ValGold Shareholder Update April 2010

VANCOUVER, BRITISH COLUMBIA, Apr 22 (MARKET WIRE) --
ValGold Resources Ltd. ("ValGold" or the "Company")
(TSX VENTURE: VAL) is pleased to provide an update on recent progress and
some guidance as to our gold projects in the Americas.

Corporate: ValGold completed a restructuring effective March 1, 2010,
with our share capital consolidated on a 5 for 1 basis. The restructuring
was undertaken to provide ValGold greater flexibility as regards to any
future financing or acquisition.

Our financing as reported on March 31st 2010 and on April 13th 2010 was
over subscribed. The private placement consisted of 6,000,000
Subscription Receipts priced at $0.17 per Subscription Receipt to raise
aggregate gross proceeds of $1,020,000. Each Subscription Receipt was
converted into a Unit composed of a common share and a share purchase
warrant. For more information on the private placement, please see our
April 12th 2010 news release.

Garrison Project: Northern Gold Mining Ltd. ("Northern Gold")
is actively working to earn its initial interest in the Garrison
property, located in the Timmins-Kirkland Lake gold camp. Under the
option agreement announced on September 14th 2009, Northern Gold may earn
an 80% interest in the Garrison property by making option payments to
ValGold of $2,000,000 and spending $8,000,000 on exploration.

Northern Gold's first stage program was completed in December, 2009, and
consisted of eleven core holes totalling 2,333 metres ("m") and
issuing a NI 43-101 compliant report. The 2009 drilling on the property
brings the total to 85 holes for an accumulated length of 34,345m since
ValGold acquired the property in 2005. The focus of the Northern Gold
program was the Garrcon shaft area where exploration has been on-going
intermittently since the 1930's. ValGold recognized that the Garrcon gold
zones may hold the potential for a large tonnage/low grade target that
could host up to 30 million tonnes with a possible gold grade of 1 to 3
grams per tonne ("g/t"). ValGold's management believes that the
nine holes completed by ValGold plus the 2009 results by Northern Gold on
the Garrcon shaft zones positively support the target potential. For more
information on the recent and historical Garrison Project drilling,
please visit our website and see our 2010 news releases of January 7th &
27th, February 23rd and March 4th.

Northern Gold reported on March 31st 2010 that it had completed a
supplementary geophysical survey as part of the 2010 exploration program
and was to begin the process of permitting for advanced
exploration/development of the Garrison project. In addition, it was
tendering bids for its 2010 10,000m diamond drill program. The drilling
will be designed to complete a NI 43-101 resource calculation of the
Garrcon Zone and to test the extent of mineralization in both the Garrcon
Zone and Jonpol Zones.

Tower Mountain Project: ValGold's 100%-owned Tower Mountain property is
located immediately south of the Trans-Canada Highway approximately 40 km
west of Thunder Bay, Ontario. Since November 2002 our exploration work
has consisted mainly of diamond drilling. A total of eight drill programs
comprising 75 drill holes for 18,279m of core, have been completed to
date. We have focused on the U/V Zone where the most continuous structure
is the U-V Main Vein for which ValGold reported a NI 43-101 compliant
inferred resource of bulk mineable 151,000 ounces.

Drilling has delineated two additional zones of high-grade
mineralization. The 04-31 Zone, located 800 metres southeast of the U/V
Zone, appears similar to the U/V Main Vein. It hosts at least one main
mineralized structure bounded by several metres of wall rock registering
strongly anomalous gold values. This target has been tested by two holes
with the best drill intercept returning 21.14 g/t Au over 1.5 metres. The
third high-grade zone is the 04-36 Zone and is located 400 metres
southwest of the U/V Zone. Two drill holes intersected this zone with one
hole documented 41.35 g/t Au over 1.5 metres and the second hole returned
an assay of 5.31 g/t over 1.5 metres.

ValGold is currently reviewing the past work on the Tower Mountain gold
zones that include the above resource area and the 18 other surface
occurrences. The intention is to define and prioritize drill targets of
the three drilled zones and possibly expanding on the present gold
resources. The proposed work program for 2010 includes core drilling of
up to 2,500m.

Venezuela Properties: Despite the stress caused by the late 2008
financial crisis, ValGold has maintained its properties in Venezuela. Our
Company's interests are held through its 100%-owned British Virgin Island
subsidiary, Honnold Corp that was acquired for a total price of
US$2,000,000 in cash and the equivalent of US$6,000,000 in ValGold common
shares. Previous exploration expenditures on the properties are estimated
to be approximately US$38.0 million. Details of the acquisition are
outlined in a news release dated January 9, 2006.

To date, ValGold expenditures have totalled approximately $15 million in
acquisition and exploration costs. Our work has been building on the
extensive data base developed over the years by the previous owners that
had invested substantially, exploring for, and delineating literally
dozens of gold and base metal occurrences. Several very significant
advances have been made by ValGold's exploration team including the
discovery of the Los Patos, Los Patos South and Los Patos Central gold
zones. A NI 43-101 report was completed on the main Los Patos occurrence
by Micon International in 2008 and identified an indicated resource of
1.1 million tonnes grading 2.94 g/t Au based upon a gold price of US$650.
Of the 28 drill holes on the Los Patos main zone, 11 intersected the gold
mineralization below the limits of the indicated resource with the
deepest and last hole of the drill campaign, LI07-35, intersecting 3.0m
grading 9.84 g/t Au. The gold zones in the area of the Los Patos
occurrence are associated with a six-kilometre long structure that has
another 8 similar gold zones that represent additional high priority
drill targets.

More recently, ValGold has entertained expressions of interest from third
parties and has signed Confidentiality Agreements with four companies.
The objective of entering into negotiations has been to enlist the
financial and technical depth possessed by larger corporations to more
effectively develop our large and mineral-rich properties. In this
manner, ValGold can continue its commitment to recover and generate
wealth for its stakeholders and develop important new projects in the
Guiana Shield.

Outlook: In addition to the continuing work on our Garrison property, our
preparations for the next stage of drilling on Tower Mountain and our
optioning of the Venezuelan properties, ValGold is on the constant
lookout for new opportunities. Our objective is to acquire properties
with exceptional unrecognized potential. With our proven record of
well-focused exploration, ValGold has been successful in taking on
projects and materially improving their value, and our recent
investigations have revealed a number of excellent prospects that we
believe could represent production opportunities for our Company.

For more information on ValGold and its portfolio of international
projects, visit our website at www.valgold.com.

Stephen J. Wilkinson, President and Chief Executive Officer

SEC 12g3-2(b) exemption 82-3339

No regulatory authority has approved or disapproved the information
contained in this news release.

Caution concerning forward-looking statements: The information in this
release may contain forward-looking information under applicable
securities laws. This forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause actual
results to differ materially from those implied in the forward-looking
information. Factors that may cause actual results to vary include, but
are not limited to, inaccurate assumptions concerning the exploration for
and development of mineral deposits, political instability, currency
fluctuations, unanticipated operational or technical difficulties,
changes in laws or regulations, the risks of obtaining necessary licenses
and permits, changes in general economic condition or conditions in the
financial markets and the inability to raise additional financing.
Readers are cautioned to not place undue reliance on this forward-looking
information. The Company does not assume the obligation to revise or
update this forward-looking information after the date of this release or
to revise such information to reflect the occurrence of future
unanticipated events except as may be required under applicable
securities laws.

The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.

Contacts:
ValGold Resources Ltd.
Stephen J. Wilkinson
President and Chief Executive Officer
(604) 687-4622
(604) 687-4212 (FAX)
info@valgold.com
www.valgold.com

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