ValGold Revises Agreement on Tower Mountain Gold Property, Ontario
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/23/13 -- ValGold
Resources Ltd. (TSX VENTURE:VAL)(FRANKFURT:VR2) ("ValGold") is
pleased to report that it has revised the binding letter agreement
(the "Option Agreement") with Revolver Resources Inc. ("Revolver")
for ValGold's 100%-owned Tower Mountain gold property in north
western Ontario. The Option Agreement was previously announced in a
news release dated September 19, 2012. The revised agreement is
subject to TSXV approval.
The terms of the Option Agreement have been revised so that Revolver
can acquire an initial undivided 70% interest in the Tower Mountain
property over the next three years by:
(i) making cash payments of $1,700,000 to ValGold of:
-- $200,000 on receipt of Regulatory Approval;
-- $350,000 on the first anniversary of receipt of Regulatory
-- $450,000 on the second anniversary of receipt of Regulatory
-- $700,000 on the third anniversary of receipt of Regulatory
(ii) incurring aggregate expenditures of $3,500,000 on the Tower Mountain
Property, with not less than $300,000 to be incurred by the first year
anniversary of receipt of Regulatory Approval and $3,200,000 to be
incurred by the fourth anniversary of receipt of the Regulatory
Approval. The minimum expenditure shall be $500,000 in any 12 month
period between anniversary dates.
(iii) issuing to ValGold an aggregate of 7,500,000 Revolver common shares as
-- 1,500,000 Revolver Shares within five business days from
receipt of Regulatory Approval, and;
-- 2,000,000 Revolver Shares on each of the first, second and
third anniversaries of receipt of Regulatory Approval.
All other terms of the Option Agreement as disclosed in the September
New Release remain unchanged.
Revolver has completed an updated National Instrument 43-101 report
on the Tower Mountain Property which will be filed with the TSX
Venture Exchange and posted on SEDAR once acceptance has been
received for the transaction.
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
-- Mineral exploration projects with potential for substantial development.
-- Projects that require experienced management with exploration, mining
and financial expertise.
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.
ValGold Resources Ltd.
Stephen J. Wilkinson
President & Chief Executive Officer
ValGold Resources Ltd.
(604) 558-3471 (FAX)
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