Vancouver, BC -- ValGold Resources Limited ("ValGold"
or "the Company") is pleased to report that a Scoping Level
metallurgical test program has been completed by SGS Minerals Services of
Lakefield, Ontario ("SGS") on two composite samples of drill core
supplied from the current diamond drilling program on the Garrcon
Deposit at ValGold's 100% owned Garrison Gold
Property. Northern Gold Mining Inc. (NGM-TSXV, -"Northern Gold") as
project operator is in the second year of an option agreement to earn an
interest in the Garrison gold property from ValGold.
(See ValGold news release dated September 23,
2010). Figures 1 & 2 graphically illustrate the recoveries obtained using
the various mill process flow sheets which tested combinations of gravity
separation, gravity tailing flotation, flotation concentrate cyanidation, whole ore cyanidation
and whole ore flotation. Based on this test work, SGS confirmed the free
milling nature of the gold mineralization and determined that a combination
of gravity concentration and cyanidation or simply cyanidation of the whole ore produced the best overall
gold recoveries.
Northern Gold commissioned SGS to complete the Scoping Level metallurgical
test work utilizing the six different flow sheet options for the recovery of
gold. Two samples were submitted to SGS. Sample A consisted of 60 kilograms
of 1 meter long, � core samples from five (5) different holes in the Shaft
Zone area of the deposit and the average assayed head grade was 1.17 g/t.
Sample B consisted of 60 kilograms of 1 meter long, � core samples from five
(5) different holes in the North Zone mineralization and the average assayed
head grade was 2.52 g/t. The test program included a number of standard gold
processing options including gravity separation, cyanidation,
and flotation, separately and in various combinations. Figures 1 & 2
indicate that a combination of gravity recovery plus cyanidation
of the gravity tails and cyanidation of the whole
ore achieved the best recoveries, exceeding 97% for all four tests. There are
no other metals with a concentration high enough to be significant. The test
work also indicates that the mineralization does not present environmental
problems as no deleterious elements were present. Concentrations of silver,
lead, and zinc are all reported to be less than 55 ppm.
In a news release dated February 24, 2011, Northern Gold reported that this
metallurgical test work demonstrated the potential for excellent gold
recoveries and confirmed the free milling nature of the Garrcon
gold mineralization. Northern Gold reiterated their view that the Garrcon Gold Deposit has strong potential to become a
large open pit bulk mineable operation. Northern Gold also stated that the
results of this test work will be incorporated into the Preliminary Economic
Assessment (PEA) being completed in conjunction with the updated resource
calculation expected to be completed by the end of this quarter. The
combination of the updated resource calculation and the PEA may be expected
to demonstrate the significant potential seen by Northern Gold for the Garrcon Gold Deposit.
Figure 1 -- Sample A -- Comparison of overall flow sheet recoveries
Figure 2 -- Sample B -- Comparison of overall flow sheet recoveries
For more information on ValGold's Canadian gold
projects (Tower Mountain and Garrison) and its international projects, please
visit our website at www.valgold.com.
Stephen J.
Wilkinson
President and Chief Executive Officer
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
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.
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.