Vangold Announces Cancellation of Financing

VANGOLD RESOURCES LTD. TSX-V:VAN NEWS RELEASE

VANGOLD ANNOUNCES CANCELLATION OF FINANCING

February 26, 2010 – Vancouver, BC - Vangold Resources Ltd. ("Vangold" or the “Company”) has cancelled the non-brokered private placement of up to 17,142,857 units for gross proceeds of up to $6,000,000 that was previously announced on February 17, 2010. The Company is currently arranging a new financing for the purpose of funding the exploration and development program on Vangold’s properties in Papua New Guinea and for general working capital purposes.

To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsen at 604-684-1974 or by email [email protected].

On Behalf of the Board of

VANGOLD RESOURCES LTD.

"Dal Brynelsen"

Dal Brynelsen, President and CEO

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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