Mr. Galen McNamara reports

ANGOLD RESOURCES ANNOUNCES FINANCING, DEBT SETTLEMENT AND CLAIM STAKING

Angold Resources Ltd. will complete a non-brokered private placement. The offering will consist of up to 13 million common shares of the company at a price of five cents for aggregate gross proceeds of up to $650,000.

The offering is subject to approval of the TSX Venture Exchange, and all securities issued will be subject to a four-month hold period under Canadian securities laws. The proceeds from the offering will be used for financing of existing obligations and for general and administrative expenses. The company may pay finders' fees to arm's-length parties in consideration for introducing subscribers to the offering.

Debt settlement

The company will settle outstanding indebtedness of $90,000 owing to certain arm's-length parties and an officer of the company in connection with working capital loans made to the company and a further $61,000 in indebtedness owing to certain officers of the company in consideration for services previously rendered to the company. The company will settle the indebtedness through the issuance of 3.02 million common shares at a deemed price of five cents per share.

All securities issued in settlement of the indebtedness will be subject to a four-month hold period under Canadian securities laws.

Related party participation

Related parties of the company may participate in the offering, although the extent of their participation is undetermined at this time, and will receive securities in connection with the settlement of the indebtedness. The settlement of $91,000 of the indebtedness, and any participation by insiders in the offering, will constitute related party transactions within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. The issuance to related parties will be exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in Section 5.5(b) as the company's shares are not listed on a specified market. The issuance to related parties is expected to be exempt from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in Section 5.7(a) of MI 61-101, in that the fair market value of the consideration of the securities issued to the related parties is not expected to exceed 25 per cent of the company's market capitalization.

Claim staking

Additionally, the company has acquired four blocks of mining claims in the province of Saskatchewan totalling 54,194 hectares through claim staking. The project is early stage, is located approximately 850 kilometres north of Saskatoon and is prospective for uranium mineralization. The company is currently compiling publicly available technical information on the project in preparation for exploration.

Qualified person

The technical content of this news release has been reviewed and approved by Galen McNamara, PGeo, the interim chief executive officer of the company and a qualified person as defined by National Instrument 43- 101.

About Angold Resources Ltd.

Angold is an exploration and development company targeting large-scale mineral systems worldwide. The company's assets include projects in Chile and Canada. The Dorado project in Chile features a major porphyry-gold system where drill results include 302 metres at 0.71 gram per tonne gold. The Cordillera project in Chile is strategically located between two multimillion-ounce gold deposits and features multiple gold exploration targets. The Uchi project in Canada is prospective for base metal and precious metal mineralization.

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