TORONTO, ONTARIO--(Marketwire - Jan. 9, 2012) -Mahdia Gold Corp ("MGC") (CNSX:MGD) is a publicly listed corporation on the Canadian National Stock Exchange (CNSX) trading under the symbol MGD. MGC's website can be found at : [ www.mahdiagold.com ]. The CNSX website is [ www.cnsx.ca ].

Mahdia Gold Corp announces that as a result of inadvertently failing to have sufficient comparables in the interim filings hereinafter listed, that same have been refiled in order to effect compliance: the interim period ending February 28, 2010; the interim period ending May 31st, 2010; the interim; period ending November 30th, 2010; the interim period ended February 28th, 2011; and the interim period ended May 31st, 2011.

The filing of annual audited statements was delayed and as a result MGC requested additional time to file and was granted an extension. MGC subsequently filed its statements on January 6^th, 2012 and paid late filing fee costs associated thereto.

MGC has undertaken to ensure that all future disclosures, interim and annual financial statements and associated documentation are filed in a timely fashion. In order to assist and confirm same MGC will be entering into contracts with the appropriate professionals and agencies forthwith Confirmation of these contracts will be disclosed as completed.

MGC wishes to announce at this time that Jayson Schwarz LL.M., Barrister and Solicitor of Schwarz Law LLP has been retained as transactional counsel to assist MGC in achieving success in this process.

Management has been informed by CNSX Markets Inc (the "Exchange") that the Company is currently in default of certain of the reporting requirements of a CNSX Listed Company. As stated above Management is working with the Exchange to rectify the existing disclosure record, and anticipates that the Exchange may impose additional requirements as a condition of continued listing.

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

Contributing Sources

---

Market Wire