72.07 Grams per Tonne Gold Over 1.50 metres (2.104 oz. over 5.0 feet)
at the Buffalo Ankerite Property, Timmins, Ontario


Toronto, Ontario CANADA, September 30, 2008 /FSC/ - VG Gold Corp. (VG - TSX, VN3 - FWB), announces drill results from 4 exploration drill holes recently completed at depth in the South Mine area of the Buffalo Ankerite Property. The results continue to confirm gold mineralization South Mine area of the Buffalo Ankerite property with the best result coming from mineralized porphyry situated at depth.

Highlights:
* VBA-08-108 assayed 12.45 grams Au per tonne over 9.1 metres
including 72.07 grams Au per tonne over 1.5 metres
* VBA-08-110 assayed 12.10 grams Au per tonne over 1.5 metres

Four drill holes tested east - west trending gold zones that are located in the east area of the Buffalo Ankerite South Mine. The high grade assay in hole 108 was intersected in a highly altered Quartz-Feldspar Porphyry.  A large porphyry body lies at depth from 1,000 to 2,500+ metres below surface.  The porphyry is known to extend for at least 600 metres east-west and 600 metres north-south, with thickness of up to 300 metres.  Porphyry bodies are a well documented source of gold mineralization for the major gold deposits in the Timmins camp at the Hollinger, McIntyre and Dome Mines where the combined gold production to date from these three mines has exceeded 40 million ounces of gold (MNDM website).  

Historic underground drilling at Buffalo Ankerite has intersected high grade gold values in the porphyry - greater than 1 ounce per ton (holes 3802, 3803) at a depth of 1,400 metres below surface and 200 metres along strike to the east of hole VBA-08-108.  Holes 107 and 110 were attempting to test the porphyry between holes 108 and the historic drilling, but failed to reach their target depth due to bad ground conditions in an ultramafic unit lying north and above the porphyry.  Future drilling will target this area drilling from the south to avoid the ultramafic unit.

The Buffalo Ankerite property contains elements of the most prolific geological environments for gold deposition in the Timmins area.  Porphyry bodies and major carbonate/ankerite units are known to be major sources of gold mineralization.  The confirmation of high grade gold mineralization with strongly altered porphyry at depth as shown in VG Gold hole VBA-08-108, and the confirmation of the porphyry body at depth on the Buffalo Ankerite property, indicate the potential for additional gold mineralization on the property at depth, below the historic mine workings.

Excerpt from the OGS report:
"Economic enrichments of gold appear to be locallized in three main geological environments
1. Major exhalative vent areas
2. Structurally deformed sections of the main carbonate members and
3- Along contacts between carbonatized volcanic rocks and clastic sediments.

The presence of volcanic vents represented by the major porphyry bodies and their extrusive equivalents (Krist Formation) was suggested by Hurst (1936). Evidence from the present study suggests that there are three major vents and several minor ones in the Timmins area. The three (major vents) are located at Pearl Lake (Hollinger-McIntyre), Dome, and at depth at the Buffalo Ankerite. (Geology and evolution of Gold Deposits, Timmins Area - by W.O. Karvinen in:  Roberts, R. G. (Editor) 1980: Genesis of Archean Volcanic-Hosted Gold Deposits, March 7, 1980; Ontario Geological Survey Open File Report 5293)

-***-

VBA-08-107

Intersection(in Metres)            Length                  Gold
                                                     Grams       Ounces
                                                    per tonne    per ton
-------------------------------------------------------------------------------
From            To          Metres         Feet
-------------------------------------------------------------------------------
791.9          794.9          3.0          10.0        1.41       0.041
-------------------------------------------------------------------------------
796.5          798            1.5           5.0        1.34       0.039
-------------------------------------------------------------------------------
801.3          802.2          0.9           3.0        1.58       0.046
-------------------------------------------------------------------------------

VBA-08-108
-------------------------------------------------------------------------------
917.4          918.3          0.9           3.0        3.77       0.110
-------------------------------------------------------------------------------
941.2          942.7          1.5           5.0        2.33       0.068
-------------------------------------------------------------------------------
950.3          951.6          1.3           4.3        2.85       0.083
-------------------------------------------------------------------------------
992.4        1,001.5          9.1           30        12.45       0.364
-------------------------------------------------------------------------------
     including                1.5           5.0       72.07       2.104
-------------------------------------------------------------------------------
1,016.5      1,018.0          1.5           5.0        1.54       0.045
-------------------------------------------------------------------------------
1,059.2      1,060.7          1.5           5.0        1.47       0.043
-------------------------------------------------------------------------------
1,066.8      1,068.0          1.2           4.0        2.78       0.081
-------------------------------------------------------------------------------

VBA-08-109
-------------------------------------------------------------------------------
10.4            11.3          0.9           3.0        1.41       0.041
-------------------------------------------------------------------------------
14.6            15.5          0.9           3.0        1.44       0.042
-------------------------------------------------------------------------------
832.7          834.2          1.5           5.0        1.03       0.030
-------------------------------------------------------------------------------
887.0          888.5          1.5           5.0        2.26       0.066
-------------------------------------------------------------------------------
1,050.7       1053.0          2.3           7.6        1.52       0.044
-------------------------------------------------------------------------------
1,157.8      1,159.3          1.5           5.0        1.85       0.054
-------------------------------------------------------------------------------

VBA-08-110
-------------------------------------------------------------------------------
30.5            32.0          1.5           5.0       12.10       0.353
-------------------------------------------------------------------------------
786.5          788.3          1.8           6.0        1.13       0.033
-------------------------------------------------------------------------------
794.9          800.6          5.6          18.5        1.24       0.036
-------------------------------------------------------------------------------

-****-

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.


All exploration work was conducted under Kenneth Guy, P. Geo., designated Qualified Person for VG Gold, who has reviewed the this press release. Gold analysis of samples collected by Vedron 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.

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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

The TSX Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.    



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