ValGold Resources Ltd.

ValGold Resources Ltd.

November 07, 2007 08:00 ET

ValGold Options Fish Creek Prospecting License in Guyana

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 7, 2007) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL)(FRANKFURT:VR2) is pleased to report that it has entered into an agreement with a private Guyanese company (the "Optionor") under which ValGold can acquire a 100% interest in the Fish Creek Prospecting License (the "License"). The License covers approximately 5,180 hectares (12,800 acres) in the North West District, Mining District #5 in Guyana and is situated at the northeast boundary of and contiguous with ValGold's Five Star permit area.

Under the terms of agreement, ValGold can acquire a 100% interest in the License within the next 4 years following regulatory approval of the transaction by:

1. Issuing to the Optionor 700,000 ValGold common shares, to be issued in 5 tranches;

2. Paying the Optionor cash totaling $250,000 to be paid in 5 tranches; and,

3. Completing $1,000,000 in expenditures.

Once vested, ValGold's interest will be subject to a net smelter royalty of 2% of which 1% or 1/2 of the royalty may be purchased from the Optionor for US$1,000,000. In addition, until the License is converted into a mining permit, ValGold will make annual advance royalty payments to the Optionor of US$50,000.

The License has a limited exploration history but has demonstrated excellent mineral potential, particularly for gold occurrences. It is also well known as the site of artisanal gold mining for many years. The License was explored by Golden Star Resources Ltd. ("Golden Star") over the period of 1994 to 1997. Work reported by Golden Star included stream sediment and regional soil geochemical surveys, airborne and ground geophysical surveys, detailed soil, rock and trench sampling and a diamond drill program amounting to 2,780 meters ("m") of core from 20 holes. This work resulted in the definition of several anomalous areas of gold enrichment in soils that measure from 1,000m to 4,200m in strike length and up to 1,000m wide. In addition the gold anomalies appear to be associated with a major regional east-west fault and its splays. This structure traverses the central part of the License and can be traced for about 40 kilometers ("km") to the west. Golden Star's trenching within the anomalous areas was successful in locating several occurrences of gold mineralization hosted in oxidized bedrock. Samples from the trenches are reported to have returned values of up to 3.6 grams/tonne ("g/Tonne") gold over 7m and 9.7 g/Tonne gold over 3m. Drilling was similarly successful with the best intersection being 10.34 g/Tonne over a core length interval of 7m. With the waning price for gold in the late 1990's, however, Golden Star elected not to do further work on the License and the Optionor acquired the License in April 2007.

Prior to entering into the agreement for the License, ValGold reviewed Golden Star's previous work and visited several of the past and current alluvial and sapprolite workings of artisanal miners. Grab and chip samples of the rock exposures confirmed the presence of high-grade gold values in quartz vein material with chip samples returning 34.0 g/Tonne. Work has begun on a NI 43-101 compliant report on the License and this report may be available in late November.

With the Fish Creek property being added to ValGold's already extensive holdings in north western Guyana, the Company has secured the exploration rights which cover the entire 40km length of a significant mineral belt, exclusive of any other participants. This belt is defined by a linear assemblage of gold occurrences concentrated along the flanks of the regional east-west fault and its splays. Under its current exploration program, ValGold has been infilling the historical soil sampling grids and sampling many of the accessible artisanal mine workings. As a result, several excellent gold occurrences are now identified for further trenching and as drill targets.

ValGold is preparing an exploration program for the License that will include drilling to test several of the coincident soil and lithological targets. Much of the mineral belt beyond the License remains largely unexplored despite the presence of abundant small-scale mining operations. It is planned to examine such workings for indications of gold and metal deposits with the intention of identifying significant ore bodies.

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.

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) exemption: 82-3339

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

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