VANCOUVER, Jan. 22, 2013 /PRNewswire/ – Medgold Resources Corp. (TSX-V: MED),
the European focused gold exploration company, is pleased to announce
the successful issuance of the Grasceta gold exploration licence,
located in southern Tuscany, Italy. The acquisition of the 8 square
kilometre Grasceta licence, which adjoins the Company’s Frassine
licence, is part of the Company’s strategy to build a portfolio of
European gold projects with potential to host multi-million ounce
deposits.

Medgold has commenced exploration in the area with field crews
undertaking detailed mapping, grid-rock sampling and channel-chip
sampling. Results from this phase of exploration are expected in late
February.

Medgold President, Dan James, said: “This acquisition – our first since
listing on the TSX-V – underlines our aggressive growth strategy. The
region is extremely exciting with known jasperoid (silicified
limestone) occurrences observed at both Frassine and Grasceta with
historically-reported high gold grades. We are looking forward to
exploring these two licences as well as our Pietratonda licence and
drill testing the most prospective gold targets.”

A drilling campaign conducted at Frassine-Grasceta in 1991 by a
joint-venture between Anglo American Corporation (now Anglo America
plc) and Agip Miniere (a subsidiary of the Agip oil company) completed
7 diamond drill holes for 600 metres which returned intersections of up
to 3.15 g/t Au over 4 metres and 0.94 ppm Au over 19 metres in two
holes, with a highest sample value of 6.4 g/t Au. These are historical
data which have not been verified by Medgold and are quoted for
information purposes.

Medgold collected 12 reconnaissance rock samples at Frassine-Grasceta in
November 2011, which yielded a high of 1.02 g/t Au from a grab sample,
and 0.41 g/t Au over 12 metres from a composite channel-chip sample.

The Frassine-Grasceta licences are located 43 km from the Pietratonda
licence, which was the qualifying NI 43-101 project for Medgold’s
recent RTO. Medgold’s licences cover potentially high-grade,
limestone-hosted Carlin-type epithermal gold targets, one of the most
prospective gold deposits types. The acquisition of the Grasceta
licence is part of Medgold’s strategy to build a significant land
position in southern Tuscany where initial field work has demonstrated
the presence of sediment hosted gold mineralization (see Medgold’s NI
43-101 report dated November 5, 2012 on www.sedar.com)

Mineralization at Frassine-Grasceta is controlled by high-angle feeder
structures, and hosted by jasperoids which typically occur on low-angle
thrust faults and also in high-angle normal faults. High-grade gold
mineralization is typically associated with the latter and can also be
associated with localized copper-lead-zinc mineralization.

Dr. Richard Sillitoe, an internationally renowned geological consultant,
visited the region for Medgold in November 2011 and noted the
following: “Frassine is clearly the highest-priority licence area
selected to date because of the previously defined, high-grade gold
values, widespread distribution of jasperoid and localised presence of
hypogene alunite. The deposit types being targeted in Tuscany are high-
and low-grade sediment-hosted gold mineralization. High-grade analogues
are Meikle and Deep Star in the Carlin trend of Nevada, where fault
control with or without pre-existing karst are partial ore controls. An
appropriate analogue for a low-grade (1-2 g/t) deposit is Gualcamayo,
Argentina, which is hosted by partially karsted massive limestone.”

Dan James concluded: “We are also evaluating a number of other gold
projects in the Iberian peninsula. Our focus is on areas with known
gold deposits, where we believe our programs will benefit from the
urgent need of the regional governments for new investment and job
creation. We will update our shareholders on progress in the coming
weeks.”

Qualified Person

Dr. Stewart D. Redwood, FIMMM, Consulting Geologist to the Company, is a
qualified person as defined by National Instrument 43-101 – Standards
of Disclosure or Mineral Projects and has prepared or reviewed the
preparation of the scientific and technical information in this press
release.

About Medgold

Medgold is aiming to become the leading Mediterranean-focused
exploration and project development company, with an extensive pipeline
of projects includes gold and base metal opportunities in Italy and the
Iberian Peninsula.

The Board and Management have many decades of combined exploration and
mining experience. The Directors have collectively raised over $500m in
equity financings to fund exploration in many parts of the world. Led
by Chairman Simon Ridgway, the Board has substantial experience in both
the Canadian and UK capital markets having seeded and listed a number
of successful companies including Fortuna Silver Mines, Radius Gold, Horizonte Minerals, Stratex International, Northland Resources and Rathdowney Resources Ltd.

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”
Simon Ridgway, Chairman and 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 statement
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 Resources’
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 presentation. 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 project will
otherwise prove to be economic.

SOURCE Medgold Resources Corp.