Vangold Resources Commences Drill Program at Its Allemata Project, Appoints VP of Exploration and Closes Financing

Vangold Resources Ltd. (TSX VENTURE:VAN) (the "Company" or "Vangold") today
announced that it has commenced core drilling at its Allemata Project, located
in Milne Bay Province, Papua New Guinea.


The current 10-hole drill program will test two prospects, Huluba and Ulo Ulo,
where significant gold mineralization has been identified in earlier work
programs. Holes will be drilled to up to 300m in depth and have been targeted
using a combination of surface geochemistry, geophysical surveys and historic
work, including previous drilling. Results from the current drill program are
expected early in 2013.


"This is an important milestone in advancing the Allemata Project", commented
Bruce Counts, President of Vangold Resources Ltd. "The presence of gold has been
firmly established on the property and this drill program is aimed at expanding
the gold mineralization laterally and vertically on both prospects."


Allemata

The 148 sq-km Allemata property encompasses the historic Milne Bay Goldfield
which produced 15,000oz of gold from alluvial and high grade lode mines prior to
WWII. The property is easily accessible by a 45km all-weather road from the port
and provincial capital of Alotau. Previous geochemistry, trenching and drilling
at Allemata has identified two main gold prospects, Haluba and Ulo Ulo located
3.5km apart along a northwest trending structural zone. 


Haluba Prospect

The Haluba prospect hosts disseminated and stockwork gold mineralization. Rock
chip sampling, trenching and drilling programs have been completed with
promising results including 20m at 2.17g/t gold, 16m at 2.87g/t gold and 45m at
1.51g/t gold in trenches. Five holes have previously been drilled at Haluba to a
maximum vertical depth of 160m; the drilling results included: 24m at 1.90g/t
gold; 29.7m at 1.59g/t gold; 14m at 1.64g/t gold and 24m at 1.54g/t gold.


Ulo Ulo Prospect

The Ulo Ulo prospect hosts vein style gold mineralization and is the site of an
historic lode mine. Previous drilling results include: 3m at 19.59g/t gold; 2.0m
at 7.55g/t gold; 0.5m at 10.85g/t gold; 21m at 1.31g/t gold and 11.65m at
2.01g/t gold. Only 3 holes were deeper than 100m; no deep drill testing has been
undertaken to date. Anomalous values for copper, lead and zinc were also
intersected including: 8m at 0.22% copper, 0.34g/t gold & 1.9 g/t silver; 2.35m
at 0.33% copper and 0.5m at 0.23% copper, 0.49% lead & 0.45% zinc. 


In addition, Vangold is pleased to announce the appointment of David Kelsch as
Vice President of Exploration. David brings to the company an unparalleled
ability to conceptualize, design and execute comprehensive, technically focused
exploration programs that are systematic, efficient and cost effective.


Mr. Kelsch's involvement in the mineral exploration industry spans more than 25
years. He has been active on programs ranging from grass roots through to
development both locally and internationally, on commodities ranging from gold
to base metals to diamonds. His tenure at Rio Tinto (1992 to 1997) saw Mr.
Kelsch as an integral member of the team responsible for the discovery of what
was to later become the Diavik diamond mine in remote northern Canada. Mr.
Kelsch later became a consultant to junior explorers until 2004 when he assisted
in the start-up of Bluestone Resources and took the position of Director and
V.P. Exploration. Mr. Kelsch holds a degree in geology from the University of
British Columbia.


Finally, Vangold announces the private placement of 2,850,000 units at $0.115
per unit, each unit consisting of a share and one half of a four year share
purchase warrant exercisable at $0.25 per share. The placement is slightly less
than originally announced because the TSX Venture Exchange did not accept $0.115
subscriptions from persons who were not incoming directors (or companies
associated with incoming directors) in accordance with private placement
policies respecting "part and parcel" pricing.


On behalf of the Board

Vangold Resources Ltd.

Bruce Counts, P. Geoph., President

Certain disclosures in this release, including management's assessment of plans
and projects and intentions with respect to use of proceeds, future exploration
programs and the completion of financings, constitute forward-looking statements
that are subject to numerous risks, uncertainties and other factors relating to
Vangold operations as a mineral exploration company that may cause future
results to differ materially from those expressed or implied in such
forward-looking statements, including risks as to the completion of the plans
and projects. Readers are cautioned not to place undue reliance on
forward-looking statements. Other than as required by applicable securities
legislation, Bluestone expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new information,
future events, or otherwise.


Disclaimer for Forward Looking Information

This news release includes forward looking statements that are subject to
assumptions, risks and uncertainties. Statements in this news release which are
not purely historical are forward looking statements, including without
limitation any statements concerning the Company's intentions, plans, estimates,
expectations or beliefs regarding the future. Although the Company believes that
any forward looking statements in this news release are reasonable, there can be
no assurance that any such forward looking statements will prove to be accurate.
The Company cautions readers that all forward looking statements, including
without limitation those relating to the Company's future operations and
business prospects, are based on assumptions none of which can be assured, and
are subject to certain risks and uncertainties that could cause actual events or
results to differ materially from those indicated in the forward looking
statements. Readers are advised to rely on their own evaluation of such risks
and uncertainties and should not place undue reliance on forward looking
statements.


Any forward looking statements are made as of the date of this news release, and
the Company assumes no obligation to update the forward looking statements, or
to update the reasons why actual events or results could or do differ from those
projected in the forward looking statements. The Company assumes no obligation
to update any forward looking statements, whether as a result of new
information, future events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Vangold Resources Ltd.
Bruce Counts, P. Geoph.
President
604-684-1974
604-685-5970 (FAX)
www.vangold.ca