MGold Announces Drill Results for the First Five Holes at the Silver Queen Property, Nevada, USA

MGold Resources Inc. ("MGold" or the "Company") (TSX VENTURE:MNI) is pleased to
announce results for the first five reverse circulation drill holes from the
2011/2012 drilling program at the Silver Queen Property, Nevada, USA.


Pursuant to an option agreement (the "Option Agreement") entered into with
Silver Reserve Corp. ("SRC") of Reno, Nevada, a wholly-owned subsidiary of
Infrastructure Materials Corp. (OTCBB:IFAM)(TSX VENTURE:IFM) MGold was granted
an option to acquire a 50% working interest in the Silver Queen Property by
incurring exploration expenditures totaling $4 million over a 30-month period
and making cash payments totaling $2 million over a 33-month period (see the
detailed press release filed on Sedar on September16, 2011 for more details of
the Option Agreement).


The Silver Queen Silver Property (the "Property") is located in the Red Mountain
Mining District of Esmeralda County, Nevada and is comprised of 187 unpatented
mineral claims. The Property is situated 25 miles west of the historic mining
town of Silver Peak, Nevada. This district is characterized by the occurrence of
steeply dipping epithermal silver-bearing, quartz-calcite veins, known to carry
significant amounts of silver-bearing minerals. The Property is comprised
entirely of Tertiary volcanic rocks occurring primarily within the boundary of a
collapsed caldera. The Mohawk vein system is located in the southern part of the
Property and is reported to have produced 106,448 tons averaging 18.7 oz/t
silver (1.87M oz silver) between 1921 and the early 1960's, with limited
production from 1980-81 (Bruff & Baker, 1982). In 2008, SRC conducted a very
limited drilling campaign consisting of three Reverse Circulation ("RC") and two
Diamond Drill Holes ("DDH") in the Mohawk area, as well as four RC holes in the
northern part of the property. Two holes near the Mohawk Mine (core hole CM01
and RC hole MOR3) encountered extensive and well mineralized zones of silver
within the vein and altered host rock. The highlights are described below:




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RC Hole            Depth ft.   Depth ft.   Width ft.      Silver      Silver
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MOR3                    From          To       Total       (g/t)        oz/t
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                         345         350           5       452.1       14.54
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                         350         355           5       221.4        7.12
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                         355         360           5       220.1        7.08
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                         360         365           5       299.4        9.63
----------------------------------------------------------------------------



The altered zone in MOR3 returned a 95 ft intersection from 325 to 420 ft (true
width estimated to be 60 ft.) grading 126.1 g/t (4.05 oz/t) silver including a
higher grade zone with a weighted average of 298.2 g/t (9.59 oz/t) silver over
20 ft (345-365 ft).




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Core Hole          Depth ft.   Depth ft.   Width ft.      Silver      Silver
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CM01                    From          To       Total       (g/t)        oz/t
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                         357         362           5       212.6        6.84
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                         362         367           5       166.5        5.35
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                         367         372           5       147.3        4.74
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                         382         385           3       302.4        9.72
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                         385         390           5       386.8       12.44
----------------------------------------------------------------------------
                         390         395           5       277.7        8.93
----------------------------------------------------------------------------



The altered zone in CM01 returned a 60 ft intersection from 340 to 400 ft (true
width estimated to be 38 ft.) grading 146.1 g/t (4.70 oz/t) silver including two
higher grade zones with weighted averages of 175.5 g/t (5.64 oz/t) silver over
15 ft (357 to 372 ft), and 325.4 g/t (10.46 oz/t) silver over 13 ft (382 to 395
ft). Both MOR3 and CM01 were drilled to confirm the lateral extent of potential
mineralization in the area near the Mohawk Mine. 


The current drill program, which began October 14 2011 and comprises
approximately 20 reverse circulation holes, is designed to test extensions of
known mineralized zones along strike and at depth at Mohawk - Silver Queen.
Drill holes planned at the northern portion of the property are designed to test
geochemical anomalies derived from recently completed soil sampling programs. To
date eight holes have been completed and the ninth hole is currently in
progress. 


The first two holes of the current drilling program (MOR-4, MOR-5) were targeted
to intersect mineralization approximately 150 feet below and along strike of the
historic workings in the Mohawk Mine area. It should also be noted that
anomalous concentrations of gold have been encountered at deeper levels below
the oxide zone in and around Mohawk. Extensive propylitic and siliceous
alteration zones and brecciation were encountered in both of these holes. The
next two holes in the current program (MOR-6, & 7) targeted northeasterly
extensions of the Mohawk vein. Hole MOR-8 targeted the projection of the Luft
Chute approximately 150 ft below the historical workings. Hole MOR-6 intersected
a very high-grade portion of the Mohawk vein system from 385 ft to 390 ft that
returned just over one half a kilogram per ton silver (16.39 oz/t) over 5 ft as
shown in the table below. These three holes all intersected varying degrees of
alteration and brecciation. The assay highlights from the first five RC Drill
holes (all located in the Mohawk area) are shown in the table below; all five
holes intersected the mineralized Mohawk vein system over a strike length of
just over 550m. Recent mapping and other historical data indicate the Mohawk
vein system extends for over 1000 meters in strike length and is interpreted to
be open at depth.




----------------------------------------------------------------------------
RC Hole   Depth From  Depth From  Total   Gold  Silver  Silver   Lead   Zinc
                                  Width                                     
----------------------------------------------------------------------------
                (ft)        (ft)   (ft)  (g/t)   (g/t)  (oz/t)    (%)    (%)
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
MOR-4            405         415     10     NA  153.35    4.93     NA     NA
----------------------------------------------------------------------------
                 775         845     70   0.39      NA      NA     NA     NA
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including        790         825     35     NA      NA      NA     NA   1.69
----------------------------------------------------------------------------
     "           790         815     25     NA   33.52    1.07     NA     NA
----------------------------------------------------------------------------
     "           800         810     10     NA      NA      NA   3.14   2.75
----------------------------------------------------------------------------
     "           830         835      5   1.57      NA      NA     NA     NA
----------------------------------------------------------------------------
                 845         850      5     NA      NA      NA   1.26     NA
----------------------------------------------------------------------------
MOR-5            450         460     10     NA  161.30    5.19     NA     NA
----------------------------------------------------------------------------
MOR-6            385         395     10     NA  289.35    9.30     NA     NA
----------------------------------------------------------------------------
including        385         390      5     NA   509.8   16.39     NA     NA
----------------------------------------------------------------------------
                 425         430      5     NA   110.8    3.56     NA     NA
----------------------------------------------------------------------------
MOR-7            485         490      5     NA    22.1    6.75     NA     NA
----------------------------------------------------------------------------
MOR-8            130         140     10   1.93      NA      NA     NA     NA
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including        130         135      5   3.26      NA      NA     NA     NA
----------------------------------------------------------------------------
                 705         710      5     NA    31.2    1.00     NA     NA
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NA - not anomalous                                                          



Drilling is currently ongoing in the northern part of the property.

The Qualified Person ("QP"), as defined in NI 43-101, responsible for the
issuance of this press release is Joel Scodnick, P.Geo., President & CEO of
MGold. 


MGold is engaged in mineral exploration for precious and base metals. The
Company also has the Burchell Lake Property, which is prospective for gold,
copper, and molybdenum, in the Shebandowan area of Northwestern Ontario. MGold
has 36,144,024 issued and outstanding common shares, and 48,136,296 on a fully
diluted basis.


For further information, please bookmark www.mgold.ca.
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