ValGold Resources Ltd.

ValGold Resources Ltd.

January 30, 2007 09:30 ET

ValGold Closes Acquisition of Option to Acquire Venezuelan Project

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 30, 2007) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL) is pleased to announce that it has completed its acquisition of the option to acquire all of the outstanding shares of Honnold Corp. (the "Option") as previously disclosed in ValGold's news releases dated January 9, 2006 and August 23, 2006.

In consideration for the Option, ValGold has paid US$500,000 and issued 5,000,000 shares to the Optionors at a deemed issue price of US$0.20 per share, which shares are subject to a four-month hold period expiring on May 24, 2007.

At any time up to October 9, 2007, ValGold may elect to exercise the Option and acquire all of the shares of Honnold Corp. by paying an additional US$1,500,000 and issuing additional shares to a value of US$500,000 at a deemed price of the greater of (i) US$0.20 and (ii) US$0.20 plus half of the difference between US$0.20 and the average closing price of ValGold's shares over the 90 day period preceding the exercise date.

ValGold has paid an initial finder's fee of 375,000 shares to Thermal Management Corp. ("Thermal"), which shares are subject to a four-month hold period expiring on May 24, 2007, in consideration for its services performed with respect to the acquisition of the Option. If ValGold exercises the Option, it will pay to Thermal a second instalment in shares of an amount valued at US$325,000, calculated at a deemed price per share equal to the average closing price of ValGold's shares over the 30 day period preceding the exercise date.

The principal mineral properties controlled by Honnold Corp.'s subsidiaries include the Chicanan West and the Chicanan East Concessions. The concessions are located in southern Bolivar State, Venezuela, approximately 40 km northwest of Kilometer 88 and the well-known Las Cristinas and Brisas gold deposits that are reported to contain a combined reserve of 30 million ounces. The concessions are comprised of 21 exploration licenses that cover a total of approximately 89,209 hectares or approximately 892 square kilometers.

As part of its due diligence process, ValGold commissioned and completed a NI 43-101 compliant technical report on the Properties that is available on the website, In addition, ValGold has been actively reviewing all of the available historical information and selecting drill targets based on anomalies outlined by previous operators. The initial drill program should be underway before the summer of 2007 with the anticipated program consisting of up to 10,000 meters.

Mr. Tom Pollock, P.Geo., is ValGold's Vice President of Exploration and is the qualified person for the exploration and development. Mr. Pollock will be responsible for all of the technical reporting in compliance with NI 43-101.

ValGold is listed on the TSX Venture Exchange under the trading symbol: VAL. For further information on ValGold and its portfolio of international projects, visit our website at

Stephen J. Wilkinson, President & Chief Executive Officer

SEC 12g3-2(b): 82-3339

No regulatory authority has approved or disapproved the information contained in this news release.

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