ValGold Resources Ltd. ("ValGold" or the "Company") reports that it has entered into an agreement (the "Agreement") with HMZ Metals Inc. ("HMZ") by which HMZ has been granted an option to acquire 50% of ValGold's interest in the Company's 100%-owned Tower Mountain gold property, located in Conmee Township, Ontario (the "Property"). The Agreement is subject to TSX Venture Exchange acceptance ("Regulatory Approval").

In August 2008, ValGold exercised its option to earn a 100% right, title and interest in and to the Property, subject only to a 2.5% Net Smelter Royalty ("NSR") and annual $25,000 pre-production royalty reserved by the original optionors. On October 8th, ValGold announced that it was changing its strategic direction to focus on more advanced projects and to work toward optioning its Ontario properties. The Agreement with HMZ represents aother successful step under this strategic change that is intended to lead to a recovery in ValGold's market valuation.

Pursuant to the Agreement, HMZ shall have the exclusive right and option to earn 50% of ValGold's interest (the "HMZ Interest") in and to the Property by issuing to ValGold 1,000,000 HMZ post-rollback common shares and incurring a minimum of $2,900,000 in expenditures on or in relation to the Property as set out below:

1. SHARE ISSUANCES: 200,000 shares upon receipt of Regulatory Approval of the Agreement and 160,000 shares at each of the next five anniversaries of Regulatory Approval.

2. EXPENDITURES: not less than $350,000 to be spent on the Property on or prior to the first anniversary of Regulatory Approval, and thereafter, no less than $100,000 on or before each subsequent anniversary after the initial Regulatory Approval. In addition, HMZ has agreed to pay the annual taxes on patented claims forming part of the Property and make the annual $25,000 pre-production royalty payment due on the Property for the duration of the Agreement.

3. During the currency of the Agreement HMZ may, at its discretion, accelerate its option and earn its interest in and to the Property by completing its obligations at any time prior to the dates set out above.

Upon completing its earn-in obligations HMZ will be vested with 50% of ValGold's right, title and interest in and to the Property, and the parties shall enter into a 50:50 Joint Venture for the further exploration and development of the Property. In order to ensure that both Joint Venture parties are 50:50 in interest at the commencement of the Joint Venture, the deemed Expenditures shall be the greater of $2,900,000 or the total value of all property option payments and Expenditures incurred by HMZ and ValGold on and for the Property up to the creation of the Joint Venture, and the deemed value of Expenditures of each party at commencement of the Joint Venture shall be 50% of that amount. Should either party elect not to participate further or be unable to participate in further exploration of the Property, its interest shall decrease such that at all times the interest of each party shall be that percentage which is equivalent to its Expenditures or its deemed Expenditures expressed as a percentage of exploration costs or deemed Expenditures of both parties. If either party's interest drops to or below 10% its interest shall be converted to a 2% NSR provided that the other party shall have the right to purchase 50% of such NSR for $2,900,000 at any time up to the commencement of commercial production. HMZ shall be entitled to be the operator of the Joint Venture so long as its interest remains at or greater than 50%.

No common shares will be issued from ValGold as bonuses, finder's fees or commissions in connection with this transaction.

Tower Mountain Project Summary
ValGold's exploration work on the Property began in November 2002, and has focused on Diamond drilling. A total of eight drill programs comprising 75 drill holes, totaling 18,279 metres, have been completed to date. The majority of drilling has been in the vicinity of the U and V Trench areas (the "U-V Zone") and this work has defined several parallel mineralized structures striking in a southeasterly direction. The most continuous of these structures is designated the "U-V Main Vein" which dips moderately to steeply to the northeast and can be traced along strike for a minimum 400 metres. Examination of U-V Main Vein core indicates the presence of a gold mineralized zone measuring 0.6 to 20.0 metres true width, plunging steeply to the southeast. Intercepts from this zone returned assays ranging from 304.00 g/t Au over 3.0 metres in drill hole TM04-3 to 2.40 g/t Au over 61.5 metres in drill hole TM04-9. Commonly accompanying the U-V Main Vein mineralization is a halo of moderately to highly anomalous gold values in the footwall and hanging wall extending a few metres to tens of metres beyond the vein.

