Valgold Reports Final Results Of 2009 Drilling On Garrison Project, Ontario
During 2009, eleven diamond drill holes totalling 2,333 metres ("m") were completed as a first step towards developing a resource calculation for the Garrcon shaft zones. The drill program involved step out and infill drilling on a minimum spacing of 25 to 30m. Multiple occurrences of visible gold were observed as fine disseminations in ten of the eleven holes drilled.
To date, the Garrcon shaft zones have been drilled over a strike length of 195m (640 feet), but the zones could continue for 500m (1600 feet) on strike as indicated by drilling by previous operators in 1987. The shaft zones have also been successfully tested to vertical depths beyond 200m (650 feet) in C-06-07 by ValGold, where 3.48 g/t Au was intersected over 13.5m at a down-hole depth of 275.5m.
The following table highlights the gold zone intersections in the holes: GAR-09-03A, -09 and -10:
| HOLE ID | FROM (m) |
TO (m) |
LENGTH (m) |
GRADE (g/t) |
ZONE |
| GAR-09-03A | 36.0 | 64.0 | 28.0 | 1.01 | Shaft B |
| Including | 46.0 | 58.0 | 12.0 | 1.60 | |
| including | 56.0 | 56.5 | 0.5 | 8.50 * | |
| GAR-09-03A | 93.0 | 94.0 | 1.0 | 1.13 | |
| GAR-09-03A | 129.0 | 130.0 | 1.0 | 1.60 | Shaft C |
| GAR-09-03A | 142.0 | 143.0 | 1.0 | 1.05 | Shaft C |
| GAR-09-03A | 159.5 | 161.5 | 2.0 | 3.03 * | South Zone |
| GAR-09-09 | 35.0 | 36.0 | 1.0 | 2.36 | |
| GAR-09-09 | 82.0 | 83.0 | 1.0 | 1.04 | North B |
| GAR-09-09 | 103.0 | 132.0 | 29.0 | 4.90 | North A+DZ |
| Including | 112.0 | 132.0 | 20.0 | 6.74 | North A+DZ |
| Including | 112.0 | 117.0 | 5.0 | 14.67 | |
| Including | 115.5 | 116.5 | 1.0 | 33.22g * | |
| and | 131.0 | 132.0 | 1.0 | 14.33 | |
| GAR-09-10 | 18.0 | 19.0 | 1.0 | 0.90 | |
| GAR-09-10 | 62.0 | 63.0 | 1.0 | 0.98 | |
| GAR-09-10 | 70.0 | 71.0 | 1.0 | 2.29 |
Note: All widths are down-hole thickness; *-visible gold observed in sample interval
GAR-09-03A was designed to test the Shaft zones east of the Garrcon shaft. GAR-09-09 was designed to test the north zones. GAR-09-10 was far removed from the other ten drill holes and was testing possible extensions of the Garrcon shaft zones east of the Garrcon shaft.
GAR-09-03A was drilled south and collared 100m (330 feet) east of the Garrcon shaft. This hole was advanced 10m in front of GAR-09-03 which finished in mine workings on the 73m level. Multiple occurrences of visible gold were noted in the shaft zones.
GAR-09-09 was drilled north and was designed to test the north zones 30m above GAR-09-01. A broad high grade interval was intersected in the north A and DZ including one sample with visible gold. This high grade interval correlates with a 22.0m intersection in GAR-09-01 which graded 4.21 grams per tonne gold ("g/t Au").
GAR-09-10 was drilled south and collared 500m east of the Garrcon shaft. This hole was designed to test possible extensions of the Garrcon shaft zones along strike. Several low grade sections were intersected which roughly correlate with the Garrcon shaft zones.
Northern Gold reported in a news release dated March 4th 2010 that with the results from the 2009 drill program it is defining targets for Phase II drilling on the Garrison gold property.
For further information on ValGold and its portfolio of exploration projects and joint ventures, visit the Company's website at www.valgold.com.
Stephen J. Wilkinson
President and Chief Executive Officer
ValGold Resources Ltd.
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
No regulatory authority has approved or disapproved the information contained in this news release.
President and Chief Executive Officer
ValGold Resources Ltd.
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
No regulatory authority has approved or disapproved the information contained in this news release.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's filings that are available at www.sedar.com or the Company's website at www.valgold.com.
