VANGOLD RESOURCES LTD. TSX-V:VAN
NEWS RELEASE
VANGOLD RECEIVES REPAYMENT OF LOAN FROM NEW GUINEA GOLD
CORP.
February 22, 2008 - Vancouver, British Columbia - Vangold
Resources Ltd ("Vangold?) is pleased to report that New Guinea Gold Corp.
(?NGG?) has repaid the $2M loan, announced on February 1, 2008, with interest
calculated at a rate of 5% per annum.
The loan was outstanding for 33 days. Furthermore, as announced by the
TSX Venture Exchange on February 20, 2008, it has accepted for filing the
issuance of the 400,000 bonus shares and 400,000 bonus warrants of NGG to
Vangold. The bonus warrants are
exercisable for two years at $0.60.
The shares and warrants are subject to a one year hold
period.
Mr. Dal Brynelsen, Vangold?s CEO and
President commented: ?We are very pleased that Vangold was able
to assist NGG with the bridge loan to enable the completion of the Coppermoly
prospectus which raised AU$8M for exploration on its copper/moly/gold
deposits. While NGG was in a
position to fund Coppermoly it was the decision of NGG management that those
funds be held in reserve for its Sinivit project pending the upcoming warrant
exercise.?
Vangold holds directly 1,000,000 shares in
Coppermoly and a further 5,263,158 indirectly through it?s shareholding in
Pacific Kanon Gold Corp.
Mr. Brynelsen further commented: ?The vast experience of NGG?s technical
staff in exploration in Papua New Guinea, combined with the previous historic
drill results gives us a superior level of confidence in the exploration success
at Mt. Nakru and Simuku. Water
access and a good road network overcome many of the challenges normally
encountered in this area of the world.
With existing drill equipment and manpower the Coppermoly exploration
team is planning a very fast startup.?
To find out more about Vangold Resources Ltd.
please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by
email brynelsen@vangold.ca.
On Behalf of the Board of
VANGOLD RESOURCES LTD.
?Dal
Brynelsen?
Dal Brynelsen, President and
CEO
The TSX Venture
Exchange has not reviewed and does not accept responsibility for the adequacy or
accuracy of the content of this news release. The statements made in this News Release
may contain certain forward-looking statements. Actual events or results may differ from
the Company?s expectations. Certain
risk factors may also affect the actual results achieved by the
Company.