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MGold Announces Oil and Gas Project Letter of Intent

Jan 4, 2013

CALGARY, ALBERTA–(Marketwire – Jan. 4, 2013) – MGold Resources Inc. (TSX VENTURE:MNI) (“MGold” or the “Corporation”) announced today that it has signed a Letter of Intent with arm’s length third parties to purchase a 92.27% working interest in a suspended D-3 Oil Unit in central Alberta for a purchase price of $500,000. MGold expects to recomplete one of the three suspended wells in the 3^rd quarter of 2013 and place it on production. MGold will be pursuing a variety of financing opportunities to fund this project.

The completion of the proposed purchase is subject to a number of conditions including, negotiation and execution of a definitive agreement, receipt of all required regulatory approvals, including approval of the TSX Venture Exchange and completion of due diligence investigations of MGold. Closing of the purchase is set for March 31, 2013.

http://www.mgold.ca/#!news-releases