VG Gold ( ISIN: CA9182161021 )

GW...für die vielen interesanten Beiträge....

Bringt den Kurs zwar nicht voran, aber tröstet...........

Erst bei 0ct, gebe ich persönlich auf, gibt nur entweder oder....alles oder nichts....Will meinen Einsatz plus 100% , also 40ct oder gar nix..................

Prost....muß mir den Kurs schön trinken...

:-))

ich hab die leine gezogen ...

197000 weniger ....

vieleicht steig ich noch mal ein wenn es tiefer geht oder vieleicht wenn wir weitere ergebnisse vorliegen haben ...

bin erst einmal raus ... vielen dank für die gute unterstützung und den informativen dienst der hier geleistet wurde und den ich in anspruch genommen habe ...

 

garnicht wahrgenommen... ist selten 10.000 Beiträge

ich bin sicher das die Käufer heute, die Gewinner morgen sind

es war immer so, das man aus Krisen gestärkt hervorgeht...

wir reden von einem derzeit ca 10 Mann Unternehmen vor Produktionsaufnahme

da ist nicht jeden Tag eine NEWS in der Pipeline....
(und new ala Quest Minerals wünsche ich uns nicht....., die Assistentin hat heute ne andere Frisur
ist da fast ein PR")

Times & Sales Zeit Kurs  Stück  
17:54:35 0,029  3.165  
17:40:21 0,026  106.500  
17:38:56 0,03  27.000  
14:58:49 0,035  30.000  
11:28:44 0,036  5.000  
10:32:54 0,035  15.000  
09:36:05 0,03  0  


@Tyko sollen wir wetten?
, biete guten Wein an, falls wir
bis zum 24/02/09 (mein Geburtstag) nicht deutlich  über 4, 5 oder 10 €nt stehen 'per BM bitte

Trotz des "optischen Debakels" schönen Abend

die 197000 ergeben doch überhaupt keinen Betrag zusammen :-(   wieviel Minus stehen bei dir im Buch?

echt krass das ganze

sinn ergeben verluste nie .... außer diese steuerlich anzusetzten ... aber das theama hatte ich die tage schon mal aufgegriffen und mag ich nicht mehr diskutieren ...

ich habe immer wieder verbilligt und hatte zum schluss einen einstiegskurs von ca. 0,17 wobei ich mal bei 0,54 etwas verkauft und später wieder hinzugekauft hab ...

ich hab noch nicht alles zusammen gerechnet aber so 30000€ verlust werden es schon sein ...

die storry stimmt nach wie vor wobei das ewige hin halten und verschieben von tom mein vertrauen in seine persönlichkeit stark angekratzt hat ...

ich habe die letzten tage ganz gute gewinne mit porsche gemacht und musste diese erst einmal mitnehmen ... tja nun steh ich vor der entscheidung gewinne versteuern oder verluste gegenrechnen ...

vieleicht investier ich noch mal 2 oder 3 tsd. euro in vedron wenn der kurs tiefer steht oder es neue aussichten gibt ....

ich denke nach 2 jahren gehört einiges dazu sich ein zu gestehen etwas falsch gemacht zu haben ... ich wünsch euch das ihr recht behaltet und das buch über vedron doch noch mit einem happy end endet ... hehe .....

wünsche dir jedenfalls das du dir irgendwann mal eine dicken brocken von dem wiederholst, allen anderen hier natürlich auch....

Die Anzahl der Aktien hat sich wie folgt geändert:


                      73 Aktionäre halten 8.710.835 Aktien

so hält jeder Aktionär im Durchschnitt 117.713 Aktien.

Viele Grüße Börsenonkel

von euch hat gerade in canada 500k gekauft?????

Kleinigkeiten eigentlich kursrelevant?

woher diese Stückzahlen immer so urplötzlich kommen. Aber in diesem Falle sogar mit steigenden Kurs. Das Volumen in Kanada war schon lange nicht mehr so groß.

Steuergeschichten hin und wieder her gehen.....

muss aber nicht....

was soll man da hineininterpretieren?

ein fünkchen hoffnung (wäre eigentlich dein job :-()

Schon jemand bemerkt, dass auf Sedar zwei News liegen (wenn ich das richtig lese...)

also ich seh keine news, letzten sind aus september.

wo sollen denn welche sein??

