ValGold Raises Funds for Ukraine Venture From Partial Disposal of Northern Gold Shares
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/25/12 -- ValGold Resources Ltd. ('ValGold') (TSX VENTURE: VAL)(FRANKFURT: VR2) announces the sale of 5,000,000 common shares of Northern Gold Mining Corp. ('NGM') to an arm's length party pursuant to a block trade effected through the facilities of the TSX Venture Exchange.
'This sale of the Northern Gold shares is in keeping with our corporate strategy,' commented Stephen Wilkinson, ValGold's President and CEO. 'We have raised nearly $1,000,000 at a time when many companies are having difficulties raising capital. These funds will allow our Company to continue its work towards obtaining the mining licence for its MBK project in the Ukraine.'
The share price for the transaction was $0.20. Proceeds from the sale will be used for working capital. Following this sale, ValGold holds a further 10,860,000 NGM common shares for investment purposes.
ABOUT VALGOLD
Incorporated in 1987, ValGold is listed on Tier 1 of the TSX Venture Exchange under the symbol VAL. ValGold is an international mineral development company based in Vancouver, Canada. The Company's objective is to generate wealth for its stakeholders by seeking out, acquiring and advancing properties with recognizable but under-explored mineral resources.
ValGold's commitment is to realize value from significant mineral deposits which satisfy key criteria --
-- Mineral rights to extensive areas in prospective but non-traditional and
under-explored regions.
-- Mineral exploration projects with potential for substantial development.
-- Projects that require experienced management with exploration, mining
and financial expertise.
For more information on ValGold's Canadian and international gold projects, please visit our website at www.valgold.com.
Stephen J. Wilkinson, President & Chief Executive Officer
Cindy Chu, Investor Relations
This news release includes 'forward-looking information'. All statements in this release, other than statements of historical facts, that address the private placement or mineral exploration programs contain forward-looking information and are based on a number of assumptions, including, but not limited to, that there will not be substantial changes to market conditions, regulatory requirements or costs associated with mineral exploration. Although the Company believes the expectations expressed in such forward-looking information 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 information. Factors that could cause actual results to differ materially from those in forward-looking information include changes the price of the company's shares, the costs of labor, equipment and other costs associated with exploration, exploration successes, 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 actual results or developments may differ materially from those projected in the forward-looking statements.
SEC 12g3-2(b): 82-3339
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
ValGold Resources Ltd.
(604) 687-4622
(604) 687-4212 (FAX)
info@valgold.com
www.valgold.com
