ValGold Resources Ltd.

ValGold Resources Ltd.

December 29, 2010 14:03 ET

ValGold Reports Howe International Engaged to NI 43-101 Compliant Resource Estimate for the Garrcon Gold Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 29, 2010) - ValGold Resources Ltd. (TSX VENTURE:VAL)(FRANKFURT:VR2) ("ValGold") is pleased to announce that A.C.A. Howe International Ltd. ("Howe"), a leading geological and mining engineering consulting group, has been retained to complete a National Instrument 43-101 Technical Report ("NI 43-101 Report") for the Garrcon Deposit within ValGold's 100%-owned Garrison gold property. Northern Gold Mining Inc. ("Northern Gold") is the operator of the Garrison property exploration program and is in the second year of an option agreement under which it is earning its interest in the Garrison gold property from ValGold. For more information on the option agreement, please see ValGold's news release dated September 14, 2009.

On September 23rd, 2010 ValGold reported NI 43-101 compliant resources for the Garrcon Deposit. The indicated resource consisted of 144,000 ounces of gold in 3.8 million tonnes grading 1.2 grams per tonne and the inferred resource contained 530,000 ounces of gold in 18.5 million tonnes grading 0.9 grams per tonne, based upon pre-2010 drill results. As of December 1st 2010, an additional 10,114 meters had been completed in 41 drill holes. The initial resource estimate was prepared by Doug Roy, M.A.Sc., P.Eng., Associate Mining Engineer with Howe. The geological interpretation and review of assay QA/QC was provided by Ian Trinder, M.Sc., P.Geo., Senior Geologist with Howe.

In its December 29th, 2010 announcement, Northern Gold reported that Howe has also been engaged to complete a Preliminary Economic Assessment for the Garrcon Deposit. The updated NI 43-101 Report will incorporate the data from the additional 41 drill holes to supplement data from the 65 drill holes used to calculate the current NI 43-101 compliant resource. SGS Minerals Services is undertaking metallurgical tests for the scoping study at its Lakefield, Ontario facilities.

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 zone. 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 November 5th, 2010). The Garrcon Project has an initial indicated resource of 3.8 million tonnes @ 1.2 g/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's news release dated September 23, 2010).

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

Stephen J. Wilkinson President & 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.

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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