Vangold Resources Ltd. have increased their land holdings in the West Nile District of Uganda (Kilo Moto) from 400 square kilometers to 1350 square kilometers. Having recently completed a reconnaissance exploration program in the West Nile, and in result of the recent discovery of Kibalian rock formations, (which are the source rocks for the large gold mines being developed in the DRC), Vangold has been granted 5 new exploration licenses.
Dal Brynelsen, President and CEO for Vangold, states, “We feel that Uganda has the right environment for mineral exploration. With favorable mining laws in place, including an efficient licensing regime, it has an enabling environment for foreign investments. Add to that, the West Nile District is underexplored and holds enormous mineral potential, being strategically placed between Tanzania’s Lake Victoria Greenstone Gold Belt and the DRC’s Kilo-Moto gold belt.” The location of these leases were strategically staked as a result of the work done by our VPs, Exploration, Danae Voormeij, M.Sc., P.Geo. and Locke Goldsmithe, M.Sc., P.Geo. Both Locke and Danae are presently in Uganda running our extensive exploration activities in this country.
The company is also pleased to report that it has been advised by the Ugandan Commissioner in the Department of Geological Survey and Mines that the airborne geophysical survey conducted by the government has been completed in the West Nile region. This data will be purchased by Vangold and will greatly assist the company in identifying exploration targets.
In addition to our West Nile activities and acquisitions, Vangold is currently drilling in southern Uganda at Kafunjo. Please see press release dated July 10, 2008. By way of an update the company is currently drilling at hole 2, but more drill rods were required and we understand from our VP Exploration, Mr. Locke Goldsmith, P. Geo., that they are hoping to start drilling within one week. Presently hole 2 is at approximately 600 meters with a target depth of approximately 800 – 850 meters.