Vangold Resources Ltd.

Vangold Resources Ltd.

May 02, 2007 12:02 ET

Vangold Resources Ltd.: 2006 Year End Highlights

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - May 2, 2007) - Vangold Resources Ltd. ("Vangold") (TSX VENTURE:VAN) published its 2006 year-end audited consolidated financial and operating results on April 30, 2007. Complete financial statements may be viewed at or Dal Brynelsen, President and CEO of Vangold, states: "Last year I reported that the realization of our strategy to acquire properties capable of producing world-class ore bodies, while participating in revenue generating oil and gas projects to fund exploration, was reflected in the numbers. This past year we continued to achieve that goal. We have seen significant growth in revenues and profitability. We are also realizing the second part of our strategy which is to take certain assets that are not adequately valued within Vangold and create new entities that realize the value of these assets and will greatly enhance shareholder value."

During 2006, total revenues increased 350% from 2005 and total assets increased from $8.7 million to $15.4 million. The financial highlights are outlined as follows.

- Total revenues for the year ended December 31, 2006 was $4,148,875, an increase of $3,244,284 over the same period for 2005. Revenues from the East Corning gas field was $120,888 compared to $470,086 for the same period and the revenues from the Killam North oil field was $4,027,923 compared to $434,504 in 2005. Total expenses for year end, 2006 was $3,078,116 compared with $1,835,756 for 2005.

- The net income for the period was $17,218 compared with net loss of $1,106,104 in 2005.

- Net cash flow from operations increased from a loss of $567,366 in 2005 to a net income of $1,279,800 in 2006.

- Cash and cash equivalents was $6,871,892 compared to $1,661,967 in 2005.

- Total working capital at year-end 2006 was $6,843,881 compared to $1,880,219 at year end 2005. Current working capital as at March 31, 2007 was approximately $6.4 million.

On Behalf of the Board of VANGOLD RESOURCES LTD.

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.

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