Medgold Resources Corp. (TSX VENTURE:MED), the European focused gold exploration
company, is pleased to advise that it has closed its previously announced
non-brokered private placement by issuing 1,655,000 units at $0.10 per unit, for
gross proceeds of $1,655,000. Each unit consists of one common share and one
warrant, each warrant entitling the holder to purchase one additional common
share of the Company at $0.15 for two years from closing. If the closing price
of the Company's shares is $0.21 or greater for a period of 10 consecutive
trading days, the Company may accelerate the expiry of the warrants by giving
notice in writing to the holders, and in such case, the warrants will expire on
the 30th day after the date on which such notice is given. The Company also
issued 36,500 warrants as finders' fees in connection with the financing. The
finders' fee warrants have the same terms as the purchasers' warrants. All of
the shares and warrants have a resale restriction until June 6, 2014.


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

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


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