With the release of the Mango Toolset, Microsoft also added Visual Basic support for XNA and Windows Phone.
VB resources include VB XNA documentation and VB WP7 code samples and starter kits is intended to walk you through some of the steps in creating a simple XNA application for Windows Phone 7 using VB.
"XNA now fully supports Visual Basic on all platforms (Xbox360/Windows and WP7). Although the model for developing game apps is different from that used by most VB Developers it is easy to get started. With the platform already well developed there're a huge number of resources available which VB Developers can use. VB developers can join the party and start creating to great apps using XNA."
How do I use it?
"The first thing to do is install the Windows Phone Developer Tools 7.1 Beta (Mango Toolset) onto a machine with Visual Studio 2010 SP1 installed. VS2010 SP1 is critical for this to work and also will change how Silverlight app developed using VB are now compiled. This'll also install updated WP7 templates.
Be aware that XNA requires a higher-end video card to allow the emulator to run; most modern machines have cards capable of supporting DX10 and 11 which should be sufficient. This's important as Silverlight apps using the emulation don't require the higher end video card."