NEWS RELEASE

TECHNICAL REPORT FILED ON MT PENCK PROPERTY

Vancouver 23^rd July 2007.  New Guinea Gold Corporation (NGG:TSX-V) (?NGG?) and Vangold Resources Ltd. (Van: TSX ? V) (?Vangold?) (collectively the ?Companies?) have recently filed on SEDAR,  technical reports on four properties owned by Kanon Resources Ltd (?KRL?). KRL is currently owned 50% NGG and 50% Vangold.

The Companies have today filed on SEDAR a final KRL technical report on key gold property, Mt Penck. Up to date technical reports have now been filed on five KRL properties and posted to Company websites (www.newguineagold.ca and www.vangold.ca).

The companies have recently announced a corporate restructuring whereby, a separate company, Pacific Kanon Gold Corp. (?Kanon?), will acquire all the shares of Kanon Resources Limited (?KRL?), from NGG and Vangold. Further details of the restructuring including details of retained equity in and of the financing for, Kanon, are expected to be announced in the near future. The restructuring is effectively an alternate method of financing five of the properties owned by Kanon  (the ?Properties?) rather than issuing further shares in the parent  companies.

Bob McNeil, Chairman and CEO of NGG and Dal Byrnelsen, President and CEO of Vangold commented:  ?The Mt Penck property is the key property at present in the KRL and ultimately the Kanon portfolios and a major exploration program to define a NI 43-101 resource will re-commence as soon as financing arrangements are completed.  We would also like to remind shareholders that very high grade gold results were recently announced in a hand dug trench in a previously relatively unexplored part of Mt Penck property.  This trench, which is partly along strike of the mineralised zone returned 24m at 34g/t gold including a 3m interval which averaged 180g/t gold.  Mt Penck is a very exciting property?.

The Technical  Reports were jointly prepared by Ralph Stagg, BSc. MSc. FAusIMM, MIMMM, CE, and Peter Swiridiuk BSc. (Hons), Dip Ed. MAIG, Independent Qualified Persons for the purposes of NI 43-101. The Independent Qualified Persons recommend exploration programs for the project and express the opinion that the properties are of sufficient merit to justify the proposed investment in exploration.

SUMARY DESCRIPTION OF THE PROPERTY

Mt Penck Gold Project  (KRL 80%, NGG 20%)

The Mt Penck property is in West New Britain Province, Papua New Guinea.  It is relatively accessible being situated within a few kilometers of the north coast of New Britain.  The property is owned 20% by New Guinea Gold and 80% by KRL.

The project is summarized below:

?        Epithermal gold system within an eroded stratovolcano

• Drilling with the objective to define a resource will recommence later in 2007.
• Several zones of mineralisation defined, all open in most directions.
• Drill intercepts in 2005 of 72m of 1.79g/t gold, 14m of 2.82g/t gold, 2m of 36.7g/t gold, 6m of 3.67g/t gold.
• Bulldozer trench intercepts in 2004/05 of: 18m of 3.7g/t gold, 8m of 7.72g/t gold, 18m of 1.72g/t gold, 3m of 16.32g/t gold, and 13m of 2.65g/t gold.
• Large areas of geochemical anomalous gold in soils define additional prospects.
• Recent hand dug trench of 24m at 34g/t gold.

The Mt Penck Property is the principle property of KRL and Kanon and after the proposed financing, exploration will be considerably enhanced.

The Mt Penck hydrothermal system is located within the eroded, dissected edifice of a Plio-Pleistocene strata-volcano (Mt Penck volcano), which is defined by an irregular magnetic high with approximate dimensions of 5.0km by 3.8km, elongated north-west, south-east.  The area is transected by west, northwest trending, possibly deep-seated, structures of the Kulu-Fulleborn Trend.  Less prominent northwest trending structures are also present.  The tenement area is underlain by a volcanic sequence consisting of andesitic to dacitic pyroclastics and lavas and epiclastic sediments.  Minor calcareous mudstone is also present.  The eroded spines of Mt Penck and Mt Karouk represent high-level hypabyssal intrusives of the central vent association.

Mineralisation on the Mt Penck Property is associated with the emplacement of a presumed Plio-Pleistocene intrusive(s) into sub-volcanic levels of the Mt Penck volcano.  A combination of both structure and contrasting host rock permeability appear to have controlled fluid flow in the carapace of the intrusive.  Units of hornblende porphyry lava have, in response to strain, brittle-fractured forming an open stockwork receptive to haematite-quartz-gold mineralisation. By contrast, epiclastic rocks have behaved in a ductile manner, absorbing strain with little or no development of brittle fracturing.  Such rocks, with their inherent primary porosity, have absorbed fluids and they commonly host pervasive argillic (illite-smectite-pyrite) alteration.  With few loci for mineral deposition, epiclastic rocks are host to only weak, low grade (generally <0.5g/t gold mineralisation.

