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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
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:

  (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.


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.

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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Financements de Valgold Resources ltd.
04/05/2011Completes Non-Brokered Private Placement Financing
28/04/2011Announces Increase in Non-Brokered Financing
13/04/2011Reports $1.8 Million Non-Brokered Financing
25/07/2008Completes Non-Brokered Private Placement Financing
26/06/2008Announces Non-Brokered Private Placement Financing
Attributions d'options de Valgold Resources ltd.
08/04/2011(angl) Grant of 50,000 options to IR provider
14/05/2010Grants Stock Options and Reprices Consolidated Options
Nominations de Valgold Resources ltd.
16/01/2015Announces Appointment of New Director and Director Resignati...
22/06/2012Announces New Directors
Projets de Valgold Resources ltd.
23/01/2013(Tower Mountain)Revises Agreement on Tower Mountain Gold Property, Ontario
19/09/2012(Tower Mountain)and Revolver Enter Option Agreement to Advance Tower Mountai...
12/10/2011Releases MBK Project Media Coverage
22/09/2011to Acquire Past Producing Gold-Silver Mine and Surrounding R...
16/08/2011in Negotiations for a Property Acquisition in Central Europe
27/05/2011(Tower Mountain)Commences Phase 2 Drill Program on Tower Mountain Gold Prope...
16/05/2011(Garrison)and Northern Gold Close Garrison Property Sale
12/05/2011(Tower Mountain)Reports Further Assay Results from the Tower Mountain Gold P...
08/04/2011(Tower Mountain)Reports First Results of 2011 Drill Program on the Tower Mou...
07/04/2011(Garrison)Northern Gold and Valgold Announce Agreement to Consolidate ...
31/03/2011(Garrison)Reports Six Additional Drill Holes for Garrison Gold Project...
01/03/2011(Garrison)Reports Strong Wide Intersections At Garrison Gold Project, ...
24/02/2011(Garrison)Reports Metallurgical Tests Indicate High Gold Recoveries fo...
22/02/2011(Garrison)Reports Further Infill Drill Results at Garrison Gold Projec...
05/03/2010(Garrison)Reports Final Results Of 2009 Drilling On Garrison Project, ...
23/02/2010(Garrison)Reports Additional Drill Results For The Garrcon Area, Garri...
29/01/2010(Garrison)& Northern Gold Issue Update on Drilling on Garrison Project...
15/09/2009(Garrison - Jonpol / Moneta)& Northern Gold Sign Option Agreement On Garrison Gold Prope...
25/08/2008(Tower Mountain)Completes Acquisition of Tower Mountain Property
21/05/2008(Garrison - Jonpol / Moneta) Files Technical Report For Its Garrison Gold Property, Onta...
08/04/2008(Garrison - Jonpol / Moneta) Reports Initial Resource Estimate For Its Garrison Gold Pro...
19/03/2008(Los Patos) Receives Positive Initial Gold Mineral Resource Estimate Fo...
Communiqués de Presse de Valgold Resources ltd.
16/01/2015ValGold Announces Appointment of New Director and Director R...
04/12/2014ValGold closes secured convertible financing
12/11/2014ValGold Arranges Non-Brokered Secured Convertible Financing
24/07/2013Announces Annual General & Special Meeting Results
05/06/2013Provides Update And Announces Advance Notice Policy
24/09/2012Grants Stock Options
07/08/2012has Relocated!
26/01/2012Raises Funds for Ukraine Venture from Partial Disposal of No...
30/11/2011Launches its New Corporate Website
25/07/2011(Tower Mountain)Announces Additional Positive Drill Results from the Tower M...
22/06/2011(Tower Mountain)Announces Further Positive Drill Results from the Tower Moun...
08/04/2011Reports On Annual General Meeting; Appointment Of Investor R...
22/04/2010Shareholder Update April 2010
13/04/2010Completes Oversubscribed Financing
03/03/2010Completes Restructuring And Subscription Receipts Offering
04/02/2010Reports On Annual And Special Meeting
28/01/2009Status Report
07/01/2009Default Status Report
28/05/2008for our Shareholder's and Supporters
31/03/2008Defines Gold Targets In NW Guyana
17/03/2008 Discovers New Copper/Nickel/Platinum/Palladium Target In Gu...
09/01/2008 Hiring
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