The Golden Lounge

[Jim Bishop]

VAN.V Vangold Resources Ltd.: 3m at 180 g/t Gold (6ozs) Within 24m at 33.7 g/t Gold in Trench at Mt. Penck
Wednesday February 21, 1:11 pm ET


VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Feb 21, 2007 -- Vangold Resources Ltd. ("Vangold") (CDNX:VAN.V - News) announces that its joint venture partner, New Guinea Gold Corporation ("NGG"), manager of the projects owned by Kanon Resources Ltd. ("Kanon") in Papua New Guinea, has provided an update on the Mt. Penck project (EL 1322) (West New Britain, PNG). Kanon is owned 50% Vangold and 50% NGG. The Mt Penck property is beneficially owned 40% by Vangold and 60% by NGG.
Recent trenching at the Mt Penck Project in Papua New Guinea has confirmed two significant new gold mineralised zones at Upper Peni Creek and Kavola South. Upper Peni Creek is 300m west of Kavola East, where most of the 2006 drilling was concentrated, and Kavola South is 100m south of Kavola East. The trenches are hand dug trenches and were dug to gain some idea of the lateral extent of gold grades along strike. The trenches were dug approximately parallel to the strike of the high grade "core" of both zones.