ValGold Resources Ltd.
TSX VENTURE : VAL

ValGold Resources Ltd.

July 11, 2007 09:30 ET

ValGold's Los Patos Gold Discovery Gets Deeper and Stronger

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2007) - ValGold Resources Ltd. ("ValGold") (TSX VENTURE:VAL) announces that it has to date completed a total of 29 drill holes on its recently discovered Los Patos gold zones located within the Increible No. 3 concession in the El Callao Mining District, Bolivar State, Venezuela. Since our last update on June 13th 2007, ValGold has received assay results for drill holes LI307-16 to LI307-24.

Most of ValGold's drill holes for this current round have targeted deeper extensions of the main Los Patos gold zone while three holes tested the Los Patos Central gold anomaly. Interestingly, the Los Patos main gold zones seem to be continuing on its east side with intersections of wide intervals of strong mineralization, such as in hole LI307-20 where the main zone averaged 2.75 grams per tonne ("g/tonne") gold over 34.0 meters ("m") (0.08 ounces per ton ("oz/t") gold over 111.55 ft) that included a one meter interval grading 53.97 g/tonne (3.28 ft grading 1.57 oz/t) gold. In comparison, the westernmost intersection of the Los Patos main zones as found in hole LI307-24 shows a bonanza grade interval of 29.65 g/tonne (0.87 oz/t) gold over a width of 3.0m (9.84 ft). In addition, the Los Patos main zone remains open both to the east and west, and to depth.

Highlights from the drilling results of the Los Patos main occurrence include:



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Drill From To Gold Gold
Hole Gold Zone (m) (m) Metres Feet (g/tonne) (oz/t)
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LI307-20 Los Patos 111.00 145.00 34.00 111.55 2.75 0.08
including 111.00 119.00 8.00 26.25 9.39 0.27
and 111.00 112.00 1.00 3.28 53.97(1) 1.57(1)

LI307-22 Los Patos 234.00 238.00 4.00 13.12 14.66 0.43
263.00 264.00 1.00 3.28 11.56 0.34

LI307-23 Los Patos 240.00 256.00 16.00 52.49 2.30 0.07
including 240.00 242.00 2.00 6.56 7.90 0.23
and 255.00 256.00 1.00 3.28 12.03 0.35

LI307-24 Los Patos 193.00 196.00 3.00 9.84 29.65 0.87
including 193.00 194.00 1.00 3.28 80.97 2.36
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Note (1) - The high-grade interval in drill hole LI307-20 contains
abundant visible grains of gold. The reported assay is the
result of averaging fire assays and metallics assays.


A total of three core holes were completed on the Patos Central satellite zone. Highlights from these three holes include:



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Drill From To Gold Gold
Hole Gold Zone (m) (m) Metres Feet (g/tonne) (oz/t)
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LI307-17 Patos Central 95.00 108.00 13.00 42.65 1.59 0.05

LI307-19 Patos Central 112.00 119.00 7.00 22.97 1.01 0.03
including 118.00 119.00 1.00 3.28 3.20 0.09
162.00 163.00 1.00 3.28 1.16 0.03
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The long section attached below shows the locations of the drill hole intersections along the strike of the Los Patos main gold zone. The drill holes by ValGold together with the drill holes completed by Gold Fields Limited are shown with the pierce points representing the estimated middle of the intersections. To date, ValGold has completed drill holes LI307-01 to 29 and is progressing well on LI307-30. With the continued success of the exploration of the Los Patos discovery, ValGold has elected to further increase the drill program and to have up to 10,000m of core from 35 drill holes completed for this first stage of drilling in Increible 3. Upon completion of this expanded program, the Company is further planning to initiate a NI 43-101 compliant resource calculation on the Los Patos gold zones and to develop the next stage of exploration work that should expand the program over the remaining gold occurrences along the 6.5 km long Los Chivos Shear Zone.

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 www.valgold.com.

Stephen J. Wilkinson, President & Chief Executive Officer

To view the map accompanying this press release please click on the following link: http://www.ccnmatthews.com/docs/ValGold.jpg

The following table reports assay sample intervals averaging 1.0 g/tonne Au or greater for drill holes recently completed in the Los Patos gold occurrences, 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 averaging greater than 1.0 g/tonne 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. 1.0 oz/t equals 34.286 g/tonne.



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Drill From To Gold Gold
Hole Gold Zone (m) (m) Metres Feet (g/tonne) (oz/t)
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LI307-17 Patos Central 95.00 108.00 13.00 42.65 1.59 0.05
116.00 118.00 2.00 6.56 1.09 0.03
123.00 130.00 7.00 22.97 1.03 0.03

LI307-18 Patos Central 106.00 108.00 2.00 6.56 1.30 0.04

LI307-19 Patos Central 112.00 119.00 7.00 22.97 1.01 0.03
including 118.00 119.00 1.00 3.28 3.20 0.09
162.00 163.00 1.00 3.28 1.16 0.03

LI307-20 99.00 100.00 1.00 3.28 1.08 0.03
Los Patos 111.00 145.00 34.00 111.55 2.75 0.08
including 111.00 119.00 8.00 26.25 9.39 0.27
and 111.00 112.00 1.00 3.28 53.97 1.57
156.00 158.00 2.00 6.56 1.92 0.06
169.00 172.00 3.00 9.84 2.95 0.09
190.00 194.00 4.00 13.12 1.39 0.04

LI307-21 132.00 133.00 1.00 3.28 1.29 0.04
Los Patos 152.00 162.00 10.00 32.81 3.00 0.09
169.00 170.00 1.00 3.28 1.14 0.03
198.00 206.00 8.00 26.25 1.10 0.03
217.00 218.00 1.00 3.28 3.25 0.10
234.00 238.00 4.00 13.12 10.46 0.31
240.00 241.00 1.00 3.28 1.07 0.03

LI307-22 197.00 198.00 1.00 3.28 7.19 0.21
210.00 211.00 1.00 3.28 1.87 0.05
Los Patos 234.00 238.00 4.00 13.12 14.66 0.43
253.00 254.00 1.00 3.28 1.32 0.04
263.00 264.00 1.00 3.28 11.56 0.34
282.00 284.00 2.00 6.56 4.63 0.13
296.00 297.00 1.00 3.28 1.06 0.03

LI307-23 201.00 202.00 1.00 3.28 1.29 0.04
213.00 215.00 2.00 6.56 7.73 0.23
224.00 225.00 1.00 3.28 1.38 0.04
229.00 230.00 1.00 3.28 1.07 0.03
Los Patos 240.00 256.00 16.00 52.49 2.30 0.07
including 240.00 242.00 2.00 6.56 7.90 0.23
and 255.00 256.00 1.00 3.28 12.03 0.35
267.00 268.00 1.00 3.28 1.06 0.03
271.00 272.00 1.00 3.28 2.82 0.08

LI307-24 137.00 138.00 1.00 3.28 3.04 0.09
160.00 161.00 1.00 3.28 2.94 0.09
167.00 171.00 4.00 13.12 4.69 0.14
176.00 177.00 1.00 3.28 1.01 0.03
Los Patos 193.00 196.00 3.00 9.84 29.65 0.87
including 193.00 194.00 1.00 3.28 80.97 2.36
199.00 200.00 1.00 3.28 1.09 0.03
241.00 242.00 1.00 3.28 1.46 0.04
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