SOURCE: Vangold Resources Ltd.

February 18, 2009 19:47 ET

Coppermoly Limited Announces Continuity of Copper -- Molybdenum Mineralisation

VANCOUVER, BC--(Marketwire - February 18, 2009) - Vangold Resources Ltd ("Vangold") (TSX-V: VAN) and its joint venture partner, New Guinea Gold Corporation ("NGG") are pleased to announce the continuity of coppery-molybdenum mineralisation demonstrated by drilling results between the Nayam and Misili Prospects, Simuku.

Vangold holds directly 2,288,700 shares in Coppermoly and a further 5,263,158 shares indirectly through its 49.7% shareholding in Pacific Kanon Gold Corp.

The Simuku Project provides an excellent opportunity for participation in a porphyry copper system with high molybdenum credits in a relatively accessible and lower cost region of Papua New Guinea.

To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.

On Behalf of the Board of

VANGOLD RESOURCES LTD.

"Dal Brynelsen"

Dal Brynelsen, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

Coppermoly Limited Announcement

ASX Announcement

18th February 2009               ASX Code: COY

Continuity Of Copper -- Molybdenum Mineralisation Demonstrated By Drilling Results Between The Nayam And Misili Prospects, Simuku

All assay results have now been received from Coppermoly's first phase of drilling at the Simuku Project (4,194m completed in fifteen diamond core holes).

Drill hole SMD26 intersected 282m grading 0.58% copper equivalent* from 18m downhole at the Nayam Prospect (0.45% copper, 64 ppm molybdenum, 0.07g/t gold and 2.0g/t silver).

Approximately 1,000m further to the south at the Misili Prospect, drill hole SMD30 intersected 84m grading 0.56% copper equivalent*, from 12m downhole (including 18m grading 0.87% copper equivalent*).

These results, together with twenty two other drillholes at and between the Nayam and Misili Prospects, confirm widespread copper mineralisation up to 364m depth, over an area of more than 1,100m by 500m (see Table 1).

Trenching results are expected to help demonstrate the continuity of surface mineralisation, once compiled.

The first resource estimation at Simuku is being undertaken at and between the Nayam and Misili Prospects. It will cover about one third of the porphyry style mineralisation that is present discontinuously over an area about 4.5km by 1.0km (Figure 1).

Peter Swiridiuk (Managing Director) commented, "These latest results will help us establish a substantial initial resource at Simuku. It is quite rare to find large copper - molybdenum mineralised systems only one hour's drive from a functioning deep water port and essential services. There also remain zones of high grade molybdenum mineralisation yet to be fully tested by drilling."

NAYAM PROSPECT

Drill hole SMD26 intersected 282m grading 0.58 copper equivalent* (0.45% copper, 64ppm molybdenum, 0.07g/t gold and 2.0g/t silver), from 18m downhole. These results confirmed south-western extensions of copper mineralisation beneath the Nayam trench at surface, which intersected 117m of 0.60% copper (refer to Figures 1 - 3). See Table 1 for complete drill hole weighted assay average results.

MISILI PROSPECT

Drill hole SMD29, located about 800m south of the Nayam Prospect, intersected 46m grading 0.59% copper equivalent* (0.46% copper, 51ppm molybdenum, 0.08g/t gold and 2.6g/t silver), from 19m depth. At 139m depth, a 136m intersection then graded 0.53% copper equivalent* (0.38% copper, 79ppm molybdenum, 0.09g/t gold and 1.9g/t silver).

Drill hole SMD30 tested for copper in a trench along Misili Creek, at a low elevation within the Simuku system. The hole intersected 84m grading 0.56% copper equivalent* (0.41% copper, 104ppm molybdenum, 0.06g/t gold and 1.9g/t silver), from 12m downhole, including 18m grading 0.87% copper equivalent*. A 60m section then intersected 0.25% copper from 106m downhole.

