RAB Special Situations L.P.

Vangold Resources Ltd.

Vangold Resources Ltd.

February 17, 2005 17:29 ET

RAB SPECIAL SITUATIONS L.P./Vangold Resources Ltd.-Announcement


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: RAB SPECIAL SITUATIONS L.P.

AND VANGOLD RESOURCES LTD.

TSX VENTURE SYMBOL: VAN

FEBRUARY 17, 2005 - 17:29 ET

RAB SPECIAL SITUATIONS L.P./Vangold Resources
Ltd.-Announcement

LONDON, UNITED KINGDOM--(CCNMatthews - Feb. 17, 2005) - RAB Special
Situations L.P. ("Special Situations") announces it subscribed for a
total of 2,500,000 units (the "Units") of Vangold Resources Ltd. (TSX
VENTURE:VAN) (the "Company") at a price of Cdn.$0.20 per Unit (the
"Private Placement"). Each Unit consists of one common share in the
capital of the Company (a "Share") and one (1) Share purchase warrant (a
"Warrant") of the Company. Each whole Warrant entitles Special
Situations, to acquire one additional Share of the Company (a "Warrant
Share") at a price of Cdn.$0.25 per Warrant Share for a period of one
(1) year from the Closing Date. The transaction took place off the
market by way of private placement and closed on February 8, 2005.

Special Situations has ownership of and control over the securities
purchased in the Private Placement. The purchased securities represent
approximately 16.03% of the issued and outstanding Shares on a partially
diluted basis (assuming exercise of the Warrants) ("Partially Diluted
Basis").

Immediately after the Private Placement, Special Situations owned
3,000,000 Shares and 2,500,000 Warrants, representing approximately
17.64% of the issued and outstanding Shares on a Partially Diluted Basis
and Philip Richards, who may be considered a joint actor with Special
Situations, owned 400,000 Shares, representing approximately 1.39% of
the issued and outstanding Shares on a Partially Diluted Basis.

Special Situations purchased securities for investment purposes only and
not with the purpose of influencing the control or direction of the
Company. Special Situations together with joint actors, if any, may,
subject to market conditions, make additional investments in or
dispositions of securities of the Company in the future, including
additional purchases of Shares. However, Special Situations and its
joint actors, if any, do not intend to acquire 20% of any class of the
outstanding voting or equity securities of the Company.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    RAB Special Situations L.P.
    Mr. Neil Warrender
    (44) 20-7389-7000
    (+44) 20 7389 7054 (FAX)
    nw@rabcap.com
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.