MGold Announces Financing

NOT FOR DISSEMINATION IN THE UNITED STATES

MGold Resources Inc. (TSX VENTURE:MNI) ("MGold" or the "Corporation") is pleased
to announce that it intends to sell a minimum of 4,000,000 and a maximum of up
to 10,000,000 common shares ("Common Shares") by way of non-brokered private
placement to raise gross proceeds for the Corporation of between $200,000 and
$500,000 (the "Private Placement"). Net proceeds from the Private Placement will
be used for acquisition or farm-in of producing oil and gas properties and for
general corporate purposes.


The Private Placement is non-brokered, but the Corporation may pay a finder's
fee of up to 7% in cash or shares to arm's length parties who assist with the
placement of Common Shares. The Private Placement is scheduled to close on or
about October 31, 2012 and is subject to normal approvals by the TSX Venture
Exchange.


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


CAUTION REGARDING FORWARD LOOKING STATEMENTS

Certain statements contained herein constitute forward-looking statements. Such
forward-looking statements are subject to both known and unknown risks and
uncertainties which may cause the actual results, performances or achievements
of the Corporation to be materially different from any future results,
performances or achievements expressed or implied by such forward-looking
statements. Except as required by law, the Corporation does not undertake any
obligation to publicly update or revise any forward-looking statements.