ValGold Resources Ltd.
TSX VENTURE : VAL

ValGold Resources Ltd.

August 11, 2006 10:05 ET

ValGold Update on Private Placement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 11, 2006) - ValGold Resources Ltd. ("ValGold" or the "Company") (TSX VENTURE:VAL) reports that an insider of ValGold has arranged a sale of approximately 540,000 shares of ValGold at a price of $0.275 per share through the facilities of the TSX Venture Exchange. The proceeds from this sale will be used by the insider to acquire approximately 540,000 units at a price of $0.275 per unit under ValGold's previously announced private placement. Each such unit is comprised of one non-flow through common share of ValGold and one transferable share purchase warrant. Each Warrant will entitle the holder to purchase one additional non-flow through common share at a price of $0.40 per share for a period of 12 months from closing of the Offering, and thereafter at a price of $0.50 per share, expiring 24 months from closing of the Offering. The private placement is subject to regulatory approval.

ValGold is a mining exploration company listed on the TSX Venture Exchange under the trading symbol: VAL. Presently, the Company's exploration focus is on the Garrison Gold Project located strategically between Timmins and Kirkland Lake in northeastern Ontario. ValGold has recently added a second diamond drill to the current exploration program. Its geological team is systematically testing the on-strike and at depth extensions of the J.P. and Garrcon gold zones in addition to several other gold occurrences within the historic property. To date, ValGold has completed 38 drill holes for an aggregate of approximately 12,000m of core and expects to have at least a further 10,000m drilled during 2006.

Stephen Wilkinson, President and Chief Executive Officer

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

No regulatory authority has approved or disapproved the information contained in this news release.

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