SOURCE: Vangold Resources Ltd.

April 18, 2008 12:20 ET

Vangold Successfully Completes First Phase Rwanda Work Program

VANCOUVER, BC--(Marketwire - April 18, 2008) - Vangold Resources Ltd. ("Vangold") (TSX-V: VAN) announces that it has received a report, Oil Slicks / Seeps Survey in Lake Kivu, which completes the first phase work program in Rwanda. The report, prepared by Paterson Grant & Watson of London, England, was reviewed in a meeting with Azim Nathoo, Vangold's Business Development Manager, Joseph Katarebe, Vangold's Country Manager, Francis Karanja a geologist and Vangold's Exploration Manager in Kenya, and the Minister of State for Mineral Development of the Republic of Uganda, Honourable Dr. Kamanda Bataringaya.

Vangold has the exclusive rights to the 1,631 sq km oil and gas concession in the northwestern part of Rwanda known as White Elephant. With the discovery of oil in southwestern Uganda by Heritage Oil and Tullow Oil, the technical review was undertaken to determine whether this area in Rwanda is an extension of that discovery. Mr. Karanja said: "The report stated that the existence of the long chain hydrocarbons in the Lake Kivu waters has all along indicated possible presence of active oil generation and accumulation in East Kivu Graben. This factor reduces the risk in petroleum exploration of the Kivu Graben as it is one of the four primary factors of a working petroleum system. To further this earlier finding by Woodhole Oceanographic Researchers, Vangold commissioned a slick/oil seep satellite imagery study by Paterson, Grant & Watson Ltd., on the surface of Lake Kivu waters. This is the fourth of the advanced synthetic aperture radar imagery [ASAR] studies of the East African Rift lakes. The earlier studies, done on Lake Albert, Lake Tanganyika and Lake Turkana have all identified oil slicks."

The report further stated: "The results of the Lake Kivu Study indicates that there are 57 slicks in Lake Kivu categorized as 2 pollution, 53 unassigned and 2 priority unassigned slicks. The study does not identify 100% oil slicks but indicates that the two priority unassigned slicks are likely oil seeps. The 53 unassigned and 2 priority unassigned slicks require further investigation that includes Landsat fault/line interpretation, seismic correlation and geochemical sampling studies. A fault/linear interpretation of Landsat imagery in earlier studies indicates a strong correlation of slicks with faults."

Danson Mburu, Vangold's geophysicist commented: "This is a positive feature as oil migrates along fault lines. Correlation of the only two seismic sections available with some of unassigned shows that most of the 'seep' features appear to be close to where the basin section onlaps onto the mainland or the shores of Idjwe Island. This is another positive feature." He also stated that the next phase of the program will be to undertake geochemical sampling in the area of the slicks. He added that: "Such sampling would be on foot for the onshore areas, and by boat or plane for the offshore areas. Planes flying at low altitude can often see offshore seeps and the sheen or film they cause."

Vangold's technical team stressed that the oil seeps study complements exploration efforts which now moves in the direction of gravity and magnetic survey to determine the depth and areal extent of the East Kivu Graben.

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.

Contact Information

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