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Meadow Bay Gold Corporation

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Meadow Bay Gold Completes NI 43-101 Technical Report for the Colorback Gold Project, Lander County, Nevada

May 24, 2011 (Marketwire Canada) --

VANCOUVER, BRITISH COLUMBIA -- Meadow Bay Gold Corporation ("Meadow Bay") (TSX VENTURE:MAY)(PINK SHEETS:MBYCF)(FRANKFURT WKN:A1C3DN) announces that it has completed an NI 43-101 Technical Report on its Colorback Gold Project. Colorback, along with the Atlanta Gold and Silver Mine, were acquired when Meadow Bay in March of this year.

The Colorback Gold Project Technical Report co-authored by Dana Durgin and Tim Master and will be filed on SEDAR within 45 days. Colorback is a disseminated gold exploration project located approximately 6 miles (10 kms) southwest of the town of Crescent Valley on the east slope of the Shoshone Range. It is situated in the prolific Cortez – Battle Mountain Trend of northern Nevada approximately 10 miles (16 kms) north of the Cortez and Pipeline mines and four miles (6.4 kms) southeast of the Hilltop deposit. The project consists of 120 unpatented mining claims covering approximately 2000 acres (809 hectares).

Chert, quartzite, siltstone and argillite of the Devonian Slaven Formation and cherts of the Ordovician Valmy Formation are exposed in the project area. These rocks are part of the allocthonous western facies assemblage that were thrust over the shallow-water carbonate rocks that make up the autochthonous eastern facies of Nevada. Eocene felsic intrusive rocks are found to the west of the project area. Barite deposits hosted in the Slaven Formation occur near the western claim boundary and gold has been mined from placer deposits that occupy the valleys.

Past exploration conducted by Geoinformatics Exploration Alaska, Inc., included geologic mapping, rock-chip sampling, soil sampling and trenching. Geoinformatics also contracted an eleven-mile (17.6 km) seismic survey. Two zones of surface mineralization were discovered. At Discovery Zone steeply dipping gold-bearing breccias hosted in the Slaven Formation were mapped over nearly 1,000 feet (300m). At Myers Hill gold was discovered in fractured outcrop and float samples from the Valmy Quartzite.

Four core holes totaling 2745 feet (845 meters) were drilled in the two target areas in 2006. The significant drill and trench intercepts are summarized in the following table. It is emphasized that no resource has been defined as a result of the drilling.

Grade
Hole # Interval Width (gr/tonne)
CB06-01 222.03 to 235.02 ft

(67.67 to 71.63m)
12.99 ft

(3.96m)
4.08
CB06-01 358.51 to 372.03 ft

(109.27 to 113.39m)
13.52 ft

(4.12m)
2.74
CB06-02 379.03 to 384.01 ft

(115.52 to 117.04m)
4.98 ft

(1.52m)
0.86
CB06-03 249.03 to 258.02

(75.9 to 78.64m)
8.99 ft

(2.74m)
0.90
CB06-04 179.01 to 189.02 ft

(54.56 to 57.61m)
10.01 ft

(3.05m)
3.66
Trench CBT-1 270.03 to 300.01 ft

(82.3 to 91.44m)
29.98 ft

(9.14m)
0.82
Trench CBT-1 365.01 to 375.02 ft

(111.25 to 114.3m)
10.01 ft

(3.05m)
2.48

The results of previous exploration at the Colorback project indicates potential for thrust-related gold mineralization in the upper plate rocks similar to the nearby Hilltop deposit. Alternatively, the gold in the upper plate rocks may represent leakage from gold-bearing fluids passing through the carbonate formations of the lower plate. Disseminated gold mineralization in lower plate carbonate rocks hosts most of the large gold deposits in the Cortez – Battle Mountain trend as well as elsewhere in the prolific northern Nevada goldfields.

Dana Durgin and Tim Master are Qualified Persons under National Instrument 43-101 and have reviewed the contents of this news release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Meadow Bay Gold Corporation
Chairman and CEO


www.meadowbaygold.com

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613-882-7467



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