Several gold prospects are known within an area of approximately 1.5km x 0.9km, including Kavola East-Uit Creek, Central Zone, Koibua, Peni Creek, Peni Creek South and Kavola South. The prospects are located within or peripheral to a central zone of intense phyllic alteration that is coincident with clearly defined geophysical anomalies comprising a reduced-to-the-pole aeromagnetic low and potassium radiometric high.  Argillic alteration outside the main central zone is confined to linear zones that appear to be variously controlled by either north, northeast or northwest structures.

A special study analyzing soil samples indicated the presence of white mica (mostly illite), halloysite/kaolinite, chlorite, pyrophyllite, nontronite, montmorillonite and goethite.  The spectral data clearly show distinct alteration zones and confirmed the field mapped central Kavola phyllic zone.  Phyllic zones are characterized by the development of white mica.  Goethite also appears to map out the approximate extent of the alteration zoning being strongly developed in association with phyllic alteration, which also occurs in the southeast of the soil grid.  The occurrence of pyrophyllite is proximal to the Lumui fault zone, suggesting that the fault may be a pathway for higher temperature acidic fluids.

Sphalerite, galena and vuggy silica is locally present at Mt Penck and may indicate a porphyry-related epithermal style of mineralisation located in closer proximity to the main heat source.  A mesothermal vein system would be consistent with a possible nearly underlying intrusive porphyry.

28 diamond core holes were completed during 2006 and early 2007, which defined widespread 2g/t to 3g/t gold mineralisation at the Kavola East prospect.  All results have been released in Press Releases and some of the better results were:  7m at 2.3g/t gold, 13m at 2.1g/t gold, 2m at 19.1g/t gold, 7m at 2.07g/t gold, 2m at 19.1g/t gold, 7m at 2.07g/t gold, 7m at 2.95g/t gold, 4m at 5.71g/t gold.  Hole MPD22, to the west of Kavola East, intersected high grade zinc and lead (2m at 2.1g/t gold, 43g/t silver, 7.4% zinc and 4.3% lead; and 4m at 7.5g/t gold, 41g/t silver; 1.6% zinc and 0.3% lead).

Two prospects were recently up-graded by hand trenching (see Press Release dated 21 February, 2007).

At upper Peni Creek separate trench intersections above 0.5g/t cut off were:

• 24m at 33.7g/t gold including 3m at 180g/t gold
• 12m at 4.07g/t gold
• 33m at 1.73g/t gold
• 18m at 1.82g/t gold

At Kavola South separate trench intersections above 0.5g/t cutoff were:

• 30m at 4.42g/t gold
• 48m at 4.01g/t gold
• 24m at 2.82g/t gold
• 12m at 1.49g/t gold

The nearest drill hole to the Kavola South Zone is MPD038 located 160m to the east.

With the conclusion of the financing for Kanon, exploration will be enhanced with the continuous operations of two diamond core drill rigs.

The technical data in this release was prepared by or under the supervision of Robert D. McNeil, CEO of New Guinea Gold Corporation.  Mr McNeil has an MSc in Geology, 44 years mining industry experience, is a Fellow of the Australian Institute of Mining and Metallurgy, and meets the requirements of NI 43-101 for a qualified person.

To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.

VANGOLD RESOURCES LTD.   

 ?Dal Brynelsen?

Dal Brynelsen, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.  The statements made in this News Release may contain certain forward-looking statements.  Actual events or results may differ from the Company?s expectations.  Certain risk factors may also affect the actual results achieved by the Company.

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Memo From Investor Relations

(Note:  This is not part of the Press Release)

Now that you have read the press release and/or the Technical Report, please review the following website link found on New Guinea Golds' website.  The following link will redirect you to their website.  http://www.newguineagold.ca/projects/penck/MtPenck.html

Everyone knows the saying: "Every picture tells a story!"  Please note the picture on the upper right hand corner of the aforesaid link. It's a picture of panned gold from the Peni Creek area at Mt Penck, Papua New Guinea.  The aforesaid was not on their website prior to Vangolds AGM held on June 8, 2007.  Please note the pictures of the gold nuggets have not been assayed yet.  Obviously, trenching has continued at Mt Penck subsequent to moving the jointly owned drill rig to the Feni Island Gold Project.  We anticipate an update on the Feni Island drill program shortly.

