Meadow Bay Gold First Hole in 2012 Drill Program Returns 2.25 g/t Gold Over 67 Meters at Its Atlanta Gold Mine Project in Nevada

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 3, 2012) - Meadow Bay Gold Corporation ("Meadow Bay Gold" or the "Company") (TSX:MAY)(OTCQX:MAYGF)(FRANKFURT:20M)(WKN A1C3DN) is pleased to report it has received the first assays from drilling currently underway at its Atlanta Gold Mine Project, Lincoln County, Nevada.

Hole DHRC-12-MRC01 is the first in a series of holes intended to confirm and offset specific results from the 2011 drill program. Drilling to the northwest of the historic Atlanta pit in 2011 encountered unusually thick widths in the Atlanta shear zone. Assay results received from ALS Minerals confirmed the width of the shear zone though it should be emphasized that hole MRC01 was terminated in mineralization and remains open at depth.

Below is a table summarizing the significant drill results from the new drill hole:

*True Width has not been determined.

Alex Khutorsky, CEO commented, "These results demonstrate that the exploration potential in the Atlanta Mine area remains strong and there are resources waiting to be discovered. We expect to receive results from the ongoing drill holes over the next couple of weeks which will help to further delineate this new resource area."

Dana Durgin, P.Geo., a Qualified Person as defined by National Instrument 43-101 and independent consultant to the Company, has reviewed the contents of this press release.

Meadow Bay Gold is focused on developing the former producing Atlanta Gold Mine in Nevada, USA. Permitting for the next round of exploration drilling is ongoing.

Forward-looking information

This release contains "forward-looking information" within the meaning of applicable Canadian securities legislation, including predictions, projections and forecasts. Forward-looking information includes, but are not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as the calculation of a new mineral resource estimate.

Often, but not always, forward-looking information can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate" or "belief" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen breakdowns, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold and silver; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could 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 under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.