ValGold Resources Ltd.

ValGold Resources Ltd.

September 06, 2007 08:30 ET

ValGold Intersects 13 Meters Grading 3.22 G/Tonne Gold in Deep Drilling on Los Patos Gold Discovery Near El Callao

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 6, 2007) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL) announces that the first stage drill program on the Increible 3 Concession was completed at the end of July. The Increible 3 Concession is located in the El Callao Mining District, Bolivar State, Venezuela. The program was originally intended to consist of drilling approximately 2,500 meters ("m") of core but due to the discovery of a potentially significant gold ore zone, it was expanded to 35 holes for a total accumulated length of 9,318m. Mineralized zones have been intersected grading as high as 7.25 grams/tonne ("g/tonne") gold over a true width of 19.0 meters ("m") (0.21 ounces/ton ("oz/t") over 62.3 feet ("ft")). Most of the diamond drill holes targeted the main Los Patos gold zones and, although assays are still pending on several of the deeper holes, results so far indicate the presence of a gold mineralized body to a depth of 225m below surface. ValGold is pleased to further announce that the Los Patos gold zones remain open in all directions and will require further drilling to define their limits.

Since our last news release on the Increible 3 drilling, ValGold has received and compiled assays for an additional six holes, LI07-25 to -30. The Company is also pleased to be able to report that each of the six holes intersected well mineralized gold zones. Furthermore, the main Los Patos gold zone continues to consist of wide mineralized intersections that in LI07-30 returned an excellent interval that assayed 3.22 g/tonne gold over 13.0m (0.1 oz/t gold over 42.7 ft) and included a 3.0m interval grading 9.64 g/tonne (9.8 ft grading 0.28 oz/t) gold. This LI07-30 intersection occurred at a vertical depth approximately 200m which is one of the deepest for the Los Patos to date.

Assay results are pending on 5 drill holes, LI07-31 to -35. ValGold intends to initiate an independent NI43-101 report and compliant resource estimation upon the receipt of the outstanding assays. In addition, the Company will be planning a second phase of drilling based upon the results of the report to continue to explore the main Los Patos gold zone, its satellite zones and the on-strike gold occurrences.

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 6,700 m 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

Stephen J. Wilkinson, President & Chief Executive Officer

This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's filings that are available at or the Company's website at

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

To view the map accompanying this press release please click on the following link:

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 o/t equals 34.286 g/tonne Au.

Drill From To Gold Gold
Hole Gold Zone (m) (m) Meters Feet (g/tonne) (oz/t)

LI307-25 Los Patos 230.00 237.00 7.00 22.97 2.25 0.07

LI307-26 161.00 162.00 1.00 3.28 1.02 0.03
Los Patos 180.00 181.00 1.00 3.28 10.41 0.30
205.00 206.00 1.00 3.28 1.34 0.04
235.00 238.00 3.00 9.84 1.26 0.04

LI307-27 87.00 88.00 1.00 3.28 1.42 0.04
175.00 177.00 2.00 6.56 1.31 0.04
180.00 181.00 1.00 3.28 1.78 0.05
209.00 210.00 1.00 3.28 5.01 0.15
212.00 213.00 1.00 3.28 1.17 0.03
Los Patos 237.00 240.00 3.00 9.84 5.51 0.16
254.00 255.00 1.00 3.28 3.03 0.09

LI307-28 117.00 118.00 1.00 3.28 2.26 0.07
235.00 236.00 1.00 3.28 1.24 0.04
Los Patos 244.00 245.00 1.00 3.28 7.70 0.22
274.00 277.00 3.00 9.84 1.67 0.05
306.00 308.00 2.00 6.56 1.68 0.05

LI307-29 75.00 76.00 1.00 3.28 1.08 0.03
97.00 98.00 1.00 3.28 1.26 0.04
Los Patos 305.00 313.00 8.00 26.25 3.36 0.10

LI307-30 58.00 59.00 1.00 3.28 2.72 0.08
189.00 191.00 2.00 6.56 2.13 0.06
257.00 258.00 1.00 3.28 1.03 0.03
276.00 277.00 1.00 3.28 3.73 0.11
Los Patos 285.00 298.00 13.00 42.66 3.22 0.09
including 290.00 293.00 3.00 9.84 9.64 0.28
302.00 303.00 1.00 3.28 1.63 0.05
308.00 309.00 1.00 3.28 4.42 0.13

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the contents of this News Release. This release was prepared by ValGold management and no regulatory authority has approved or disapproved the information contained herein.

Contact Information