Private Sub Button1_Click(ByVal sender As System.Object, ByVal e As _
  System.EventArgs) Handles Button1.Click
    Dim g As Graphics = PictureBox1.CreateGraphics
 
    g.DrawEllipse(Pens.Black, 0, 0, 200, 200)
    PictureBox1.Image.Save("C:\test.bmp")
    g.Dispose()
 
End Sub