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COPPERMOLY LIMITED LISTS ON AUSTRALIAN STOCK EXCHANGE
February 4, 2008 - Vancouver, British Columbia - Vangold Resources Ltd ("Vangold”) and it’s joint venture partner, New Guinea Gold Corporation (“NGG”) are pleased to announce the listing of Coppermoly Limited’s (“Coppermoly”) Initial Public Offering on the Australian Securities Exchange (“ASX”) on January 31, 2008. The IPO raised AU$8 million and is the successful outcome of a planned reorganization of exploration assets, specifically the Mt. Nakru (Vangold 25%) and Simuku copper molybdenum projects previously announced in a News Release dated October 26th, 2007. Coppermoly issued a release to the ASX on 30th January 2008, a copy of which follows.
Vangold holds directly 1,000,000 shares in Coppermoly and a further 5,263,158 shares indirectly through it’s shareholding in Pacific Kanon Gold Corp. NGG holds a direct 46% (38,273,684 shares) interest in Coppermoly and a further indirect interest of approximately 5.8% (5,263,158 shares) through it’s shareholding in Pacific Kanon Gold Corp. NGG acquired a 29% direct interest in Coppermoly in consideration for the transfer of the title of the two projects to Coppermoly. These shares are escrowed for two years. A further 17% was acquired by a direct investment by NGG in Coppermoly. This was achieved by way of a $2 million short-term Loan Agreement with Vangold. The loan is subject to a 5% per annum simple interest rate. Subject to TSX-V Exchange approval, NGG will also issue 400,000 shares of the Company to VAN plus 400,000 bonus warrants, exercisable at $0.60 for a period of two years. The sale of these shares and any shares acquired as a result of the exercise of the bonus warrants are subject to a sale restriction of one year.
The Mt Nakru copper-gold system which is located in West New Britain, is a large acid-intermediate, volcanic-intrusive complex which covers 30km2, much of which is mineralised to a greater or lesser degree. The complex marks the topographically highest point within the Kulu-Awit corridor. Four separate prospects have been identified with significant copper and gold values found in outcrop, trench or drill samples, along with significant silver, molybdenum and zinc grades. The prospects occur within a 5 km diameter circular topographic feature, which may represent a caldera type structure or a zone of doming and tensional fracturing above a rising intrusion. The circular feature is intersected by N-E and N-W trending lineaments which become important controls for the focussing of mineralisation. Airborne geophysics and stream geochemistry indicate the system may be larger than the area explored to date. Mt. Nakru 1 is the most advanced of the four prospects and has the best potential to host a large Cu-Au deposit. Deep auger soil sampling, more than 10km of hand and bulldozer trenching and nine drill holes have been completed.
The Simuku Project project provides an excellent opportunity for participation in a porphyry copper system with high molybdenum credits in a relatively accessible and lower cost region of Papua New Guinea. On 12th September 2005 and the 3rd October, NGG announced trench results for the Simuku Project, which included very significant molybdenum results. The best trench intersection was 72m of 0.17% molybdenum. Molybdenum prices have increased very substantially in the last two years. A total of 23 kilometres of bulldozer/excavator-trenching and 12 drill holes have now been completed at the project. All results of the trenching were released in a Press Release dated 27 March 2006 and an independent NI 43-101 report was also filed on Sedar.
To find out more about Vangold Resources Ltd. please visit our website at http://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
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company’s expectations. Certain risk factors may also affect the actual results achieved by the Company. To be removed from the Vangold Data Base please use the link remove@vangold.ca
ADDRESS PHONE
PO Box 7996 +61(07) 5592 2274 +61 (07) 5592 2274
Gold Coast Mail Centre FAX FAX
Qld 9726 Australia +61 (07) 5592 2275
EMAIL
ABN 54 126 490 855 info@coppermoly.com.au
WEBSITE
http://www.coppermoly.com.au
CMoly-logo
ASX/media announcement
30 January 2008
COPPERMOLY TO COMMENCE RESOURCE DEFINITION DRILLING;
Molybdenite intersected in two drill holes
Coppermoly Limited (ASX:COY), which lists on the Australian Securities Exchange today, has completed two drill holes intended to extend the known molybdenum mineralisation at its Simuku Project on New Britain island, Papua New Guinea and assays are expected in approximately four weeks. Molybdenite (a mineral which contains molybdenum) was intersected in both holes. Further details are given later in this release.
The company will commence resource definition drilling at both the Simuku and Mt Nakru copper/gold/molybdenum systems in the near future with the main objective of defining resources within 18 months.
Peter Swiriduik Managing Director commented: “We have two drill rigs immediately available to start drilling once upgraded and extended camp facilities are in place. Two excavators and two bulldozers are being scheduled to assist in drill road preparation, trenching and access and by mid-year we expect to have four drills operating.
“Coppermoly’s management has extensive experience in Papua New Guinea and is very comfortable working in that country. Bob McNeil, Chairman, was previously General Manager for Esso in Papua New Guinea in the 1980’s, and Doug Hutchison, Chief Operating Officer, has more than 30 years experience in Melanesia, including Papua New Guinea,.” Mr Swiridiuk added.
Chairman Bob McNeil, who is also Chairman and CEO of the company’s largest shareholder, New Guinea Gold Corporation, (TSX-V:NGG) said Coppermoly was fortunate to have the benefit of considerable early exploration. “These are very exciting projects. Extensive preparatory and exploration work, totalling in excess of AUD$20 million in today’s dollars, has been completed by past explorers including Esso and New Guinea Gold. The properties were first explored by Esso, but largely lay dormant during the low metal prices of the 1990’s.
