TMX group

5.09 grams Gold over 13.72 metres or 0.148 oz. over 44.9 feet at the Buffalo Ankerite Property, Timmins, Ontario

Toronto, Ontario CANADA, April 23, 2008 /FSC/ - VG Gold Corp. (VG - TSX, VN3 - FWB), announces drill results from ten exploration drill holes recently completed at depth on the Buffalo Ankerite Property. The results continue to confirm gold mineralization in the South Mine area of the Buffalo Ankerite property.

Highlights:

* VBA-07-98 assayed 5.09 grams Au per tonne over 13.72 metres
  including 9.71 grams Au per tonne over 3.35 metres  
  including 14.45 grams Au per tonne over 1.22 metres
* VBA-08-121 assayed 7.12 grams Au per tonne over 0.98 metres
* VBA-08-123 assayed 6.79 grams Au per tonne over 2.13 metres
  including 10.27 grams Au per tonne over 0.91 metres
* VBA-08-125 assayed 4.72 grams Au per tonne over 5.7 metres
  including 15.72 grams Au per tonne over 1.01 metres

The Company currently has two drills operating and drilling the steeply dipping gold mineralization in the South Mine area. The current results come from work that is outlining gold mineralization to depths of 500 metres at the South pits location in the eastern part of the South Mine area. Drilling is also currently ongoing at depths below 500 metres, following the gold mineralization to greater depths. Several neighbouring mines have been developed to depths in the range of 1,700 to 2,500 metres. The South Mine zones remain open to depth and along strike.

-***-

VBA-07-96
---------------------------------------------------------
                                             Gold
     Intersection                       ---------------
     (in Metres)            Length       Grams    Ounces
----------------------------------------- per      per
  From         To      Metres     Feet    tone     ton  
---------------------------------------------------------
312.27      313.94     1.68       5.5    1.27     0.037
---------------------------------------------------------
435.1       443.64     8.53      27.9    2.6      0.076
---------------------------------------------------------
      including         4.57      15.0    3.33     0.097
---------------------------------------------------------

VBA-07-97
---------------------------------------------------------
No significant values - hole drilled beneath structural
plunge of mineralization
---------------------------------------------------------

VBA-07-98
---------------------------------------------------------
249.33      250.85     1.52       5.0    6.0      0.175
---------------------------------------------------------
261.52      267.61     6.1       20.0    2.31     0.067
---------------------------------------------------------
     including          3.05      10      3.53     0.103
---------------------------------------------------------
278.28      292       13.72      44.9    5.09     0.148
---------------------------------------------------------
     including          3.35      11.0    9.71     0.283
---------------------------------------------------------
     including          1.22       4.0   14.45     0.421
---------------------------------------------------------
313.64      326.75    13.11      42.9    1.81     0.053
---------------------------------------------------------
     including          7.32      24.0    2.52     0.074
---------------------------------------------------------
     including          1.52       5.0    4.8      0.14
---------------------------------------------------------
355.7       357.23     1.52       5.0    1.47     0.043
---------------------------------------------------------
361.8       363.32     1.52       5.0    1.89     0.055
---------------------------------------------------------

VBA-07-99
---------------------------------------------------------
No significant values - hole drilled beneath structural
plunge of mineralization
---------------------------------------------------------

VBA-08-120
---------------------------------------------------------
429.71      430.68     0.98       3.2    1.92     0.056
---------------------------------------------------------
460.25      461.77     1.52       5.0    1.10     0.032

---------------------------------------------------------

VBA-08-121
---------------------------------------------------------
189.59      190.8      1.22       4.0    1.51     0.044
---------------------------------------------------------
336.04      337.02     0.98       3.2    7.12     0.208
---------------------------------------------------------

VBA-08-122
---------------------------------------------------------
291.08      292.0      0.91       3.0    1.5      0.044
---------------------------------------------------------
303.28      308.46     5.18      17.0    2.95     0.086
---------------------------------------------------------
      including         1.52       5.0    6.51     0.19
---------------------------------------------------------

VBA-08-123
---------------------------------------------------------
232.26      235.92     3.66      12.0    4.9      0.143
---------------------------------------------------------
     including          2.13       7.0    6.79     0.198
---------------------------------------------------------
     including          0.91       3.0   10.27     0.30
---------------------------------------------------------
288.95      290.47     1.52       5.0    1.51     0.044
---------------------------------------------------------
316.53      318.06     1.52       5.0    1.27     0.037
---------------------------------------------------------

VBA-08-124
---------------------------------------------------------
133.69      134.72     1.04       3.4    1.61     0.047
---------------------------------------------------------
240.37      251.16    10.79      35.3    1.9      0.055
---------------------------------------------------------
     including          2.44       8.0    4.54     0.132
---------------------------------------------------------

VBA-08-125
---------------------------------------------------------
  53.95       55.46     1.52       5.0    1.13     0.033
---------------------------------------------------------
  78.82       84.52     5.7       18.7    4.72     0.138
---------------------------------------------------------
     including          1.01       3.3   15.72     0.459
---------------------------------------------------------
  92.66       93.88     1.22       4.9    1.95     0.057
---------------------------------------------------------
  98.6       102.11     3.51      11.5    2.76     0.081
---------------------------------------------------------
     including          1.07       3.5    4.42     0.129
---------------------------------------------------------
105.46      107.17     1.71       5.6    2.5      0.073
---------------------------------------------------------
110.34      114.91     4.57      15.0    1.74     0.051
---------------------------------------------------------

-****-

Notes:

* Lengths reported are core intersection lengths and do not represent true widths.
* It is anticipated that true width estimates will be made possible after additional drilling.
* Conversion: grams per tonne times 0.0292 equals troy ounce per short ton.

