Vangold Resources Ltd. has signed a Service Agreement with New Resolution Geophysics, a South African company, for an airborne gravity and aeromagnetic survey. The survey will be flown over Vangold's 1,631 sq km oil and gas concession which covers the complete sedimentary basin of the Kivu Graben in Rwanda. The Kivu Graben is located south of the Albertine Graben in Uganda on Lake Albert where Tullow and Heritage Oil have made a major oil and gas discovery (500,000+ barrels). Both grabens occupy the northern part of the Western Branch of the East African Rift System [EARS].

The airborne survey will be flown at suitable line-spacing and height and in excess of 2,900 line kilometers. This survey and the interpretation of the data will be completed by October 2008. Exact outlines of the survey will be determined in order to delineate the salient features and geometry of the sedimentary basins of East Kivu Graben. The depths of sediments in the individual basins will also be defined. The survey is scheduled to commence upon receipt of regulatory approval and the acquisition of required permits. Preliminary data products will be available to Vangold's technical representatives during the data acquisition phase, and final compiled survey products will be available within 3 weeks of the survey completion.

The total cost of the survey is estimated to be approximately US $275,000. Quality control and quality assurance of the airborne survey will be carried out on-site by Vangold's geophysical consultants Paterson, Grant & Watson Ltd. At the conclusion of the survey, Paterson, Grant & Watson Ltd. will carry out an interpretation of the airborne gravity and magnetic data in order to present a picture of the basin and the dominant structures, along with maps of sediment thickness and modeled cross-sections. The potential field interpretation will include available geological, geochemical and remote sensing data to rank priority areas /anomalies /structures for further study with seismic that will eventually lead to the drilling of the most prospective sites.

Tags: Resolution Geophysics, Vangold Resources Ltd.