Valgold Resources ltd.

Published : March 19th, 2008

Receives Positive Initial Gold Mineral Resource Estimate For The Los Patos Discovery

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Keywords :   Diamond | Gold | Gold Discovery | Market | Recovery |
Wednesday, March 19, 2008www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
SEC 12g3-2(b) exemption 82-3339

Valgold Receives Positive Initial Gold Mineral
Resource Estimate For The Los Patos Discovery

Vancouver, March 19, 2008, ValGold Resources Ltd. ("ValGold" or the "Company") is pleased to announce that it has received the initial NI 43-101 mineral resource estimate prepared by Micon International for its 100%-owned Los Patos gold deposit.

"ValGold's Los Patos gold discovery is the first to be tested of eight high-priority targets on the 6½ km long Los Chivos shear zone," commented President and CEO, Stephen Wilkinson, "and it is quite possible that ValGold is on the leading edge of a significant new mining development. It is important to point out that the modest gold resource is hosted within the Los Patos alteration zone, which is far from being fully delineated and remains open both along strike and to depth."

As part of the preparation of its resource report, Micon constructed a grade-block model for the mineralization found at Los Patos and completed its estimate of the proportion of the mineralization that could be contained within the outline of a potential open pit. The data for the block model and open pit was derived from 6 surface trenches, 28 Diamond drill holes completed by ValGold and 8 drill holes drilled by Gold Fields in the 1990s.

The outline of the potential open pit shell was constructed initially using a base case gold price of US$650 per ounce, being the approximate trailing average gold price for the last 24 months. The other open pit parameters are summarized in Table 1. In addition, a series of potential open pit shells were calculated to test for sensitivities to gold prices utilizing a range of prices from US$450 per ounce up to US$925 per ounce. The base case pit shell is the defining measure for the mineral resource estimate and shows a compliant Indicated Mineral Resource of 1.1 million tonnes grading 2.94 g/T Au containing approximately 105,000 ounces. (See Table 2) There are Inferred Mineral Resources in the saprolite above the Indicated ounces consisting of 126,000 tonnes grading 1.19 g/T Au containing approximately 4,800 ounces. In addition, mineralized material is known through drilling below the base case pit shell, intersected by the 11 deepest 2007 drill holes. Table 3 is a comparison of the estimated tonnages and grades contained within the various potential open pit shells for each gold price.

ValGold anticipates that the full NI 43-101 report on the main zone of the Los Patos gold deposit should be received before the end of April 2008. Following that the Company is planning to resume its exploration work with Diamond drilling to expand the limits of the Los Patos in addition to testing the other high priority gold targets along the highly prospective Los Chivos shear zone. The drilling will be undertaken in tranches of approximately 5,000m and will be ongoing into 2009.

Figure 1. Three-Dimensional View Showing the Solid Model of the Rock-Hosted (yellow) and Saprolite-Hosted (purple) Gold Mineralization, Los Patos Project.



Table 1. Conceptual Open Pit Parameters, Los Patos Project

Item

Value

Gold Price

$US650/oz

Exchange Rate (CAD/USD)

1.10

Cut-off grade

0.5 g/t Au

Metallurgical Recovery 1

Oxide: 93%
Fresh: 89%

Inter-ramp angles 1

Oxide: 43˚
Fresh: 52˚

Density 1

Oxide: 1.8
Fresh: 2.8

Operating Cost -- Mining 1

$USD2.00

Operating Cost -- Milling 1

$USD6.00

Operating Cost -- G&A 1

$USD3.00

1 Note: Input parameters are notional only for the purposes of outlining a potential open pit shell. Further work will be required to confirm the assumptions stated.


Table 2. Classified Mineral Resources for the Base Case Pit Shell

US$650/oz Pit Shell (Base Case)

Material

Tonnes

Au Grade
(g/T)

Contained
Ounces Au

Indicated (Fresh Rock)

1,106,900

2.94

104,639

Inferred (Saprolite)

126,000

1.19

4,821

Total

1,232,900

2.76

109,415


Los Patos Project Summary

Los Patos is the main gold occurrence discovered to date, situated within ValGold's Increible concessions located in the El Callao Mining District. The Increible concessions - 1, 3 and 5 cover an area totaling approximately 150 km2 and contain several gold occurrences, most of which have seen minimal past exploration work. The Los Patos occurrence is hosted within highly sheared volcanic rocks along the Los Chivos Shear Zone, a major regional structure that has been traced across the entire breadth of the Company's Increible 3 concession for a distance of 6.5 km.

During the summer of 2007, ValGold drilled 35 core holes on the Los Patos occurrence and its satellite zones. The drilling outlined a mineralized zone having a minimum strike length of 160 metres ("m") traceable down plunge for 280m. The average true width of the Los Patos zone is estimated to be in the order of 19.5m (64 ft). The Los Patos mineralization appears to be continuous from surface downwards and remains open in all directions. A second drill program is planned for 2008 to expand the Los Patos mineralization and to drill test the other gold occurrences along the Los Chivos Shear Zone.

Mr. Tom Pollock, P.Geo., ValGold's Vice-President, Exploration, is the Qualified Person for the project, and is responsible for all of the technical reporting in compliance with NI 43-101. Mr. Pollock has instituted and is responsible for ValGold's program of Quality Control and Assurance ("QC/QA"), using assay control samples and duplicates.

For further information on this property, our Company and its portfolio of international exploration projects and joint ventures, visit our website at www.valgold.com.

Stephen J. Wilkinson
President & Chief Executive Officer

Jeff Stuart
Investor Relations
ValGold Resources Ltd.

Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com


No regulatory authority has approved or disapproved the information contained in this news release. This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements 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 statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and 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 those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.valgold.com.


Table 3. Comparison of Estimated Tonnages and Grades by Open Pit Shell, Los Patos

Material

Tonnes

Au Grade (g/T)

Contained Ounces Au

US$450/oz Pit Shell

Fresh Rock

756,900

3.22

78,367

Saprolite

99,900

1.32

4,420

Total

856,800

3.00

82,650

US$550/oz Pit Shell

Fresh Rock

1,008,900

3.09

100,241

Saprolite

114,300

1.25

4,594

Total

1,1123,200

2.90

104,736

US$650/oz Pit Shell (Base Case)

Fresh Rock

1,106,900

2.94

104,639

Saprolite

126,000

1.19

4,821

Total

1,232,900

2.76

109,415

US$750/oz Pit Shell

Fresh Rock

1,237,100

2.83

112,572

Saprolite

135,000

1.14

4,949

Total

1,372,100

2.67

117,798

US$850/oz Pit Shell

Fresh Rock

1,286,100

2.75

113,723

Saprolite

137,700

1.13

5,003

Total

1,423,800

2.60

119,032

US$925/oz Pit Shell

Fresh Rock

1,389,700

2.77

123,777

Saprolite

141,300

1.11

5,043

Total

1,531,000

2.61

128,486


 

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
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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
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3/5/2010(Garrison)Reports Final Results Of 2009 Drilling On Garrison Project, ...
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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
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1/9/2008 Hiring
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