Ten drill holes tested east-west trending gold zones that are located in the east area of the Buffalo Ankerite South Mine.  The Buffalo Ankerite Property saw historical production of 1,018,000 gold ounces between 1926 and 1953 (Ontario Ministry of Northern Development and Mines, Buffalo Ankerite & Ankerite March listings). The property continues to hold significant potential to explore deeper down dip gold mineralization. Records of historic underground workings and drilling indicate good potential to expand gold mineralization on the property. Known gold mineralized stratigraphy crosses the South Mine area of Buffalo Ankerite property for a strike length of 2,000 metres. It is located within the 6,000 metre length of the regional geological structure, known as the south limb of the Porcupine syncline. The Porcupine Gold Camp has produced more than 60 million ounces of gold to date (source: Ontario Ministry of Northern Development and Mines).

The drill program intersected mineralized quartz-tourmaline breccia zones which are recognized as host rocks for ore in the prolific Timmins Gold Camp. All but two of the drill holes intersected gold values.  The two holes that failed to intersect the zones were located at the east end of the property testing the depth extent of the mineralization in this area.  They are now believed to have drilled beneath the northwest plunge of the mineralization.

The mineralization has a known depth extent of 200m at the east end of the property and extends downwards to greater than 2000m below surface extent in the central and west sections of the property. Our targets are in the area of the historic production on the Buffalo Ankerite property where we are exploring the extensions of, and adjacent to, the previously mined areas.

All exploration work was conducted under Kenneth Guy, P. Geo., designated Qualified Person for VG Gold, who has reviewed this press release. Gold analysis of samples collected by VG Gold were assayed by Laboratoire Expert in Rouyn-Noranda, Quebec. Analysis consisted of a fire assay of a 30-gram sample with an atomic absorption finish. Samples assaying over 1.0 gram per tonne Au are re-assayed with gravimetric finish. Samples noted to contain visible gold are analyzed via total metallic assay method. A rigorous Quality Control and Assurance program (QA/QC) is in place, using control samples such as Blanks and Rocklabs Standards and duplicate checks. In addition, duplicate analyses of 10% of the samples were corroborated by check assays on sample performed by Bourlamaque Laboratory of Val D'Or, Quebec.

To view the VG Gold Corp. Buffalo Ankerite Project, please click on the link provided: http://www.vggoldcorp.com/pics/VG-Gold-DrillSection.jpg

For further information contact Tom Meredith, President of VG Gold, 416 368 0099.

To learn more about VG Gold (TSX: VG), visit our website: www.vggoldcorp.com.

FORWARD-LOOKING INFORMATION: This news release contains certain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities law reflecting management's assessment of future plans and operations. These statements or information are subject to certain risks and uncertainties that could cause actual results to differ materially from those included in the forward-looking statements and forward-looking information. The words "believe," "expect," "intend," "estimate," "anticipate," "project," "scheduled," and similar expressions, as well as future or conditional verbs such as "will," "should," "would," and "could" often identify forward-looking statements and forward-looking information. These statements and information are only predictions. Actual events or results may differ materially. In addition, this document may contain forward-looking statements and forward-looking information attributed to third party industry sources. Undue reliance should not be placed on these forward-looking statements and forward-looking information, as there can be no assurance that the plans, intentions or expectation upon which they are based will occur. By their nature, forward-looking statements and forward-looking information involve numerous assumptions, known and unknown risks and uncertainties, both general and specific that contributes to the possibility that the predictions, forecasts, projections and other forward-looking statements and forward-looking information will not occur. These risks and uncertainties include, but are not limited to, fluctuations in gold prices and the Canadian dollar, operating costs, capital costs, terms and conditions attached to regulatory approvals, labour availability, supply of materials and equipment, general economic conditions, changes in law or government policy and other factors many of which are beyond the control of the company. Readers are cautioned not to place undue reliance on forward-looking statements and forward-looking information. Although VG Gold believes that the expectations represented by such forward-looking statements and forward-looking information are reasonable based on the information available to them on the date of this document, there can be no assurance that such expectations will prove to be correct. The Company undertakes no obligation to update forward-looking statements or forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements or forward-looking information

Shares: 86,276,014

For further information, contact:

Tom Meredith
President
VG Gold Corp.
(416) 368-0099


Source: VG Gold Corp.,  (TSX: VG) http://www.vedron.com
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