MONTREAL, QUÉBEC, June 15, 2007. Mengold Resources Inc. (MNI-TSX.V) (the "Company") has closed a non-brokered private placement of $1,500,000 comprised of 5,555,554 Units at $0.27 per Unit. 

Each Unit consists of one common share and one common share purchase warrant. Each common share purchase warrant entitles the holder thereof to acquire one additional common share of the Company at a price of $0.35 per share for a two year period from the closing date. A finder's fee of 6% cash ($90,000) and 3% finder’s warrants (166,666) is payable.

Each finder’s warrant entitles the holder thereof to acquire one common share of the Company at a price of $0.35 per share for a one year period from the closing date. The private placement is subject to final TSX Venture Exchange acceptance for filing and to regulatory approval. All securities issued under the private placement are subject to a four-month hold period expiring on October 13, 2007.

Proceeds of the private placement will be used to fund the Company’s exploration activities which are currently focussed on the Burchell Lake and Goldcreek Properties in the Shebandowan area, west of Thunder Bay, Ontario and for general corporate purposes.

Mengold has elected to advance to the second phase of the 4-phase agreement with Helm Exploration Ltd. to earn up to a 100% interest in each of the Burchell Lake and Goldcreek Properties. Under the terms of the agreement, Mengold made cash payments of $96,000 and issued 1,976,000 common shares to the optionors and the related finder.

Mengold is engaged in mineral exploration for precious and base metals. The Company is currently conducting exploration programs at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, zinc and nickel, in the Shebandowan area west of Thunder Bay, Ontario. Mengold also holds two properties in Québec, the Mountain River Property near Sainte-Anne-du-Lac, and the Thetford Property in the Eastern Townships. Mengold has 28,245,088 common shares outstanding.