ValGold Provides Update and Announces Advance Notice Policy
Published : June 04, 2013
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Keywords :   Canada | Diamond | Gold | Market | Market Conditions | Report |

VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 4, 2013) - ValGold Resources Ltd. (News - Market indicators)(FRANKFURT:VR2) is pleased to provide the following Company Update. It also announces that its Board of Directors has approved an Advance Notice Policy (the "Policy") effective on June 3, 2013. The Policy will be presented for ratification by shareholders at the Company's Annual and Special General Meeting to be held on July 23, 2013.

COMPANY UPDATE

Throughout the past several months, the general market for resource issuers has been difficult. Trading volumes and share prices have seen unprecedented declines for most junior and many senior companies. ValGold, like many of its peers, has seen its shares decline to about 35% of the 12 month high price. In addition to impacting shareholders with substantial loss of financial value, investment funding has all but disappeared, causing many companies to make elections and choices based upon potential going concern issues.

Management at ValGold has undertaken several initiatives to address the problems brought on by the market malaise. Firstly, we have recaptured past expenditures and crystalized gains from our exploration successes at the Garrison gold property which was sold to Northern Gold Mining Inc. Through that deal, ValGold secured a substantial working capital and a future cash flow for its shareholders with which the Company may operate and seek new projects. In addition, unlike most exploration companies, ValGold has not issued any shares over the past 24 months while maintaining our mineral projects within Canada. To preserve capital, ValGold relocated its head office to a smaller, less costly space where the reduced staff has taken on additional duties such as combining accounting with corporate communications. Management has also committed to decreasing its overheads and believes that the next round of costs reduction could bring down annual overheads by cutting out certain directors' expenses, addressing management fees and sharing of facilities for greater cost efficiencies.

Respecting our Tower Mountain Gold Property in northwestern Ontario, ValGold is advancing through the process of permitting for the 2013-14 work programs. The focus of the next program will be on expanding the 31-Bench zone mineralization outlined during the previous drill program. In addition to Diamond drilling, ValGold is planning a re-interpretation of the geophysical data received in April 2012 to define potential expansion of the known U-V and 31-Bench gold zones and to complete an updated National Instrument 43-101 compliant report on the property.

ValGold's management is also committed to pursuing a proactive path where we act to take advantage of opportunities created by our market conditions. We have the means to find, evaluate and acquire projects that otherwise would be beyond our financial capacity. To this end, management has been actively exploring potential corporate and property transactions. We are confident that ValGold should be able to make one or more deals for assets that should positively influence its value and with proper communication to the market, might also win back an improving share price.

ADVANCE NOTICE POLICY

The Policy includes a requirement for advance notice to be given to the Company where nominations of persons for election to the Board are made by shareholders of the Company other than:

  1. nominations made by or at the direction of the Company's board or an authorized officer;
  2. pursuant to a requisition of a meeting made pursuant to the provisions of the Business Corporations Act (British Columbia) (the "Act"); or
  3. pursuant to a shareholder proposal made pursuant to the provisions of the Act.

The Policy also sets a deadline by which shareholders of record may submit director nominations to the Company prior to any annual or special meeting of shareholders. It also defines what information a shareholder must include in the notice to the Company and the proper written form in which the shareholder must submit the notice.

For an annual meeting of shareholders, the notice must be made to the Company not less than 30 days and not more than 65 days prior to the date of the annual meeting. However, in the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice may be made not later than the close of business on the tenth (10th) day following such public announcement.

In the case of a special meeting of shareholders (which is not also an annual meeting) notice to the Company must be made not later than the close of business on the fifteenth (15th) day following the day on which the first public announcement of the date of the special meeting was made.

The full text of the Policy is available under ValGold's profile on SEDAR at www.sedar.com.

APPOINTMENT OF OFFICER

The Company also announces the appointment of Rowena Everett as Corporate Secretary of the Company effective June 3, 2013.

ABOUT VALGOLD

Incorporated in 1987, ValGold is listed on Tier 1 of the TSX Venture Exchange under the symbol VAL. ValGold is an international mineral development company based in Vancouver, Canada. The Company's objective is to generate wealth for its stakeholders by seeking out, acquiring and advancing properties with recognizable but under-explored mineral resources.

ValGold's commitment is to realize value from significant mineral deposits which satisfy key criteria -

  • Mineral rights to extensive areas in prospective but non-traditional and under-explored regions.
  • Mineral exploration projects with potential for substantial development.
  • Projects that require experienced management with exploration, mining and financial expertise.

This news release includes "forward-looking information". All statements in this release, other than statements of historical facts, that address the private placement or mineral exploration programs contain forward-looking information and are based on a number of assumptions, including, but not limited to, that there will not be substantial changes to market conditions, regulatory requirements or costs associated with mineral exploration. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include changes the price of the company's shares, the costs of labor, equipment and other costs associated with exploration, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.

