29 December 2003

Vancouver - December 29th, 2003 The TSX Venture Exchange has accepted for filing documentation with respect to a brokered private placement announced November 14, 2003.

ON BEHALF OF THE BOARD



"Bob McNeil" M.Sc., Bsc. Hons.
PRESIDENT/CHAIRMAN

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

17 December 2003

Vancouver, December 17th 2003. A preliminary review of historical exploration data at the Mt Penck property (figure 1) has defined initial drill targets at the Kavola East Prospect. Subject to final approval of the purchase of Kanon Resources Limited by the TSX Venture Exchange (see Press Release dated December 16, 2003), drilling could be expected to commence in the first quarter of 2004.

New Guinea Gold Corporation (the Company) will hold an effective 60% interest in the Mt Penck property (the remaining 40% is held by Vangold Resources Ltd).

The historical data suggests that the Kavola East Prospect is one of six named prospects that occur within a northerly trending structural zone on the northwest flank of Mt Penck (figure 1), an eroded, extinct, Pliocene strata volcano. The Company believes that Mt Penck is located in a similar tectonic/ structural framework (but without a caldera) to the plus 40 million ounce gold Lihir Mine.

This northerly trending structural zone itself contains linear zones of argillic/quartz alteration with gold mineralisation, that individually vary from 200 to 800 metres in length and 15 to 100 plus metres in width.
Access is excellent with the most northerly prospect, Koibua, being only 1.5 kilometres from the coast.

There has been extensive bulldozer and hand trenching on the property with many significant gold results such as 55m @ 2.75g/t gold, 15m @ 11.73g/t gold and 40m of 8.89g/t gold (includes 5m of 60g/t gold).

Seven diamond core holes (1093.5m) and 33 shallow reconnaissance aircore holes (1140.5m) have been completed, with results such as 33m @ 2.41g/t gold, 12m @ 5.05g/t gold and 38m @ 1.7g/t gold.

Kavola East Prospect

The Kavola East mineralisation is hosted within pervasive, argillically altered volcanics with moderate to strong silicification. The extent of mineralisation is illustrated by the geochemical gold in soil anomaly shown on figure 2. This anomaly is approximately 450 metres in length and up to 200 metres wide. It contains a central core zone some 250m long, averaging 40 metres in width in which the soils exceed 1g/t gold. Kavola East has been partially tested by extensive trenching (including a recent program in June 2003), but by only one drill hole.

Trench results from the June 2003 program and earlier programs are summarised in tables 1 and 2 and their locations are shown on figure 2. Results are very encouraging with intervals such as 97m of 3.39g/t gold, 20m of 2.77g/t gold, 62m of 0.84g/t gold, 40m of 8.89g/t gold, 5m of 60g/t gold, 131m of 2.36g/t gold and 64m of 2.50g/t gold. The single drill hole at Kavola East intersected 70m of combined mineralised intervals averaging 1.15g/t gold and included intervals such as 6m of 6.1g/t gold and 1m of 23.2g/t gold.

Check sampling, aeromagnetic, potassium radiometric, aerial photographic/structural interpretations and planning for the drill program will commence early in the new year.

KOIBUA PROSPECT

The Koibua prospect contains near surface gold mineralisation within a northwesterly trending fracture zone.

Based on several drill holes this structure appears to have a true width of approximately 20m with average gold grades of 2 to 2.5g/t

Historical data is still being collated but the Company believes the prospect warrants concerted additional surface exploration and drilling.

KAVOLA, KOIBUA SOUTH, PENI CREEK AND PENI CREEK SOUTH PROSPECTS

These prospects cover large areas of significant and anomalous gold at surface based on soil and stream surveys from scattered trenches and drill holes. All data is presently being collated to allow an assessment program to be developed for 2004.

The technical data in this release was prepared by or under the supervision of Peter A. McNeil, Director of New Guinea Gold Corporation. Mr. Peter McNeil is a Member of the Australian Institute of Geoscientists and meets the requirements of NI 43-101 for a qualified person. Mt McNeil has a M.Sc. in Geology and approximately 20 years experience in the mineral exploration industry, mostly in Papua New Guinea.