2008-11-13 13:57 0.04 SEDAR Interim Financial Statements SEDAR Interim Financial Statements
          §2008-11-13 13:57 0.04 SEDAR MD & A SEDAR MD & A  

weis jemand was im sedar programm drinnsteht??

ist noch keins auf der verlinkung von Vg zu sehen.

ich sehe auch nix auf sedar. Stell`mal bitte Link rein

hier mal ne lustige "Charttechnik" vom S&P500. Respekt an den Charttechniker, der den Trend vorhersagte. Chart ist ein halbes Jahr alt

"Er zeigt eindeutig den sich öffnenden Schnabel. Die Kerzen im Schnabel sind gerade dabei Schwung zu holen, um sich dann zu entleeren. Es wird einen graden Strahl nach unten ergebeben, ungefähr bis zum Boden....oder noch tiefer"  ;-O

sedar dürfte es morgen erst zu lesen sein.

bei stockwatch.com muss man mitglied sein um den link zu öffnen

VG Gold Corp.
MANAGEMENT’S DISCUSSION AND ANALYSIS
September 30, 2008
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 2 -
General
The following discussion of performance, financial condition and future prospects should be read
in conjunction with VG Gold Corp. (the “Company” or “VG Gold”) financial statements and
notes thereto for the years ended December, 2007 and 2006, which were prepared in accordance
with generally accepted accounting principles (GAAP) in Canada. Additional information,
including an Annual Information Form can be found on SEDAR, www.sedar.com. All dollar
amounts are in Canadian dollars. This discussion and analysis is dated November 12, 2008.
Overview
The principal business of VG Gold is to explore and develop gold properties in Timmins,
Ontario, Canada and to acquire additional gold properties in the Timmins area. VG Gold Corp.
was formed on March 10, 1972 by articles of amalgamation under the Ontario Business
Corporations Act. VG Gold is currently focused on exploring its properties; the Buffalo Ankerite
property is 100% controlled and the Fuller property is 100% owned. For the Davidson Tisdale
property, where up to a 75% property interest may be earned, VG Gold has earned a 71% interest
in the property as of September 30, 2008. For more information see the Company web site:
www.vggoldcorp.com.
Fulle r Prope r t y
The 100% owned Fuller Property now
consists of 18 claims comprised of
772 acres located in Tisdale and
Deloro Townships, Timmins, Ontario.
Four new patented claims were
acquired from Goldcorp during the
second quarter. The property is
accessed by paved road and is located
2 km southeast of the city of Timmins.
Property geology consists of the eastwest
trending volcanic flows that have
produced more than 50 million gold
ounces within a 3 mile radius of the Fuller deposit. Neighbours include the Dome mine to the
east and the Hollinger and McIntyre mines to the north and northwest. In 1984 the fractured
ownership of the Fuller Deposit was consolidated under VG Gold’s control. Further
exploration and development work proceeded during the late 1980s. This work involved
establishing a decline ramp to a depth of 650 feet, (5 levels) and confirming a historically
estimated gold resource. In the late 1990s, VG Gold’s exploration drilling was designed to
expand the resource (see updated Wardrop NI 43-101 report filed on www.sedar.com
December 4, 2007). The Fuller Property resource is situated in steeply dipping zones of sulphide
mineralization. The gold zones appear to be the updip extension of the neighbouring Goldcorp
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 3 -
owned Paymaster mine. Seven gold zones that contain gold mineralization have been drilled to
a depth of 1,600 feet. Paymaster, the on strike neighbour, was mined and developed to a depth
of 7,000 feet.
VG Gold filed a Preliminary Economic Assessment (PEA) issued by Vetrin Mine Planners on
www.sedar.com in April 4, 2008 with Ronald Moran as the qualified person.
Buf f alo Anke r it e Prope r t y
The 100% controlled Buffalo Ankerite property consists of 35 claims totalling 1,063 acres in
Deloro township, Ontario. The property is accessed by a paved road 2 kilometres southeast of
the city of Timmins.
The Buffalo Ankerite mine produced 1 million ounces of gold from 1926 to 1953. Adjacent to
the west, the Aunor mine produced 2.5 million ounces of gold, and to the east the Paymaster
mine produced 1.2 million gold ounces. The geology of the property consists of volcanic flows
that are folded from east-west to north by northeast. A 4,000 feet deep production shaft on the
property was the primary means of historical gold production.
A PEA issued by Vetrin Mine Planners was filed on www.sedar.com in July 6, 2007 for the
near surface gold mineralization in the south mine area, as outlined by recent drilling. The
qualified person for the PEA is Ronald Moran. Drilling has continued in 2008, with plans to
continue to expand the mine area gold mineralization for the balance of the year.
Davidson Tisdale Prope r t y
The Davidson Tisdale Property consists of 6 claims covering approximately 360 acres in
Tisdale Township, plus a 50% back in right to 19 claims with an area of approximately 760
acres.
The property is accessed by an all-weather road from the town of South Porcupine and is
located 5 kilometres northeast of the city of Timmins. To date VG Gold has acquired a 71%
interest in the property and has the option to earn up to a 75% interest by making exploration
and development work expenditures.
Geologically the property is situated on
the north limb of the Porcupine Syncline,
a structure that hosts a number of the
richest gold deposits in Timmins,
including the Hollinger and McIntyre
Mines. Significant development work
took place in the 1980s, with a decline
ramp driven to a depth of 550 feet.
Historical work in the 1920s established
several mine levels down to 600 feet.
Drilling has been focused in the area from
surface to 200 metres in both the S-Zone
and the Main Zone. VG Gold’s recent
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 4 -

