SOURCE: Vangold Resources Ltd.

May 01, 2008 19:44 ET

2007 Year End Highlights, 2nd Year of Profitability

VANCOUVER, BC--(Marketwire - May 1, 2008) - Vangold Resources Ltd. (TSX-V: VAN) (PINKSHEETS: VNGRF) ("Vangold") published its 2007 audited consolidated financial and operating results on April 30, 2007. Complete financial statements may be reviewed at or

Dal Brynelsen, President and CEO of Vangold, comments, "We have made substantial progress toward achieving our objective of creating a diverse portfolio of sustainable global resource ventures. Revenues from our oil and gas investments have provided the bulk of the funds to allow Vangold to acquire attractive projects and then transfer them to new entities. By creating these new entities we provide investors the opportunity to choose and invest in their particular areas of interest. We also believe that this is a unique approach to managing risk."

During 2007 total assets increased from $15.4 million to $20.2 million. The 2007 highlights are outlined as follows:

* Revenues and other income for the year ended December 31, 2007 was $5,096,937 (2006 -- $4,148,875).

* Total expenses for the year ended December 31, 2007 were $3,212,189 (2006 -- $3,077,836).

* Net income for 2007 was $1,428,448 (2006 -- $17,218).

* Cash flow -- $4,434,976 (2006 -- $5,596,118).

* Cash and cash equivalents was $11,306,858 (2006 -- $6,871,892).

* Working capital at year end was $11,564,310 (2006 -- $6,843,881).

* Current working capital as at March 31, 2008 was approximately $10.2 million.

* Acquired 25,609,756 shares of International Beryllium Corporation ("IBC") representing, at December 31, 2007, 29.57% of IBC.

* Assisted in taking the Coppermoly Ltd. public on the Australian Stock Exchange (Vangold holds directly 1,000,000 shares and indirectly 5,263,158 shares).

* Increased our interest in the Alberta Sarcee Gas Field (Sproule & Associates -- estimated reserves 20 bcf) from 6% to 33%.

* Signed a Production Sharing Contract with the government of Armenia for a 50% interest in three concessions that cover the southern half of Armenia (17,335 square kilometers).

* Signed a Production Sharing Contract on Block 3A in Kenya covering 12,000 square kilometers adjacent to China National Oil Company's concessions on the Kivu Basin.

* Signed an exclusive option to acquire a license on Block B in Kenya covering a further 12,000 square kilometers.

* Signed an exclusive right to enter into a production sharing contract in Rwanda for the entire sedimentary basin south of the 500 million barrel discovery by Heritage Oil and Tullow Oil.

* Opened field offices in Nairobi, Kenya, Yerevan, Armenia and Kampala Uganda. Staffed and equipped these offices to provide technical and field support for the Vangold's mineral and oil and gas projects in these countries.

* Renewed and expanded mineral concessions in Uganda making Vangold the largest mineral holder in Uganda.

* Secured a drilling contractor to drill in Q2 2008 the Kafunjo anomaly in Uganda north of the world's second largest nickel deposit in Tanzania.

* Filed a preliminary prospectus and NI 43-101 technical report to take Pacific Kanon Gold Corp. public on the TSX Venture Exchange.

Mr Brynelsen further comments: "2007 was an extremely important year for Vangold in that we were able to significantly increase our assets, our working capital and our technical staff regional offices and exploration program plans for 2008. I see 2008 as being a year when a number of these company making projects come to reality."

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

On Behalf of the Board of


"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.

Contact Information

  • Vangold Resources Ltd.
    Suite 1730, 650 West Georgia Street
    P.O. Box 11622
    Vancouver, BC
    V6B 4N9
    Phone: (604) 684-1974
    Fax: (604) 685-5970