1, advance the project towards completion of an independent PFS. As much as possible, work currently being undertaken for the PEA is being done to PFS standards, but additional infill drilling (Phase 2 and subsequent drilling) will be required to continue converting any remaining inferred mineral resources to higher levels of confidence, as will further metallurgical work beyond that being used in the PEA, plus additional engineering and other studies. By completing as much of the work currently underway as possible to PFS standards, the overall timeframe to complete a PFS should be reduced.

Track 3 - Exploration for new deposits: In order to build a pipeline of potential new mineral prospects that could eventually develop into new mineral resources, Midas Gold plans to conduct systematic, intensive exploration across its Golden Meadows Property. A full pipeline, from early stage prospects to resource definition, will assist Midas Gold in determining the ultimate mineral potential of this prolific gold system. This exploration work, involving mapping, sampling, geophysics and drilling, will be conducted in parallel with Track 1 and Track 2.

SRK Consulting (Canada) Inc. (“SRK”) has been retained to complete updating of the mineral resource estimates for the Golden Meadows project, as well as to complete the independent, National Instrument 43-101 compliant PEA. SRK has retained Ausenco to assist with the processing and infrastructure aspects of the PEA, and is working with Blue Coast Metallurgy on the mineralogical and metallurgical aspects of the project.

Initial Work Plan

During Phase 1 and Phase 2 of drilling program, approximately US$9.0 million will be spent on infill, step-out and exploration drilling utilizing four core and two reverse circulation (“RC”) drill rigs, assisted by a sonic rig, which should complete 16,000m to 17,000m of drilling during this period, prior to the spring thaw.

In Phase 1, one core drill will complete drilling three holes at Yellow Pine which, in conjunction with the 2011 drilling, will be used to update the Yellow Pine mineral resource estimate. At the same time, two RC and three core rigs will commence additional drilling at Hangar Flats, focused on the northern and southern ends of the Hangar Flats mineralized system, with the objective of increasing the mineral resource, increasing the confidence level of the existing mineral resource and reducing the overall strip ratio by potentially converting unclassified mineralization to mineral resources. This drilling should be completed in February and, as with Yellow Pine, will be used (in conjunction with the 2011 and earlier drilling) to update the Hangar Flats mineral resource estimate.

Only limited drilling was completed at West End in 2011 and no more drilling is planned until the second half of 2012 in this area, so geologic modelling and updating of the mineral resource estimate for West End is already in process and will include both 2010 and 2011 drilling not previously not incorporated into the mineral resource estimate announced on February 22, 2011.

As drills complete Phase 1 of the drilling outlined above, they will immediately commence Phase 2 drilling, infilling and stepping out on the Hangar Flats and Yellow Pine deposits in support of the PFS, and continue drilling until spring thaw and are expected to resume drilling once conditions dry out, at which time drilling on the West End deposit can also recommence.

During Phase 1 and Phase 2, one or more drills will be assigned to exploring new prospects for their potential to host entirely new deposits, subject to granting of the necessary permits. It is anticipated that infill, step out and exploration drilling will continue through the balance of the year, but where and how much will be determined once the updated mineral resource estimates have been evaluated for needed additional in fill and step out drilling to fully define all three deposits, and granting of additional permits.

Additional expenditures will be incurred in parallel with the Phase 1 and Phase 2 drilling towards preparation of environmental baseline studies and an environmental impact statement, as well as other permitting and regulatory activities. Midas Gold has retained HDR Engineering Inc. of Boise, Idaho, to assist with the environment baseline and permitting related matters. In support of the PEA and subsequently planned PFS, the extensive metallurgical studies currently underway will continue under the supervision of Blue Coast Metallurgy, as will engineering and other work leading up to completion of the PEA in Q3/12 and subsequent studies under SRK and Ausenco. An additional $0.7 million of capital equipment purchases are planned related to continuing to improving camp, field facilities and communications and network infrastructure to support sustained, higher levels of field activities over the next several years.

2011 Exploration Activities & Expenditures

As previously reported, a total of 107 holes totaling 23,860m were completed during the 2011 field season. This total excludes sonic drill holes completed for geotechnical purposes and includes 10,533m of RC and 13,327m of core drilling, and was designed to confirm and expand known mineral resources and potentially discover new mineralized areas. In addition, extensive metallurgical, geotechnical, engineering and other work was undertaken in preparation for completion of the planned PEA, but such work is generally being undertaken to PFS standards, where practicable. Expenditures in 2011 were approximately US$19.9 million, including infill and step out drilling, geotechnical drilling, assaying, the airborne EM survey and other exploration activities, while an additional approximately US$1.3 million was spent on PEA related activities, including metallurgical testing, engineering and geotechnical work, as well as on permitting, environmental baseline, environmental monitoring, voluntary environmental remediation and regulatory activities. In addition, approximately US$2.6 million in capital expenditures were incurred to improve site infrastructure so that field activities can be sustained at high levels throughout the year (including the winter), including purchase and installation of three 22-man trailer camps, additional camp infrastructure, offices, equipment purchases such as bulldozers and loaders to support field activities and clear snow, and constructing a covered fuel tank farm and helicopter hanger on site suitable for winter operations. These capital expenditures will support sustained field activities for several years.