exploration focus is on the high grade quartz veins in the Main Zone. VG Gold filed a PEA
issued by Vetrin Mine Planners on www.sedar.com in October 16, 2007 and the qualified
person for the report is Ronald Moran. The Company is working towards obtaining all
necessary permits required for production, and plans to have permitting completed by the year
end, December 31, 2008.
Paymast e r Prope r t y
The Paymaster property consists of 16 claims with an area of about 500 acres, adjacent to the
Fuller and Buffalo Ankerite properties and 2 miles south east of the City of Timmins. VG Gold
has the option to earn a 60% interest in the Paymaster claims over a period of four years. The
east-west trending mineralized zones on both the Fuller Property and the Buffalo Ankerite
property trend on to the Paymaster property. Fifteen of the Paymaster claims are situated to the
east of the Fuller and Buffalo Ankerite properties and one claim is located adjacent to the west
extension of the Buffalo Ankerite South Mine zone. The Company plans to focus its
exploration budget on the Paymaster property in the 4th quarter of 2008.
Overall Performance
For the third quarter ended September 30, 2008 the Company’s cash position decreased, from
$2,908,412 as at December 31, 2008 to $299,375. The Buffalo Ankerite property and the
Paymaster property are expected to be the primary exploration focus of the Company during the
last quarter of 2008. The Company has sufficient cash resources on hand to maintain its planned
exploration work on its Ontario gold properties for fiscal year 2008.
The Company will continue to focus on its four central Timmins properties during the remainder
of 2008 and into 2009. This will comprise of exploration drilling, permitting and mine planning
activities. The main activities carried out during the third quarter were focused on increasing the
gold resources through exploration drilling on the Buffalo Ankerite property.
Effective June 13, 2008, the previous quarter, the Company signed an agreement with Goldcorp.
This agreement allows the Company to earn a 60 percent interest in select claims of the
Paymaster Property situated on the east boundary of both VG Gold’s Buffalo Ankerite and Fuller
properties. Also included is one Aunor Mine Claim situated on the west side of the Buffalo
Ankerite Property. Under the terms of the agreement VG Gold has the option to earn a 60 percent
interest in 16 claims by incurring exploration expenditures of $6 million over 4 years, subject to a
back-in-right. Fourteen of the claims are in Deloro Township, with thirteen on the east side of the
Buffalo Ankerite Property, and the Aunor claim on the west side. The other two Paymaster claims
are optioned to the 4,075 foot level in the adjacent Paymaster Mine in Tisdale Township and are
adjacent to the east side of the Fuller Property. VG Gold also acquired a 100 percent interest in 4
claims in Tisdale Township on the west side of the Fuller Property in exchange for the surface
rights to 5 claims on the northern part of the Fuller Property.
Under the terms of the Option and Joint Venture Agreement, VG Gold can exercise its option and
enter into a 60/40 Joint Venture agreement with Goldcorp once it has completed the $6 million
work program and has made payments of cash, shares and warrants specified below. Upon VG
Gold exercising its option to form the joint venture, Goldcorp has a 6 month period where it can
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 5 -
exercise the back-in right to increase its interest from 40 percent to 70 percent, and become the
