Vangold Requisitions Shareholder Meeting to Replace Coppermoly Board of Directors

Sun Mar 3, 2013 12:22am EST

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Marketwire

Vangold Resources Ltd.

March 3, 2013 - 12:22:03 AM

Vangold Requisitions Shareholder Meeting to Replace Coppermoly Board of
Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2013) - Vangold Resources
Ltd. ("Vangold" or the "Company") (TSX VENTURE:VAN) has commenced a proceeding
under the Australia Corporations Act to requisition an Extraordinary General
Meeting of shareholders to remove and replace all of the directors of
Coppermoly Limited. Coppermoly is based in Queensland, Australia and its
shares are listed on the Australian Stock Exchange. Vangold commenced a
similar proceeding in January 2013 to gain board representation by removing
and replacing two Coppermoly board members. Since that time various events
have led Vangold to conclude that its original proposals would lead to a split
and dysfunctional Board and that its objective of bringing quality management
and proper corporate governance to Coppermoly could only be achieved by
replacing the entire board. Vangold was a founding shareholder of Coppermoly
and remains the largest shareholder (with approximately 8.5% of the
outstanding shares) and is also supported by several other significant
shareholders and shareholder groups. Full details of the proceeding and
Vangold's board nominees can be found on Vangold's website at www.vangold.ca.

Coppermoly currently has a 28% carried interest in the Simuku and Mt. Nakru
projects on the Island of New Britain in Papua New Guinea. The majority 72%
interest is held by Barrick Gold (through a subsidiary). Since 2009, Barrick
has spent in excess of $22M advancing these two projects.

Simuku

The Simuku project is located 20km by road from the town of Kimbe where deep
water port facilities exist. Simuku hosts a Copper-Moly porphyry system with
mineralization identified over a 1km x 4km area and to a depth of 800m.
Drilling on the northern third of the porphyry system has defined an Inferred
mineral resource of 200Mt grading 0.36% Cu (0.47% Cu-Equivalent). The deposit
is open both laterally and at depth, representing potential for significant
growth in the resource. In addition, the deposit hosts a shallow acid soluble
chalcocite blanket of varying thickness over a 1km x 300m area and grading
0.7% Cu.

Nakru

The Nakru project is located 60km by road from Kimbe, the provincial capital
of West New Britain. Nakru hosts a VMS/epithermal Copper-Gold system with
multiple centres. The most advanced target is Nakru-1 where an estimated 50Mt
of material grading 0.9% Cu has been identified within the envelope of
existing drill holes. Potential exists at the Nakru project for a global
resource of 100Mt at similar grades. In addition, an acid soluble chalcocite
cap grading 1.5% Cu has also been identified by drilling at Nakru-1.

The foregoing technical information on the Simuku and Nakru projects is based
upon information which has been published by Coppermoly, and although Vangold
has no reason to doubt the information, it has not been independently verified
by Vangold. Further, readers should not presume that the foregoing estimates
of tonnage and grade are NI 43-101 compliant.

The Simuku and Mt. Nakru projects are primarily copper projects and Barrick
has announced that it is divesting its interest in them. Coppermoly's 28%
interest is carried through to production as previously mentioned, and
Coppermoly also has the right of first refusal on any sale by Barrick of its
interest.

On Behalf of the Board of Vangold Resources Ltd.

Bruce Counts, President

Disclaimer for Forward-Looking Information

Statements containing forward-looking information express, as at the date of
this news release, the Company's plans, estimates, forecasts, projections,
expectations, or beliefs as to future events or results and are believed to be
reasonable based on information currently available to the Company.

Forward-looking statements and information are based on assumptions that
financing and personnel will be available when required and on reasonable
terms, and all necessary regulatory approvals and shareholder approval will be
obtained, none of which are assured and are subject to a number of other risks
and uncertainties.

There can be no assurance that forward-looking statements will prove to be
accurate. Actual results and future events could differ materially from those
anticipated in such statements. Readers should not place undue reliance on
forward-looking information.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Vangold Resources Ltd.
Bruce Counts
President
604-684-1974
604-685-5970 (FAX)
www.vangold.ca




        

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