VANGOLD RESOURCES LTD.
TSX-V:VAN
NEWS
RELEASE
VANGOLD RELEASES Q1 2007
RESULTS
May 31, 2007 - Vangold Resources Ltd.
(�Vangold�) published its 2007 first
quarter unaudited consolidated financial and operating results on May 30, 2007.
Complete financial statements may be reviewed at www.vangold.ca or
www.sedar.com.
�
Total
assets increased from $11,898,944 as at March 31, 2006 to $15,143,787 as at
March 31, 2007;
�
Total
revenue for the first quarter ended March 31, 2007 was $509,722 a decrease
of $421,873 over the same period
for 2006. The decrease is directly
attributable to significantly reduced production from the Killam North Field due
to the construction of a gas gathering system and the operator�s decision to
decrease daily production. Gross
revenue from the East Corning Field was $2,320 and from the Killam North Oil
Field, $507,402;
�
Total
expenses for the first quarter ended March 31, 2007, were $665,143 compared to
$568,341 for the same period in 2006;
�
Net
loss for the first quarter ended March 31, 2007 was $218,936 ($0.003) per share compared to a net
income of $85,039 ($0.001) for the same period in
2006;
�
Cash
and cash equivalents as at March 31, 2007 were $5,734,036 compared with
$3,972,564 for 2006;
and
�
Total
working capital as at March 31, 2007 was $5,928,462 compared with $4,364,068 for
2006.
Highlights during the
quarter included the following:
�
Results
from drill core assays from the Mt Penck project included 4m at 3.6 g/t gold and
7m at 2.07 g/t gold in hole 26 (See News Release of January 2,
2007).
�
A three
hole drill program was completed at Mt Nakru (See News Release of January 3,
2007).
�
Further
results from drill core assays from Mt Penck included 7m at 2.95 g/t gold in
hole 33 (See News Release of January 19, 2007).
�
Drill
program at the Feni Islands project commenced (See News Releases dated January
19, 2007 and February 5, 2007).
�
Significant bedrock gold mineralization discovered within
a large gold soil anomaly at Yup River (See News Release of February 12, 2007).
�
Trench
results at Mt. Penck confirms two significant gold mineralized zones at Upper
Peni Creek and Kavola South including 3m at 180 g/t gold within 24m at 33.7 g/t
gold (See News Release of February 21, 2007).
�
Vangold
acquired exclusive rights to 7,208 sq km Rwanda oil concession south of Heritage
oil discovery in Uganda (See News Release of March 1,
2007).
Subsequent to the first
quarter, on April 10, 2007, Vangold announced that the Kenyan government had
granted Vangold the first right to negotiate a Production Share Contract on
Block 3 with covers over 24,000 sq kms.
On April 18, 2007, Vangold announced a proposed business combination by
way of reverse takeover between its 51% owned subsidiary, Horn Rare Metals Ltd.
and Janina Resources Ltd.
Vangold also announced its 2006 Year End financial highlights on May 1,
2007 which include total revenues for 2006 which increased 350% from 2005 and
total assets increased from $8.7M to $15.4M. Finally, on May 23, 2007 Vangold
announced that it had entered into a petroleum exploration Production Sharing
Agreement for the exploration of 13,775 sq kms in
Armenia.
To find out more about
Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at
604-684-1974 or by email brynelsen@vangold.ca.
On Behalf of the Board
of
VANGOLD RESOURCES LTD.
�Dal Brynelsen�
Dal Brynelsen, President
and CEO
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of the content of this news
release. The statements made in
this News Release may contain certain forward-looking statements. Actual events or results may differ from
the Company�s expectations. Certain
risk factors may also affect the actual results achieved by the
Company.