Vancouver, Canada - May 3, 2012 Meadow Bay Gold Corporation

("Meadow Bay Gold") (TSX:MAY) (OTCQX:MAYGF) (Frankfurt: 20M,

WKN A1C3DN) is pleased to report that it has received assay results

from its Atlanta Gold Mine Project, Lincoln County, Nevada.

Drilling in 2011 tested the extent of Atlanta Fault zone

mineralization and also discovered porphyry-hosted gold mineralization

to the west of the historic Atlanta open pit. The porphyry-hosted

mineralization is distinctly different from the gold-silver

mineralization within the jasperoid breccias of the Atlanta Fault

previously mined. After the discovery was made, drilling was

redirected to explore the extent of the porphyry intrusive and

determine the continuity of gold mineralization north of the discovery

hole.

Assay results from two of the remaining holes were significant. Hole

DHRC-11-RCN04 tested the central portion of the Atlanta porphyry.

Previous assay results have indicated that gold mineralization occurs

within both the northern and southern portions of the intrusive. This

is one of several holes drilled to test the continuity of the

mineralization.

Hole DHRC-11-011R is the southernmost drill hole to intersect gold

mineralization within the Atlanta shear zone. This hole was drilled

due south at an inclination of -60 degrees. The true thickness of the

mineralized intercept has not been determined.

Robert Dinning, CEO commented, "Now that we have received all of

the remaining assays from the 2011 program, we can turn our focus to

our plans for 2012. These include our next rounds of definition and

exploration drilling as well creating a new NI 43-101 compliant

resource estimate."

Table showing new significant intercepts from 2011 Atlanta drill

program.

-------------------------------------------------------------------

|Drill Hole |Target |Total |From |To (m)|Length|Au g/t|Ag g/t|

| | |Depth |(m) | |(m) | | |

| | | (m) | | | | | |

|-----------------------------------------------------------------|

|DHRC-11-RCN04|Quartz |385.57|329.27|350.61|21.34 |2.77 |9.4 |

| |Latite | | | | | | |

| |Porphyry | | | | | | |

|-----------------------------------------------------------------|

|DHRC-11-11R |Jasperoid|143.26|99.09 |125.00|25.91 |1.07 |5.0 |

| |Breccia | | | | | | |

| |South | | | | | | |

| |of Pit | | | | | | |

-------------------------------------------------------------------

Abbreviations: Au = gold; Ag = silver; g/t = grams per tonne, m =

metre

The Company considers these results highly significant but also

cautions that they are preliminary in nature and not conclusive

evidence of the likelihood of the occurrence of an economic mineral

deposit. Insufficient information is available to determine the true

width of these drill intercepts.

The QA/QC program employed for this drill program includes monitoring

the results of blind duplicate samples inserted into the sample stream

at a frequency of 2%, certified standard reference samples inserted at

a frequency of 1% to 5%, and blank samples inserted at a frequency of

at least 1%. Geochemical analyses were done at the ALS Minerals

laboratory in Elko Nevada, which is an independent certified

laboratory (ISO 9001:2008). Gold was determined by fire assay with a

gravimetric finish.

Drill hole location maps, cross sections and tables of results are

also available on the Meadow Bay Gold website at

www.meadowbaygold.com. Full details of the Atlanta project and the

2011 drill program are given in the last Technical Report filed at

www.sedar.com.

Dr. Matt Ball, P.Geo., a Qualified Person as defined by National

Instrument 43-101 and independent consultant to the Company, has

reviewed the technical aspects of this press release.

Meadow Bay Gold is focused on developing the former producing Atlanta

Gold Mine in Nevada, USA.

For further information please contact:

Meadow Bay Gold Corporation

Robert Dinning, CEO

Charles William Reed, Director

Tel:604-641-4450

Danny Gravelle, Investor Relations