Valgold Completes Restructuring And Subscription Receipts Offering
ValGold also announces that it is holding an initial closing on March 3rd 2010 a private placement of approximately 4,195,000 Subscription Receipts at a price of $0.17 per Subscription Receipt to raise aggregate gross proceeds of up to $713,150. The Company anticipates that, subject to regulatory approval a second and final closing could occur on or around March 10th 2010.
Each Subscription Receipt will be immediately exchanged without further cost to its holder for one Unit. Each Unit will consist of one consolidated common share and one non-transferable purchase warrant exercisable to purchase one additional consolidated common share at a price of $0.25 for a period of five (5) years after the closing date of the offering. The shares issued will be subject to a statutory four month hold that will end on July 4th 2010.
If, at any time after the date that is four months and one day following the Closing Date, the closing price of the common shares of the Company on the TSX Venture Exchange, or such other stock exchange or quotation system on which the Company's common shares are then traded, is not less than $0.50 per share for a period of 10 consecutive trading days (whether or not a trade occurs on any of such days), then the Company may elect to accelerate the Expiry Time of any unexercised Share Purchase Warrants by sending notice to the Holder, by prepaid regular mail to the address of the Holder on record with the Company from time to time, and the Expiry Time shall thereupon be deemed to be amended to 4:00 p.m. local time at the City of Vancouver, Province of British Columbia on the date that is the 30th day following the date of such notice.
The proceeds of the Subscription Receipts will be used by the Company for maintenance of the Tower Mountain Property in Ontario and the Venezuelan properties, and for general working capital. Finders' fees in the amount of $49,895 consisting of $4,250 in cash and 25,000 Finders' Warrants and the balance of $45,645 paid in 268,500 Units and 268,500 Finders' Warrants in connection with a part of the offering in accordance with Exchange policies. Shares issued to the Finders will be subject to the same hold period as described above that will expire on July 4th 2010. The Finders' Warrants are exercisable to purchase one share at a price of $0.25 for a period of 18 months.
For information on ValGold and its portfolio of international projects, visit our website at www.valgold.com.
Stephen J. Wilkinson
President & Chief Executive Officer
For further information please contact the company at:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
President & Chief Executive Officer
For further information please contact the company at:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
Neither 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.
This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Valgold Reports Additional Drill Results For The Garrcon Area, Garrison Gold Property, Ontario
Eleven diamond drill holes totaling 2,333 metres ("m") were completed in 2009 designed to lead to a resource calculation on the Garrcon area. To date, the Garrcon shaft zones have been drilled at 30-m intervals over a strike length of 195 m (640 feet). It is possible that the zones could extend to a strike length of about 500 m (1600 feet) as indicated by previous drilling and underground development by Cominco in the 1930's. The Garrcon zones have also been successfully tested to depths beyond 200 m in C-06-07 (see ValGold release dated November 22, 2006) which intersected 3.48 g/t Au over 13.5 m at a depth of 275.5-289.0 m.
The following table highlights the significant intersections from Northern Gold's most recent results:
| HOLE ID | FROM | TO | LENGTH | GRADE | ZONE |
| (m) | (m) | (m) | (g/t Au) | ||
| GAR-09-06 | 68.0 | 152.2 | 84.2 | 1.48 | Shaft B+C+ South Zone |
| including | 68.0 | 85.5 | 17.5 | 2.44 | Shaft B |
| 68.0 | 69.0 | 1.0 | 11.56 *VG | ||
| 76.5 | 77.5 | 1.0 | 8.08 *VG | ||
| and | 115.0 | 152.2 | 37.2 | 2.03 | Shaft C |
| including | 115.0 | 116.0 | 1.0 | 16.29 | |
| 151.2 | 152.2 | 1.0 | 15.61 *VG | South Zone | |
| GAR-09-07 | 4.4 | 14.0 | 9.6 | 2.22 | Shaft A |
| including | 6.0 | 8.0 | 2.0 | 5.53 *VG | |
| GAR-09-07 | 17.0 | 18.0 | 1.0 | 1.60t | |
| GAR-09-07 | 68.0 | 76.5 | 8.5 | 3.24 | Shaft B |
| including | 76.0 | 76.5 | 0.5 | 27.02 *VG | |
| GAR-09-08 | 54.0 | 57.5 | 3.5 | 0.70 | |
| GAR-09-08 | 125.0 | 138.0 | 13.0 | 0.60t | North B |
| including | 137.0 | 138.0 | 1.0 | 2.14 | |
| GAR-09-08 | 153.0 | 154.0 | 1.0 | 1.14 | |
| GAR-09-08 | 176.0 | 193.0 | 17.0 | 0.75 *VG | North A |
| including | 192.0 | 193.0 | 1.0 | 1.72 |
Note: All widths are downhole thickness; *VG-visible gold observed in sample interval
Drill holes, GAR-09-06 and -07, were to test the Shaft zones and South zone east of the Garrcon shaft. GAR-09-08 was designed to test the North zones. GAR-09-06 was drilled south and collared 195 m (640 feet) east of the Garrcon shaft. Multiple occurrences of visible gold were noted in the shaft zones.
