MED Medgold Resources Corp

Medgold Resources Corp. (TSX VENTURE:MED), the European focused gold exploration
company, is pleased to announce that it has closed the acquisition of Klondike
Gold Corp's ("Klondike") Portuguese exploration assets (see Medgold press
release dated December 11, 2013). The portfolio is comprised of five gold
exploration permits covering 600 sq km in northern Portugal, primarily located
along the Valongo Belt, which has been identified as a major gold-bearing
district.


Dan James, the President of Medgold, said: "We're very happy to announce the
closing of the Klondike acquisition which puts Medgold at the forefront of gold
exploration in Portugal. The deal has secured a major land position covering a
series of excellent, large-scale, exploration targets in the north of the
country. We now control most of the highly prospective Valongo Belt, including
the Castromil project, in addition to our existing Boticas and Vila de Rei
projects, which equates to a total land-holding of approximately 1,000 sq km.
Our objective now is to generate drill targets for testing as soon as possible."


The Klondike Projects

The Klondike projects combine five exploration licences (Balazar, Valongo,
Legares, Castelo do Paiva and Ponte de Barca), totaling 604 sq km, with four
covering the majority of the Valongo anticline, plus Ponte de Barca, which
covers several orogenic gold occurrences in the very north of Portugal. The
Valongo anticline is a large overturned fold hosting numerous gold occurrences,
many of which were exploited by the Romans. Recent interpretations clearly
demonstrate that mineralization within the Valongo Belt was introduced by a
series of faults and fractures, and is focused into 'saddle reefs' and en
echelon vein arrays, commonly with zones of massive sulphide and quartz veining
in a number of different lithologies. 


The most advanced project is the Castromil project, located within the Legares
licence. Historical exploration, undertaken by both Connary Minerals plc
("Connary") and previous explorers, focused on near-surface high-grade
mineralization, and included multiple phases of shallow percussion and diamond
drilling, culminating in a 1997 mineral resource estimate (historical, see
below) of 2.42 Mt at 1.89 g/t Au measured and indicated for approximately
145,000 oz Au. ("Class III feasibility study, Castrolmil Gold Mine, Portugal,
for Connary Minerals plc", ACA Howe Mining & Metallurgy Ltd., October 1997; "the
Connary Report"). Recent work by the Company's adviser, Jim Mortensen, clearly
demonstrates that the mineralization is open at depth and along strike in both
directions, highlighting the potential for additional discovery.


A qualified person has not done sufficient work to classify the historical
mineral resource given in the Connary Report as a current mineral resource, and
the Company is not treating the historical mineral resource as current. Neither
the qualified person nor the Company has independently verified the information
contained in the Connary Report. The historical mineral resource was prepared by
ACA Howe Mining & Metallurgy Ltd. using a geologically constrained block model,
with block grades calculated using an anisotropic inverse distance weighting
method with an elliptical search radius oriented down the plunge of interpreted
mineralized rock volumes. The qualified person has been unable to verify whether
the definitions of "measured" and "indicated" used in the Connary Report in the
context of its mineral resource statement are equivalent to those set out in
section 1.2 of National Instrument 43-101. The mineral resource statement in the
Connary Report does not report the measured and indicated resource categories
separately, and reports no resources in the inferred category. The definition of
"Class III feasibility study" described in the Connary Report does not
correspond to the definition of "feasibility study" as set out in section 1.4 of
National Instrument 43-101. The work described in the Connary Report appears to
the Company and its qualified person to have been performed to a high technical
standard and they consider it reliable, but it is currently unknown what work
would be required to upgrade or verify the historical mineral resource as
current, or if it is possible.


The Ponte de Barca licence is located in northern Portugal and approximately 75
km northeast from the city of Porto. The geology and controls on mineralization
are very similar to the Boticas project, where high-grade mineralization is
controlled by a series of strike-extensive and high-angle tension veins.
Klondike has completed some limited rock-chip sampling, with 15 samples
collected, yielding results from trace to 14.8, 12.9 and 12.0 g/t Au. The
Company has not independently verified Klondike's results.


Qualified Person 

Mr. David Clark, M.Sc., P.Geo. (APEGBC), Consulting Geologist to the Company, is
a Qualified Person as defined by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects. Mr. Clark has approved the disclosure of
technical information contained in this news release. 


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

Daniel P. James, President & Director 

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: 
Investor Relations
Ralph Rushton (Vancouver)
+1 604-801-5432
ralphr@goldgroup.com


President
Dan James (UK and Portugal)
+44 (0) 7972 579188
dj@medgoldresources.com

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