ValGold to Acquire Past Producing Gold-Silver Mine in Western Ukraine

ValGold Resources is pleased to announce that it has negotiated an fabricacion correas transportadoras boliviaagreement to acquire a 75% interest in a private Ukrainian company, Klinservis - Center Ltd., which is to hold a 25 year mining licence over the past producing Muzhievo gold-silver mine and the surrounding mineral fields of the Beregovo Mining District in western Ukraine.

Under the terms of the agreement, the Beregovo mining district will be covered within one mining licence that measures approximately 75 square kilometres. The mining licence will include the primary properties such as the Muzhievo mine, and the Beregovo and Kvasovo projects. The licence will have a 25-year term. The MBK Project acquisition is subject to regulatory approval and settlement of a final Joint Venture agreement. ValGold has agreed to purchase the 75% interest in the private company established for this transaction by issuing 3.5 million common shares of ValGold and for cash of US$10.0 million dollars.