ValGold Completes Acquisition of Tower Mountain Property

VANCOUVER, BC - ValGold Resources Ltd. reported that, pursuant to an agreement dated June 25, 2002, it has commenced paying an annual pre-production royalty on its 100% interest in the Tower Mountain Gold Property. The Property comprises 49 mineral and 3 patent claims located in the Matawin Gold Belt approximately 40 kilometres west-northwest of Thunder Bay, Ontario.
Under the terms the Agreement, ValGold acquired a 100% interest in the Property by making total cash payments of $220,000 and by completing $1,000,000 in work on the Property over a four year period.
Numerous gold occurrences are found on the Property hosted by Timiskaming volcanics and sedimentary and intrusive rocks proximal to and associated with the Tower Mountain syenite complex. Both high-grade mineralization, associated by quartz-carbonate veins, and bulk tonnage/stockwork-style mineralization are found on the Property. Exploration work by ValGold on the Property began in November 2002 and has focused on diamond drilling. A total of eight drill programs comprising 75 drill holes, totaling 18,708 m, have been completed to date.
The company's address is Suite 1400, 570 Granville Street, Vancouver, BC V6C 3P1, 604.687.4622, fax: 604.687.4212.