ValGold Resources Ltd.
TSX VENTURE : VAL

ValGold Resources Ltd.

February 22, 2011 10:21 ET

ValGold Reports Further Infill Drill Results at Garrison Gold Project, Ontario

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL) is pleased to announce assay results for seven more diamond drill holes from the ongoing 30,000 meter ("m") drill program on the Garrcon Deposit at ValGold's 100% owned Garrison Gold Property. Northern Gold Mining Inc. (TSX VENTURE:NGM) ("Northern Gold") as project operator is in the second year of an option agreement to earn an interest in the Garrison gold property from ValGold. (See ValGold news release dated September 23, 2010).

Highlights of Drill Program

  • Since May 2010, a total of 25 holes (5,367 m) have been reported to date
  • Drill results continue to support that the Garrcon Zone has the potential to host a bulk-tonnage gold deposit
  • Northern Gold is continuing to aggressively drill with two drill rigs focusing on systematic infill, definition and step out drilling
  • Drill results completed prior to December 2010 will be utilized in the pending updated NI 43-101 resource calculation due to be completed in the first quarter of 2011

Highlights of Drill Results

The significant intersections for the seven reported holes are listed in the table below.

  • GAR-10-30 with 27.2m grading 0.63 g/t Au within which is 1.0m of 8.32 g/t Au
  • GAR-10-32 with 12.0m grading 0.66 g/t Au of which the last 7.0m of core returned 3.21 g/t Au
  • GAR-10-36 with 58.0m grading 1.08 g/t Au with the last 2.0m assaying 13.07 g/t Au.

The Garrison Gold Property

In July 2005, ValGold purchased a 100% interest in the Garrison Gold Property. The Property is located on the Golden Highway of NE Ontario and straddles the Porcupine-Destor Fault and the Munro Fault systems along the prolific Abitibi greenstone belt. The Property hosts several gold zones including the advanced stage Jonpol and Garrcon Deposits and the 903 gold mineralized area. Drilling has been carried out on these gold zones with the earliest work dating back to the 1930's. The Property has good infrastructure with producing gold mines and mills located in close proximity. The Jonpol Project contains an indicated resource of 253,100 tonnes @ 7.77 g/t containing 63,000 ounces of gold and an inferred resource of 1.6 million tonnes @ 4.93 g/t Au containing 247,000 ounces of gold. (See the NI 43-101 Technical Report filed by Northern Gold on SEDAR on 21 October 2009). The Garrcon Project has an initial indicated resource of 3.8 million tonnes @ 1.2g/t containing 144,000 ounces of gold and an initial inferred resource of 18.5M tonnes @ 0.9 g/t containing 530,000 ounces of gold. (See Valgold news release dated September 23 2010). Northern Gold optioned the Property in September 2009 and has been working toward earning an 80% interest.

Drill Hole Descriptions

For a full detailed description of the drill holes, please refer to the Northern Gold Mining Inc. News Release dated February 22, 2011 at www.northerngold.ca.

Table of significant assay results from diamond drill holes; GAR-10-30, -32, -33, -34 and -36 
  From To Interval Au (g/t)
Drill Hole (m) (m) (m) Un-Cut
GAR-10-30 3.8 31.0 27.2 0.63
Including 10.0 15.4 5.4 1.06
Including 30.0 31.0 1.0 8.32
GAR-10-32 23.0 35.0 12.0 0.66
Including 32.0 35.0 3.0 1.74
  108.0 109.0 1.0 5.18
  126.0 272.0 146.0 0.52
Including 168.0 170.0 2.0 2.16
And 214.0 238.0 24.0 1.04
Including 236.0 238.0 2.0 5.71
And 260.0 272.0 12.0 2.17
Including 265.0 267.0 2.0 7.13
  265.0 272.0 7.0 3.21
GAR-10-33 8.0 25.0 17.0 0.83
  73.0 281.0 207.0 0.51
Including 220.0 279.0 59.0 1.09
Including 224.0 239.0 15.0 1.18
Including 232.0 239.0 7.0 1.73
And 261.0 279.0 18.0 2.08
Including 264.0 275.0 11.0 2.71
Including 264.0 266.0 2.0 6.40
Including 274.0 275.0 1.0 13.27
GAR-10-36 41.0 269.0 228.0 0.46
Including 50.0 56.0 6.0 1.72
Including 50.0 52.0 2.0 3.63
  211.0 269.0 58.0 1.08
Including 240.0 269.0 29.0 1.75
Including 254.0 269.0 15.0 2.78
Including 258.0 269.0 11.0 3.14
Including 259.0 269.0 10.0 3.25
Including 267.0 269.0 2.0 13.07

For more information on ValGold's Canadian gold projects (Tower Mountain and Garrison) and its international projects, please visit our website at www.valgold.com.

Stephen J. Wilkinson, President and Chief Executive Officer

This news release includes "forward-looking information". All statements in this release, other than statements of historical facts, that address the private placement or mineral exploration programs contain forward-looking information and are based on a number of assumptions, including, but not limited to, that there will not be substantial changes to market conditions, regulatory requirements or costs associated with mineral exploration. Although the Company believes the expectations expressed in such forward-looking information 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 information. Factors that could cause actual results to differ materially from those in forward-looking information include changes the price of the company's shares, the costs of labor, equipment and other costs associated with exploration, exploration successes, 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 actual results or developments may differ materially from those projected in the forward-looking statements.

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

Neither TSX Venture Exchange nor its Regulation Services Provider (as the 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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