Medgold Acquires A Third Gold Exploration Licence In Tuscany

Dr. Richard Sillitoe, an internationally renowned geological consultant, visited the region for Medgold in November 2011 and noted the following: "Frassine is clearly the highest-priority licence area selected to date because of the previously defined, high-grade gold values, widespread distribution of jasperoid and localised presence of hypogene alunite. The deposit types being targeted in Tuscany are high- and low-grade sediment-hosted gold mineralization. High-grade analogues are Meikle and Deep Star in the Carlin trend of Nevada, where fault control with or without pre-existing karst are partial ore controls. An appropriate analogue for a low-grade (1-2 g/t) deposit is Gualcamayo, Argentina, which is hosted by partially karsted massive limestone."

Dan James concluded: "We are also evaluating a number of other gold projects in the Iberian peninsula. Our focus is on areas with known gold deposits, where we believe our programs will benefit from the urgent need of the regional governments for new investment and job creation. We will update our shareholders on progress in the coming weeks."

Qualified Person

Dr. Stewart D. Redwood, FIMMM, Consulting Geologist to the Company, is a qualified person as defined by National Instrument 43-101 - Standards of Disclosure or Mineral Projects and has prepared or reviewed the preparation of the scientific and technical information in this press release.

About Medgold

Medgold is aiming to become the leading Mediterranean-focused exploration and project development company, with an extensive pipeline of projects includes gold and base metal opportunities in Italy and the Iberian Peninsula.

The Board and Management have many decades of combined exploration and mining experience. The Directors have collectively raised over $500m in equity financings to fund exploration in many parts of the world. Led by Chairman Simon Ridgway, the Board has substantial experience in both the Canadian and UK capital markets having seeded and listed a number of successful companies including Fortuna Silver Mines, Radius Gold, Horizonte Minerals, Stratex International, Northland Resources and Rathdowney Resources Ltd.

Additional information on Medgold can be found on the Company's website at www.medgoldresources.com and by reviewing the Company's page on SEDAR at www.sedar.com.

ON BEHALF OF THE BOARD

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