Medgold Resources Corp. announced the completion of a positive Preliminary Economic Assessment ("PEA") for the Barje gold deposit at its Tlamino Project, Serbia. The highlights of the PEA are as follows: Based on simple open-pit mining methods and the production of a flotation concentrate through conventional processing techniques, the pre-tax NPV of the Project, at a discount rate of 8%, is USD 101 million, its IRR 49%, and its operating margin 61%. The up-front capital cost of the Project is USD 74 million (inclusive of a 15% contingency margin and further study and engineering costs) with payback achieved in two years. Life of mine C1 cash costs are USD 464/oz Au, and life of mine all-in sustaining costs ("AISC") are USD 522/ounce Au. A gold price of USD 1,500/oz and a silver price of USD 16.50/oz was used in the study. At an approximate spot gold price of USD 1,800/oz, the post-tax NPV of the Project, at a discount rate of 8%, is USD 139 million, and its IRR 69%. It is now the intention of Medgold to pursue a program of infill drilling at Tlamino with the objective of upgrading the current Inferred Resource to the Indicated category, and the completion of a Pre-Feasibility Study thereafter. Drilling is expected to commence upon snow melt in first quarter of 2021, further details of which will be provided in due course.