http://www.valgold.com/s/ShareStructure.asp
ValGold received 16,000,000 common shares in Northern Gold valued at $7,000,000 from the sale of the
Garrison Project on May 13, 2011.
| Company | Symbol | Number of Shares | Fair Value - July 31, 2012 | |||
| Northern Gold Mining Inc. | NGM.V | 10,052,500 | $2,663,913 | |||
| Total | 10,052,500 | $2,663,913 |
ValGold received 16,000,000 common shares in Northern Gold valued at $7,000,000 from the sale of the
Garrison Project on May 13, 2011.