LETHBRIDGE, ALBERTA--(Marketwire - Aug. 30, 2012) -


MGold Resources Inc. (TSX VENTURE:MNI) ("MGold" or the "Corporation") is pleased to announce that it intends to sell a minimum of 4,000,000 and a maximum of up to 10,000,000 common shares ("Common Shares") by way of non-brokered private placement to raise gross proceeds for the Corporation of between $200,000 and $500,000 (the "Private Placement"). Net proceeds from the Private Placement will be used for acquisition or farm-in of producing oil and gas properties and for general corporate purposes.

The Private Placement is non-brokered, but the Corporation may pay a finder's fee of up to 7% in cash or shares to arm's length parties who assist with the placement of Common Shares. The Private Placement is scheduled to close on or about October 31, 2012 and is subject to normal approvals by the TSX Venture Exchange.

MGold Resources Inc. is a Lethbridge, Alberta based corporation engaged in the exploration for minerals, and oil and gas. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "MNI".


Certain statements contained herein constitute forward-looking statements. Such forward-looking statements are subject to both known and unknown risks and uncertainties which may cause the actual results, performances or achievements of the Corporation to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. Except as required by law, the Corporation does not undertake any obligation to publicly update or revise any forward-looking statements.

Neither the 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 release.

Contact Information:

MGold Resources Inc.
John E Squarek, P. Eng., MBA
President and Chief Executive Officer
403 388 0969