Vancouver, Canada, October 30, 2019 – Further to its News Releases of May 29 and September 18, 2019, Medgold Resources Corp. (TSX-V: MED) is pleased to announce the completion of its 2019 drilling program at the Tlamino Project (the “Project” or “Tlamino”) in southern Serbia.

In recent weeks, approximately 2,000m of diamond drilling has been completed at the Karamanica prospect in 8 holes.  Targets drilled included a 2 km long Induced Polarization (“IP”) charge ability anomaly within a 2 km by 1.5 km gold-in-soil anomaly falling along what is thought to represent the continuation of a geological structure (the Podvirovi structure) related to underground mine workings beneath an adjoining property.

Results from the first hole of the 2,000m drilling program – KAR001 – targeting the Podvirovi structure at a relatively shallow depth, include 8m at 0.29 g/t Au and 3.19 g/t Ag. Mineralization in this interval is hosted in carbonaceous schist with traces of disseminated pyrite and quartz-pyrite veins.  Holes KAR002, KAR003, and KAR005 targeted the same structure and intersected longer intervals of similar carbonaceous schist; results are awaited for these later holes. Mineralization observed in the core from KAR001 is thought by the Company to suggest a potential for an exploration target in the Podvirovi structure below the level of the current drilling. Drill hole locations at Karamanica and results from KAR001 are shown in Figures 1 and 2, and Tables 1 and 2 below.

The 2019 exploration program was fully funded by Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“Fortuna”) and was directed by a joint Fortuna-Medgold technical committee pursuant to the terms of the Tlamino Option Agreement announced on March 7, 2017. A total of 4,089m of diamond drilling in the areas of Barje, Liska, and Karamanica were completed by Medgold during its 2019 exploration programs.