Hi, I am also a newbie with the same problem, and as I was reading this thread 
I decided to look up medibuntu in the repo's.. There is a package called 
medibuntu keyring (search for medibuntu and you will find it). select and 
install (apply) it and it won't give the error anymore. 
What it does is sign the packages digitally.

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GPG error with apt-get (BADSIG 40976EAF437D05B5)
https://bugs.launchpad.net/bugs/24061
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