Valgold Resources ltd.

Published : February 24th, 2011

Reports Metallurgical Tests Indicate High Gold Recoveries for Garrcon Deposit Mineralization

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Valgold Reports Metallurgical Tests Indicate High Gold Recoveries for Garrcon Deposit Mineralization

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

http://www.valgold.com/i/misc/2011-02-24_NR-1-sm.jpg

Figure 2 -- Sample B -- Comparison of overall flow sheet recoveries

http://www.valgold.com/i/misc/2011-02-24_NR-2-sm.jpg

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.

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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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