Mengold Resources Inc.

Mengold Resources Inc.

December 29, 2006 13:50 ET

Mengold Retains Investor Relations Consultant

MONTREAL, QUEBEC--(CCNMatthews - Dec. 29, 2006) - Mengold Resources Inc. (TSX VENTURE:MNI) has retained Mario Drolet, a Montreal-based investor relations and business consultant. Mr. Drolet has been involved as an Investors Relations consultant with a number of public companies since 2002. Prior to that, he was chief trader of derivatives products with a large Canadian bank serving institutional and retails clients on the floor of the Montreal Exchange.

Under the terms of a cancelable contract, Mario Drolet will be paid a fee of CDN $4,000 per month and has also been awarded a stock option, expiring July 31, 2008, to purchase 160,000 common shares at a price of $ 0.21 per share. The agreement and the stock option which vests in four quarter-yearly stages, are subject to the approval of the TSX Venture Exchange.

Mengold Resources Inc. is engaged in mineral exploration for precious and base metals. The Company is currently conducting exploration programs at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, and zinc, in the Shebandowan area of Ontario. Mengold also holds two properties in Quebec, the Mountain River Property near Sainte-Anne-du-Lac, and the Thetford Property in the Eastern Townships. Mengold has 20,483,534 common shares outstanding (26,808,984 shares fully diluted).

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Contact Information

  • In Canada
    Mengold Resources Inc.
    Joel Scodnick, President and Chief Executive Officer
    (705) 522-4439 or (807) 629-7516
    (705) 522-8694 (FAX)
    Mengold Resources Inc.
    Douglas G. Reeson
    C.F.O. and Director
    (416) 533-0323
    (416) 533-2890 (FAX)
    In Europe
    Mengold Resources Inc.
    W. Ian L. Forrest, Chairman and Director (FAX)