ValGold Resources Ltd.
TSX VENTURE : VAL

ValGold Resources Ltd.

September 28, 2010 09:00 ET

ValGold Reports Further Positive Drill Results for Garrison

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 28, 2010) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL) is pleased to announce additional assay results from three diamond drill holes; GAR-16-10, GAR-19-10 and GAR-22-10 from the infill and definition drilling program currently underway 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).

To date, assay results have been received from 8 of the 22 diamond drill holes completed in 2010. The results are expected to augment the tonnes and ounces of the initial compliant resource for the Garrcon Deposit (See Valgold news release dated September 23 2010). To date, all drill holes, other than GAR 22-10, have consistently encountered gold grades and intersections inline with the norm of the Garrcon deposit.

Table 1: Details of gold mineralization intersections of GAR-16-10, GAR-19-10 and GAR-22-10
 
Hole Zone From (m) To (m) Length (m) Grade (Au g/t)
GAR-16-10 Shaft 4.9 287.0 282.1 0.77
  Includes   69.0 93.0 24.0 2.09
  And   146.0 238.0 92.0 1.52
  Includes   178.0 238.0 60.0 2.05
  Includes   203.0 238.0 35.0 3.15
Gar-19-10 Shaft 1.0 221.0 220.0 0.60
  Includes   89.0 147.0 58.0 1.32
  Includes   107.0 147.0 40.0 1.73
GAR-22-10 Shaft 14.5 88.0 73.5 0.26
  Includes   18.0 20.0 2.0 3.56

Drill Hole Descriptions

Diamond drill hole, GAR-16-10, is an infill drill hole that crosses from section 11+75 W to 12+00 W. The gold mineralization is consistent with that logged in neighboring drill holes. The hole was collared at an azimuth of 162 degrees relative to true north with a dip of minus 45 degrees from the horizontal. Highlights were separate intersections of 24m grading 2.09 g/t Au and 92 meters averaging 1.52 g/t Au. 

GAR-19-10 is an infill hole that crosses from section 11+25 W to 12+00 W. It was collared at an azimuth of 179 degrees relative to true north and a dip of minus 46 degrees from the horizontal. Highlights include a 40m intersection with an average grade of 1.73 g/t Au. 

GAR-22-10 was collared at an azimuth of 160 degrees relative to true north and a dip of minus 45 degrees from horizontal. It was located about 45m north of the Destor-Porcupine Fault on section 11+00 W and encountered the Destor-Porcupine Fault at a down-hole depth of 87 meters. Anomalous gold mineralization occurs over the entire length of the hole and four intercepts assayed better than 0.5 g/t Au. 

The Garrison Gold Property

ValGold's Garrison Gold 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 tones @ 1.2g/t containing 144,000 ounces of gold and an initial inferred resource of 18.5M tones @ 0.9 g/t containing 530,000 ounces of gold (See Valgold news release dated September 23 2010).

For further information on ValGold's Canadian and international gold projects, visit our website www.valgold.com.

Stephen J. Wilkinson, President & Chief Executive Officer

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. 

SEC 12g3-2(b): 82-3339

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No regulatory authority has approved or disapproved the information contained in this news release.

Contact Information