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Valgold Resources ltd.

Publié le 29 janvier 2010

& Northern Gold Issue Update on Drilling on Garrison Project and Correction to Previous News

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Wednesday, January 27, 2010 www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
FWB: VR2
SEC 12g3-2(b) exemption 82-3339

Valgold & Northern Gold Issue Update on Drilling on Garrison Project and Correction to Previous News

ValGold Resources Ltd. ("ValGold") (TSX-V: VAL) and Northern Gold Mining Inc. ("Northern Gold") (TSX-V: NGM) are pleased to announce the second round of drill results for the 2009 program on ValGold's 100%-owned Garrison property.

On January 25th 2010, Northern Gold reported that second round of assays have been received for the third to fifth of eleven holes drilled. It was further reported that with multiple occurrences of visible gold were observed in each of these holes. GAR-09-03, GAR-09-04, and GAR-09-05 were designed to test the Shaft sub-zone. Hole GAR-09-03 was drilled south and collared 100 m east of the Garrcon shaft. This drill hole finished in the historical mine workings on the 73 m level, with several flecks of visible gold noted 1 m from the wall of the workings. GAR-09-04 was drilled south and collared 15 m east of the Garrcon shaft with multiple occurrences of visible gold also noted in the shaft zones. GAR-09-05 was drilled south and stepped out 30 m east of drill hole GAR-09-04 and 45 m east of the Garrcon shaft.

Northern Gold has provided the following highlights of significant assays from the reported drill holes:

HOLE ID FROM TO WIDTH (1) ZONE GRADE
  (m) (m) (m)   (g/T)(2)
GAR-09-03 26.0 60.0 34.0 Shaft Zones 1.05 *VG (3)
including 41.5 42.0 0.5 Shaft B 6.39 *VG
and 54.0 60.0 6.0 Shaft B 2.01 * VG
  76.5 78.8 2.3 Shaft C 1.33 * VG
GAR-09-04 29.0 37.5 8.5 Shaft a 1.19 * VG
  44.0 50.0 6.0 Shaft A 1.12 *VG
  76.5 179.0 102.5 Shaft B + C 1.38 *VG
including 113.0 115.0 2.0 Shaft B 12.33 *VG
and 147.0 179.0 32.0 Shaft C 2.25 *VG
including 147.0 148.2 1.2 Shaft C 19.59 *VG
and 151.0 151.7 0.7 Shaft C 17.99 *VG
and 159.0 159.7 0.7 Shaft C 9.20 *VG
GAR-09-05 20.0 103.0 83.0 Shaft A + B 1.00 *VG
iIncluding 57.0 63.0 6.0 Shaft A 3.38
and 101.0 102.0 1.0 Shaft B 10.22
  127.0 128.5 1.5 Shaft C 7.25
  207.0 213.0 6.0   1.50 *VG

(1) All widths are downhole thickness
(2) g/T is grams of gold per tonne
(3) Visible gold observed in the interval

The 2009 drill program commenced on October 26 and was reported to be completed on December 11 in a news release by Northern Gold dated December 28th. The program was focused on confirming gold mineralization at the Garrcon shaft area within the North, Shaft and South zones. During 2009 eleven diamond drill holes totaling 2,333 metres were completed so that since ValGold acquired the property in July 2005 the total number of holes drilled is 83 with a total accumulated length of 34,345 metres. Northern Gold also reported that the remainder of the assays from the 2009 drill program to be available for release over the next 4 to 8 weeks.

CORRECTION TO PREVIOUS NEWS RELEASES

In its previous two news releases, Northern Gold erred in its wording over the description of the Garrison Property. It indicated both directly and indirectly that the Garrison was its property rather than 100% owned by ValGold. This wording was made in error and Northern Gold apologises for any confusion or inaccuracy that it may have caused. To be clear, Northern Gold is the current project operator and is in the first year of an option agreement under which it is earning its initial 50% interest in the Garrison property from ValGold by making $4 million in exploration expenditures and paying ValGold $1 million in option payments within the next four years.

For further information please contact:

ValGold Resources Ltd.
Stephen J. Wilkinson
President and CEO
Tel: (604) 687-4622
Fax: (604) 687-4212
Email: info@valgold.com
Web site: www.valgold.com

Northern Gold Mining Inc.
Martin R. Shefsky
President and CEO
Tel: (416) 366-7300
Mobile: (647) 269-7300
Fax: (416) 366-7301
Email: mshefsky@northerngold.ca
Web site: www.northerngold.ca

No regulatory authority has approved or disapproved the information contained in this news release.

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forwardlooking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

 

Valgold Resources ltd.

EXPLORATEUR
CODE : VAL.V
ISIN : CA9191472070
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Valgold Res. est une société d’exploration minière d'or basée au Canada.

Valgold Res. détient divers projets d'exploration au Canada.

Ses principaux projets en exploration sont TOWER MOUNTAIN, GARRISON et GARRISON - JONPOL / MONETA au Canada.

Valgold Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 4,8 millions CA$ (3,7 millions US$, 3,1 millions €).

La valeur de son action a atteint son plus haut niveau récent le 06 juin 1997 à 9,50 CA$, et son plus bas niveau récent le 04 mars 2016 à 0,01 CA$.

Valgold Res. possède 38 250 407 actions en circulation.

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