Mengold Resources Inc.
TSX VENTURE : MNI

Mengold Resources Inc.

September 21, 2010 18:00 ET

Mengold Share Consolidation and Name Change to MGold Resources Inc.

MONTREAL, QUEBEC--(Marketwire - Sept. 21, 2010) - Mengold Resources Inc. ("Mengold" or the "Company") (TSX VENTURE:MNI) announces that the TSX Venture Exchange has accepted the Company's share consolidation and name change for which it received shareholders approval at a Special Meeting held on July 9, 2010 (see the Company's news release dated June 17, 2010).

Mengold has, accordingly amended its Articles to change the Company's name to MGold Resources Inc. ("Ressources MGold inc." in its French version). The Company's issued and outstanding shares shall be consolidated on the basis of one (1) new common share for eight (8) old common shares (the "Consolidation Ratio"). The Company's common shares will trade on the TSX Venture Exchange on a consolidated basis effective September 22, 2010 under the same symbol "MNI". Shareholders shall receive a Letter of Transmittal from Equity Transfer & Trust Company, the transfer agent and registrar of the Company.

The Company currently has 62,536,088 issued and outstanding common shares. The Company shall have approximately 7,817,011 shares outstanding following the consolidation. The exact number of post-consolidated shares will vary depending on the treatment of fractional shares which will occur when each shareholder's holdings in the Company are consolidated. Outstanding stock options and warrants will similarly be adjusted in accordance with the Consolidation Ratio.

Further details of the share consolidation and name change are contained in the Company's Management Proxy Circular dated June 11, 2010, which was mailed to shareholders on July 30, 2009 and filed on SEDAR (www.sedar.com).

Mengold Resources Inc. is engaged in mineral exploration for precious and base metals. The Company holds the Burchell Lake and Goldcreek properties, both prospective for gold, copper, zinc and molybdenum, in the Shebandowan area of Northwestern Ontario.

For further information, please bookmark www.mengold.com.

Neither 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

  • In Canada: Mengold Resources Inc.
    Joel Scodnick
    President and Chief Executive Officer
    (705) 522.4439
    (705) 522.8694 (FAX)
    scodnick@me.net
    or
    Mengold Resources Inc.
    Douglas G. Reeson
    Chief Financial Officer and Director
    (416) 533.0323
    (416) 533.2890 (FAX)
    or
    In Europe: Mengold Resources Inc.
    W. Ian L. Forrest
    Chairman and Director
    011.41.22.809.9511
    011.41.22.899.9501 (FAX)