MGold Resources Inc.
TSX VENTURE : MNI

MGold Resources Inc.

July 20, 2012 09:28 ET

MGold Resources Inc. (TSX-V:MNI) to Focus on Oil and Gas, Seeks Expressions of Interest for Its Mining Property

LETHBRIDGE, ALBERTA--(Marketwire - July 20, 2012) - MGold Resources Inc. (TSX VENTURE:MNI) ('MGold' or the 'Company') is pleased to provide the following corporate update.

Following the change of Directors, the Company has moved its focus away from mineral exploration and gold mining in particular, to oil and gas. As a result, the new head office has been relocated to Alberta, so as to be better able to more efficiently access opportunities afforded by the oil and gas sector. Within this sector, MGold will be seeking low risk light oil based opportunities and participation in suitable cash flowing joint ventures.

MGold's new mission will be to acquire and expand its assets in a manner which increases shareholder equity. To do this, growth through acquisition, exploration and production is an essential part of MGold's business plan. The Company is therefore considering near term financing to support these initiatives.

With these changes, MGold is seeking expressions of interest for its Burchell Lake gold and copper prospect, located in north-western Ontario. These interests can range from outright purchase of the property to proposals for work programs to further evaluate the property's potential in exchange for a percentage working interest.

READER ADVISORY

This news release contains forward-looking statements relating to the Company's plans and other aspects of the Company's anticipated future operations, strategies, and business opportunities.

Although the Company believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

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.
    Mr. John E. Squarek, P.Eng., MBA
    President and Chief Executive Officer
    403-388-0969
    John.Squarek@mgold.ca