MGold Resources Inc.
TSX VENTURE : MNI

October 26, 2011 16:23 ET

MGold Grants Options and Announces Resignation

MONTREAL, QUÉBEC--(Marketwire - Oct. 26, 2011) - MGold Resources Inc. ("MGold" or the "Corporation") (TSX VENTURE:MNI) has granted 2,750,000 incentive stock options (each an "Option") to directors and consultants of the Corporation. One-fourth of the Options will be vested on the date of the grant and one-fourth will vest over every six-month period thereafter. Each Option shall entitle its holder thereof to purchase one common share 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 grant of Options is made in compliance with the terms of the Corporation's stock option plan and remains subject to applicable filings with the TSX Venture Exchange.

Furthermore, the Corporation announces that it has received notice of resignation from Douglas Reeson as director of the Corporation. Mr. Reeson is pursuing other opportunities and MGold's board of directors wish to thank him for his services over the course of his engagement to the Corporation.

About MGold

MGold is engaged in mineral exploration for precious and base metals. The Corporation holds a 100% interest in the Burchell Lake Property which is prospective for gold, copper, and molybdenum, in the Shebandowan area of Northwestern Ontario. The Corporation is also engaged in the mineral exploration of the Silver Queen and Klondyke properties located in the Esmeralda County, Nevada, both of which are prospective for silver and gold.

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)
    joelscodnick@me.com

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

    Or visit MGold's Website at: www.mgold.ca
    (Under construction and to be launched in the next week)