operator, by making a payment of $710,000 to VG Gold plus incurring exploration and
development expenditures of $8,250,000 on the property within two years of the back-in right
notice and thence completion of a feasibility study within three years.
The terms of the agreement provide for VG Gold to spend $800,000 in the first year of the
agreement, $1.1 million in year two, $1.6 million in year three and $2.5 million in year four, for a
total of $6 million over 4 years. The first year work program of $800,000 is a work commitment
on the Goldcorp property. VG Gold was required to pay $40,000 on signing and $50,000 at the
end of the first year. The company also issued 340,000 shares on signing and 1 million warrants
expiring on June 13, 2010, with an exercise price of $0.309 per share. VG Gold will also issue
shares with a value of $100,000 on the first and second anniversaries, $150,000 on the third
anniversary and $200,000 on the fourth anniversary of the agreement.
This agreement provides VG Gold the opportunity to expand the known gold mineralized zones
that trend from VG Gold’s property onto Goldcorp’s properties.
Selected Financial Information
The following table provides selected financial information that should be read in conjunction
with the financial statements of the Company.
QUARTER ENDED September 30,
YEAR ENDED December 31,
2008 2007 2007 2006
Interest and Other
Income $10,964
$47,235
$173,819 $52,647
Loss for the period $121,049 $162,574 $1,045,403 $1,262,328
Loss per share $0.001 $0.002 $0.01 $0.02
Total assets $24,519,590 $25,310,534 $25,419,324 $20,710,491
Mineral interests $22,711,340 $20,226,860 $20,928,012 $17,833,602
Total liabilities $681,800 $1,088,408 $1,080,778 $296,152
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 6 -
Results of Operations
The Company’s operations involve exploration on its gold properties in Ontario, Canada. The
Company has no income from mining operations. For the quarter ended September 30, 2008, the
Company had a net loss of $121,049 (September 30, 2007 - $162,574). The decreased loss of
$41,525 over the comparable quarter ended September 30, 2007 was mainly due to a decrease in
the amortization charge of $39,956. General and administrative expenses for the quarter ending
September 30, 2008 were $206,666 (September 30, 2007 - $253,506).
The Company cash position decreased from $2,980,412 as at December 31, 2007 to $299,375 as
at September 30, 2008.
Revenue
The Company did not earn revenue during the quarter ended September 30, 2008, other
than interest on investments of $10,964.
Expenses
September 30,
2008
September 30,
2007
Change
%
Write down of mineral resource property $ - $ - -
Office, general and administrative $ 206,666 $ 253,506 (18.5)%
Stock-based compensation $ - $ - -
Amortization $ 1,347 $ 41,303 (97)%
Office, general and administrative expenses did not change, other than curtailment of some non
core business expenses as determined by the economic times. These expenses include corporate
activities associated with property acquisitions, corporate funding, permitting, mine planning
activities and investor communications.
Amortization expense was reduced by not amortizing the mill equipment for the quarter ending
September 30, 2008.
Exploration and Development Expenditures
Drilling and other exploration expenditures are capitalized. Exploration expenditures for the
quarter ending September 30, 2008 amounted to $181,285. Exploration and development
expenditures for the quarter ended September 30, 2008 included $25,275 on the Davidson Tisdale
Property, $9,927 on the Fuller Property, $86,044 on the Buffalo Ankerite Property, $60,039 on
