MED Medgold Resources Corp

Medgold Resources Corp. (TSX VENTURE:MED), the European-focused gold exploration
company, is pleased to announce new high-grade gold results for its Lagares Gold
Project in Portugal. 


Highlights



--  Underground sampling yielded a composite of 4.60m @ 36.17g/t Au, from
    three samples individually assaying at 44.90, 10.10 and 54.60 g/t Au. 
    
--  Surface channel-chip sampling yielded 6.10 m @ 4.78 g/t Au. 
    
--  Surface reconnaissance sampling over a strike length of 1.7 km yielded
    results from trace gold to highs of 15.10, 9.88 and 9.33 g/t Au, within
    a newly extended mineralized corridor totaling 4 km in strike. 



The recent work has also led to a significant re-interpretation of the
geological model for the project which is explained below.


Dan James, the President of Medgold, said, "Recent work at the Lagares Gold
Project has been very encouraging. We have identified high-grade mineralization
at surface and underground, but more importantly, our work has led to a new
geological model and interpretation of historical results from the project.
Several phases of historical exploration have been conducted on the property.
Using the historic drill data and underground mapping and our new interpretation
of the controls of the mineralization, we believe we have significantly
increased the potential for the area. This is supported by our reconnaissance
work and geochemical sampling which have identified strongly altered rocks and
mineralization extensive over a strike length of 4 km. Our field teams are
carrying out a systematic exploration program to further develop the geological
model and its potential link to a significant and large-scale mineralized
system."


Lagares Gold Project

The Lagares Gold Project is located in the central-eastern part of the Valongo
Belt close to the town of Sobreira. The main geological control on
mineralization in the area is an intrusive contact between a package of
meta-sediments and granites which has subsequently been faulted. The controlling
fault, called the Railway Fault, is mineralized over a semi-continuous strike
length of 4 km. The fault cuts through the three main prospects on the Project,
which are, from north to south, Castromil, Serra da Quinta and San Domingos. 


Previous exploration has focused mainly on the Castromil prospect. The Romans
mined gold from underground at Castromil and it was also drilled by Billiton and
Connary Minerals between 1988-1990 and 1995-1996, respectively. The Company
therefore has access to drill core and numerous underground workings. 


Medgold's work has completely revised the apparent controls on gold
mineralization and has put the Project within a larger-scale geological context.
The revised model assumes that the main controlling feature is a normal fault,
which is typically mineralized. Associated with this fault are stacked,
antithetic, shallow-dipping fluid conduits which are also mineralized. The
Railway Fault is now interpreted to be a series of parallel normal faults,
rather than a single fault, which therefore allows much greater fluid
introduction and increased gold mineralization. Lastly, it was previously
thought that the footwall of the fault was unmineralized, but our
reinterpretation shows that some of the best and highest grade mineralization is
located in the footwall, hosted in breccias and commonly bounded between the
intrusive contact and the Railway fault. This combination of parallel normal
faults in the hangingwall with associated antithetic veins opens up significant
resource potential.


Medgold's sampling and reconnaissance work has largely focused on the Serra da
Quinta area, as this prospect is relatively under-explored, but is believed to
host significant strike-extensive and high-grade mineralization. Underground
sampling at Serra da Quinta yielded a channel result of 4.60 m @ 36.17 g/t Au
from three contiguous samples, individually yielding 44.90, 10.10 and 54.60 g/t
Au, and is considered to represent a true thickness of the mineralized zone. The
sampling was from a zone of intense alteration associated with the Railway
Fault. 


Located 200m to the south of the underground channel, a surface channel sample
was collected, which yielded 6.10 m @ 4.78 g/t Au, with 5 assays ranging from
0.75 to 14.30 g/t Au. Reconnaissance sampling along the strike of the fault was
continued 1.7km to the south of the underground channel sample, and returned
grab sample results from 0.03 g/t Au (from footwall sediments) to highs of
15.10, 9.88 and 9.33 g/t Au (in intensely altered granites).


Historical drilling at Serra da Quinta by Billiton and Connary Minerals yielded
the following highlights:




--  13.1 m at 3.84 g/t Au from 1.0 m, including 2.9 m at 13.15 g/t Au from
    4.36 m (BIL67, Billiton Portuguesa, 1990) 
--  18.6 m at 3.73 g/t Au from 4.2 m (MIL29, Billiton Portuguesa, 1988) 
--  11.3 m at 3.75 g/t Au from 11.4 m (95-13, Connary Minerals, 1995) 



Historical reports indicate a total of approximately 1,600 meters of diamond
drilling was completed in 51 holes at Serra do Quinta. These are historical data
provided for information purposes and Medgold has not completed sufficient work
to verify these results.


Further reconnaissance work and geological mapping has extended the strike
length of the mineralized structure for a total strike length of approximately
4km. New zones of mineralization have been identified for the first time to the
north of Castromil, and to the south of Serra da Quinta and throughout the San
Domingos zone. Work is on-going throughout the Project area with field teams
continuing the program of mapping, reconnaissance and systematic sampling. 


Qualified Person 

Mr. David Clark, P.Geo., 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 reviewed and approved the disclosure of the
technical information contained in this news release. 


QA/QC

Samples were prepared and analysed for gold by fire assay with atomic adsorption
finish by ACME Laboratories in Poland at the Krakow laboratory. Multi-elements
were analyzed by inductively coupled plasma mass spectrometer (ICP-MS) and
inductively coupled plasma emission spectrometer (ICP-AES) on a sample split
sent to the ACME Laboratories facility in Vancouver, Canada. Blank, certified
standard reference materials, and field and laboratory duplicates were routinely
inserted for quality assurance and quality control.


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 in Portugal 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
+1 604-630-5544
ralphr@goldgroup.com


Medgold Resources Corp.
Dan James (UK and Portugal)
President
+44 7972 579188 / +351 912 732334
dj@medgoldresources.com
www.Medgoldresources.com

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