ValGold Resources Ltd.
TSX VENTURE : VAL

ValGold Resources Ltd.

October 09, 2007 08:30 ET

ValGold Intersects 13.67 g/tonne Gold Over 3 Meters to Confirm Deep Continuity of Los Patos Discovery Near El Callao

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 9, 2007) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL) is pleased to announce that all of the assays for the first stage drill program on the Increible 3 Concession have now been received. The Increible 3 Concession is located in the El Callao Mining District, Bolivar State, Venezuela. This initial round of diamond drill holes was completed at the end of July and consisted of 35 holes for a total accumulated length of core of 9,318 meters ("m"). Twenty eight of the holes targeted the main Los Patos gold zones and the remaining seven tested three satellite gold zones within the concession.

With all of the assays now in-hand, ValGold is pleased to report that the Los Patos gold zones;

- have shown continuity over a plunge length of approximately 280m, over a vertical depth of at least 225m

- have a defined strike length of about 160m,

- remain open in all directions, and

- require further drilling to define their limits.

With the receipt of these assays, ValGold has compiled the results for all of the remaining five holes, LI07-31 to -35 received since our September 6, 2007 news release on the Increible 3 drilling. Each of the five holes intersected well mineralized gold zones. Furthermore, the main Los Patos gold zone continues to consist of wide mineralized intersections that in LI07-31 returned an excellent interval assaying 1.01 g/tonne gold over 17.0m (0.03 oz/t gold over 55.8 ft), including a 1.0m interval grading 6.82 g/tonne (3.28 ft grading 0.20 oz/t) gold. Drill hole LI07-35, one of the deepest holes to date had a high-grade intersection in the Los Patos main zone that returned 13.67 g/tonne (0.40 oz/t) of gold over a core length of 3.0m (9.84 ft). The true width of most of the Los Patos drill intersections is believed to be very close to the 95% core length so that for LI07-35 the gold zone is estimated to be approximately 2.85m (9.35 ft) wide.

About the Increible 3 Gold Zones

The principal zones of gold mineralization within Increible 3 are associated with the Los Chivos Shear Zone ("LCSZ"). The LCSZ is a major east-west trending structure that hosts the Los Patos gold occurrences. It is mapped cutting through the central part of the concession over a strike length of 6,700m and is associated with a series of gold soil anomalies. The major anomalous areas within the eastern part of the LCSZ are Los Patos Main, Los Patos Central and Los Patos South.

The LCSZ gold mineralization occurs in a variety of structural settings in both mafic and sedimentary rocks. Styles of gold mineralization vary greatly. At the Los Patos main occurrence, the mineralization occurs within highly-foliated basaltic volcanic units that contain auriferous quartz carbonate veins. In contrast, the mineralization found at Los Patos Central and Los Patos South is hosted by metasedimentary rocks within zones of shearing associated with gold in quartz and carbonate veining containing minor amounts of pyrite and tourmaline. Other alteration minerals include chlorite, sericite, albite, muscovite, epidote and potassium feldspar.

The long section attached to this release shows the mid-point of ValGold's drill intersections within the main Los Patos gold zones together with the drill holes completed by Gold Fields Ltd.

Mr. Tom Pollock, P.Geo., ValGold's Vice-President, Exploration, is the Qualified Person for the project, and is responsible for all of the technical reporting in compliance with NI 43-101. Mr. Pollock has instituted and is responsible for ValGold's program of Quality Control and Assurance ("QC/QA"), using assay control samples and duplicates.

For more information on ValGold and its portfolio of international projects, visit our website at www.valgold.com.

Stephen J. Wilkinson, President & Chief Executive Officer

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

To view the map accompanying this release please click on the following link: http://www.ccnmatthews.com/docs/val1009.pdf

The following table reports assay sample intervals averaging 1.0 g/T Au or greater for drill holes recently completed at the main Los Patos gold occurrence, Increible 3, Venezuela. Reported widths of the drill intersections are the sampled length of drill core and may be less than the true thickness of the gold zones. All drill intersections for this release grading greater than 1.0 g/T Au for the announced holes and the locations of the collar sites together with drill sections, geology and location maps will be made available soon within the Venezuela section of ValGold's website. Note: 1.0 oz/t equals 34.286 g/tonne Au.



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Drill Gold From To Gold Gold
Hole Zone (m) (m) Metres Feet g/tonne oz/t
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LI307-31 66.00 68.00 2.00 6.56 1.24 0.04
170.00 171.00 1.00 3.28 2.92 0.09
251.00 252.00 1.00 3.28 1.14 0.03
Los Patos 266.00 293.00 17.00 55.78 1.01 0.03
including 285.00 286.00 1.00 3.28 6.82 0.20
302.00 305.00 3.00 9.84 3.17 0.09

LI307-32 84.00 85.00 1.00 3.28 1.00 0.03
238.00 241.00 3.00 9.84 2.10 0.06
254.00 255.00 1.00 3.28 1.07 0.03
Los Patos 269.00 281.00 12.00 39.37 1.10 0.03
304.00 305.00 1.00 3.28 14.57 0.43
323.00 324.00 1.00 3.28 12.58 0.37

LI307-33 277.00 278.00 1.00 3.28 3.50 0.10
Los Patos 308.00 311.00 3.00 9.84 1.89 0.06
348.00 349.00 1.00 3.28 1.55 0.05

LI307-34 135.00 136.00 1.00 3.28 1.16 0.03
306.00 308.00 2.00 6.56 3.64 0.11
Los Patos 313.00 316.00 3.00 9.84 5.50 0.16
331.00 333.00 2.00 6.56 3.21 0.09
336.00 337.00 1.00 3.28 1.65 0.05
355.00 356.00 1.00 3.28 1.16 0.03

LI307-35 332.00 333.00 1.00 3.28 1.53 0.04
Los Patos 340.00 343.00 3.00 9.84 13.67 0.40
363.00 364.00 1.00 3.28 1.14 0.03
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No regulatory authority has approved or disapproved the information contained in this news release.

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