ValGold Resources Ltd.

ValGold Resources Ltd.

February 23, 2010 09:55 ET

ValGold Reports Additional Drill Results for the Garrcon Area, Garrison Gold Property, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2010) - ValGold Resources Ltd. ("ValGold" or the "Company") (TSX VENTURE:VAL) is pleased to announce additional drill results from holes six, seven, and eight of the 2009 diamond drilling program on its 100%-owned Garrison gold property. Northern Gold Mining Inc. ("Northern Gold") is the operator of the exploration program and is in the first year of an option agreement under which it is earning its interest in the Garrison gold property from ValGold. For more information on the option agreement, please see ValGold's news release dated September 14, 2009.

Eleven diamond drill holes totaling 2,333 metres ("m") were completed in 2009 designed to lead to a resource calculation on the Garrcon area. To date, the Garrcon shaft zones have been drilled at 30-m intervals over a strike length of 195 m (640 feet). It is possible that the zones could extend to a strike length of about 500 m (1600 feet) as indicated by previous drilling and underground development by Cominco in the 1930's. The Garrcon zones have also been successfully tested to depths beyond 200 m in C-06-07 (see ValGold release dated November 22, 2006) which intersected 3.48 g/t Au over 13.5 m at a depth of 275.5-289.0 m.

The following table highlights the significant intersections from Northern Gold's most recent results:

  (m) (m) (m) (g/t Au)  
GAR-09-06 68.0 152.2 84.2 1.48 Shaft B+C+ South Zone
including 68.0 85.5 17.5 2.44 Shaft B
  68.0 69.0 1.0 11.56 *VG  
  76.5 77.5 1.0 8.08 *VG  
and 115.0 152.2 37.2 2.03 Shaft C
including 115.0 116.0 1.0 16.29  
  151.2 152.2 1.0 15.61 *VG South Zone
GAR-09-07 4.4 14.0 9.6 2.22 Shaft A
including 6.0 8.0 2.0 5.53 *VG  
GAR-09-07 17.0 18.0 1.0 1.60t  
GAR-09-07 68.0 76.5 8.5 3.24 Shaft B
including 76.0 76.5 0.5 27.02 *VG  
GAR-09-08 54.0 57.5 3.5 0.70  
GAR-09-08 125.0 138.0 13.0 0.60t North B
including 137.0 138.0 1.0 2.14  
GAR-09-08 153.0 154.0 1.0 1.14  
GAR-09-08 176.0 193.0 17.0 0.75 *VG North A
including 192.0 193.0 1.0 1.72  

Note: All widths are downhole thickness; *VG-visible gold observed in sample interval

Drill holes, GAR-09-06 and -07, were to test the Shaft zones and South zone east of the Garrcon shaft. GAR-09-08 was designed to test the North zones. GAR-09-06 was drilled south and collared 195 m (640 feet) east of the Garrcon shaft. Multiple occurrences of visible gold were noted in the shaft zones.

GAR-09-07 was drilled south 25 m below GAR-09-06 at 195 m (640 feet) east of the Garrcon shaft. Visible gold was noted within 1.0 m (3.3 feet) of bedrock surface where it appears that the hole was collared into the surface Shaft A zone. The surface Shaft A zone occurs beneath 3 m (10 feet) of overburden and represents a high priority surface stripping target. This hole intersected mine workings on the 73-m (240-feet) level. Visible gold mineralization was noted 6.0 m before the mine workings.

GAR-09-08 was collared 15m west of and drilled 50m below GAR-09-01 into the North zones. Broad low grade results were noted in the North Zones accompanied by occasional small flecks of visible gold.

Northern Gold reports that it is pleased with the results from the 2009 drill program, and is currently developing targets for Phase II drilling on the Garrison gold property. Because of the potentially low cost of exploration per ounce, the program will focus on proving a resource at the Garrcon prospect as it represents the greatest exploration value.

For information on ValGold and its portfolio of international projects, visit our website at

Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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

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

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