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Vangold Resources Begins Drill Program in Kafunjo, Uganda

Source: www.gulfoilandgas.com 5/21/2008, Location: Africa

Vangold Resources announced that a Core Drilling Contract was signed with Geological Drilling Company Limited a British Columbia based drilling company. Under the terms of the agreement Geological will provide a Longyear “50” or equivalent drill rig and all other necessary equipment to drill a minimum of approximately 2,000 meters. Holes are projected to be varying from approximately 800 to 1,000 meters in length. Mobilzation of the drill rig has begun with drilling planned to commence on May 26, 2008.

Vangold is the largest concession holder in Uganda, currently holding 20 exploration licenses through its wholly owned subsidiary, Rwenzori Copper & Nickel Limited. Vangold previously conducted exploration programs in Uganda from 1994 to 1998 and resumed active exploration efforts in 2007. Vangold’s Ugandan projects include the Kafunjo, Kilembe and West Nile properties.

The Kafunjo concession is near the Tanzanian border and covers a 7km strong coincident gravity and magnetic anomaly. It is located within an extension of the 350km long Kibaran orogenic belt in Central Africa that contains a series of mafic and ultramafic bodies, some of which host important ore deposits, notably Xstrata and Barrick’s joint Kabanga operation with current inferred resources of 36.3 Mt at 2.8% nickel. Kafunjo lies 100 km northwest of Kabanga. The anomaly at Kafunjo was drilled in 1994-1995 by Vangold to depths of 350m. The anomaly was not explained. This drill program is designed to drill to the targeted depth of the anomaly between 650 to 800 meters as defined by the geophysics and gravity surveys.

A great deal of knowledge of the occurrence of the targeted type of nickelliferrous mineralization has been acquired in Tanzania. The exploration license areas are located within Proterozoic-age sediments of the Karagwe-Ankolean which extends into North West Tanzania, and is strategically situated to the North of the world class Kabanga Nickel mine, and the Kapalagulu PGE deposit. Principal rock types include metamorphosed sandstones, quartzites, schists, mudstone, phyllites and shales. The region is tightly folded and the licenses areas lie within the area of influence of a very strong aeromagnetic anomaly, believed to be an important stratigraphic control on Ni-Cu-PGE mineralization in the region, and known gabbro / norite bodies.

The Kafunjo anomaly has been identified by EM, IP and ground magnetic surveys, manifesting pk to pk amplitude of above 6000nT. This anomaly occurs in folded flysh-type sediments and granites of mid- Proterozoic Karagwe- Ankolean- Burundiam system (the Kibaran Fold Belt) which in Burundi and Tanzania, is characterized by a belt of mafic/ultramafic bodies hosting nickel laterites, nickel sulphide, and PGE mineralization. These meta-gabbros predate the intrusive granites and represent a phase of more widespread Proterozoic igneous activity of Bukoban age. Globally nickel, platinum and chromium tend to occur in similar geological environments that are generally layered mafic igneous intrusives such as gabbro and norite; and ultramafic rocks such as peridotites, dunites and serpentinites.

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