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Vangold Closes First Tranche Of Private Placement

04/05/2012 | 07:10pm US/Eastern
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April 5, 2012 -- Vancouver, British Columbia -- Vangold Resources Ltd. ("Vangold") announces that it has closed the first tranche of its non-brokered private placement announced on April 2, 2012, for gross proceeds of $160,000. The first tranche consisted of 3,200,000 Units at a price of $0.05 per Unit. Each Unit is comprised of one common share and one non-transferable warrant, a whole warrant entitling the holder thereof to purchase an additional common share of Vangold at a price of $0.10 until 4:00pm on April 4, 2014. The warrant will be subject to accelerated expiry if at any time after the date that is four months and one day after the closing, the Issuer's common shares trade on the Exchange at a price of $0.20 or more for the preceding 20 consecutive trading days.

The securities issued pursuant to the first tranche will be subject to a four month hold period expiring August 5, 2012. No finder's fees were paid on the first tranche. The closing of further tranches and the payment of any finder's fees thereon remain subject to final acceptance by the Exchange.

The proceeds from the first tranche will be used to continue the development of its projects in Papua New Guinea and working capital.

About Vangold Resources Ltd. In Papua New Guinea, Vangold has three advanced gold properties, the Mt. Penck, Fergusson and Allemata projects. The properties are located along the "Pacific Rim of Fire", the active circum-Pacific volcanic belt that is host to large copper-gold porphyry systems (Grasberg, Ok Tedi, Panguna and Frieda River) and to a number of world class epithermal gold deposits, including the multi-million ounce deposits at Barrick's Porgera and Newcrest Mining's Lihir gold mines. Headquartered in Vancouver, Canada, Vangold holds a diversified portfolio of mineral projects in North America, Papua New Guinea and Uganda, as well as oil and gas concessions in Armenia. In addition, Vangold holds a significant stake in Coppermoly Limited, an Australian listed security (ASX: COY) who has recently completed a $20 million dollar earn in agreement with Barrick to earn a 72% interest of the Simuku and Nakru properties located in the area of Mt Penck . Vangold's shares are listed on the Toronto Venture Stock Exchange under the symbol VAN and on the Frankfurt Stock Exchange under the symbol VAQ.

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

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.

Disclaimer for Forward Looking Information

This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, expectations or beliefs regarding the future. Although the Company believes that any forward looking statements in this news release are reasonable, there can be no assurance that any such forward looking statements will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements.

Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. The Company assumes no obligation to update any forward looking statements, whether as a result of new information, future events or otherwise.
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