Vangold Requisitions Shareholder Meeting to Replace Coppermoly Board of Directors

Sun Mar 3, 2013 12:22am EST

* Reuters is not responsible for the content in this press release.

  VANCOUVER, BRITISH COLUMBIA, Mar 02 (MARKET WIRE) --
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.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.

Contacts:
Vangold Resources Ltd.
Bruce Counts
President
604-684-1974
604-685-5970 (FAX)
www.vangold.ca

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