Medgold Resources Proposes $1.0 Million Private Placement

Posted Under: Financing

Vancouver, Canada, September 24, 2018 – Medgold Resources Corp. (TSX-V: MED) announces that it
proposes, subject to stock exchange approval, to complete a non-brokered private placement financing of
up to approximately 3.33 million units at $0.30 per unit, for proceeds of up to $1.0 million. Each unit will
consist of one common share and one full warrant, each warrant entitling the holder to purchase one
additional common share of the Company at $0.40 for two years from closing. The warrants will be
subject to an acceleration provision such that if the closing price of the Company’s shares for 10
consecutive trading days is $0.60 or greater, the Company may give notice to the holders of the warrants
that the warrants will expire 30 calendar days after receipt of such notice. The Company may pay a
finder’s fee on a portion of this financing.

The proceeds of the placement are intended to be used for exploration of the Company’s 100% owned
Ljubata Project in Serbia, project generation and for general working capital purposes.

The securities referred to in this news release have not been, and will not be, registered under the United
States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for
the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration
requirements of such Act. This news release shall not constitute an offer to sell, nor the solicitation of an
offer to buy, any securities. Any public offering of securities in the United States must be made by means of
a prospectus containing detailed information about the company and management, as well as financial
statements.

About Medgold Resources Corp.

Medgold is a Serbia-focused, TSX-V listed, project generator company targeting early-stage gold
properties in the Oligo-Miocene Belt of Serbia. Run by an experienced management team with a
successful track-record of building value in resource companies, Medgold is aiming to become a leading
European gold exploration company.
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

“Dan James”
Daniel P. James, President & Director

For Further Information, Contact:

President
Dan James (London), dj@medgoldresources.com, +44 7972 579188

Investor Relations
Elina Chow (Toronto), ec@catchadvisorygroup.com, +1 416.845.8495

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 statements

Certain statements contained in this news release constitute forward-looking statements within the
meaning of Canadian securities legislation. All statements included herein, other than statements of
historical fact, are forward-looking statements and include, without limitation, statements about the
proposed private placement, and the Company’s projects. Often, but not always, these forward looking
statements can be identified by the use of words such as “estimate”, “estimates”, “estimated”, “potential”,
“open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”, “offset”,
“limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”, “periodically”, or statements that
events, “could” or “should” occur or be achieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially different from any
results, performance or achievements expressed or implied by forward-looking statements. Such
uncertainties and factors include, among others, whether the private placement will be completed as
planned, and whether the Company will spend the financing proceeds as intended; the exploration plans
for the Company’s projects; changes in general economic conditions and financial markets; the Company
or any joint venture partner not having the financial ability to meet its exploration and development goals;
risks associated with the results of exploration and development activities, estimation of mineral
resources and the geology, grade and continuity of mineral deposits; unanticipated costs and expenses;
and such other risks detailed from time to time in the Company’s quarterly and annual filings with
securities regulators and available under the Company’s profile on SEDAR at www.sedar.com. Although
the Company has attempted to identify important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking statements, there may be other factors that
cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and
opinions of management, including but not limited to: that the proposed exploration of the Tlamimo
Project will proceed as intended; that the Company will complete the private placement as planned, and
spend the financing proceeds as intended; that the Company’s stated goals and planned exploration and
development activities will be achieved; that there will be no material adverse change affecting the
Company or its properties; and such other assumptions as set out herein. Forward-looking statements
are made as of the date hereof and the Company disclaims any obligation to update any forward-looking
statements, whether as a result of new information, future events or results or otherwise, except as
required by law. There can be no assurance that forward-looking statements will prove to be accurate, as
actual results and future events could differ materially from those anticipated in such statements.
Accordingly, investors should not place undue reliance on forward-looking statements.