SOURCE: Vangold Resources Ltd.

February 28, 2008 19:56 ET

Vangold Reports on Uganda Properties

VANCOUVER, BC--(Marketwire - February 28, 2008) - Vangold Resources Ltd. (TSX-V: VAN) "Vangold" holds 20 Exploration Licences in Uganda through Rwenzori Copper & Nickel Limited, a wholly owned subsidiary. Targeted minerals include gold, nickel - PGM, and copper - cobalt.

Mr. Locke B. Goldsmith, P.Eng., P.Geo., V. P. Exploration, presently in Uganda, has provided the following report:

Vangold's history of exploration in Uganda dates from 1994. The Kafunjo, Kilembe, and Fort Portal projects were developed in the following years. Active exploration resumed in 2007, with programs planned and in progress in 2008 on all licences.

Releases in January 2008 of airborne magnetic and radiometric geophysical surveys covering two areas (Blocks 1 & 6) have been purchased and are being interpreted by a geophysicist. As additional Blocks are released the data will be acquired.

Programs are now being organized in Kampala. Letters of introduction to regional authorities have been provided from the Geological Survey. Field examinations will begin in March. A new 4x4 Toyota Land Cruiser has been purchased and other field supplies are on hand.

Kafunjo Licences

Three adjacent licences are located in southwest Uganda near the triple junction of Tanzania, Rwanda, and Uganda. A strong 7 km long coincident pairing of magnetic and gravity anomalies occurs on a trend which arcs from the ultramafic-hosted nickel-PGM deposits at Kabanga and Kagera in Tanzania.

Previous exploration by Vangold (1994-1995) included a drill test to depths of approximately 350m. Reinterpretation of the geophysics and drill core suggests that the upper part of the causative body is 600-800m below surface. Study of pyrrhotite-silica veinlets determined that they are of hydrothermal origin. Sulphur isotopes are similar to those from the massive copper - silver deposits at Mt. Isa, Australia.

Possible deposit models include nickel - PGM in ultrasmafics, massive to disseminated copper sulphides, and IOCG (Iron oxide - copper - gold) of the Olympic Dam, Australia type.

Work now commenced includes a gravity survey over the centre of the anomaly. A proposal for the survey has been submitted to the geophysical section of the Petroleum Department of the Uganda Geological Survey, for completion in mid-March. Diamond drilling to depths of 1000m or more is planned. A suitable drill is being sought; one or more may be available by April.

Kilembe Licences

Five contiguous licences extend southwesterly from the formerly productive Kilembe Mines Ltd. (Falconbridge) copper - cobalt mine which operated from 1956 - 1972. The area covered by the Vangold licences includes the favorably mineralized horizon. Exploration by Kilembe Mines in the 1956 - 1961 period identified several copper - cobalt occurrences on which a few confirmatory holes were drilled. At the time, mining centered on the eastern deposits and the southwestern deposits were regarded as future developments.

Exploration this year will begin with GPS relocation of the occurrences, geological mapping and sampling, and possibly drilling.

West Nile Licences

Nine licences are positioned adjacent to the DRC - Uganda border. The rocks to be investigated are Proterozoic metavolcanics and amphibolites which may host gold deposits. Occurrences of placer gold are known; no bedrock sources of gold have been found. These strata trend southwesterly into DRC where important gold deposits are under development.

Initial examinations will include prospecting and sampling. Detailed programs will be planned as may be warranted.

Fort Portal Licence

One licence northeast of Fort Portal is held to cover a copper - cobalt and a gold occurrence, both located on a segment of the productive Kilembe series of rocks. Exploration by Vangold (1996 - 1998) relocated a geochemical and electromagnetic anomaly which had been identified and drilled by Kilembe Mines. One drill hole by Anglovaal (option from Vangold) in 1998 was sited incorrectly and did not intersect the zone. Placer gold has been recovered by artisan miners from the southern part of the licence; a bedrock source has not been located.

Work will include reestablishing the location of the copper - cobalt mineralization and positioning of drill stations. Prospecting of the gold occurrence will begin.

Kamwenge Licence

One licence is held in an area of gold occurrences southeast of Fort Portal. Vangold has done no work on this prospect. Reconnaissance prospecting will determine the nature of additional work.

Buguri Licence

One licence in eastern Uganda is underlain by Archean Nyanza metavolcanics, a belt of rocks which hosts the mines of the Lake Victoria goldfields of Tanzania and Kenya. Historic work on the permit and vicinity by BGRM includes stream sediment, soil, pan concentrate, and outcrop sampling. Laterite / saprolite cover is extensive. Results indicate that targets for gold mineralization are present. No drilling was done.

The area is within Block 1 of the recent magnetic and radiometric survey, data from which Vangold has purchased and is now interpreting.

The program will first synthesize the new geophysical information with the regional geology. Thereafter field examination will begin to determine detailed exploration. Auger sampling to bedrock and ground geophysics may be considered, prior to drilling.

Program Supervision

The qualified person on site is Locke B. Goldsmith, P.Eng., P.Geo., V. P. Exploration, Vangold Resources Ltd., who has been in charge of the company's Uganda programs since 1994. He will conduct the field examinations, planning, and supervision, assisted by Uganda geologist David Kyagulanyi.

To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email brynelsen@vangold.ca.

On Behalf of the Board of

VANGOLD RESOURCES LTD.

 "Dal Brynelsen"
Dal Brynelsen, President and CEO

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

Contact Information

  • Vangold Resources Ltd.
    P.O. Box 11622
    1730 - 650 West Georgia Street
    Vancouver, BC,
    Canada, V6B 4N9
    Phone: 604-684-1974
    Fax: 604-685-5970
    www.vangold.ca