ON BEHALF OF THE BOARD
"R. D. McNeil"
CHAIRMAN & CEO


The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.
The statements made in the News Release may contain certain forward-looking statements. Actual events or results my differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.


Enclosures:

Table 1 - Trench Results Kavola East Prospect
Table 2 - Trench June 2003 Program Highlights, Kavola East Project, Programs prior to Kanon
Figure 1 - Mt Penck Prospect Areas
Figure 2 - Kavola East Prospect, Gold in soils and trenches

16 December 2003

Vancouver - December 16th 2003 New Guinea Gold Corporation (the Company), and Vangold Resources Ltd (Vangold) have agreed to a revised purchase agreement to purchase 95% of the shares in Kanon Resources Ltd (Kanon), 5% of Kanon shares are currently held by the Company. At the conclusion of the purchase, Vangold will hold a 50% interest and NGG a 50% interest (45% from this purchase plus 5% already held in Kanon). Kanon is a Papua New Guinea registered private company and has one director in common with the Company. This agreement is subject to the completion of a share purchase agreement between the parties, a shareholder agreement between the Company and Vangold and approval by regulatory authorities.

Kanon holds a 100% interest in five gold projects and 50% interest in one copper/gold project in Papua New Guinea, most of which can be regarded as advanced exploration stage projects with significant gold known in trench and drill hole and with further drill ready targets. The properties total 1,446 sq kms in area. The terms of the acquisition are as follows:

1. The Company and Vangold will each pay $35,000, within 14 days of December 17th 2003, as a partial re-imbursement of costs incurred by Kanon in respect of the properties.
   
   
2. The Company will partially re-imburse the cost of exploration programs in progress at the Mt Allemata, Fergusson and Bismarck properties.
   
   
3. On completion of regulatory approvals the Company and Vangold will:
   
   - Pay a further $35,000 each as a further partial reimbursement of costs incurred by Kanon.
   - Vangold will issue 1.6 million shares to the shareholders of Kanon (the "Vendors"), excluding New Guinea Gold Corporation.
   - The Company will issue 1.4 million shares to the Vendors.
   - Shares issued by the Company and Vangold will be escrowed for a minimum of 12 months from the date of issuance (or such longer period if decided by the Regulatory Authorities).
   - The Vendors will be granted an 8% free carried interest to commencement of production in the current exploration licenses from any mining lease (ML) or special mining lease (SML) subsequently granted within the boundaries of each property (other than for Mt Nakru). The Vendors will grant Kanon the right to acquire 4% of the above free carried interest at any time (following the grant of any ML's or SML's) by the payment of US $1 million. In addition the Vendors will grant Kanon a first right of refusal on any sale of this interest.
   
   
4. The board of Kanon will be constituted with two representatives each from the Company and Vangold. In addition, two of the present directors of Kanon, including a resident PNG director, will remain on the Board. The Management committee of Kanon will comprise one representative from each of the Company, Vangold and existing Kanon directors.
   
   
5. The Company has elected to earn a direct 20% interest in the Mt Penck property by sole funding the first $300,000 worth of exploration. The Company will then have an effective 60% interest in Mt Penck and will be Manager and Operator of that property.
   
   
6. Vangold has the right (to be exercised within 30 days of the date of this agreement) to earn a direct 20% interest in any other Kanon property (except Mt Nakru) by sole funding the first $300,000 worth of exploration. Vangold would then have a 60% effective interest and would be Manager and Operator of that property.

The Company, Vangold and Kanon expect to complete formal agreements in regard to this purchase within 21 days. At the completion of these agreements the Company and Vangold will each have an effective 50% interest in the Mt Allemata, Bismarck, Yup River and Fergusson properties (subject to clause 6 above); and the Company will have an effective 75% interest in the Mt Nakru property and 60% interest in the Mt Penck property after the required expenditure of $300,000 as detailed in paragraph 5 above.



ON BEHALF OF THE BOARD

"R. D. McNeil", M.Sc., BSc. Hons.

Robert D. McNeil
PRESIDENT/CHAIRMAN


The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

15 December 2003

Vancouver - December 15, 2003 - New Guinea Gold Corporation (the Company), has agreed to sell/joint venture a 50% equity position in its Mt Nakru property with Kanon Resources Ltd ("Kanon"), a private Papua New Guinea Company. Kanon has one director in common with the Company.

