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Mengold Resources Inc.: Joel Scodnick Appointed President and Chief Executive Officer and Shareholders Approve New Option Plan

Mengold Resources Inc. (TSX VENTURE: MNI) is pleased to announce the appointment of Mr. Joel Scodnick, P. Geo., as its President and Chief Executive Officer. Mr. W. Ian L. Forrest remains as Chairman of the Board and will stay actively involved in the development of the Company.

Mr. Scodnick brings over 20 years of experience in mining corporate development, mineral exploration and mining development to the Company. In 1982, Mr. Scodnick graduated with a B.Sc. Major in Geology from Concordia University in Montreal, Canada after previously graduating with an honours distinction in electromechanical engineering technology from Algonquin College in Ottawa. He is an active member of the Association of Professional Geoscientists of Ontario, the Ontario Prospectors' Association, a Fellow member of the Geological Association of Canada and the Prospectors' & Developers' Association of Canada.

Mr. Scodnick is an accomplished geologist with exploration experience for precious and base metals, as well as industrial minerals, in North, Central and South America, Eastern and Western Europe, West Africa and Central Asia. Mr. Scodnick also participated in the development of advanced projects through his involvement with underground development and exploration programs at the Lamaque Gold Mine in Val d'Or, Quebec, Canada as well as at the Terneras/Velardena Polymetallic Mine in Durango State, Mexico. Mr. Sconick's corporate accomplishments include the founding of Minorca Resources Ltd. in 1990 for which he held the position of President until 1994. He then founded Houston Lake Mining Inc. for which he was President and CEO from 1995 until 1997 and, in 1997, formed Inca Mining Corp., now called Graniz Mondal Inc. Since 1998, Mr. Scodnick has been involved in a number of companies, notably for gold and base metals projects for Aurmin Corporation and advanced gold and base metals projects for Helm Exploration Ltd.

At the Company's Annual and Special Meeting held on June 19, 2006, shareholders approved and confirmed a resolution of the Board of directors approving a new stock option plan (the "2006 Stock Option Plan"). Under the 2006 Stock Option Plan, options may be granted to directors, officers, key employees and consultants of the Company. The number of common shares reserved for issuance under the 2006 Stock Option Plan is 1,700,000. This number of options is in addition to the 165,000 options that remain available to be granted under the Company's 2004 Stock Option Plan.

Mengold Resources Inc. is engaged in mineral exploration. The Company is exploring the copper-zinc prospective Mountain River Property, near Sainte-Anne-du-Lac, and the PGM-chrome prospective Thetford Property in the Eastern Townships. Mengold recently acquired the Burchell Lake and Goldcreek Properties, both prospective for gold and copper, in the Shebandowan area west of Thunder Bay, Ontario. Mengold has 17,666,537 common shares outstanding (23,166,987 shares fully diluted).

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.