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Last updated on April 18, 2014 at 15:29 EDT

Major Gold-Antimony Target Defined at Pietratonda, Italy

April 24, 2013

VANCOUVER, April 24, 2013 /PRNewswire/ – Medgold Resources Corp. (TSXV: MED),
the European focused gold exploration company, is pleased to announce
results of recently completed exploration at its wholly-owned
Pietratonda licence in the Colline Metallifere of Central Italy.

HIGHLIGHTS

        --  A total of 273 rock samples collected (including QA-QC)
        --  Au-Sb anomaly defined over 600 by 200 metres
        --  Anomalism associated with inferred high-angle 'feeder'
            structure
        --  Mineralization typical of Carlin-style / sediment hosted
        --  Major drill target defined

Dan James, President of Medgold, said, “The current work has outlined a
large gold-antimony anomaly and highlights the exciting potential of
the Colline Metallifere of Central Italy.  We believe that the gold
mineralization is controlled by high-angle thrust faults and zones of
silicified limestone, known as jasperoids, which represent broad areas
of lateral fluid flow.  This means that high grade Au-Sb mineralization
may occur at depth along these structural features.  Clear drill
targets have now been defined which are designed to test the
mineralization at depth.”

Mineralization in the Colline Metallifere exhibits many geological
similarities with deposits in the Carlin Trend, Nevada such as the
structural setting, host rocks and general controls, yet the region has
received very little modern exploration.  Pietratonda is the first of a
number of targets that Medgold plans to explore and the results to date
support the presence of a potentially significant new sediment-hosted
gold district.  The Colline Metallifere extends over 100 km in a
northwest-striking direction and hosts numerous mineral occurrences. 
Furthermore, the region currently has 32 active quarrying and mining
projects, which highlights it as an exciting and serious mining
destination.

The Pietratonda Project

The Pietratonda Project is located in the Colline Metallifere (the
“Metal-Bearing Hills”) of Central Italy, in the Province of Grosetto,
Region of Tuscany.  Mineralization in the project is hosted by
limestones which have been altered to jasperoids, the distribution of
which is controlled by high-angle thrust faults which have subsequently
become extensional, thus allowing upward fluid flow.

Work by Medgold commenced on the project in April 2012 with a soil-grid
sampling program which defined a broad north-south trending gold
anomaly over 1,400 by 500 meters.  A  NI 43-101 report was completed in
September 2012 (the report can be downloaded at http://www.medgoldresources.com/medgold-reports.asp).

The recent work, carried out in the first quarter of 2013, consisted of
a two-phase program of grid-rock chip and float sampling, whereby
initial samples were collected on a 50 by 50 meter grid, with zones of
anomalism later infilled on a 25 by 25 meter grid.  The sampling
focused on broad zones of outcropping jasperoid mineralization within
the host limestone. Coincident with the sampling, field geologists
completed detailed geological mapping noting lithology, structure, and
alteration.

A total of 273 samples were collected from this phase (including 49
quality control (QC) samples), with 27% of samples (excluding QC
samples) yielding greater than 0.1 g/t Au and an average grade of all
samples of 0.125 g/t Au. Gold results varied from below detection up to
highs of 2.43, 1.21 and 1.07 g/t, and antimony from 1.78 ppm to 15
samples above 1%, with highs of 5.17, 7.08 and 8.42 percent.  Gold and
antimony define a coincident anomaly over 600 by 200 metres.  Arsenic
and mercury are also strongly anomalous, with highs of 0.51, 0.14 and
0.10 percent As, and 104.5, 69.2 and 47.4 ppm Hg, both of which showing
a good correlation with gold, and thus highlighting their use as
pathfinder elements.  A sample map and table of results are available
on Medgold’s website at http://www.medgoldresources.com/medgold-italy-mining.asp.

These results are considered to represent a distal zone of
mineralization associated with a high-grade and high-angle structural
feeder-zone, which is commonly found in Carlin-type deposits. Vector
analysis of the geochemistry highlights a strong increase in Au-Sb
anomalism toward the inferred high-angle feeder faults. These represent
clear exploration drill targets where Au-Sb grades are expected to
increase with depth.

The next phase of work will involve a limited induced polarization (IP)
geophysical study, to aid in the better definition of drill targets and
the possible identification of high-angle faults associated with
jasperoids and expected pyrite-stibnite mineralization at depth.  This
will be carried out in the second half of 2013. A drill program is
planned for early 2014 once all the necessary permits have been
received.

Quality Assurance and Quality Control (QA-QC)

The samples were prepared and analyzed for gold by fire assay with
atomic adsorption finish by ALS Minerals at the Rosia Montana
Laboratory, Romania.  Multielements were analyzed by inductively
coupled plasma mass spectrometer (ICP-MS) and inductively coupled
plasma emission spectrometer (ICP-AES) on a sample split sent to the
ALS Minerals laboratory in Vancouver.  Blank, certified standard
reference materials, and field and laboratory duplicates were routinely
inserted for quality assurance and quality control.

Qualified Person

Dr. Stewart D. Redwood, Consulting Geologist to the Company, is a
Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects.  Dr. Redwood has reviewed and approved the technical information
contained in this news release.

About Medgold

Medgold is aiming to become the leading Mediterranean-focused gold
exploration and project development company, with an extensive pipeline
of projects across Portugal, Italy and Spain, targeting economically
stressed, but politically stable European countries that are seeking
foreign investment to invigorate the mining sector.

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

     “Ralph Rushton”
Ralph Rushton, Director

Forward-looking statements
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 news release.  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 projects will
otherwise prove to be economic.

SOURCE Medgold Resources Corp.


Source: PR Newswire