GAR-09-07 was drilled south 25 m below GAR-09-06 at 195 m (640 feet) east of the Garrcon shaft. Visible gold was noted within 1.0 m (3.3 feet) of bedrock surface where it appears that the hole was collared into the surface Shaft A zone. The surface Shaft A zone occurs beneath 3 m (10 feet) of overburden and represents a high priority surface stripping target. This hole intersected mine workings on the 73-m (240-feet) level. Visible gold mineralization was noted 6.0 m before the mine workings.
GAR-09-08 was collared 15m west of and drilled 50m below GAR-09-01 into the North zones. Broad low grade results were noted in the North Zones accompanied by occasional small flecks of visible gold.
Northern Gold reports that it is pleased with the results from the 2009 drill program, and is currently developing targets for Phase II drilling on the Garrison gold property. Because of the potentially low cost of exploration per ounce, the program will focus on proving a resource at the Garrcon prospect as it represents the greatest exploration value.
For information on ValGold and its portfolio of international projects, visit our website at www.valgold.com.
Stephen J. Wilkinson
President & Chief Executive Officer
For further information please contact the company at:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
President & Chief Executive Officer
For further information please contact the company at:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
No regulatory authority has approved or disapproved the information contained in this news release.
Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Valgold Reports On Annual And Special Meeting
Mr. Pedro ("Peter") Tinoco, who had served as a Director of the Company since April 2007 retired and at his request was not nominated for re-election at the Company's Annual General Meeting. Mr. Wilkinson expressed thanks on behalf of Management and the Board of Directors, stating, "Mr. Tinoco has been an important member of our Board, both as a regular director and as a valued advisor. Peter has agreed to be a consultant for ValGold."
At the shareholders' meeting, a special resolution was passed authorizing the directors, subject to receipt of all necessary regulatory approvals, to proceed in their discretion with a consolidation of all the issued and outstanding common shares of the Company on the basis of one (1) new post-consolidation common share for every five (5) pre-consolidation common shares. The share consolidation was recommended by ValGold management as necessary with respect to the Company's ability to obtain required additional financing, and management wishes to express their appreciation to our shareholders for their continued support. It is not anticipated that there will be a change of name in connection with the share consolidation.
Following the Company's Annual General Meeting, Mr. Berner was appointed the Company's new Chairman of the Board. Stephen Wilkinson was re-appointed as the Company's President and Chief Executive Officer. Ms. Shannon M. Ross was re-appointed as the Company's Chief Financial Officer and Corporate Secretary.
ValGold is pleased to also report that the private placement previously announced on January 6th 2010 is fully subscribed and that no further subscriptions will be accepted. The private placement of up to 6,000,000 Subscription Receipts at a price of $0.17 per Subscription Receipt was to raise aggregate gross proceeds of up to $1,020,000. The final closing for the Subscription Receipts is being scheduled for early next week.
For more information on ValGold and its portfolio of international projects, visit our website at www.valgold.com
Stephen J. Wilkinson
President & Chief Executive Officer
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
President & Chief Executive Officer
For further information please contact:
Tel: (604) 687-4622 Fax: (604) 687-4212
Email: info@valgold.com
No regulatory authority has approved or disapproved the information contained in this news release. Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Valgold & Northern Gold Issue Update on Drilling on Garrison Project and Correction to Previous News
On January 25th 2010, Northern Gold reported that second round of assays have been received for the third to fifth of eleven holes drilled. It was further reported that with multiple occurrences of visible gold were observed in each of these holes. GAR-09-03, GAR-09-04, and GAR-09-05 were designed to test the Shaft sub-zone. Hole GAR-09-03 was drilled south and collared 100 m east of the Garrcon shaft. This drill hole finished in the historical mine workings on the 73 m level, with several flecks of visible gold noted 1 m from the wall of the workings. GAR-09-04 was drilled south and collared 15 m east of the Garrcon shaft with multiple occurrences of visible gold also noted in the shaft zones. GAR-09-05 was drilled south and stepped out 30 m east of drill hole GAR-09-04 and 45 m east of the Garrcon shaft.
