Positive Initial Gold Mineral Resource Estimate For Los Patos

VANCOUVER, BC - ValGold Resources Ltd. reported that it has received the initial NI 43-101 mineral resource estimate prepared by Micon International for its 100%-owned Los Patos gold deposit in Venezuela.
"ValGold's Los Patos gold discovery is the first to be tested of eight high-priority targets on the 6 1/2 km long Los Chivos shear zone," commented President and CEO, Stephen Wilkinson, "and it is quite possible that ValGold is on the leading edge of a significant new mining development."
As part of the preparation of its resource report, Micon constructed a grade-block model for the mineralization found at Los Patos and completed its estimate of the proportion of the mineralization that could be contained within the outline of a potential open pit. The data for the block model and open pit was derived from 6 surface trenches, 28 diamond drill holes completed by ValGold and 8 drill holes drilled by Gold Fields in the 1990s.
The outline of the potential open pit shell was constructed initially using a base case gold price of US$650 per ounce, being the approximate trailing average gold price for the last 24 months. In addition, a series of potential open pit shells were calculated to test for sensitivities to gold prices utilizing a range of prices from US$450 per ounce up to US$925 per ounce. The base case pit shell is the defining measure for the mineral resource estimate and shows a compliant Indicated Mineral Resource of 1.1 million tonnes grading 2.94 g/T Au containing approximately 105,000 ounces. There are Inferred Mineral Resources in the saprolite above the Indicated ounces consisting of 126,000 tonnes grading 1.19 g/T Au containing approximately 4,800 ounces. In addition, mineralized material is known through drilling below the base case pit shell, intersected by the 11 deepest 2007 drill holes.
The company's address is Suite 1400 - 570 Granville Street, Vancouver, BC V6C 3P1, 604.687.4622, fax: 604.687.4212.