MGold Resources Inc.

MGold Resources Inc.

February 28, 2012 08:13 ET

MGold Appoints Vice President Exploration and Engages Market Making Services Provider

MONTREAL, QUÉBEC--(Marketwire - Feb. 28, 2012) - MGold Resources Inc. ("MGold" or the "Corporation") (TSX VENTURE:MNI) is pleased to announce the appointment of Cassady Lee Harraden as Vice President Exploration.

Ms. Harraden is a New Mexico-based geologist with four years' experience in mineral exploration and Geographic Information Systems (GIS). Ms. Harraden received a Bachelor of Science degree in geology from Fort Lewis College in Durango, Colorado in 2007 with minors in GIS and mathematics. In addition to graduating Magna Cum Laude, Ms. Harraden graduated at the top of her geology class receiving the Rocky Mountain Association of Geologists Outstanding Senior Award. Upon graduation, Ms. Harraden worked for three years at the Pebble project, a world-class Cu-Au-Mo porphyry deposit in southwestern Alaska. During her time at Pebble, she became specialized in multi-dimensional exploration targeting techniques in addition to geophysical and geochemical interpretation, geologic modeling, advanced data analysis, database management, public relations, and permitting. Ms. Harraden received additional GIS, modeling, and permitting experience while working for OASIS Environmental in Anchorage, Alaska as a geologist and GIS specialist. Most recently, Ms. Harraden has successfully taken on the role of senior geologist at several exploration projects in Nevada and Arizona where she was directly responsible for managing technical teams along with designing and implementing successful exploration programs.

Joel Scodnick, MGold's President and CEO remarks: "We are extremely happy to add Ms. Harraden to MGold's team as its Vice President of Exploration. With her obvious technical skills and her great experience working at early-stage to advanced mineral exploration projects, we are confident Ms. Harraden will prove to be instrumental in the success of our company."

MGold's board of directors has granted Ms. Harraden 75,000 incentive stock options (each an "Option") to purchase common shares of the Corporation's share capital (each a "Common Share") at a price of $0.10 per Common Share for a period ending five years following the date of grant. This granting of Options is made in compliance with the terms of the Corporation's stock option plan (the "SOP") and remains subject to applicable filings with the TSX Venture Exchange (the "Exchange").

MGold also announces it has entered into an agreement (the "Agreement") with Venture Liquidity Providers Inc. ("VLP") to assist MGold in maintaining an orderly trading market of its Common Shares (the "Market Making Service"). The Market Making Service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Limited, in compliance with the policies of the Exchange. VLP is at arm's length with MGold and currently has no direct or indirect interest in securities of the Corporation.

The Agreement is for a period of 12 months and can be terminated at any time upon written notice. VLP will receive a monthly fee of $7,500 and, subject to the Exchange's approval, MGold shall grant 360,000 stock options (each a "VLP Option") to VLP. Each VLP Option will entitle VLP to purchase one Common Share at a price of $0.10 per Common Share for a period ending five years following the date of grant. The VLP Options will vest quarterly over a period of one year. This grant of VLP Options is made in compliance with the SOP and remains subject to applicable filings with the Exchange.

The Agreement is subject to acceptance of applicable filings with the Exchange.

About Venture Liquidity Providers

VLP is a specialized consulting firm based in Toronto, Canada, that provides a variety of services focused on the Exchange listed stocks. VLP's exclusive market making service is provided by W.D. Latimer Co. Ltd. of Toronto, Canada, in compliance with the guidelines set out in the Exchange's Policy 3.4 Investor Relations, Promotional and Market Making Activities.

About MGold

MGold is engaged in mineral exploration for precious and base metals. The Corporation is currently exploring the historical Silver Queen and Klondyke silver properties in Esmeralda County, Nevada, under the terms of an Option Agreement with Silver Reserve Corp., a wholly-owned subsidiary of Infrastructure Materials Corp. (IMC). MGold also holds a 100% interest in the Burchell Lake Property which is prospective for gold, copper, and molybdenum, in the Shebandowan area of Northwestern Ontario. MGold has 36,144,024 issued and outstanding common shares, and 48,136,296 on a fully diluted basis.

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

  • MGold Resources Inc.
    Joel Scodnick
    President and Chief Executive Officer
    (705) 522-4439
    (705) 522-8694 (FAX)

    MGold Resources Inc.
    Marc Poitras
    Chief Financial Officer and Director
    (705) 222-1700
    (705) 222-1701 (FAX)