Mr. Daniel James reports

MEDGOLD ANNOUNCES PROPOSED $220,000 PRIVATE PLACEMENT

Medgold Resources Corp. proposes to arrange, subject to TSX Venture Exchange approval, a non-brokered private placement financing of up to two million units at 11 cents per unit for proceeds of up to $220,000. Each unit will consist of one common share and one warrant entitling the holder to purchase one additional common share of the company at 16 cents for one year from closing.

The company may pay finder's fees on a portion of the financing, payable in cash or units, plus finder's warrants which will be exercisable into one common share of the company at a price of 16 cents for one year from closing.

The net proceeds of the placement will be used toward exploration of the company's properties in Europe and for general working capital purposes.

We seek Safe Harbor.