MED Medgold Resources Corp

Medgold Resources Corp. (TSX VENTURE:MED) is pleased to announce that it has
arranged, subject to TSX Venture Exchange approval, a non-brokered private
placement financing of up to 20 million units at $0.06 per unit, for proceeds of
up to $1.2 million. Each unit will consist of one common share and one-half of a
warrant. Each whole warrant will entitle the holder to purchase one additional
common share of the Company at $0.10 for one year from closing. 


The Company may pay finder's fees on a portion of the financing, payable in cash
or units, plus finder's warrants which will be exercisable into one common share
of the Company at a price of $0.10 for one year from closing.


The net proceeds of the placement will be used towards exploration of the
Company's properties in Europe and for general working capital purposes. 


About Medgold

Medgold is aiming to become the leading Mediterranean-focused gold exploration
and project development company, with an extensive portfolio and pipeline of
projects across Portugal, Italy and Spain, targeting economically stressed, but
politically stable European countries that are seeking foreign investment to
invigorate the mining sector.


Additional information on Medgold can be found on the Company's website at
www.Medgoldresources.com and by reviewing the Company's page on SEDAR at
www.sedar.com.


ON BEHALF OF THE BOARD

Dan James, President 

Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of
this release.


Forward-looking statements 

This press release may contain forward-looking statements including, but not
limited to, comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, and other related matters. Forward-looking statements
address future events and conditions and therefore involve inherent risks and
uncertainties. Medgold's projects in Europe are at an early stage and all
estimates and projections are based on limited, and possibly incomplete, data.
More work is required before the mineralization and the projects' economic
aspects can be confidently modelled. Actual results may differ materially from
those currently anticipated in this news release. No representation or
prediction is intended as to the results of future work, nor can there be any
promise that the estimates and projections herein will be sustained in future
work or that the projects will otherwise prove to be economic.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Medgold Resources Corp.
Ralph Rushton (Vancouver)
Investor Relations
+1 604-801-5432
ralphr@goldgroup.com


Medgold Resources Corp.
Dan James (London)
President
+44 (0) 7972 579188
dj@medgoldresources.com
www.Medgoldresources.com

Medgold Resources (TSXV:MED)
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