ValGold Raises Funds for Ukraine Venture From Partial Disposal of Northern Gold Shares

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

[e-mail]

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