VANCOUVER, BRITISH COLUMBIA, Apr 22, 2010 (MARKETWIRE via COMTEX) -- ValGold Resources Ltd. ("ValGold" or the "Company") /quotes/comstock/11v!e:val (CA:VAL 0.15, 0.00, 0.00%) is pleased to provide an update on recent progress and some guidance as to our gold projects in the Americas.

Corporate: ValGold completed a restructuring effective March 1, 2010, with our share capital consolidated on a 5 for 1 basis. The restructuring was undertaken to provide ValGold greater flexibility as regards to any future financing or acquisition.

Our financing as reported on March 31st 2010 and on April 13th 2010 was over subscribed. The private placement consisted of 6,000,000 Subscription Receipts priced at $0.17 per Subscription Receipt to raise aggregate gross proceeds of $1,020,000. Each Subscription Receipt was converted into a Unit composed of a common share and a share purchase warrant. For more information on the private placement, please see our April 12th 2010 news release.

Garrison Project: Northern Gold Mining Ltd. ("Northern Gold") is actively working to earn its initial interest in the Garrison property, located in the Timmins-Kirkland Lake gold camp. Under the option agreement announced on September 14th 2009, Northern Gold may earn an 80% interest in the Garrison property by making option payments to ValGold of $2,000,000 and spending $8,000,000 on exploration.

Northern Gold's first stage program was completed in December, 2009, and consisted of eleven core holes totalling 2,333 metres ("m") and issuing a NI 43-101 compliant report. The 2009 drilling on the property brings the total to 85 holes for an accumulated length of 34,345m since ValGold acquired the property in 2005. The focus of the Northern Gold program was the Garrcon shaft area where exploration has been on-going intermittently since the 1930's. ValGold recognized that the Garrcon gold zones may hold the potential for a large tonnage/low grade target that could host up to 30 million tonnes with a possible gold grade of 1 to 3 grams per tonne ("g/t"). ValGold's management believes that the nine holes completed by ValGold plus the 2009 results by Northern Gold on the Garrcon shaft zones positively support the target potential. For more information on the recent and historical Garrison Project drilling, please visit our website and see our 2010 news releases of January 7th & 27th, February 23rd and March 4th.

Northern Gold reported on March 31st 2010 that it had completed a supplementary geophysical survey as part of the 2010 exploration program and was to begin the process of permitting for advanced exploration/development of the Garrison project. In addition, it was tendering bids for its 2010 10,000m diamond drill program. The drilling will be designed to complete a NI 43-101 resource calculation of the Garrcon Zone and to test the extent of mineralization in both the Garrcon Zone and Jonpol Zones.

Tower Mountain Project: ValGold's 100%-owned Tower Mountain property is located immediately south of the Trans-Canada Highway approximately 40 km west of Thunder Bay, Ontario. Since November 2002 our exploration work has consisted mainly of diamond drilling. A total of eight drill programs comprising 75 drill holes for 18,279m of core, have been completed to date. We have focused on the U/V Zone where the most continuous structure is the U-V Main Vein for which ValGold reported a NI 43-101 compliant inferred resource of bulk mineable 151,000 ounces.

Drilling has delineated two additional zones of high-grade mineralization. The 04-31 Zone, located 800 metres southeast of the U/V Zone, appears similar to the U/V Main Vein. It hosts at least one main mineralized structure bounded by several metres of wall rock registering strongly anomalous gold values. This target has been tested by two holes with the best drill intercept returning 21.14 g/t Au over 1.5 metres. The third high-grade zone is the 04-36 Zone and is located 400 metres southwest of the U/V Zone. Two drill holes intersected this zone with one hole documented 41.35 g/t Au over 1.5 metres and the second hole returned an assay of 5.31 g/t over 1.5 metres.

ValGold is currently reviewing the past work on the Tower Mountain gold zones that include the above resource area and the 18 other surface occurrences. The intention is to define and prioritize drill targets of the three drilled zones and possibly expanding on the present gold resources. The proposed work program for 2010 includes core drilling of up to 2,500m.

Venezuela Properties: Despite the stress caused by the late 2008 financial crisis, ValGold has maintained its properties in Venezuela. Our Company's interests are held through its 100%-owned British Virgin Island subsidiary, Honnold Corp that was acquired for a total price of US$2,000,000 in cash and the equivalent of US$6,000,000 in ValGold common shares. Previous exploration expenditures on the properties are estimated to be approximately US$38.0 million. Details of the acquisition are outlined in a news release dated January 9, 2006.

To date, ValGold expenditures have totalled approximately $15 million in acquisition and exploration costs. Our work has been building on the extensive data base developed over the years by the previous owners that had invested substantially, exploring for, and delineating literally dozens of gold and base metal occurrences. Several very significant advances have been made by ValGold's exploration team including the discovery of the Los Patos, Los Patos South and Los Patos Central gold zones. A NI 43-101 report was completed on the main Los Patos occurrence by Micon International in 2008 and identified an indicated resource of 1.1 million tonnes grading 2.94 g/t Au based upon a gold price of US$650. Of the 28 drill holes on the Los Patos main zone, 11 intersected the gold mineralization below the limits of the indicated resource with the deepest and last hole of the drill campaign, LI07-35, intersecting 3.0m grading 9.84 g/t Au. The gold zones in the area of the Los Patos occurrence are associated with a six-kilometre long structure that has another 8 similar gold zones that represent additional high priority drill targets.

More recently, ValGold has entertained expressions of interest from third parties and has signed Confidentiality Agreements with four companies. The objective of entering into negotiations has been to enlist the financial and technical depth possessed by larger corporations to more effectively develop our large and mineral-rich properties. In this manner, ValGold can continue its commitment to recover and generate wealth for its stakeholders and develop important new projects in the Guiana Shield.

Outlook: In addition to the continuing work on our Garrison property, our preparations for the next stage of drilling on Tower Mountain and our optioning of the Venezuelan properties, ValGold is on the constant lookout for new opportunities. Our objective is to acquire properties with exceptional unrecognized potential. With our proven record of well-focused exploration, ValGold has been successful in taking on projects and materially improving their value, and our recent investigations have revealed a number of excellent prospects that we believe could represent production opportunities for our Company.