VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 23, 2013) - ValGold Resources Ltd. (TSX VENTURE:VAL)(FRANKFURT:VR2) ("ValGold") is pleased to report that it has revised the binding letter agreement (the "Option Agreement") with Revolver Resources Inc. ("Revolver") for ValGold's 100%-owned Tower Mountain gold property in north western Ontario. The Option Agreement was previously announced in a news release dated September 19, 2012. The revised agreement is subject to TSXV approval.
The terms of the Option Agreement have been revised so that Revolver can acquire an initial undivided 70% interest in the Tower Mountain property over the next three years by:
All other terms of the Option Agreement as disclosed in the September New Release remain unchanged.
Revolver has completed an updated National Instrument 43-101 report on the Tower Mountain Property which will be filed with the TSX Venture Exchange and posted on SEDAR once acceptance has been received for the transaction.
Incorporated in 1987, ValGold is listed on Tier 1 of the TSX Venture Exchange under the symbol VAL. ValGold is an international mineral development company based in Vancouver, Canada. The Company's objective is to generate wealth for its stakeholders by seeking out, acquiring and advancing properties with recognizable but under-explored mineral resources.
ValGold's commitment is to realize value from significant mineral deposits which satisfy key criteria:
Stephen J. Wilkinson, President & Chief Executive Officer
Cindy Chu, Investor Relations
This news release includes "forward-looking information". All statements in this release, other than statements of historical facts, that address the private placement or mineral exploration programs contain forward-looking information and are based on a number of assumptions, including, but not limited to, that there will not be substantial changes to market conditions, regulatory requirements or costs associated with mineral exploration. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include changes the price of the company's shares, the costs of labor, equipment and other costs associated with exploration, exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
SEC 12g3-2(b): 82-3339
Neither TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.