MGI Magnum Goldcorp Inc

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UNITED STATES


Magnum Goldcorp Inc. (TSX VENTURE:MGI) ("Magnum" or the "Corporation") is
pleased to announce the completion of its previously announced "Qualifying
Transaction" within the meaning of Policy 2.4 of the TSX Venture Exchange Inc.
(the "Exchange"), relating to a binding option agreement (the "Option
Agreement") dated September 6, 2012, with International Bethlehem Mining Corp.,
granting Magnum an option to acquire a 51% undivided interest in certain mineral
properties situated in Slocan Mining Division, British Columbia, as more
particularly described in the Corporation's filing statement dated August 16,
2013 (the "Filing Statement"), which is available under the Corporation's SEDAR
profile at www.sedar.com.


Concurrent Financing

Concurrent with the closing of the Qualifying Transaction, the Corporation has
closed its previously announced non-brokered financing for a total gross
proceeds of $562,000 involving :(a) a non-brokered private placement of
2,555,000 units of the Corporation ("Units") at an issue price of $0.10 per Unit
for gross proceeds of $255,500, where each Unit is comprised of one common share
in the share capital of the Corporation ("Common Share") and one Common Share
purchase warrant ("Warrant"). Each Warrant will entitle the holder thereof to
acquire one Common Share at an exercise price of $0.10 for a period of two years
following the date of grant of such Warrant; and (b) a non-brokered private
placement of 3,065,000 "flow-through" Common Shares of the Corporation
("Flow-Through Shares") within the meaning of the Income Tax Act (Canada) at an
issue price of $0.10 per Flow-Through Share for gross proceeds of $306,500
(together, the "Concurrent Financing"). In connection with the Concurrent
Financing, the Corporation paid a finder's fee in the amount of $4,000 to a
certain arm's length finder. Notwithstanding that the gross proceeds raised
under the Concurrent Financing is slightly less than the anticipated amount of
$600,000 originally described in the Filing Statement, due to considerable
reduction in the amount of finders' fees actually paid by the Corporation in
connection with the Concurrent Financing than was originally anticipated, the
net proceeds raised through the Concurrent Financing is slightly higher than the
original estimated net proceeds disclosed in the Filing Statement.


The Corporation will use the net proceeds of the Concurrent Financing to finance
the exploration and related expenditures associated with the Qualifying
Transaction.


The securities issued pursuant to the Concurrent Financing are subject to a four
month hold period expiring on March 9, 2014.


Board of Directors and Management

Following the completion of the Qualifying Transaction, the board of directors
of the Corporation will consist of Douglas L. Mason, Daniel B. Evans, Sead
Hamzagic, David H. Evans and Bruce E. Morley.


The management team of the Corporation will consist of Douglas L. Mason as Chief
Executive Officer, Daniel B. Evans as President, Sead Hamzagic as Chief
Financial Officer and Michael J. Perkins as Corporate Secretary.


Summaries of the biographies for all of the directors and executive management
of the Corporation are set out in the Filing Statement.


Name Change and Stock Symbol Change

In connection with the completion of the Qualifying Transaction, the
Corporation, formerly known as Magnum Capital Corp., filed articles of amendment
with the Registrar of Corporations (Alberta) to effect the change of the name of
the Corporation to "Magnum Goldcorp Inc." to more appropriately reflect its
going-forward business and operations.


In connection with the name change of the Corporation, the Common Shares will be
traded under the new symbol "MGI". The Common Shares of the Corporation are
expected to commence trading under the new name and symbol on or about November
13, 2013.


Neither the Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the Exchange) accepts responsibility for the adequacy
or accuracy of this release.


Cautionary Statements

Certain statements contained in this press release constitute forward-looking
information. These statements relate to future events or future performance. The
use of any of the words "could", "intend", "expect", "believe", "will",
"projected", "estimated" and similar expressions and statements relating to
matters that are not historical facts are intended to identify forward-looking
information and are based on the Corporation's current belief or assumptions as
to the outcome and timing of such future events. Actual future results and
developments may differ materially from those contemplated by these statements
depending on, among other things, the risk that the Exchange will not provide
final approval of the Qualifying Transaction or the Concurrent Financing.
Various assumptions or factors are typically applied in drawing conclusions or
making the forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently available to
the Corporation. Material factors and assumptions in this press release include
the ability of the Corporation to meet the conditions set out in the Exchange's
conditional approval letter and the satisfaction of all conditions to the
Qualifying Transaction as contained in the Option Agreement and as imposed by
regulatory authorities. The Corporation cautions the reader that the above list
of risk factors is not exhaustive. The forward-looking information contained in
this press release is made as of the date hereof and the Corporation is not
obligated to update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and assumptions
contained herein, investors should not place undue reliance on forward-looking
information. The foregoing statements expressly qualify any forward-looking
information contained herein.


Not for distribution to U.S. Newswire Services or for dissemination in the
United States. Any failure to comply with this restriction may constitute a
violation of U.S. securities laws.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Magnum Goldcorp Inc.
Daniel B. Evans
President and Director
(604) 922-2030

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