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ValGold Commences Phase 2 Drill Program on Tower Mountain Gold Property, NW Ontario
Published : May 27, 2011
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Mots clés associés :   Canada | Copper |

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 27, 2011) - ValGold Resources Ltd. (News - Market indicators) ("ValGold" or the "Company") is pleased to announce that a Phase 2 drill program of 2,500 meters ("m") is now under way on the 100%-owned Tower Mountain Gold Property. This program is designed to provide additional data and to better determine the dimensions of the wide intersection of low-grade gold mineralization encountered on the 31-Bench Zone, in Phase 1 of the 2011 drill program.

The Phase 2 program will include two core holes targeting the near-surface and down-dip extension of the wide, low-grade gold mineralization beneath drill hole TM-11-64. Additional holes will then target the south-westerly extension of this wide gold zone. The eight holes (TM-11-64 to 71) from the Phase 1 program provided good widths and highly encouraging values of 0.779 g/t Au over widths of 28.5m, 0.982 g/t Au over 87.0m and 0.535 g/t Au over 84.0m, respectively (see May 11, 2011 announcement).

The 31-Bench Zone comprises the former B-, C-, and D-Zones, located approximately 800m southeast of the UV Zone where ValGold reported a NI 43-101 compliant inferred resource of 151,000 ounces (SEDAR March 6, 2006).

Stephen Wilkinson, President and CEO of ValGold, commented, "Mineralization at Tower Mountain to date demonstrates the potential for hosting broad, near-surface gold zones that could be amenable to an open-pit, bulk mining operation. We anticipate that the Phase 2 drill program will further strengthen our confidence in the viability of the Tower Mountain gold project."

Please see the news releases on April 8, 2011 and May 11, 2011 for results of Phase I drilling on the Tower Mountain Project.

The Tower Mountain Project

The Tower Mountain Property (ValGold 100%) is located approximately 40km west of Thunder Bay, in North West Ontario. It is underlain by Archean-age volcanic and sedimentary rocks with a syenitic intrusive complex being an important focal point for the widespread gold (and copper) mineralization. The exploration targets are large low-grade bulk mineable deposits, several zones of interest being discovered in earlier drill campaigns. Thus far in 2011, ValGold has drilled the 31-Bench Zone (0.982 g/t Au over 87.0m), 04-36 Zone (1.136 g/t Au over 16.5m), the 04-9 Zone (0.54 g/t Au over 18.0m) and the UV Zone (0.815 g/t Au over 73.5m), the latter of which contains the NI 43-101 compliant inferred resource of 151,000 ounces within 7.15 million tonnes (see ValGold's Technical Report filed on SEDAR, March 6, 2006).

About ValGold

Incorporated in 1987, ValGold is listed on Tier 1 of the TSX Venture Exchange under the symbol VAL. ValGold is an international mineral development company based in Vancouver, Canada. The Company's objective is to generate wealth for its stakeholders by seeking out, acquiring and advancing properties with recognizable but under-explored mineral resources.

ValGold's commitment is to realize value from significant mineral deposits which satisfy key criteria:

  • Mineral rights to extensive areas in prospective but non-traditional and under-explored regions.
  • Mineral exploration projects with potential for substantial development.
  • Projects that require experienced management with exploration, mining and financial expertise.

ValGold recently exchanged its interest in the Garrison gold project for 16 million shares in Northern Gold Mining Inc. (with a market value of $8 million) plus $650,000 in cash and a 2% Net Smelter Royalty. The cash and marketable securities received through this transaction greatly benefit ValGold's working capital position and enhance the exploration and development plans for ValGold's existing and future properties.

Robert Chataway, P.Geo, the qualified person for ValGold, has reviewed the accuracy of the technical portion of the news release.

For more information on ValGold's Canadian and international gold projects, please visit our website at www.valgold.com.

Stephen J. Wilkinson, President & Chief Executive Officer

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.

SEC 12g3-2(b):  82-3339

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.

ValGold Resources Ltd.
Cindy Chu
Investor Relations
(604) 687-4622
(604) 687-4212 (FAX)
info@valgold.com
www.valgold.com
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
Suivi et investissement
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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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