the Paymaster Property and nothing expended on the Windsor and the Augdome properties.
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 7 -
Exploration and Development Expenditures (continued)
The Company is focused on exploring and developing its three advanced gold properties: the
Davidson Tisdale Property, the Fuller Property and the Buffalo Ankerite Property. During the
third quarter of fiscal 2008, the primary exploration focus was on the Buffalo Ankerite and
Paymaster properties.
Exploration and Development Expenditures for the Quarter ending September 30, 2008
Summary of Yearly Results
Selected financial information for the eight previous fiscal quarters.
Yearly Financial Information (unaudited)
2008 2008 2008 2007
Q3 Q2 Q1 Q4
(a) Revenue - interest $ 10,964 $ 15,888 $ 25,360 $ 38,143
(b) Net Income (loss) $ (121,049) $ (244,575) $ (315,172) $ (30,172)
(c) Net Income (loss) per share $ (0.001) $ (0.001) $ (0.004) $ (0.001)
(basic & fully diluted)
2007 2007 2007 2006
Q3 Q2 Q1 Q4
(a) Revenue $ 47,235 $ 50,383 $ 38,058 $ 37,322
(b) Net Income (loss) $ (162,574) $ (166,781) $ (806,220) $ (99,341)
(c) Net Income (loss) per share $ (0.002) $ (0.002) $ (0.010) $ (0.003)
(Basic & Fully Diluted)
Davidson Tisdale Fuller Buffalo Ankerite Paymaster Total
Geological $29,228 $51,821 $81,049
Engineering
Geophysics
Drilling
Consulting
Permitting $21,435 $9,647 $26,025 $57,107
Other $3,840 $280 $30,791 $8,218 $43,129
Property Total $25,275 $9,927 $86,044 $60,039 $181,285
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 8 -
Liquidity and Capital Resources
For the quarter ended September 30, 2008 the Company’s cash position decreased from the
December year-end total of $2,980,412 to $299,375. The company has sufficient cash resources
on hand to maintain planned exploration and development work on its Ontario gold properties for
the balance of the fiscal year. The Company invests surplus funds in Bankers’ Acceptances
guaranteed by a Canadian financial institution.
Outstanding Share Data
The authorized capital of the Company is comprised of an unlimited number of common shares.
At September 30, 2008 the Company had 86,616,014 common shares outstanding. The Company
had 11,325,000 purchase warrants expire during the quarter ending September 30, 2008, leaving
1,000,000 warrants to Goldcorp. The 1,000,000 are exercisable at $0.31 until June 13, 2009. The
Company has 4,970,000 options outstanding as of September 30, 2008, exercisable at prices
ranging from $0.20 to $0.60 per share.
Commitments
VG Gold has entered into option agreements with others whereby the Company may earn an
interest in certain mineral properties by making option payments in cash and property work
obligations to maintain the option on properties. VG Gold’s current commitments are as follows:
1) The Davidson Tisdale agreement has commitments of up to $360,600 of property
expenditures in 2008.
2) The Windsor Property agreement has commitments of $20,000 and 50,000 shares on or
before October 4th, 2008. VG Gold made these commitment payments after the quarter
had ended.
3) The Paymaster property agreement has exploration expenditures of $800,000, a payment
of $50,000 and $100,000 in shares to be issued in the first year of the agreement. The
second year has exploration expenditures of $1,100,000 and $100,000 in shares to be
issued. The third year has exploration expenditures of $1,600,000 and $150,000 of shares
to be issued and the fourth year has exploration expenditures of $2,500,000 and $200,000
of shares to be issued.
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 9 -