For those investors who have not understood the meaning of the Horn Rare Metal Reverse Take Over Transaction with Janina Resources (JAN-V:TSX), and/or the Kanon Resources Ltd Initial Public Offering, please note as follows.  Both transactions will allow investors to value those transactions independently once they are public.  As those entities go public, you will note a bump to the asset base of Vangold.  If you refer to page 19 of the Annual Report you will find the Consolidated Balance Sheets.  Note 5 is the Carrying Value of Kanon and at year end 2006 the value was $1,894,667 of the Total Asset Value $15,461,268.  By the same token, Note 4 reflects the value of the Mineral Properties and include Uganda and Brazil (the beryllium properties are valued at approximately $580,000 of the Total Value of $2,225,015 in Note 4.

We anticipate a press release from Janina Resources shortly announcing the closing of a Private Placement financing completed at $.50 with a warrant at $.75.  Its is our understanding the financing was oversubscribed by several million dollars, and then cut back.  It is also our understanding we anticipate Janina to change its name to International Beryllium Corporation, obtain a new trading symbol, and then resume trading.

A part of the reverse take over transaction involves Janina issuing 50 Million shares of which Vangold is anticipating 51% or 25.5 Million shares.  Those shares will be booked on Vangolds Balance Sheet under Assets.  That will be a new entry on our balance sheet.  Please review your copy of the Annual Report (if you do not have one, we will send one to you,) or simply go to the Vangold Website located at http://www.vangold.ca and click on the Financial Statement tab.  Its anyones guess as to what price JAN will reopen, but if it opens at the price of the last Private Placement (or $.50) then the 25.5 M shares will have a value independent of Vangolds share price.  As Firebird advanced $500,000 to Horn initially in 2006, they too are entitled to their shares or 49%.  So you have it, Vangold put little or no money into the transaction and stands to increase its asset base considerably once Janina returns to trade.  We understand further transactions are pending in Janina/Horn.

In regards to the Kanon Transaction, we anticipate the IPO to take place in September 2007.  For those shareholders, investors, fund managers, etc who previously indicated their interest level to Investor Relations, your name is entered on the Presidents List.  If you told Vangolds President or any of the directors about your interest level, make certain you inform Investor Relations.  We anticipate the Kanon financing might be oversubscribed in much the same way the Janina financing was oversubscribed. 

As per the Vangold Annual Report you will find reference to the Kanon transaction on the very last page, under Subsequent Events, Note 11 (the last paragraph).  In essence, Kanon will issue 25 M shares to each of Vangold, and its partner New Guinea Gold.  Concurrently, an IPO for an additional allotment will occur.  We anticipate 25 Million IPO units at a price of at least $.40 per share with a half warrant at $.50 (or higher).  If $10 M is raised, then you would have 87.5 M shares Fully Diluted.  If you are planning on selling your shares in Vangold to invest in Kanon, Investor Relations cautions you on that strategy, rather we doubt you will be able to participate in the IPO.  We caution investors that the unit price of the financing may change at any time and might be subject to a higher evaluation.  Once Kanon is public you will be able to value the 25 Million shares Vangold receives.  If it opens at $.40 or $.50 or higher, do the math and you will find a second bump to the asset base of Vangold.  The 25 Million shares that Vangold, and New Guinea Gold each obtain from Kanon will have a 12 month hold on them.

The bottom line is both transactions (Janina/Horn, and Kanon) should at least double or triple Vangolds' Year End 2006 asset base once they crystallize.  We anticipate further bumps to the asset base from the Alberta Oil and Gas Properties upon successful drilling, completion and tieing in at Sarcee, Strachan, Deep Basin, and/or Killam North.  There is no reason for Vangolds' share price to be trading at $.68 Cdn, it should trade higher but lets not forget we have already doubled the share price this year and are trading in a new range.  There is no doubt in Investor Relations that one future bright spot for Vangold is in Africa.  There is no reason why Vangold can not repeat the successful efforts of the drilling programs Heritage Oil Corporation and/or Tullow Energy had in Uganda and elsewhere in Africa.  We also look forward to drilling programs on the mining side in Africa, especially at Kilo Moto, Kilembe, Fort Portal and in particular Kafunzo (which might be the northern extension of the nickel sulphide deposit that Barrick and Xstrata have a few miles away in Tanzania).  For those investors who have not read about the Bill Clinton Foundation and their involvement in Africa, we recommend you do so.

We look forward to further updates from the company.

Robin Moriarty, BSc

Investor Relations for Vangold

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