ValGold Resources Ltd. ("ValGold") is pleased to report that it has entered into an Option Agreement with Northern Gold Mining Inc. ("Northern Gold") to acquire an interest in ValGold's 100%-owned Garrison gold property.

Under the terms of the agreement, Northern Gold may acquire an initial 50 percent undivided interest in the Property by making cash payments to ValGold of $1,000,000 over four years, with all or part of the payments being made in Northern Gold stock at Northern Gold's option, using a 20-day value weighted average price subject to regulatory approval. To earn the 50 percent interest Northern Gold must also complete work on the property in the amount of $4,000,000 over four years, with $500,000 being spent on the property in the first year of the agreement and not less than $750,000 to be expended in each of the subsequent years. After earning the initial 50 percent interest, Northern Gold may increase its interest to 80 percent by making additional cash payments of $1,000,000 over four years with all or part of the payments being made in Northern Gold stock equivalent, priced using a 20-day value weighted average price and completing additional work on the property in the amount of $4,000,000 over four years.

Garrison Project Summary

The Garrison Gold Property is located 40 kilometres (km) north of the Town of Kirkland Lake, 100 km east of Timmins and 8 km west of and on strike with St. Andrew Goldfields' Holloway and Holt-McDermott gold mines. Access to the Property is by Ontario highway 101 that runs along the north boundary of the Property. The mining leases cover approximately 3km of the famous Porcupine-Destor Fault ("PDF") and a major splay, the Munro Fault Zone ("MFZ") located in the Abitibi Greenstone Belt which, as of 2008, has reportedly produced approximately over 150 million ounces of gold or about 70% of all gold produced in Canada.

The gold mineralization on the Property occurs as sulphide-rich bodies within the two major fault zones, and within the intervening Timiskaming sediments associated with quartz-pyrite vein stockworks. Sulphide mineralization within the MFZ forms a series of five high-grade shoots that occur near the footwall of the fault. Previous operators completed a total of 199 drill holes focusing primarily on gold zones over the 1.7 km long strike length of the MFZ and to a depth of 300m (1,000 ft). The individual mineralized shoots are estimated to be up to 300m (1,000 ft) in strike length, average 3.35m (11 ft) in thickness and contain gold associated with albite, sericite and pyrite alteration. An advanced underground exploration program was initiated on the J.P. gold zone in October 1995. The underground development included a 12 x 14-foot, 18-20-degree decline excavated to the 476-level.

Since acquiring the property in 2005, ValGold has drilled a further 74 holes for 32,012m of core of which most were directed at the sulphide gold zones. Following the drilling campaigns, a NI 43-101 technical report was completed where resources were identified for the main sulphide zones. The Indicated and Inferred Resources from the report estimate focused on four, laterally contiguous mineralized zones along the MFZ which is a splay from the regional PDF.

Zone	Indicated Resource			Inferred Resource
	Tonnes	Au g/T	Ounces	Tonnes	Au g/T	Ounces
JP Zone	236,100	7.69	58,380	812,400	4.66	121,750
JD Zone				168,000	7.37	39,830
RP Zone	12,100	10.91	4,260	124,300	5.05	20,170
East Zone	4,900	3.58	560	451,100	4.47	64,790
TOTALS	253,100	7.77	63,200	1,555,800	4.93	246,540

Furthermore, the technical report also recommends that a study of the Garrcon Zone be completed to layout a program and budget to test the potential for a bulk tonnage, open-pit operation. It is suggested by the author of the report that the Garrcon Zone which occurs approximately 1,000 metres east of the above resource area has the potential to host a bulk tonnage target of up to 30 million tonnes ranging in grade from 1 to 3 g/T Au.

For more information on ValGold and its portfolio of international projects, visit our website at www.valgold.com.


No regulatory authority has approved or disapproved the information contained in this news release.

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.