As a result of these expenditures, a significant proportion of which were essential, one-time expenditures, Midas Gold ended 2011 with approximately US$37 million in cash.

Quality Assurance

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101 (“NI43-101”) and reviewed and approved by Stephen P. Quin, P. Geo., President and CEO of Midas Gold Corp., and a Qualified Person. The exploration activities at Golden Meadows are carried out under the supervision of Christopher Dail, C.P.G., Qualified Person and Project Manager for the Golden Meadows Project.

About Midas Gold and the Golden Meadows Project

Midas Gold Corp., through its wholly owned subsidiaries Midas Gold Inc., and Idaho Gold Resources, LLC, is focused on the exploration and, if warranted, development of the Golden Meadows Project in the Stibnite‐Yellow Pine district of central Idaho. The principal gold deposits identified to date within the Golden Meadows Project are the Hangar Flats, West End and Yellow Pine deposits, all of which are associated with important structural corridors. Independent mineral resource estimates were reported for all three deposits in a news release dated April 20, 2011 and are detailed in a consolidated technical report entitled “NI 43-101 Technical Report on Mineral Resources, Golden Meadows Project, Valley County, Idaho” dated June 6, 2011 (the “Technical Report”) is available on Midas Gold’s website at www.midasgoldcorp.com or under Midas Gold’s profile on SEDAR at www.sedar.com.

The Hangar Flats, West End and Yellow Pine deposits remain open to expansion along strike and to depth. In addition, Midas Gold continues to review and assess information contained within an extensive exploration database developed by Midas Gold from almost 100 years of exploration activity by multiple owners and operators with the objective of identifying opportunities for the potential discovery of additional gold mineralization.

Forward-Looking Statements
Statements contained in this news release that are not historical facts are “forward-looking information” or “forward-looking statements” (collectively, “Forward-Looking Information”) within the meaning of applicable Canadian securities legislation and the United States Private Securities Litigation Reform Act of 1995. Forward Looking Information includes, but is not limited to, disclosure regarding possible events, conditions or financial performance that is based on assumptions about future economic conditions and courses of action; the timing and costs of future exploration activities on the Corporation’s properties; success of exploration activities; permitting time lines and requirements, requirements for additional capital, requirements for additional water rights and the potential effect of proposed notices of environmental conditions relating to mineral claims; planned exploration and development of properties and the results thereof; planned expenditures and budgets and the execution thereof. In certain cases, Forward-Looking Information can be identified by the use of words and phrases such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “potential” or “does not anticipate”, “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Statements concerning mineral resource estimates may also be deemed to constitute forward-looking statements to the extent that they involve estimates of the mineralization that may be encountered if the Golden Meadows Project is developed. In making the forward-looking statements in this news release, the Corporation has applied several material assumptions, including, but not limited to, that any additional financing needed will be available on reasonable terms; the exchange rates for the U.S. and Canadian currencies in 2011 will be consistent with the Corporation’s expectations; that the current exploration and other objectives concerning the Golden Meadows Project can be achieved and that its other corporate activities will proceed as expected; that the current price and demand for gold will be sustained or will improve; that general business and economic conditions will not change in a materially adverse manner and that all necessary governmental approvals for the planned exploration on the Golden Meadows Project will be obtained in a timely manner and on acceptable terms; the continuity of the price of gold and other metals, economic and political conditions and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Corporation to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. Such risks and other factors include, among others, risks related to the availability of financing on commercially reasonable terms and the expected use of proceeds; operations and contractual obligations; changes in exploration programs based upon results of exploration; changes in estimated mineral reserves or mineral resources; future prices of metals; availability of third party contractors; availability of equipment; failure of equipment to operate as anticipated; accidents, effects of weather and other natural phenomena and other risks associated with the mineral exploration industry; environmental risks, including environmental matters under U.S. federal and Idaho rules and regulations; impact of environmental remediation requirements and the terms of existing and potential consent decrees on the Corporation’s planned exploration on the Golden Meadows Project; certainty of mineral title; community relations; delays in obtaining governmental approvals or financing; fluctuations in mineral prices; the Corporation’s dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the Corporation’s lack of operating revenues; governmental regulations and the ability to obtain necessary licences and permits; risks related to mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title; currency fluctuations; changes in environmental laws and regulations and changes in the application of standards pursuant to existing laws and regulations which may increase costs of doing business and restrict operations; risks related to dependence on key personnel; and estimates used in financial statements proving to be incorrect; as well as those factors discussed in the Corporation’s public disclosure record. Although the Corporation has attempted to identify important factors that could affect the Corporation and may cause actual actions, events or results to differ materially from those described in Forward-Looking Information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Corporation does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.