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Medgold Resources Corp.


Medgold is a Balkan-focused TSX-V listed gold exploration company focused on the advancement of its 100%-owned resource-stage Tlamino Project in southern Serbia. An updated Inferred Mineral Resource containing approximately 680,000 oz AuEq in 7.1Mt grading 3.0 g/t AuEq at cut-off grade of 0.7 g/t AuEq was announced in regard to the Barje Prospect at Tlamino as a component of a Preliminary Economic Assessment (“PEA”) on January 26, 2021. The highlights of the PEA may be summarized as follows:

  • Based on simple open-pit mining methods and the production of a flotation concentrate via conventional processing techniques, the pre-tax NPV of the Project, at a discount rate of 8%, is US$101M, its IRR 49%, and its operating margin 61%.
  • The up-front capital cost of the Project is US$74M (inclusive of a 15% contingency margin and further study and engineering costs) with payback achieved in two years.
  • Life of mine C1 cash costs are US$464/oz Au, and life of mine all-in sustaining costs are US$522/ounce Au.
  • A gold price of US$1500/oz and a silver price of US$16.50/oz was used in the study. At an approximate spot gold price of US$1,800/oz, the post-tax NPV of the Project, at a discount rate of 8%, is US$139M, and its IRR 69%.

Serbia is a mining-friendly country with a long history of copper, lead, zinc and silver exploitation. Despite its prospectivity it has enjoyed relatively little gold exploration, which of course presents a highly attractive opportunity. The country is situated near the western end of the prodigious Tethyan Mineral Belt, which gives host to over 250 producing precious and base metal mines between Europe and Asia, and more locally the Bor district of eastern Serbia. The combination of highly prospective geology, under-exploration in regard to gold, advanced infrastructure, the availability of geoscientific data, modern mineral laws, and a highly educated population makes Serbia one of the most prominent emerging mining jurisdictions in the world.

Our Board and Management teams comprise individuals with extensive history of financing and running public resource companies, defining resources, and in building and selling businesses of significant value.

Serbian Overview


Serbia is a relatively small land-locked country in south-eastern Europe with a highly- educated population of just over 7 million. It shares borders with Bulgaria and Romania to the east, Hungary to the north, North Macedonia and Albania to the south, and Croatia, Bosnia, and Montenegro to the west, and benefits from modern infrastructure including an efficient network of highways and an international airport in Belgrade. Subsequent to the political turmoil that swept the Balkans following the breakup of Yugoslavia in the 1990’s, Serbia has long since been a land of peace, and officially applied for membership of the EU in 2009.

Mining has always formed an important component of the Serbian economy, and for many decades the largest mining operation in the country was the State-owned Rudarsko Topionicki Bazen Bor, or RTB Bor, copper-gold mine. In 2013, mining and quarrying activities accounted for 2% of Serbian GDP, employing over 22,000 people. The industry primarily produces copper, iron and steel, followed by a significant yield of gold, lead, coal, salt and selenium.

In recent years increased interest in Serbia’s mineral potential has been brought about by the discovery of significant high-sulphidation copper-gold mineralization at Cukaru Peki – immediately south of RTB Bor – by Reservoir Minerals Inc., and its subsequent sale to Nevsun Resources Limited, and shortly thereafter to Zijin Mining Group Ltd.

Medgold joins other companies active in base and precious metals exploration in Serbia, including Dundee Precious Metals Inc., Mundoro Capital Inc., Tethyan Resources Ltd. and Raiden Resources Limited. , In addition, major mining companies including Freeport McMoRan, Vale, Rio Tinto and JOGMEC are working in the country either in their own right, or under JV’s with third parties.



Serbia’s mining industry enjoys efficient government support, the Ministry of Energy and Mining being the Government agency responsible for the mining sector. In 2013, a new Law on Mining and Geological Research stipulating the establishment of the Geological Institute of Serbia and formulating a Mineral Resources Management Strategy was passed. Under this law, entities performing mining activities in Serbia pay and NSR of 5% for all metallic raw materials (Ministry of Energy, Development and Environmental Protection of Republic of Serbia, 2014; Ministry of Natural Resources, Mining and Spatial Planning, 2012, 2014).

Medgold Projects in Serbia


Medgold currently holds three Exploration Licences, covering approximately 200 square kilometers, targeting gold-silver epithermal and gold-dominant porphyry systems associated with the Oligo-Miocene igneous belt in the central and southern parts of the country. This belt is under-explored for precious metals yet is geologically well-mapped. All three of these licences are located on the borders of Macedonia and Bulgaria, in the very southeast of the country, and include the Donje Tlamino and Surlica-Dukat licences, which comprise the Tlamino Project, subject to a 1% NSR in favour of Fortuna Silver Mines Inc.

Directors and Management

Medgold Resources Corp. TSX-V:MED


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