The following key points combined highlight why Coppermoly’s projects stand out from those of its competitors.
· Location – excellent location with road/track access, close to infrastructure including port and jet airport, and relatively easy tailing disposal. This will ultimately lead to lower exploration costs, capital requirements for development and likely mine operating costs.
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· The extensive exploration already completed includes over 40 kms of bulldozer/excavator trenching plus additional hand trenching and more than 50 drill holes. This drilling and trenching suggests the systems are very large – with alteration over more than 10 sq kms at each project – and likely to contain widespread copper and gold mineralisation comparable to other porphyry copper systems in Papua New Guinea.
· The two projects have separate gold and/or molybdenum potential which may be amenable to early development. At Mt Nakru trench results included 35m at 7.26g/t gold and 42m at 2.70g/t gold including 3.0m at 16.8g/t gold. At Simuku trench results include 78m at 0.133% molybdenum and drill results 19m at 0.32% molybdenum and 0.10% copper.”
The geological potential of the properties is illustrated by the drill and trench results listed below.
Simuku
Mt Nakru
Trench Results
78m at 0.133% molybdenum
(including) 15m at 0.25% molybdenum)
70m at 0.40% copper
14m at 0.26 g/t gold and 1.03% copper
Drill Hole Results
63m at 0.52% copper and 0.12g/t gold
77m at 0.49% copper and 0.11g/t gold
58m at 0.53% copper and 0.10g/t gold
7m at 0.60% molybdenum
Trench Results
245mat 0.80 g/t gold
45m at 2.50 g/t gold
25m at 1.43% copper
25m at 1.06% copper
4.0m at 6.6% copper
95m at 2.88 g/t gold (including) 35 m at 7.26 g/t gold
42m at 2.70g/t gold (including) 3.00 m at 16.80 g/t gold
Drill Hole Results
94m at 0.43% copper and 0.46g/t gold
74m at 0.78% copper, including 21m of 1.10% copper.
Papua New Guinea has one of the worlds most dynamic tectonic zones that offer the potential of very large mineral deposits that typically continue at depth.
All drill and trench information is available at http://www.coppermoly.com.au or http://www.newguineagold.ca
Simuku Molybdenum Drill Core Description – Holes SMH015 and SMH016
Two drill holes have been completed in the Misile Hill – Horseshoe area at the Simuku Project. Both holes were located at 169456E/936791N. SMH015 was drilled on an azimuth of 270ºM, inclination of -70º to a depth of 50.8m. Hole SMH016 was drilled at an azimuth of 023ºM, inclination of -60º to a depth of 123.1m. These holes are approximately 250m south of the SMH014 which intersected 19m from surface of 0.32% molybdenum.
Conrad Palaulo, Supervising Geologist for Coppermoly Limited, described the core as follows: “The first 20m (0-20m) of hole SMH015 consists of strongly oxidised fractured brecciated argillic over phyllic altered dacite porphyry with pyrite, chalcocite, molybdenite and hematite disseminates. Silicified clasts have hematite quartz stock-work veining.
From 20m to 35m, the core consists of silicified phyllic altered dacite to feldspar dacite porphyry with fine hairline pyrite and quartz veinlets with chalcopyrite, molybdenite +/- chalcocite crystals associating along the veinlets mostly as dissemination. Within this zone are narrow sheared fault zones consisting of puggy gray clay plus sulphides and quartz plus feldspar dacite porphyry clasts with fine disseminated molybdenite and pyrite (5-10%) with chalcopyrite/pyrite/molybdenite veins. The geology is similar to that logged for SMH014 (100m) drilled 250m to the North.
In hole SMH016 the first 15m (0-15m) consists of strongly oxidised, argillic altered, brecciated to friable silicified fragments of dacite porphyry with oxidized clay and sandy material comprising quartz, chalcocite, hematite, minor jarosite, +/- pyrite.
From 15m through to 25.80m is argillic over phyllic altered, brecciated friable dacite porphyry fragments and clasts with oxidized clay, brecciated intervals of dacite porphyry in parts. The interval comprises of pyrite mostly in disseminated form, chalcocite, molybdenite, limonite (hematite) staining with minor quartz hematite stockwork along the brecciated units in this interval. Oxidation is generally strong from top of the hole down to the contact where it is mostly fracture controlled at 25m.
The entire hole is brecciated with angular – sub-angular quartz-dacite porphyry fragments within clast –clay supported matrix. Sulphide mineralisation is mostly pyrite in a disseminated form +/- chalcocite molybdenite (1-2%). Below the oxidation zone (0-25m) is strong to moderately silicified with quartz stock work/veinlets +/- chalcocite +/- molybdenite +/-chalcopyrite. Epithermal textured quartz is present in places as fracture fills. Chalcocite content decreases from this interval mostly in disseminated form, after 50m and gradually diminishes. Molybdenite generally appears as disseminates.
For further information please contact Bob McNeil, Chairman Coppermoly Limited,
(07) 5592 2274, or Kevin Kartun or Brian Mahoney, FRC (Financial & Corporate Relations)
(02) 8264 1002/3 or Bernadette Sukkar (Associate Director) Novus Capital Limited,
(02) 9375 0114, Mobile: 0409 813 364.
The information in this report that relates to Exploration Results is based on information compiled by Bob McNeil, who is Fellow of the Australian Institute of Mining and Metallurgy. Bob McNeil is employed by Macmin Silver Ltd and New Guinea Gold Corporation.
Bob McNeil has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Bob McNeil consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
R.D.McNeil
CHAIRMAN
Coppermoly Limited