Drilling has delineated additional zones of high-grade mineralization, however limited information is available on these targets. The "C Zone", located 800 metres southeast of the U-V Zone, appears similar to the U-V Main Vein. It is proximal to the Tower Mountain Intrusive Complex ("TMIC") contact and hosts at least one main mineralized structure bounded by several metres of wall rock registering strongly anomalous gold values. This zone strikes similarly to the U-V Main Vein, however its dip is currently unknown due to limited drilling. ValGold has tested this target with two holes with the best drill intercept returning 21.14 g/t Au over 1.5 metres. A hole drilled by a previous owner of the Property in the vicinity of the C Zone was orientated sub-parallel to the zone and returned an average grade of 0.3 g/t over 750.0 metres. Both the C Zone and U-V Zone are hosted within felsic to intermediate Timiskaming volcanic fragmental rocks and appear to be controlled by a series of southeast striking structures related to the contact zone with the TMIC. At this time it is not known whether these mineralized zones continue into the syenite and other intrusive rocks comprising the TMIC.

The third high-grade zone identified in current drilling is referred to as the "04-36 Zone" and is located 400 metres southwest of the U-V Zone. Unlike the U-V Zone and the C Zone, the 04-36 Zone strikes north-northeast and appears to be associated with a package of mixed Timiskaming volcanics and sediments identified approximately 600 metres west of the TMIC contact. Two drill holes intersected this zone and core analysis indicates the zone strikes roughly parallel to the northeast trending belt of Timiskaming rocks in the area. One hole documented 41.35 g/t Au over 1.5 metres and the second hole returned an assay of 5.31 g/t over 1.5 metres.

The following table summarizies drill programs and presents highlights of each of the eight drilling campaigns conducted by ValGold.

Highlights of Tower Mountain Gold Zones Drill Intersections

Program	Holes	Total	Best High-Grade Gold	Best Low-Grade Gold
	Drilled	Meters	Intersection	Intersection
2002 (Fall)	5	1,042	23.17g/Tonne /1.5m in TM02-02	1.05g/Tonne /73.5m in TM02-03
2003 (Spring)	5	1,085	11.77g/Tonne /3.0m in TM03-02	1.01g/Tonne /22.5m in TM03-03
2003 (Fall)	7	1,499	19.76g/Tonne /1.5m in TM03-11	0.62g/Tonne /12.0m in TM03-12
2004 (Winter)	10	2,601	304.0g/Tonne /3.0m in TM04-03	2.40g/Tonne /61.5m in TM04-09
2004 (Summer)	13	3,450	68.91g/Tonne /0.2m in TM04-19	1.93g/Tonne /37.5m in TM04-15
2004 (Fall)	13	3,418	41.35g/Tonne /1.5m in TM04-36	0.94g/Tonne /106.5m in TM04-31
2005 (Winter)	14	3,523	16.00g/Tonne /1.5m in TM05-38	0.77g/Tonne /21.0m in TM05-44
2007 (Summer)	8	1,661	58.20g/Tonne /1.5m in TM-07-56	0.59g/Tonne /21.0m in TM-07-56
Total	75	18,279

Mr. Thomas R. Pollock, P.Geo., ValGold's Vice-President, Exploration, is the Company's Qualified Person and is responsible for all technical reporting in compliance with NI 43-101. Mr. Pollock has instituted and is responsible for ValGold's program of Quality Control and Assurance, using assay control samples and duplicates. All sampled core taken by ValGold in relation to the Property was split in a secure facility either near or on the Property and delivered to an independent laboratory by a Company representative. The balance of the split core is stored at a secure site in on the Property.

For further information on ValGold and its portfolio of international exploration projects and joint ventures, visit the Company's website at www.valgold.com.

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