MED Medgold Resources Corp

Medgold Resources Corp. (TSX VENTURE:MED) announces that due to current market
conditions, it has cancelled the private placement financing proposed in the
Company's news release of September 16, 2013.


Based on comments received from potential participants in the cancelled
financing, Medgold's Board of Directors believes that to facilitate future
equity financings for the Company and to attract new business opportunities, it
may be necessary to consolidate the share capital on the basis of one new share
for up to three existing shares. 


If a 1:3 consolidation were effected at the present time, the Company's issued
capital of 52,416,078 common shares would be reduced to 17,472,026 common
shares.


The share consolidation will be subject to acceptance for filing by the TSX
Venture Exchange and to shareholder approval which will be requested at the
Company's annual and special meeting to be held on November 27, 2013.


About Medgold

Medgold is aiming to become the leading Mediterranean-focused gold exploration
and project development company, with an extensive portfolio and pipeline of
projects across Portugal, Italy and Spain, targeting economically stressed, but
politically stable European countries that are seeking foreign investment to
invigorate the mining sector.


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

Simon Ridgway, CEO 

Neither the TSX Venture Exchange nor the Investment Industry Regulatory
Organization of Canada accepts responsibility for the adequacy or accuracy of
this release.


Forward-looking statements

This press release may contain forward-looking statements including, but not
limited to, comments regarding the timing and content of upcoming work programs,
geological interpretations, receipt of property titles, potential mineral
recovery processes, and other related matters. Forward-looking statements
address future events and conditions and therefore involve inherent risks and
uncertainties. Medgold's projects in Europe are at an early stage and all
estimates and projections are based on limited, and possibly incomplete, data.
More work is required before the mineralization and the projects' economic
aspects can be confidently modelled. Actual results may differ materially from
those currently anticipated in this news release. No representation or
prediction is intended as to the results of future work, nor can there be any
promise that the estimates and projections herein will be sustained in future
work or that the projects will otherwise prove to be economic.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Medgold Resources Corp.
Ralph Rushton (Vancouver)
Investor Relations
+1-604-801-5432
ralphr@goldgroup.com


Medgold Resources Corp.
Dan James (London)
President
+44 (0) 7972 579188
dj@medgoldresources.com
www.medgoldresources.com

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