TORONTO, ONTARIO--(Marketwire - Jan. 3, 2012) -Mahdia Gold Corp (CNSX:MGD) is publicly listed on the Canadian National Stock Exchange (CNSX) under the symbol MGD. The company's website is: [ www.mahdiagold.com ]. The website of the CNSX exchange is [ www.cnsx.ca ].

Mahdia Gold Corp uses this opportunity to provide an update on its activities on the following;

Mahdia Gold is extending the private placement announced earlier to close at January 2^nd, 2012, is extended to close at January 31^st, 2012.

The company hereby issues a rectifying notice of stock options granted in October 2010 not included in the previous quarterlies. At said date, the board granted to Mr. Alan Zaakir 2 million stock options with exercise price of ten cents. The company's stock option plan allows for issuance of options with maximum total of 10% of the issued and outstanding shares at the time of the option grant, and this grant represented about 4.6% of the shares outstanding at that time.

The Board of Directors has scheduled a meeting January 12 2012 to update and refine the stock option policies and grants including details of vesting and expiration of options.

The company is currently mobilizing field equipment and personnel to the Omai and White Creek properties, with programs to include diamond drilling, deep mechanized auger drilling, geological mapping and systematic regolith and rock sampling. The exploration team is preparing technical summaries to provide shareholders with more specific information concerning these projects at this time.

Management attended meetings in Guyana last week and should be in a position to announce on the granting of the terms and conditions that will govern the prospecting license of the OMAI property in January 2012. The company is seeking to expand the current OMAI license area by adding additional lands that may be available around it.

Mahdia Gold Corp currently has 108,304,520 shares outstanding.

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