Vangold Resources Ltd.

Vangold Resources Ltd.

August 27, 2009 15:30 ET

Coppermoly Provides Vangold Update Announcing Sample Results

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2009) - Vangold Resources Ltd. ("Vangold" or the "Company") (TSX VENTURE:VAN) and its joint venture partner, New Guinea Gold Corporation ("NGG"), are pleased to announce that Coppermoly Limited ("Coppermoly"), an Australian listed company, has issued the following news release.

Vangold directly holds 2,288,700 shares in Coppermoly and a further 5,263,158 shares indirectly through its 50% shareholding of Pacific Kanon Gold Corp (PKG). Further to the Company's news release of August 20, 2009, Vangold has agreed to acquire the remaining 50% of PKG from NGG, subject to Stock Exchange approval. This would increase Vangold's direct holdings in Coppermoly to 12,815,016 shares or 15.6%.


An outcrop rock chip sample from the Isme Creek prospect returned assays of 9.47 g/t gold, 7.94% zinc, 552 g/t silver, 0.15% copper and 7.05% lead. The Mt. Misusu copper-molybdenum prospect returned eight copper anomalous rock samples including 1.07% copper and 109 ppm molybdenum.

Other anomalous outcrop samples from a total of thirteen taken along Isme Creek include:

- Sample 97290: 1.09 g/t gold, 1.32% zinc, 3.6 g/t silver, 507 ppm lead;

- Sample 97293: 0.27 g/t gold, 8.01% zinc, 5.8 g/t silver, 6370 ppm lead;

- Sample 97294: 0.66 g/t gold, 1.87% zinc, 3.0 g/t silver, 2360 ppm lead;

- Sample 97295: 0.40 g/t gold, 1.56% zinc, 3.6 g/t silver, 561 ppm lead; and

- Sample 97296: 0.08 g/t gold, 1.38% zinc, 3.5 g/t silver, 711 ppm lead.

Isme Creek (refer to Figure 1) was initially identified from historical stream sediment anomalies and historical rock samples which included 0.86% copper, 0.77 g/t gold, 0.74 g/t gold and 0.58 g/t gold (refer to Figure 2). The prospect is located on a major structural corridor "Kulu-Awit" which traverses the island. These results present a promising target for ongoing exploration, particularly in light of last year's drilling at our Nakru-2 prospect where zinc and other base metals were encountered in semi-massive sulphide.

To view Figures 1 and 2 please click on the following link:

At the Nakru-2 prospect in the south of New Britain Island, historical outcrop samples in creeks obtained values up to 21% zinc. The first two holes drilled by Coppermoly last year encountered significant base metal and precious metal mineralisation associated with semi-massive sulphide including 7 metres grading 3.36% copper, 2.0% zinc, 0.19g/t gold and 11g/t silver.

Previous explorers have paid little attention to high lead and zinc occurrences (refer to Figure 1) as they were more interested in copper and gold mineralisation in the Talelumas/Simuku area. This promising newly identified style of mineralisation within the Talelumas tenement represents additional economic potential to the larger copper systems under evaluation. There are some similarities between the Nakru-2 mineralisation and that found in the outcrop rock sampling at Isme Creek.

At the Mt. Misusu copper-molybdenum prospect (formerly known as Nakru Creek), Coppermoly collected eighteen rock samples. Four rock outcrop samples assayed greater than 0.6% copper. These samples occur within a copper anomalous area of 850 metres by 500 metres defined from rock and historical trench sample results.

Sample results at Mt. Misusu include:

- Sample 97267: 1.07% copper and 109 ppm molybdenum;

- Sample 97265: 0.73% copper;

- Sample 97266: 0.94% copper;

- Sample 97268: 0.43% copper and 102 ppm molybdenum; and

- Sample 97269: 0.68% copper and 384 ppm molybdenum.

Historical rock chip samples in the area assayed 7.89% copper and 0.85 g/t gold, 3.66% copper and 0.80 g/t gold. The prospect occurs one kilometre northwest of the Simuku copper-molybdenum porphyry system where an Inferred Resource has been estimated (refer to Figure 1).

The Isme Creek and Mt. Misusu prospects are within a one hour drive from the provincial capital of Kimbe with access through tracks built in 2008 for the Simuku camp. The area was explored previously by CRA Exploration, BHP, Nord Resources, Esso, City Resources, Macmin NL and Placer (PNG) Exploration from 1965 to 1995.


Coppermoly currently has a Rights Issue to Shareholders to raise approximately $2 million to enable the company to undertake further drilling and progress its projects to a stage of feasibility.

The Nakru project is a very significant and sought after discovery with high grade copper intersected near surface possibly associated with Volcanogenic Massive Sulphide style of mineralisation. Further drilling will test the extent of this mineralisation and associated Induced Polarisation geophysical anomalies.

Additional drilling is planned at Simuku to enable a resource estimate of supergene (near surface enriched) secondary copper mineralisation prior to undertaking feasibility studies. Simuku is located within a one hour drive from an operating deep water port and a regional airport near the provincial capital of Kimbe. The Nakru project is located about four hours drive from Kimbe.

For information please visit

On Behalf of the Board of VANGOLD RESOURCES LTD.

Dal Brynelsen, President and CEO

On Behalf of the Board of COPPERMOLY LIMITED


This news release was prepared by management of Vangold which takes full responsibility for its contents.

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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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