MGold Completes Shares for Debt Settlement

MGold Resources Inc. ("MGold" or the "Corporation") (TSX VENTURE:MNI) announces that it has issued a total of 1,080,000 common shares of the Corporation (the "Common Shares") at a deemed issue price of $0.10 per Common Share to certain creditors of the Corporation in settlement for certain debts owed by the Corporation (the "Shares for Debt Settlement"). The Shares for Debt Settlement was approved for filing by the TSX Venture Exchange and was completed pursuant to the terms of an amendment agreement entered into by the Corporation and previously announced on September 30, 2011.

The Common Shares issued pursuant to the Shares for Debt Settlement are subject to a hold period of four months and one day.

MGold is engaged in mineral exploration for precious and base metals. The Corporation holds a 100% interest in the Burchell Lake Property which is prospective for gold, copper, and molybdenum, in the Shebandowan area of Northwestern Ontario. The Corporation is also engaged in the mineral exploration of the Silver Queen and Klondyke properties located in Esmeralda County, Nevada, both of which are prospective for silver and gold.

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.

Contacts: MGold Resources Inc. Joel Scodnick President and Chief Executive Officer (705) 522.4439 (705) 522.8694 (FAX)joelscodnick@me.com MGold Resources Inc. Marc Poitras Chief Financial Officer and Director (705) 222-1700 (705) 222-1701 (FAX)marc@poitrasca.cawww.mgold.ca (under construction)

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