TOBARUM PROSPECT

Drill hole SMD31 successfully tested for mineralisation between the Nayam and Tobarum Prospects, intersecting 101.2m grading 0.52% copper equivalent* (0.41% copper, 73ppm molybdenum, 0.06g/t gold and 1.7g/t silver), from 124m downhole. The hole was terminated in 0.55% copper.

H Hole        From     To   Width  Cu  Mo   Au  Ag  Cu. Eq.*
             (m)     (m)   (m)   %   ppm  g/t g/t     %
----------------------------------------------------------
SMD17             7    20    13 0.37  22 0.07 3.5     0.44
(Tobarum)        27    80    53 0.27  15 0.05 1.6     0.31
                 88    98    10 0.29  28 0.07 1.0     0.34
                113   115     2 0.20  12 0.05 1.0     0.24
                124   155    31 0.20  51 0.07 2.0     0.29
                162   164     2 0.41  47 0.06 1.3     0.48
                167 177.3  10.3 0.26  26 0.04 2.2     0.31
----------------------------------------------------------
SMD18             0   115   115 0.39  84 0.07 1.7     0.50
(Nayam)   Including
                 42    74    32 0.71 136 0.08 1.3     0.87
                152   172    20 0.24  63 0.05 1.2     0.32
                185   238    53 0.34  31 0.05 2.7     0.41
                255   258     3 0.17  13 0.07 2.3     0.23
                264   273     9 0.19   5 0.03 0.7     0.21
----------------------------------------------------------
SMD19             8   101    93 0.59  68 0.07 2.5     0.69
(Nayam)   Including
                 18    36    18  1.0 140 0.11 4.4      1.2
                103   133    30 0.37 142 0.07 1.8     0.53
                135   174    39 0.32  62 0.05 1.4     0.40
                179   209    30 0.30  12 0.06 1.6     0.34
                264   288    24 0.36  27 0.06 1.7     0.42
                315   319     4 0.21  24 0.02 1.2     0.25
----------------------------------------------------------
SMD20             8    19    11 0.24  24 0.05 1.9     0.29
(Tobarum)        26    42    16 0.18  31 0.04 1.1     0.23
                 50    61    11 0.20 108 0.16 4.7     0.38
                 68    85    17 0.26  49 0.03 1.7     0.32
                103   159    56 0.22  38 0.04 1.9     0.28
                174   233    59 0.26  23 0.05 4.2     0.32
                250 375.9 125.9 0.36  74 0.06 1.4     0.46
----------------------------------------------------------
SMD21             0    44    44 0.38  26 0.11 2.5     0.46
(Misili)         73    92    19 0.26  15 0.06 1.3     0.30
                 98   133    35 0.27  18 0.08 1.1     0.33
                166   183    17 0.26  32 0.12 1.3     0.34
                194   239    45 0.37  86 0.08 1.0     0.48
                250   258     8 0.26  67 0.06 0.8     0.34
                269   277     8 0.31 105 0.04 1.9     0.43
                299   302     3 0.22  16 0.03 2.0     0.26
                308 364.8  56.8 0.40  76 0.05 2.8     0.51
----------------------------------------------------------
SMD22             5    18    13 0.38  47 0.08 2.5     0.47
(Tobarum)       223   229     6 0.12  25 0.18 2.8     0.23
----------------------------------------------------------
SMD23            87    91     4 0.02   1 0.34 8.4     0.21
----------------------------------------------------------
SMD24            62    66     4 0.22   7 0.04 1.1     0.24
(Magipmo)        74   106    32 0.20  16 0.03 1.1     0.23
                142   150     8 0.16  39 0.15 1.6     0.26
----------------------------------------------------------
Hole        From     To   Width  Cu  Mo   Au  Ag  Cu. Eq.*
             (m)     (m)   (m)   %   ppm g/t  g/t    %
----------------------------------------------------------
SMD25            39   161   122 0.33  83 0.04 1.3     0.43
(Nayam)   Including
                 41    55    14 0.49 219 0.04 1.9     0.71
                179   199    20 0.18  10 0.14 3.4     0.26
                225   253    28 0.20  23 0.04 1.1     0.24
                271   300    29 0.24  20 0.03 1.3     0.28
----------------------------------------------------------
SMD26             0     8     8 0.29  22 0.04 1.4     0.35
(Nayam)          18   300   282 0.45  64 0.07 2.0     0.58
                314   320     6 0.46  49 0.04 4.0     0.57
----------------------------------------------------------
SMD27            24   122    98 0.41  15 0.05 1.1     0.47
(Tobarum) Including
                 24    50    26 0.76  16 0.07 1.9     0.84
               Plus
                126   144    18 0.32  12 0.05 1.0     0.34
               Plus
                150   268   118 0.43  70 0.08 1.8     0.56
          Including
                180   194    14 0.67 310 0.14 3.3     1.05
               Plus
                276   282     6 0.22  19 0.03 0.8     0.26
                294   312    18 0.27  21 0.06 1.5     0.35
----------------------------------------------------------
SMD28             9    16     7 0.25  14 0.04 2.5     0.31
(Nayam)
----------------------------------------------------------
SMD29             1     9     8 0.08 144 0.09 3.6     0.29
(Misili)         19    65    46 0.46  51 0.08 2.6     0.59
                 73    91    18 0.44  49 0.07 1.5     0.55
                139   275   136 0.38  79 0.09 1.9     0.53
----------------------------------------------------------
SMD30            12    96    84 0.41 104 0.06 1.9     0.56
(Misili)  Including
                 12    30    18 0.67 126 0.09 3.1     0.87
                106   166    60 0.25  58 0.05 1.3     0.35
----------------------------------------------------------
SMD31           124 225.2 101.2 0.41  73 0.06 1.7     0.52
(Tobarum)             EOH
----------------------------------------------------------