Kanon will issue to the Company within 21 days, shares in Kanon equivalent to 5% of the issued capital of Kanon .

In addition Kanon will sole fund $250,000 of exploration on the property over the next 2 years. At the conclusion of the above expenditure, exploration costs will then be shared proportionately between Kanon and the Company.

The Company and Kanon have one director in common. The Company will continue to be Manager and Operator of the property.




ON BEHALF OF THE BOARD

"R. D. McNeil", M.Sc., BSc. Hons.

Robert D. McNeil
PRESIDENT/CHAIRMAN


The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

12 December 2003

Vancouver, December 12^th 2003. At the request of the Papua New Guinea (PNG) Government, New Guinea Gold Corporation, Vangold Resources Ltd. and Kanon Resources Ltd. ("Kanon") have agreed to renegotiate the terms of this acquisition (see News Release dated November 17th 2003). Kanon holds 5 gold/gold-copper properties in PNG. In particular, the PNG Government has indicated it does not favour royalty arrangements on production from mining tenements in Papua New Guinea. Consequently the parties have determined to revoke the existing agreement.

It is anticipated that a new agreement will be announced within the next few days.


ON BEHALF OF THE BOARD

"Robert D. McNeil" M.Sc., Bsc. Hons.
CHAIRMAN & CEO



The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

12 December 2003

Vancouver - December 12, 2003 On December 11, 2003, New Guinea Gold's (the "Company") Joint Venture Partner, Vangold Resources Ltd. ("Vangold") announced the completion of biogeochemical and panned concentrate stream surveys had been completed on the Company's Feni Island project ("Feni").

Feni is presently owned 100% by the Company with Vangold holding the right to earn up to 75% of the project (see News Release dated February 4, 2003). A copy of the Vangold News Release is attached appended below.



ON BEHALF OF THE BOARD

"Judith O'Quinn"

Judith O'Quinn
Corporate Secretary & CFO

17 November 2003

Vancouver - November 17, 2003. New Guinea Gold Corporation (the "Company") and Vangold Resources Ltd ("Vangold") have agreed, by way of letter of intent, to jointly purchase all the shares in a private Papua New Guinea ("PNG") company, Kanon Resources Ltd ("Kanon"). The purchase in Kanon will be on a 50-50% basis. It is subject to completion of a share purchase agreement between the parties, a shareholder agreement between the Company and Vangold and approval by the regulatory authorities.

Kanon holds title to five gold projects in PNG, most of which can be regarded as advanced stage projects with significant gold known in trench and drill hole and with further drill ready targets. The properties total 1,399 sq kms in area.

The Company and Vangold are reviewing available historical data on the properties to plan future exploration programs. At this point in time our initial conclusions are that the partners will explore/develop three of the properties. The partners will seek joint venture partners for the other two properties. Technical reports will be completed on material properties early in 2004 and will be lodged with Sedar and on the Company's (newguineagold.ca) and Vangold's (vangold.ca) web sites. The table below shows the area held under each exploration license and some historical information such as the number of drill holes completed by previous explorers and the best drill hole and trench results from this historical data. The Company and Vangold have not yet confirmed the significance of this data, but have no reason to believe that it is not accurate.

Yup river covers several very large (plus 20 sq kms) gold anomalous zones.

More detailed press releases will be made on each property as the historical data is collated and verified.

The Company believes the Mt Penck property best complements its existing properties in PNG. The Company has the right, to elect within 60 days, to proceed to an effective 60% interest in this property. Vangold has a reciprocal right to choose within 60 days (if it so desires) to proceed to a 60% interest in one of the remaining properties.

The Company believes that the investment community is entering a bull market phase in the resource sector and it is therefore incumbent on management to position itself favourably in highly prospective properties when the opportunity presents itself, especially in geographical locations where management and personnel are already acknowledged experts.

1. The Company and Vangold will each immediately pay $35,000 as a partial reimbursement of costs incurred by Kanon in respect to the properties.
   
