VANCOUVER, BC -- 05/01/08 --
Vangold Resources Ltd. (TSX-V: VAN)
(PINKSHEETS: VNGRF) ("Vangold") published its 2007 audited consolidated
financial and operating results on April 30, 2007. Complete financial
statements may be reviewed at
www.vangold.ca or
www.sedar.com.
Dal Brynelsen, President and CEO of Vangold, comments, "We have made
substantial progress toward achieving our objective of creating a diverse
portfolio of sustainable global resource ventures. Revenues from our oil
and gas investments have provided the bulk of the funds to allow Vangold to
acquire attractive projects and then transfer them to new entities. By
creating these new entities we provide investors the opportunity to choose
and invest in their particular areas of interest. We also believe that
this is a unique approach to managing risk."
During 2007 total assets increased from $15.4 million to $20.2 million.
The 2007 highlights are outlined as follows:
* Revenues and other income for the year ended December 31, 2007 was
$5,096,937 (2006 -- $4,148,875).
* Total expenses for the year ended December 31, 2007 were $3,212,189 (2006
-- $3,077,836).
* Net income for 2007 was $1,428,448 (2006 -- $17,218).
* Cash flow -- $4,434,976 (2006 -- $5,596,118).
* Cash and cash equivalents was $11,306,858 (2006 -- $6,871,892).
* Working capital at year end was $11,564,310 (2006 -- $6,843,881).
* Current working capital as at March 31, 2008 was approximately $10.2
million.
* Acquired 25,609,756 shares of International Beryllium Corporation ("IBC")
representing, at December 31, 2007, 29.57% of IBC.
* Assisted in taking the Coppermoly Ltd. public on the Australian Stock
Exchange (Vangold holds directly 1,000,000 shares and indirectly 5,263,158
shares).
* Increased our interest in the Alberta Sarcee Gas Field (Sproule &
Associates -- estimated reserves 20 bcf) from 6% to 33%.
* Signed a Production Sharing Contract with the government of Armenia for a
50% interest in three concessions that cover the southern half of Armenia
(17,335 square kilometers).
* Signed a Production Sharing Contract on Block 3A in Kenya covering 12,000
square kilometers adjacent to China National Oil Company's concessions on
the Kivu Basin.
* Signed an exclusive option to acquire a license on Block B in Kenya
covering a further 12,000 square kilometers.
* Signed an exclusive right to enter into a production sharing contract in
Rwanda for the entire sedimentary basin south of the 500 million barrel
discovery by Heritage Oil and Tullow Oil.
* Opened field offices in Nairobi, Kenya, Yerevan, Armenia and Kampala
Uganda. Staffed and equipped these offices to provide technical and field
support for the Vangold's mineral and oil and gas projects in these
countries.
* Renewed and expanded mineral concessions in Uganda making Vangold the
largest mineral holder in Uganda.
* Secured a drilling contractor to drill in Q2 2008 the Kafunjo anomaly in
Uganda north of the world's second largest nickel deposit in Tanzania.
* Filed a preliminary prospectus and NI 43-101 technical report to take
Pacific Kanon Gold Corp. public on the TSX Venture Exchange.
Mr Brynelsen further comments: "2007 was an extremely important year for
Vangold in that we were able to significantly increase our assets, our
working capital and our technical staff regional offices and exploration
program plans for 2008. I see 2008 as being a year when a number of these
company making projects come to reality."
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.
Distributed by Filing Services Canada and retransmitted by Marketwire
Vangold Resources Ltd.
Suite 1730, 650 West Georgia Street
P.O. Box 11622
Vancouver, BC
V6B 4N9
Phone: (604) 684-1974
Fax: (604) 685-5970
www.vangold.ca
