Vangold Resources Ltd.
VANGOLD RESOURCES LTD. TSX-V: VAN
NEWS RELEASE
VANGOLD ANNOUNCES TSX APPROVAL ON DEBT SETTLEMENT AND PROPERTY TRANSFER AGREEMENT AND WELCOMES NEW CFO -------------------------------------------------------------------------------------------------------------------------------
Vancouver, British Columbia – May 9th, 2014 Vangold Resources Ltd. (the “Company” or “Vangold”) (TSX-V: VAN) is pleased to announce that it has received TSX approval on debt settlement and property transfer agreement terms with a group of creditors (“PNG Creditor Group”) as noted in its press release dated February 5th, 2014. Vangold will transfer ownership of its subsidiaries Pacific Kanon Gold Corporation, and Vangold PNG Ltd. which hold title to three exploration tenements in Papua New Guinea, in exchange for all of the outstanding debt of the PNG Creditor Group of approximately $460,000 (CAD). These tenements comprise of Mt. Penck (EL 1322), Fergusson Island (EL 1324) and Allemata (EL 1323). The tenements have not had their licenses renewed for the current term.
Vangold is still focused on its joint venture with Blackstairs Energy and their exploration and production sharing agreement with the government of Armenia. While the sedimentary basins of Armenia to this day are relatively under-explored, Vangold considers its concessions, which cover roughly half the country, to hold a very high potential for a major find as they are adjacent to oil rich countries Azerbaijan, Georgia and Iran. The Company has also recently renewed its licenses on its jointly owned properties in Rossland, BC.
The Company is also pleased to announce the appointment of Joseph Meagher as Chief Financial Officer. Mr. Meagher is a director at Triumvirate Consulting Corp., a financial consulting firm. He provides accounting, financial reporting and management services to companies in a variety of industries. Prior to joining Triumvirate, Mr. Meagher worked at Smythe Ratcliffe LLP as a manager focusing on publicly listed and private company audits, as well as staff training and development. Mr. Meagher holds a Chartered Accountant designation and a Bachelor of Commerce from the University of British Columbia.
Mr. Meagher will be replacing Nick Corea as CFO who resigned effective May 9, 2014. Mr. Corea has accepted a fulltime employment position with another mineral exploration company in Vancouver, BC. The Company would like to thank Mr. Corea for his service to the Company. Dal Brynelsen states "It has been a pleasure to work with Nick over the past year and I wish him all the best in success with his new position and in all his future endeavors."
Vangold is a publicly traded, Canadian exploration company focused on advancing its portfolio of global mineral and petroleum assets.
On Behalf of the Board of Directors,
“Dal Brynelsen”
Dal Brynelsen, President and CEO
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
7681 Prince Edward Street, Vancouver, BC, Canada V5X 3R4 T 778.828.2670 • www.vangold.ca VANGOLD RESOURCES LTD. Page 2 of 2
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.
Suite 900 – 595 Howe Street, P.O. Box 10, Vancouver, BC, Canada V6C 2T5 T 604-684-1974 • F 604-685-5970 • www.vangold.ca