Table 1: Weighted assay averages for all 2008 drilling (0.2% Cu. Eq* cut-
off)


Hole Prospect  Drilled Easting Northing Azimuth   Dip  End Of Hole
                         (m)     (m)     (deg)  (deg)   Depth
------------------------------------------------------------------
SMD17 Tobarum           169701  9367796       0    -90      177.3m
------------------------------------------------------------------
SMD18 Nayam             169718  9368292      30    -60        299m
------------------------------------------------------------------
SMD19 Nayam             169734  9368202      30    -60      346.1m
------------------------------------------------------------------
SMD20 Tobarum           169802  9367998       0    -90      375.9m
------------------------------------------------------------------
SMD21 Misili            169631  9367378     280    -60      364.8m
------------------------------------------------------------------
SMD22 West Tobarum      169469  9367814       0    -90      261.4m
------------------------------------------------------------------
SMD23 Stan's Hill       169022  9367728       0    -90      100.4m
------------------------------------------------------------------
SMD24 Magipmo North     168895  9368782     100    -50      307.4m
------------------------------------------------------------------
SMD25 Nayam             169587  9368242      30    -60        300m
------------------------------------------------------------------
SMD26 Nayam             169735  9368202     210    -60        321m
------------------------------------------------------------------
SMD27 Tobarum           169657  9367664     100    -75      325.8m
------------------------------------------------------------------
SMD28 Nayam             169867  9368006      45    -60       97.3m
------------------------------------------------------------------
SMD29 Misili            169573  9367454     280    -60      348.2m
------------------------------------------------------------------
SMD30 Misili            169696  9367320     280    -60      344.2m
------------------------------------------------------------------
SMD31 Tobarum Creek     169575  9367923     100    -60      225.3m
------------------------------------------------------------------

Table 2: 2008 Simuku drill collar table (datum AGD66, zone 56)

A total of 6,021m has now been drilled at the Simuku system in thirty one holes. Refer to Table 2 for hole location and orientation information.

Coppermoly Limited is focussed on exploring for copper-gold-molybdenum and gold deposits on the island of New Britain in Papua New Guinea. It holds title to three Exploration Licences EL 1077 (Simuku), EL 1043 (Mt. Nakru) and EL 1445 (Talelumas) covering 170 km2. Substantial surface exploration has been completed, with widespread copper-gold mineralisation defined relatively close to essential infrastructure including roads, an airfield and a deep water port.