extent such approvals are required and not obtained, VG Gold may be curtailed or prohibited
from proceeding with planned exploration or development of mineral properties. Failure to
comply with applicable laws, regulations and permitting requirements may result in enforcement
actions thereunder, including orders issued by regulatory or judicial authorities which may cause
operations to cease or be curtailed and may include corrective measures requiring capital
expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining
operations may be required to compensate those suffering loss or damage by reason of the mining
activities and may have civil or criminal fines or penalties imposed for violations of applicable
laws or regulations.
The future costs of retiring mining assets include dismantling, remediation, ongoing treatment
and monitoring of the site. These are reconciled and recorded as a liability at fair value. The
liability is accreted, over time, through periodic charges to earnings. In addition, asset retirement
costs are capitalized as part of the asset’s carrying value and amortized over the asset’s useful
life. As the Corporation has not yet begun mining or milling operations, the Company currently
has no identifiable obligations in relation to the retirement of its assets save for the Buffalo
Ankerite mine site, which the Mining Lands Commissioner had issued an Order for the Company
to use its best efforts to remediate the open pit on the site and to maintain security. The estimated
cost to perform this work is $284,000, of which no liability has been accrued in the financial
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 10 -
Environmental Risks and Hazards (con’t)
statements, as mining activities on the property have not been determined to be completed in their
entirety.
Amendments to current laws, regulations and permits governing operations and activities of
mining companies, or more stringent implementation thereof, could have a material adverse
impact on VG Gold and cause increases in exploration expenses, capital expenditures and
production costs. They may also cause a reduction in levels of production at producing properties
or they may require abandonment or delays in development of new mining properties.
Production of mineral properties may involve the use of dangerous and hazardous substances
such as sodium cyanide. While all steps will be taken to prevent discharges of pollutants into the
environment, VG Gold may become subject to liability for hazards against which it cannot be
insured. The Company is subject to all environmental acts and regulations at the federal and
provincial levels.
These include, but are not limited to, the following:
Federal Level (Canada) Provincial Level (Ontario)
Canadian Environmental Protection Act
Environmental Protection Act
Fisheries Act
Mining Act
Navigable Waters Protection Act and Regulations
To the Company’s knowledge, there are no liabilities to date which relate to environment risks or
hazards.
Use of Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the reported
amount of assets and liabilities at the date of the financial statements and the reported amount of
expenses during the reporting period. Actual results could differ from those estimates.
Nature of Operations
VG Gold is an exploration and development company engaged in the mining business. Some of its
mineral properties are currently being explored and developed and the Company has not yet
determined whether these properties contain reserves that are economically recoverable. The
recoverability of the amount shown for mineral properties is dependent upon the existence of
economically recoverable reserves, as established in accordance with National Instrument No. 43-101,
upon the ability of VG Gold to obtain the necessary financing to complete exploration and
development and upon future profitable production or proceeds from disposition of such properties.
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 11 -
The Company tries to maximize its exposure to promising exploration and development
opportunities, to manage the risks inherent in exploration and to make appropriate use of financial
management resources.
Off-Balance Sheet Arrangements
As at September 30, 2008, the Company does not have off-balance sheet arrangements.
Additional Funding Requirements
As discussed, the mineral properties of VG Gold are in the exploration and development stage and,
as a result, the Company has no source of operating cash flow. The Company intends to raise such
additional funds to complete its projects. There is no assurance that VG Gold will be able to raise
additional funds on reasonable terms. The development of any ore deposits found on the
exploration properties of VG Gold depends on the ability of the Company to obtain financing
through debt financing, equity financing or other means. If the exploration and development
programs of VG Gold are successful, additional funds will be required to develop the properties
and, if successful, additional funds will be required to place them in commercial production. The
only source of future funds presently available to VG Gold is the sale of equity capital of VG Gold
or the sale by VG Gold of an interest in any of its properties in whole or in part. The ability of VG
Gold to arrange such financing in the future will depend in part upon the prevailing capital market
conditions, as well as on the business performance of the Company.
There can be no assurance that VG Gold will be successful in its efforts to arrange additional
financing if needed on terms satisfactory to VG Gold. If additional financing is raised by the
issuance of shares from the treasury of the Corporation, control of VG Gold may change and
shareholders may suffer additional dilution. If adequate financing is not available, VG Gold may be
required to delay, reduce its scope, eliminate one or more exploration activities or relinquish rights
to certain of its interests. Failure to obtain additional financing on a timely basis could cause VG
Gold to forfeit its interests in some or all of its properties and to reduce or terminate its operations.
Mineral Properties and Deferred Exploration Costs
The Company defers the costs of exploration and capital assets in existing projects and carries
them as assets until production begins. Mineral properties and deferred exploration expenditures
are recorded at cost and do not necessarily reflect present or future values. If a project is
successful, the related mineral properties and deferred exploration expenditures will be amortized
over the estimated economic life of the project. If a project is unsuccessful, or if exploration