SEC 12g3-2(b): 82-3339

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

ValGold Resources Ltd.
Stephen J. Wilkinson
President & Chief Executive Officer
(604) 646-5895
or
ValGold Resources Ltd.
Cindy Chu
Investor Relations
(604) 646-5895
(604) 558-3471 (FAX)
info@valgold.com
www.valgold.com
Data and Statistics for these countries : Canada | All
Gold and Silver Prices for these countries : Canada | All

Valgold Resources ltd.

EXPLORATION STAGE
CODE : VAL.V
ISIN : CA9191472070
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Valgold Res. is a gold exploration company based in Canada.

Valgold Res. holds various exploration projects in Canada.

Its main exploration properties are TOWER MOUNTAIN, GARRISON and GARRISON - JONPOL / MONETA in Canada.

Valgold Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 4.8 millions as of today (US$ 3.7 millions, € 3.1 millions).

Its stock quote reached its highest recent level on June 06, 1997 at CA$ 9.50, and its lowest recent point on March 04, 2016 at CA$ 0.01.

Valgold Res. has 38 250 407 shares outstanding.

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Financings of Valgold Resources ltd.
5/4/2011Completes Non-Brokered Private Placement Financing
4/28/2011Announces Increase in Non-Brokered Financing
4/13/2011Reports $1.8 Million Non-Brokered Financing
7/25/2008Completes Non-Brokered Private Placement Financing
6/26/2008Announces Non-Brokered Private Placement Financing
Option Grants of Valgold Resources ltd.
4/8/2011(angl) Grant of 50,000 options to IR provider
5/14/2010Grants Stock Options and Reprices Consolidated Options
Nominations of Valgold Resources ltd.
1/16/2015Announces Appointment of New Director and Director Resignati...
6/22/2012Announces New Directors
Project news of Valgold Resources ltd.
1/23/2013(Tower Mountain)Revises Agreement on Tower Mountain Gold Property, Ontario
9/19/2012(Tower Mountain)and Revolver Enter Option Agreement to Advance Tower Mountai...
10/12/2011Releases MBK Project Media Coverage
9/22/2011to Acquire Past Producing Gold-Silver Mine and Surrounding R...
8/16/2011in Negotiations for a Property Acquisition in Central Europe
5/27/2011(Tower Mountain)Commences Phase 2 Drill Program on Tower Mountain Gold Prope...
5/16/2011(Garrison)and Northern Gold Close Garrison Property Sale
5/12/2011(Tower Mountain)Reports Further Assay Results from the Tower Mountain Gold P...
4/8/2011(Tower Mountain)Reports First Results of 2011 Drill Program on the Tower Mou...
4/7/2011(Garrison)Northern Gold and Valgold Announce Agreement to Consolidate ...
3/31/2011(Garrison)Reports Six Additional Drill Holes for Garrison Gold Project...
3/1/2011(Garrison)Reports Strong Wide Intersections At Garrison Gold Project, ...
2/24/2011(Garrison)Reports Metallurgical Tests Indicate High Gold Recoveries fo...
2/22/2011(Garrison)Reports Further Infill Drill Results at Garrison Gold Projec...
3/5/2010(Garrison)Reports Final Results Of 2009 Drilling On Garrison Project, ...
2/23/2010(Garrison)Reports Additional Drill Results For The Garrcon Area, Garri...
1/29/2010(Garrison)& Northern Gold Issue Update on Drilling on Garrison Project...
9/15/2009(Garrison - Jonpol / Moneta)& Northern Gold Sign Option Agreement On Garrison Gold Prope...
8/25/2008(Tower Mountain)Completes Acquisition of Tower Mountain Property
5/21/2008(Garrison - Jonpol / Moneta) Files Technical Report For Its Garrison Gold Property, Onta...
4/8/2008(Garrison - Jonpol / Moneta) Reports Initial Resource Estimate For Its Garrison Gold Pro...
3/19/2008(Los Patos) Receives Positive Initial Gold Mineral Resource Estimate Fo...
Corporate news of Valgold Resources ltd.
1/16/2015ValGold Announces Appointment of New Director and Director R...
12/4/2014ValGold closes secured convertible financing
11/12/2014ValGold Arranges Non-Brokered Secured Convertible Financing
7/24/2013Announces Annual General & Special Meeting Results
6/5/2013Provides Update And Announces Advance Notice Policy
9/24/2012Grants Stock Options
8/7/2012has Relocated!
1/26/2012Raises Funds for Ukraine Venture from Partial Disposal of No...
11/30/2011Launches its New Corporate Website
7/25/2011(Tower Mountain)Announces Additional Positive Drill Results from the Tower M...
6/22/2011(Tower Mountain)Announces Further Positive Drill Results from the Tower Moun...
4/8/2011Reports On Annual General Meeting; Appointment Of Investor R...
4/22/2010Shareholder Update April 2010
4/13/2010Completes Oversubscribed Financing
3/3/2010Completes Restructuring And Subscription Receipts Offering
2/4/2010Reports On Annual And Special Meeting
1/28/2009Status Report
1/7/2009Default Status Report
5/28/2008for our Shareholder's and Supporters
3/31/2008Defines Gold Targets In NW Guyana
3/17/2008 Discovers New Copper/Nickel/Platinum/Palladium Target In Gu...
1/9/2008 Hiring
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