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Valgold Resources ltd.

Publié le 15 septembre 2009

& Northern Gold Sign Option Agreement On Garrison Gold Property

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Mots clés associés :   Canada |
Monday, September 14, 2009 www.valgold.com
Ticker Symbol: VAL - TSX Venture Exchange
FWB: VR2
SEC 12g3-2(b) exemption 82-3339

Valgold & Northern Gold Sign Option Agreement On Garrison Gold Property

ValGold Resources Ltd. ("ValGold") is pleased to report that it has entered into an Option Agreement with Northern Gold Mining Inc. ("Northern Gold") to acquire an interest in ValGold's 100%-owned Garrison gold property.

Under the terms of the agreement, Northern Gold may acquire an initial 50 percent undivided interest in the Property by making cash payments to ValGold of $1,000,000 over four years, with all or part of the payments being made in Northern Gold stock at Northern Gold's option, using a 20-day value weighted average price subject to regulatory approval. To earn the 50 percent interest Northern Gold must also complete work on the property in the amount of $4,000,000 over four years, with $500,000 being spent on the property in the first year of the agreement and not less than $750,000 to be expended in each of the subsequent years. After earning the initial 50 percent interest, Northern Gold may increase its interest to 80 percent by making additional cash payments of $1,000,000 over four years with all or part of the payments being made in Northern Gold stock equivalent, priced using a 20-day value weighted average price and completing additional work on the property in the amount of $4,000,000 over four years.

Garrison Project Summary

The Garrison Gold Property is located 40 kilometres (km) north of the Town of Kirkland Lake, 100 km east of Timmins and 8 km west of and on strike with St. Andrew Goldfields' Holloway and Holt-McDermott gold mines. Access to the Property is by Ontario highway 101 that runs along the north boundary of the Property. The mining leases cover approximately 3km of the famous Porcupine-Destor Fault ("PDF") and a major splay, the Munro Fault Zone ("MFZ") located in the Abitibi Greenstone Belt which, as of 2008, has reportedly produced approximately over 150 million ounces of gold or about 70% of all gold produced in Canada.

The gold mineralization on the Property occurs as sulphide-rich bodies within the two major fault zones, and within the intervening Timiskaming sediments associated with quartz-pyrite vein stockworks. Sulphide mineralization within the MFZ forms a series of five high-grade shoots that occur near the footwall of the fault. Previous operators completed a total of 199 drill holes focusing primarily on gold zones over the 1.7 km long strike length of the MFZ and to a depth of 300m (1,000 ft). The individual mineralized shoots are estimated to be up to 300m (1,000 ft) in strike length, average 3.35m (11 ft) in thickness and contain gold associated with albite, sericite and pyrite alteration. An advanced underground exploration program was initiated on the J.P. gold zone in October 1995. The underground development included a 12 x 14-foot, 18-20-degree decline excavated to the 476-level.

Since acquiring the property in 2005, ValGold has drilled a further 74 holes for 32,012m of core of which most were directed at the sulphide gold zones. Following the drilling campaigns, a NI 43-101 technical report was completed where resources were identified for the main sulphide zones. The Indicated and Inferred Resources from the report estimate focused on four, laterally contiguous mineralized zones along the MFZ which is a splay from the regional PDF.

Zone

Indicated Resource

Inferred Resource

Tonnes

Au g/T

Ounces

Tonnes

Au g/T

Ounces

JP Zone

236,100

7.69

58,380

812,400

4.66

121,750

JD Zone

 

 

 

168,000

7.37

39,830

RP Zone

12,100

10.91

4,260

124,300

5.05

20,170

East Zone

4,900

3.58

560

451,100

4.47

64,790

TOTALS

253,100

7.77

63,200

1,555,800

4.93

246,540



Furthermore, the technical report also recommends that a study of the Garrcon Zone be completed to layout a program and budget to test the potential for a bulk tonnage, open-pit operation. It is suggested by the author of the report that the Garrcon Zone which occurs approximately 1,000 metres east of the above resource area has the potential to host a bulk tonnage target of up to 30 million tonnes ranging in grade from 1 to 3 g/T Au.

For more information on ValGold and its portfolio of international projects, visit our website at www.valgold.com.

Stephen J. Wilkinson
President & Chief Executive Officer


For further information please contact:
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.

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 forward-looking 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.

 
<
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

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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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
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08/04/2011(angl) Grant of 50,000 options to IR provider
14/05/2010Grants Stock Options and Reprices Consolidated Options
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16/01/2015Announces Appointment of New Director and Director Resignati...
22/06/2012Announces New Directors
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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
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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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