ceases because continuation is not economically feasible, the mineral properties and related
exploration expenditures are written off.
Senior management periodically reviews the carrying value of the mineral properties and deferred
exploration expenditures to consider whether there are any conditions that may indicate
impairment.
Where estimates of future cash flows are available, a reduction in carrying value is recorded to
the extent the net book value of the investment exceeds the estimated future cash flows. Where
estimates of the future cash flows are not available and where other conditions suggest
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 12 -
impairment, management assesses if the carrying value can be recovered and provides for
impairment, if so indicated
New Accounting Standards and Policies
Financial Instruments
Effective January 1, 2008, VG Gold prospectively adopted the new CICA Handbook Sections
3862, Financial Instruments – Disclosures and 3863, Financial Instruments – Presentation. The
purpose of these sections is to enhance the financial statement users’ ability to evaluate:
• The significance of financial instruments over an entity’s financial position, performance
and cash flows;
• The nature and extent of risks arising from financial instruments to which the entity is
exposed to during the period and at the balance sheet date; and
• How the entity manages these risks.
The new standards required additional disclosure with no effect on the financial statements.
Capital Management
Effective January 1, 2008, VG Gold adopted the new CICA Handbook Section 1535, Capital
Disclosures for disclosure of a company’s objectives, policies and processes for managing
capital.
International Financial Reporting Standards (“IFRS”)
In January 2006, the AcSB formally adopted the strategy of replacing financial reporting under
Canadian GAAP with financial reporting under IFRS, for Canadian enterprises with public
accountability. The current conversion timetable calls for financial reporting under IFRS for
accounting periods commencing on or after January 1, 2011. On February 13, 2008, the AcSB
confirmed that the use of IFRS will be required in 2011 for publicly accountable for-profit
enterprises. Financial reporting under IFRS will be required for interim and annual financial
statements relating to fiscal years beginning on or after Janauary 1, 2011. The Company will be
required to prepare comparative financial statements in accordance with IFRS beginning with the
three-month period ended March 30, 2010. The Company is currently assessing the impact on its
financial statements.
Risks and Uncertainties
The Company’s business of exploring and developing mineral properties is highly uncertain and
risky by its very nature. In addition, the ability to raise funding in the future to maintain the
Company’s exploration and development activities is dependant on financial markets, that often
fail to provide necessary capital.
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 13 -
Regulatory standards continue to change making the review process longer, more complex and
more costly. Even if an apparently mineable deposit is developed, there is no assurance that it will
ever reach production or be profitable, as its potential economics are influenced by many key
factors such as commodity prices, foreign exchange rates, equity markets and political
interference, which can not be controlled by management.
Management’s evaluation of disclosure controls and procedures
Management is responsible for establishing and maintaining a system of controls and procedures
over the public disclosure of financial and non-financial information regarding the Company.
Such controls and procedures are designed to provide reasonable assurance that all relevant
information is gathered and reported, on a timely basis, to senior management, including the
President and the Chief Financial Officer (CFO), so that they can make appropriate decisions
regarding public disclosure. The system of disclosure controls and procedures includes, but is not
limited to, our Disclosure Policy, our Code of Business Ethics, the effective functioning of our
Disclosure and Audit Committees, procedures in place to systematically identify matters
warranting consideration of disclosure by the Disclosure Committee and verification processes
for individual financial and non-financial metrics and information contained in annual and interim
filings, including the financial statements, MD&As, Annual Information Forms and other
documents and external communications.
As required by CSA Multilateral Instrument 52-109, Certification of Disclosure in Issuers'
Annual and Interim Filings, an evaluation of the effectiveness of the design and operation of our
disclosure controls and procedures was conducted under the supervision of Management,
including the President and CFO, as of September 30, 2008. The evaluation included
documentation review, enquiries and other procedures considered by Management to be
appropriate in the circumstances.
Based on that evaluation, the President and the CFO have concluded that the design and operation
of the system of disclosure controls and procedures was effective as of September 30, 2008.
The President and CFO are also required, under Multilateral Instrument 52-109, to file
certifications of the annual filings. Copies of these certifications may be found on SEDAR at
www.sedar.com.
Forward Looking Statements
This report may contain forward-looking statements that involve a number of risks and
uncertainties, including statements regarding the outlook for the Company’s business and
operational results. By nature, these risks and uncertainties could cause actual results to differ
materially from what has been indicated. Factors that could cause actual results to differ
materially from any forward-looking statement include, but are not limited to failure to establish
estimated resources and reserves, the grade and recovery of ore which is mined from estimates,
capital and operating costs varying significantly from estimates, delays or failure in obtaining
governmental, environmental or other project approvals and other factors including those risks
and uncertainties identified above. The Company undertakes no obligation to update publicly or
VG Gold Corp.
Management’s Discussion and Analysis – September 30, 2008
- 14 -
otherwise revise any forward-looking information as a result of new information, future results or
other such factors which affect this information, except as required by law.
Signed
“Alex Falconer” CFO
November 10, 2008

ist das alte vom 30.september