MGold Announces Closing of Financing

MGold Resources Inc.  (TSX VENTURE:MNI) ("MGold" or the "Corporation") advises
that it has closed its previously announced financing, subject to final approval
from the TSX Venture Exchange. Pursuant to the non-brokered private placement,
the Corporation issued 5,500,000 common shares at a price of $0.05 per share for
gross proceeds of $275,000. Net proceeds will be used for acquisition or farm-in
of producing oil and gas properties and for general corporate purposes. The
shares issued in connection with the private placement will be subject to a four
month hold period that expires on March 31, 2013.


John Squarek, the President, Chief Executive Officer and a director of the
Corporation, subscribed for 4,000,000 common shares under the private placement.
MGold has determined that there are exemptions available from the various
requirements of TSX Venture Policy 5.9 and Multilateral Instrument 61-101 for
the issuance of these shares, (Formal Valuation - Issuer Not Listed on Specified
Markets; Minority Approval - Fair Market Value Not More Than 25% of Market
Capitalization). No new insiders were created, nor has any change of control
occurred, as a result of this private placement.


As Mr. Squarek, the President, CEO and a director of MGold, acquired 4,000,000
common shares, upon completion of the private placement, Mr. Squarek will own or
control 9,050,000 common shares or approximately 21.73% of the total issued and
outstanding common shares of MGold. The purchase of the shares by Mr. Squarek
was made for investment purposes. Mr. Squarek may increase or decrease his
investment in MGold depending on market conditions or any other relevant
factors.


MGold Resources Inc. is a Lethbridge, Alberta based corporation engaged in the
exploration for minerals. The Corporation's common shares are listed on the TSX
Venture Exchange under the trading symbol "MNI".


FOR FURTHER INFORMATION PLEASE CONTACT: 
MGold Resources Inc.
John Squarek
President and Chief Executive Officer
403-388-0969
[e-mail]