Mengold Closes Private Placements Totaling $558,000

TORONTO, ONTARIO, Nov 02 (MARKET WIRE) --
Mengold Resources Inc. ("Mengold") (TSX VENTURE: MNI) is pleased to
announce the closing of non-brokered private placements totaling
$558,000. 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.

Mengold closed private placements consisting of 12,500,000 flow-through
common shares at the price of $0.03 per flow-through share for gross
proceeds of $375,000 and 6,100,000 units (each a "Unit") at the price of
$0.03 per Unit for gross proceeds of $183,000. 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 purchased 8,000,000 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 640,000
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."

Insiders of Mengold have purchased a total of 3,000,000 flow-through
common shares and 1,433,333 Units under the private placements.

About MineralFields, Pathway and First Canadian Securities(R)

MineralFields Group (a division of Pathway Asset Management), based in
Toronto, Vancouver and Calgary, 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.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.

Contacts:
In Canada
Mengold Resources Inc.
Joel Scodnick, President and Chief Executive Officer
(705) 522.4439
(705) 522.8694 (FAX)
scodnick@sympatico.ca

Mengold Resources Inc.
Douglas G. Reeson
Chief Financial Officer and Director
(416) 533.0323
(416) 533.2890 (FAX)

In Europe
Mengold Resources Inc.
W. Ian L. Forrest, Chairman and Director
011.41.22.809.9511
011.41.22.899.9501 (FAX)

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