NEWS RELEASE – Oil and Gas Project Participation

November 15, 2012

John E. Squarek, President and CEO, advises that MGold has signed a participation agreement to pay $1,000,000 to re-enter and place on production an existing Devonian D-3 oil well in early 2013. Under the terms of the agreement, MGold will receive 85% of the revenue before payout of the well, and 55% after payout. MGold will also receive a 55% working interest in 1 producing gas well, and 3 shut-in gas wells. The property also has other shallower potential.

MGold expects the well to produce 120 barrels per day net to MGold for the first year. At this rate, the well should payout in less than 1 year. Cash flow from the well will enable MGold to drill a second well in late 2013. Expected reserves to MGold’s interest are estimated at 445,500 barrels on primary production, with the possibility of an additional 370,000 barrels under secondary recovery. MGold will be pursuing a variety of financing opportunities to fund this project.

Mr. Squarek advises that MGold is continuing its review of other prospects and hopes to be able to report further progress in this regard within the next 3 months.

ForwardLooking andCautionary Statements

Thisnewsreleasecontainscertainforward‐lookingstatements(forecasts)underapplicablesecuritieslawsrelating tofutureeventsorfutureperformance.Forward‐lookingstatementsarenecessarilybaseduponassumptionsand judgmentswithrespecttothefuture.Insomecases,forward‐lookingstatementscanbeidentifiedbyterminology such as “may”, “will”, “should”, “expect”, “projects”, “plans”, “anticipates” and similar expressions. These statementsrepresentmanagement’sexpectationsorbeliefsconcerning,amongotherthings,futureoperating resultsandvariouscomponentsthereofaffectingtheeconomicperformanceofMGold.Unduerelianceshould notbeplacedontheseforward‐lookingstatementswhicharebaseduponmanagement’sassumptionsandare subjecttoknownandunknownrisksanduncertainties,includingthebusinessrisksdiscussedabove,whichmay causeactualperformanceandfinancialresultsinfutureperiodstodiffermateriallyfromanyprojectionsoffuture performance orresultsexpressed or impliedbysuchforward‐looking statements. Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted. These statementsspeakonly asof thedate specifiedinthestatements.

TheCompany’sactualresultscoulddiffermateriallyfromthoseanticipatedintheforwardlookingstatements containedthroughout thisnewsreleaseasaresultofthematerialrisk factorssetforthbelow:

•    volatilityinmarket pricesforoil andnaturalgas;

•    liabilities inherent inoil andnatural gasoperations;

•    uncertaintiesassociatedwithestimatingoilandnatural gas reserves;

•    geological,technical,drillingandprocessingproblems; and

•    general businessandmarketconditions.

Thesefactorsshouldnotbeconstruedasexhaustive. Unlessrequiredbylaw,theCompanydoesnotundertakeany obligationtopubliclyupdateorreviseanyforwardlookingstatements,whetherasaresultofnewinformation, future events or otherwise.

Thereisnocertaintythatanyportionoftheresourceswillbediscovered.Ifdiscovered,thereisnocertaintythatit will becommerciallyviableto produce any portion of the resources.

NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthetermisdefinedinthepoliciesofthe TSX Venture Exchange)accepts responsibilityfortheadequacyor accuracyofthisrelease.