LMD LED Medical Diagnostics Inc

Mengold Resources Inc. ("Mengold") (TSX VENTURE:MNI) is pleased to announce
non-brokered private placements of up to $1,200,000. The proceeds of the private
placements are to be used to fund a drilling program on Mengold's Goldcreek
property located in the Shebandowan area, west of Thunder Bay, Ontario and for
general corporate purposes.


The private placements will consists of the offering of up to 16,666,666
flow-through common shares at the price of $0.03 per flow-through share for
proceeds of up to $500,000 and the offering of up to 23,333,333 units (each a
"Unit") at the price of $0.03 per Unit for proceeds of up to $700,000. Each Unit
will consist of one common share and one transferable share purchase warrant
(each a "Warrant"), each Warrant entitling the holder thereof to purchase one
additional common share at a price of $0.05 for a period of 12 months following
the closing date and thereafter at the price of $0.10 for an additional period
of 6 months. 


The MineralFields Group has agreed to purchase up to 10,000,000 flow-through
shares. Subject to regulatory approval, Limited Market Dealer Inc. ("LMD"), a
division of First Canadian Securities(R), will be entitled to receive a cash
finder's fee representing 6% of the gross proceeds raised by LMD and
non-transferable finder's warrants entitling LMD to purchase up to 800,000
common shares, at the price of $0.05 for a period of 12 months following the
closing date and thereafter at the price of $0.10 for an additional period of 6
months. 


"Mengold is very pleased to be renewing its relationship with MineralFields
Group", stated Mr. Joel Scodnick, President and Chief Executive Officer of
Mengold. "This is an important milestone in the growth of Mengold and we look
forward to working with MineralFields Group as we develop our holdings."


About MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto
and Vancouver, is a mining fund with significant assets under administration
that offers its tax-advantaged super flow-through limited partnerships to
investors throughout Canada as well as hard-dollar resource limited partnerships
to investors throughout the world. Pathway Asset Management also specializes in
the manufacturing and distribution of structured products and mutual funds
(including the Pathway Multi Series Funds Inc. corporate-class mutual fund
series). Information about MineralFields Group is available at
www.mineralfields.com. First Canadian Securities (R) is active in leading
resource financings (both flow-through and hard dollar PIPE financings) on
competitive, effective and service-friendly terms, and offers investment
banking, mergers and acquisitions, and mining industry consulting, services to
resource companies. MineralFields and Pathway have financed several hundred
mining and oil and gas exploration companies to date through First Canadian
Securities (R).


About Mengold

Mengold Resources Inc. is engaged in mineral exploration for precious and base
metals. The Company is also actively exploring the Burchell Lake property
prospective for gold, copper, zinc and molybdenum, in the Shebandowan area of
Northwestern Ontario. Mengold has 43,936,088 common shares outstanding.


For further information, please bookmark www.mengold.ca.

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