On behalf of the board,

Peter Swiridiuk
MANAGING DIRECTOR

For further information please contact Peter Swiridiuk on (07) 5592 1001 or visit www.coppermoly.com.au.

The information in this report that relates to Exploration Results is based on information compiled by Peter Swiridiuk, who is a Member of the Australian Institute of Geoscientists. Peter Swiridiuk is a consultant to Coppermoly Ltd. Peter Swiridiuk has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves.' Peter Swiridiuk consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

*Copper Equivalent

Mineralisation at Simuku consists of copper, molybdenum, gold and silver. Copper equivalent* is calculated as follows:

Metal (assay results)   Metal Price     Factors      Value    Metal Value
                        9 Dec 2008                Calculation     US$
-------------------------------------------------------------------------
          A                  B             C
-------------------------------------------------------------------------
1   Copper     Cu  ppm   1.44 US$/lb 453.59 ppm/lb 1A x (1B/1C) =      M
-------------------------------------------------------------------------
2   Molybdenum Mo  ppm  11.00 US$/lb 453.59 ppm/lb 2A x (2B/2C) =      N
-------------------------------------------------------------------------
3   Gold       Au  g/t 772.00 US$/oz 31.103  g/oz  3A x (3B/3C) =      O
-------------------------------------------------------------------------
4   Silver     Ag  g/t  10.00 US$/oz 31.103  g/oz  4A x (4B/4C) =      P
-------------------------------------------------------------------------
               Sum of metal values                       S        M+N+O+P
-------------------------------------------------------------------------
          Metal equivalent in Copper ppm           CU. EQ     S / 1B X 1C
------------------------------------------------------------------------

Notes:

* The copper equivalent* values for intersections are quoted in addition to individual metal values, as they provide the most meaningful comparisons between different drill holes and trenches. The copper equivalent value will vary with the metal prices.

* All stated intersections are weighted assay averages ([Sum of each total interval x grade] / Total length of intersection) with a cut-off of 0.1 g/t gold or 0.2% copper.

* Copper Equivalent* (Cu. Eq*) is the contained copper, molybdenum, gold and silver and that are converted to an equal amount of pure copper and summed (based on assays of mineralised rock and actual metal prices). It is used to allow interpretation of the possible theoretical 'value' of mineralised rock, without consideration of the ultimate extractability of any of the metals.

* Island Arc related porphyry copper - molybdenum - gold - silver deposits such as Simuku typically recover those metals subject to prevailing metal prices and metallurgical characteristics.

* The ASX requires a metallurgical recovery be specified for each metal, however, no testwork has ever been undertaken at Simuku and recoveries can only be assumed to be typical for Island Arc porphyry copper - molybdenum - gold - silver deposits.

* It is the Company's opinion that each of the elements included in the metal equivalents calculation has reasonable potential to be recovered if the project proceeds to mining.

* Drilling samples were transported to the camp site, logged, photographed and sampled at 2 metre intervals from core split by saw. The split samples are then transported to the town of Kimbe where they are air freighted to Intertek in Lae (PNG) for sample preparation. Samples are dried to 106 degrees C and crushed to 2-3 mm. Samples greater than 2kg are rifle split down to 1.5kg and pulverised to 75 microns. The final 300g sized pulp samples are then sent to Intertek laboratories in Jakarta for geochemical analysis. Intertek analyse for gold using a 50g Fire Assay with Atomic Absorption Spectroscopy finish. Other elements are assayed with ICPAES Finish. Copper values greater than 1000ppm are re-assayed using a multi acid digest (hydrochloric, nitric, perchloric and hydrofluoric acid) to leach out the copper with an ICP finish. Molybdenum samples greater than 100ppm were check assayed using X-Ray diffraction. Intertek laboratories have an ISO 17025 accreditation.

FIGURE 1

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FIGURE 2

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FIGURE 3

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