MGold Announces Extension Of Financing

CALGARY, ALBERTA--(Marketwire - Oct. 31, 2012) -

NOT FOR DISSEMINATION IN THE UNITED STATES

MGold Resources Inc. ("MGold" or the "Corporation") (TSX VENTURE:MNI) advises that it has extended the deadline for its previously announced financing to November 30, 2012, subject to approval from the TSX Venture Exchange. The previously announced non-brokered private placement will 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 now scheduled to close on or about November 30, 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. The Corporation's common shares are listed on the TSX Venture Exchange under the trading symbol "MNI".

CAUTION REGARDING FORWARD LOOKING STATEMENTS

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.