MONTREAL, QUEBEC--(MARKET WIRE)--Jul 23, 2008 -- Mengold Resources Inc. ("Mengold")(CDNX:MNI.V - News) has located outcrop with Visible Gold (VG) at the west end of the I-Zone on the Goldcreek Property, 70-km west of Thunder Bay. The I-Zone is represented by an east-west trending granodiorite dyke. In the past, a total of 26 of these dykes were mapped on the property. Mengold's geological teams are currently investigating these other dykes.

At the west end of the I-Zone, the field crew stripped, and sampled the hanging wall and footwall of a granodiorite dyke measuring on average about 4 metres in width. The dyke contains an abundance of cross-cutting quartz-carbonate ladder veins which are more heavily mineralized with pyrite at the west end of the trench. For the first time a polymetallic vein containing galena (lead sulphide) and pyrite has been identified in this area. An investigation of the dyke has led to the discovery of several samples that contain visible gold grains, some of which carry in excess of 50 grains. Management is very enthused with this new discovery and have sent all the samples to the lab for rush assaying. Results should start becoming available next week. Because of the nature of the free gold, 1 kg pulp samples are being analyzed for total metallics using a gravimetric finish.

Mini bulk samples (20+ kg) were also taken on the last 6 metres of the dyke which should give a good representation of the average gold content. Further work is planned on this site pending the results from the lab.

The Qualified Person responsible for this news release is Joel Scodnick, P.Geo., President & CEO of Mengold Resources Inc.

Mengold is engaged in mineral exploration for precious and base metals. The Company has recently completed a 4,630m diamond drilling program at the Burchell Lake and Goldcreek Properties, both prospective for gold, copper, zinc, nickel, and molybdenum, in the Shebandowan area of Northwestern Ontario. Mengold has 37,806,088 common shares outstanding.

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

The TSX Venture Exchange does not accept 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 or (807) 629-7516
     (705) 522-8694 (FAX)
     Email: scodnick@mengold.ca or scodnick@netspectrum.ca
      
     Mengold Resources Inc.
     Douglas Reeson, C.F.O. and Director
     (416) 533-9664
     (416) 533-2890 (FAX)
     Email: reeson@mengold.ca
      
     Noble Investment
     Dan Patience,  Investor Relations
     1-800-499-2388
     Email: noblehouse@shaw.ca
      
     In Europe
     Mengold Resources Inc.
     W. Ian L. Forrest, Chairman and Director
     011.41.22.809.9511
     011.41.22.899.9501 (FAX)
     Email: forrest@mengold.ca
     Website: http://www.mengold.ca