Vangold Announces Airborne Survey Over Rwanda Oil Concession

Wednesday, July 9, 2008

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.

In a news release of April 18, 2008, Vangold reported that the results of a recent study of SAR satellite imagery of Lake Kivu indicated that there are 57 slicks in Lake Kivu categorized as 2 pollution, 53 unassigned and 2 priority unassigned slicks. Danson Mburu, Vangold's geophysicist, reported that a recent field trip resulted in the identification of gas seeps over three of the unassigned oil slick sites. The gas seeps occur in shallow Kivu waters of less than 100m depth of water, near fault zones and basin margins. The origin of the gas seeps could be biogenic (lake bottom bacteria derived) and/or thermogenic (volcanic/ Gas cap derived). Other reported seeps in Lake Kivu has led to more gas seeps being identified along the shallower eastern shoreline which has minimal sediments at the bottom suggesting a possible thermogenic origin of the methane gas. This is consistent with core samples analyzed near Bukavu that show deposits (Sapropelic) in the lake bottom sediments that are important hydrocarbon source rocks. Rocks samples collected during the same field trip by the lead exploration geologist Mr. Francis Karanja, on a new excavated road along the Lake Kivu shoreline in Shangwe bay have been sent to Fugro Robertson Research Laboratories in UK for both total organic carbon content for source rock evaluation and spore fossil analysis for dating.

The quantity of methane gas in this mainly meromictic (density layered) lake is estimated by Dr. Tietze1 (15 September 2006) to be 55 billion cubic meters (STP in 2004). The gas is concentrated in the main basin of Lake Kivu below the 260 meters water depth mark. To maintain this quantity of gas, experts from the University of California, Michigan and Demark assert that the bottom part must have an inflow of gas, either dissolved in saline or thermal ground water or as free gas in bubble form, or it must be produced in large quantities in situ. The gas has increased by 15% since being measured in 1978. The source of this gas is therefore under intensive research by Swiss Federal Institute of Aquatic Science and Technology Engineers (EAWAG) and will be the focus of Vangold exploration program in the next phase especially in the South and Eastern shallow parts of the lake.

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser. More

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