Vangold Resources Ltd.

Vangold Resources Ltd.

September 16, 2008 09:30 ET

Vangold Resources Names Schroeder as Director Oil and Gas Operations, Domestic and International

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2008) - Vangold Resources Ltd. (TSX VENTURE:VAN) ("Vangold") is pleased to announce the appointment of Jonathan E. C. Schroeder, P.Geoph., to its management team. Mr. Schroeder is a professional geophysicist with a Bachelor of Science degree in astrophysics from the University of Calgary and attended Royal Roads Military College in Victoria, BC. Currently, Mr. Schroeder is chairman of Carrack Holdings Inc., a private investment company; founder and chief executive officer of CODELCO Inc., a private company establishing itself as an environmentally responsible player in the gasification industry, and a member of the board of Forent Energy Ltd., a private oil and gas exploration company with extensive land holdings onshore Nova Scotia adjacent to recent shale gas discoveries. From June, 2002 to November, 2006, Mr. Schroeder was founder, president and chief executive officer of Gladius Energy Inc., a private oil and gas exploration company which grew its production from startup through the drill bit to approximately 1,000 boe/d. Gladius had raised $14 million, had no appreciable debt, and was ultimately sold for $75 million in 2006. During his career Mr. Schroeder gained extensive experience in the frontier and offshore exploration industry as a senior geophysicist with a major Canadian international and frontier exploration company where he initiated, developed and successfully drilled offshore wells in the Jean d'Arc basin, offshore Newfoundland.

While there as a team leader, he was also responsible for re-interpreting the technical data over several depleted major gas fields and through the expenditure of approximately $10 million and the successful whip stocking of four suspended wells was able to add back in excess of 150 BCF of gas reserves to the company's books. Mr. Schroeder is a past member of the board of directors of the University of Calgary alumni association and is a past member of the Senate of the University of Calgary. Mr. Schroeder brings over 26 years of experience in the oil and gas industry along with his considerable creativity and enthusiasm and the company looks forward to his valued contribution in the success of Vangold.

Dal Brynelsen, President & CEO of Vangold Resources, comments, "The Directors and Senior Employees of our oil and gas projects globally are very excited to have the opportunity of working with Jonathan. I first met Jonathan several years ago when Vangold secured an option on his Strachan Leduc gas play in Alberta. I watched him grow his company at an astonishing rate and within 4 years sold out for a substantial profit to his shareholders. His technical and entrepreneurial spirit should greatly advance the 43,000 square kilometers of sedimentary basins owned by Vangold in Kenya, Rwanda, Armenia and Alberta. Vangold maintains technical offices in Calgary Alberta, Nairobi Kenya and Yerevan Armenia."


Vangold is pleased to announce that the operator of the company's Strachan Leduc gas play has received final approval for its development gas well from the EUB and is expecting to commence drilling operations shortly after the New Year. Vangold holds a 35% before payout interest in the well and a 21% after payout interest in the well. The well is expected to encounter approximately 30 BCF of attic gas approximately 25 meters above previous wells drilled into the pool. These wells produced approximately 20 BCF and 50 BCF respectively before prematurely coning water due to suspected poor reservoir management practices. Prudent production and reservoir management practices should enable the new well to produce water free gas at rates in excess of 5000 mcf/d for a considerable number of years as the well accesses not only the attic gas but also initial gas remaining in the lower portion of the pool due to premature coning of the original wells. Should the well prove successful, tie in operations will be timely as the well is being drilled adjacent to a large sour gas transportation pipeline and tie in approvals have already been received by the operator. Production from this well is anticipated to commence in the second quarter of 2009.

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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