Northern Gold has provided the following highlights of significant assays from the reported drill holes:
| HOLE ID | FROM | TO | WIDTH (1) | ZONE | GRADE |
| (m) | (m) | (m) | (g/T)(2) | ||
| GAR-09-03 | 26.0 | 60.0 | 34.0 | Shaft Zones | 1.05 *VG (3) |
| including | 41.5 | 42.0 | 0.5 | Shaft B | 6.39 *VG |
| and | 54.0 | 60.0 | 6.0 | Shaft B | 2.01 * VG |
| 76.5 | 78.8 | 2.3 | Shaft C | 1.33 * VG | |
| GAR-09-04 | 29.0 | 37.5 | 8.5 | Shaft a | 1.19 * VG |
| 44.0 | 50.0 | 6.0 | Shaft A | 1.12 *VG | |
| 76.5 | 179.0 | 102.5 | Shaft B + C | 1.38 *VG | |
| including | 113.0 | 115.0 | 2.0 | Shaft B | 12.33 *VG |
| and | 147.0 | 179.0 | 32.0 | Shaft C | 2.25 *VG |
| including | 147.0 | 148.2 | 1.2 | Shaft C | 19.59 *VG |
| and | 151.0 | 151.7 | 0.7 | Shaft C | 17.99 *VG |
| and | 159.0 | 159.7 | 0.7 | Shaft C | 9.20 *VG |
| GAR-09-05 | 20.0 | 103.0 | 83.0 | Shaft A + B | 1.00 *VG |
| iIncluding | 57.0 | 63.0 | 6.0 | Shaft A | 3.38 |
| and | 101.0 | 102.0 | 1.0 | Shaft B | 10.22 |
| 127.0 | 128.5 | 1.5 | Shaft C | 7.25 | |
| 207.0 | 213.0 | 6.0 | 1.50 *VG |
(1) All widths are downhole thickness
(2) g/T is grams of gold per tonne
(3) Visible gold observed in the interval
The 2009 drill program commenced on October 26 and was reported to be completed on December 11 in a news release by Northern Gold dated December 28th. The program was focused on confirming gold mineralization at the Garrcon shaft area within the North, Shaft and South zones. During 2009 eleven diamond drill holes totaling 2,333 metres were completed so that since ValGold acquired the property in July 2005 the total number of holes drilled is 83 with a total accumulated length of 34,345 metres. Northern Gold also reported that the remainder of the assays from the 2009 drill program to be available for release over the next 4 to 8 weeks.
CORRECTION TO PREVIOUS NEWS RELEASES
In its previous two news releases, Northern Gold erred in its wording over the description of the Garrison Property. It indicated both directly and indirectly that the Garrison was its property rather than 100% owned by ValGold. This wording was made in error and Northern Gold apologises for any confusion or inaccuracy that it may have caused. To be clear, Northern Gold is the current project operator and is in the first year of an option agreement under which it is earning its initial 50% interest in the Garrison property from ValGold by making $4 million in exploration expenditures and paying ValGold $1 million in option payments within the next four years.
For further information please contact:
ValGold Resources Ltd.
Stephen J. Wilkinson
President and CEO
Tel: (604) 687-4622
Fax: (604) 687-4212
Email: info@valgold.com
Web site: www.valgold.com
Northern Gold Mining Inc.
Martin R. Shefsky
President and CEO
Tel: (416) 366-7300
Mobile: (647) 269-7300
Fax: (416) 366-7301
Email: mshefsky@northerngold.ca
Web site: www.northerngold.ca
No regulatory authority has approved or disapproved the information contained in this news release.
Caution concerning forward-looking statements: The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied in the forward-looking information. Factors that may cause actual results to vary include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, political instability, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, the risks of obtaining necessary licenses and permits, changes in general economic condition or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned to not place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forwardlooking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events except as may be required under applicable securities laws. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.