Valhalla Resources Ltd.

Valhalla Resources Ltd.

May 31, 2012 12:56 ET

Valhalla Commences Exploration at the Demirdere Au-Cu-Fe Project, Turkey

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 31, 2012) - Valhalla Resources Ltd. (TSX VENTURE:VH) ("Valhalla" or the "Company") is pleased to announce that a surface mapping, soil sampling and trenching program has commenced on the Company's Demirdere gold-copper-iron prospect. Demirdere is part of Valhalla's 18,567 hectare Sarp Property located in Northwest Turkey.

The Demirdere Prospect is centered on an iron-copper-gold skarn system, with multiple historic small-scale mines and smelting dating back to antiquity. High-grade gold in grab samples suggest that areas of the magnetite rich skarn have been overprinted by an epithermal gold system. During a 2005 recon program a grab sample of magnetite skarn returned 38.9g/t Au, which was partly duplicated by Valhalla personnel with an 18.6 g/t Au sample at the same location in 2010. This sample location is within a northeast-southwest gold and copper soil anomaly. Limited modern exploration has been conducted at Demirdere. In the late 1970's and early 1980's, the Turkish Geological Survey ("MTA") drilled 5 shallow core holes testing the magnetite skarn, which were only assayed for iron content. Core samples found in poor condition at MTA's core shed in Ankara were partly logged and assayed by Valhalla in 2008. Two select samples of core returned 1.98g/t Au with 2.25% Cu, and 1.79g/t Au with 0.7% Cu. Other select samples detected anomalous gold and copper from 13 samples that assayed between 30.0% and 49.0% Fe, averaging 41.07% Fe. Complete core lengths and assay composites are not known due to the poor condition of the historic drill core.

These results indicated the presence of gold and copper in the system and were confirmed by a 2009 soil sampling survey completed over an area covering 1.5 km2. The soil grid was completed on 100m sample intervals. Within the anomaly, 12 samples ranged between 0.1 and 1.02 g/t Au averaging 0.3 g/t Au. The anomaly follows a northeast-southwest trend, is 1.1km long by 100m and 350m in width, is coincident with a magnetic high, and is open for expansion to the southwest off the grid. Additionally, copper values form a similar orientation with six samples ranging from 0.1% to 0.968% Cu and the anomaly is open for expansion to the northeast and southwest.

A detailed ground magnetic survey at Demirdere suggests strong correlation between magnetic highs and the coincident gold-copper in soil anomaly. Magnetic data contain single point anomalies up to 47,000nT with the heart of the anomaly between 2,000 and 7,000nT.

Permits have now been received by the Company for a trenching program totalling up to 2,000 meters with the objective of identifying drill targets. In addition, Valhalla will complete geological mapping, and expand the existing soil grid. The trenching program is expected to take 4-6 weeks to complete.

Geological and geophysical maps with rock and soil assays can be viewed on the Company's website at

Assays will be performed by ALS Chemex, with surface samples to be delivered to Izmir Minerals Lab in Turkey with analysis in Vancouver, B.C. Rock and soil samples will be analyzed for 51 elements by aqua regia digestion followed by inductively coupled plasma - atomic emission spectroscopy and mass spectrometry (ME-MS41). Rock samples will be analyzed for 33 elements by a 4-acid digestion and inductively coupled plasma - atomic emission spectroscopy (ME-ICP61 & Ag/Pb/Zn-OG62). Rock samples will be analyzed for gold by fire assay followed by atomic absorption (Au-AA23). Soil samples will be analyzed for gold by fire assay followed by inductively coupled plasma - atomic emission spectroscopy (Au-ICP21). The 2012 field program is being performed under the supervision of Adrian Fleming, RPGeo, CEO of Valhalla Resources and a Qualified Person as defined by NI 43-101. Mr. Fleming prepared and reviewed the technical information in this news release on behalf of Valhalla.

About Valhalla Resources Ltd.:

Valhalla Resources is a Canadian mineral exploration company focusing on the discovery and development of base and precious metal opportunities in Turkey and Romania. Its principal assets are the Sarp Properties in Northwestern Turkey and the Bratosin Hill property in the historic Golden Quadrilateral region of Romania. In addition, the Company is evaluating numerous opportunities throughout the Tethyan Mineral Belt which traverses Eastern Europe and Asia and plays host to a number of world-class gold and copper deposits.


Joel Hayes, President & Director

Caution Regarding Forward-Looking Information

This news release includes certain forward-looking statements within the meaning of Canadian securities laws. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this news release, include, but are not limited to, the fact that completion of the Private Placement is subject to a number of customary closing conditions, including receipt of the approval of Valhalla's shareholders and approval of the Exchange, economic performance, future plans and objectives of the Company and the other factors discussed under the heading "Risk Factors" in the Company's Management's Discussion and Analysis for the year ended November 30, 2011 and in other continuous disclosure filings made by the Company with Canadian securities regulatory authorities and available at Any number of important factors could cause actual results to differ materially from these forward-looking statements as well as future results. Although Valhalla believes that the assumptions and factors used in making the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed timeframe or at all. Valhalla disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider ) as that 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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