   
2. On completion of regulatory approvals the Company and Vangold will:
   
   - Each pay a further $35,000 as a further partial reimbursement of costs incurred.
   
   - Issue 1.5 million shares in each of the Company and Vangold. 750,000 shares will be escrowed for 12 months from date of issuance and 750,000 shares for 24 months.
   
   - The vendors will be granted a 2% gross royalty on each property, however the Company and Vangold will retain a right to buy back 1% of the royalty at any time by a one time payment of $US1 million.
   
   
3. The board of Kanon will be constituted with two representatives each from the Company and Vangold. In addition, two of the present directors of Kanon, including a resident PNG director, will remain on the Board. The Management Committee of Kanon will comprise one representative from each of the Company, Vangold and existing Kanon directors.
   
   
4. If the Company elects to proceed to an effective 60% interest in the Mt Penck property, the Company will be Manager and Operator of that property.

The technical data in this release was prepared by or under the supervision of Peter A. McNeil, Director of New Guinea Gold Corporation. Mr. Peter McNeil is a Member of the Australian Institute of Geoscientists and meets the requirements of NI 43-101 for a qualified person. Mr. McNeil has a M.Sc. in Geology and approximately 20 years experience in the mineral exploration industry.

ON BEHALF OF THE BOARD



"R. D. McNeil"
CHAIRMAN & CEO



The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.

14 November 2003

Vancouver, November 14, 2003 - The Board of Directors of New Guinea Gold Corporation (the "Company") is pleased to announce a $1.4 million brokered private placement with Canaccord Capital Corporation ("Canaccord") on a commercially reasonable efforts basis. The terms of the placement include the issuance of up to 3,500,000 units of the Company at $0.40 each. Each unit will consist of a share and non-transferable warrant. Each whole warrant will be exercisable into an additional share for a period of one year from closing at an exercise price of $0.45

Canaccord will receive a commission of 8% of which it may elect to receive half being paid in units. Canaccord will receive Agent's Warrants equal to 15% of the offering sold, with the same terms as the client warrants. The Agent will also receive a cash administration fee and a corporate finance fee payable in shares.

Proceeds from the placement will be used for working capital, and to accelerate exploration and expedite drilling on the Company's Normanby, Sehulea and Simuku properties. Drilling is expected to commence early in the new year.

The Company may also acquire additional mineral exploration properties of high prospectivity if the opportunity arises.



ON BEHALF OF THE BOARD


"R. D. McNeil", M.Sc., BSc., Hons.
CHAIRMAN & CEO


The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release

10 November 2003

Vancouver, November 10, 2003 - The Board of Directors of the Company has approved the issuance of incentive stock options to its Officers, Directors, Employees, Contractors and Consultants to purchase up to 1,960,000 common shares in the capital stock of the Company at an exercise price of $0.49 for a five year period which expiry date is November 9, 2008.

The issuance of these options is subject to filing and approval by the appropriate regulatory authorities and the Company's Stock Option Plan which was approved by the shareholders on June 10, 2003.



ON BEHALF OF THE BOARD


"R. D. McNeil" , M.Sc., BSc., Hons.
CHAIRMAN & CEO


The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

31 October 2003

31st October, 2003


Australian Stock Exchange Limited
Company Announcements Office

MACMIN SILVER LTD CLOSES $10 MILLION FINANCING FACILITY

Macmin Silver Ltd (Macmin), on the 30th October 2003, signed an agreement with US based investment group, Cornell Capital Partners (Cornell), for a $10 million Equity Line of Credit.

The equity line facility is part of a financing strategy to ensure that funding is available for the further exploration of and development of the company's silver resources/reserves at the Texas Silver Project, in Queensland, Australia.

The facility should give shareholders and investors confidence that Macmin has a source of funds for the continued expansion of silver resources (by drilling) and for silver mine development at the company's Texas Silver Project, (see previous releases for likely timing for silver production). In the interim, the company may commence construction of long lead-time development items such as connection to grid power and various road works at site.

The equity line gives Macmin substantial flexibility, in terms of both draw-downs and freedom to use alternative funding sources. The equity line gives the company comfort that no matter what its financial needs and no matter what the market cycle, it has a fall back position. The pricing of each draw-down will relate to the market price of Macmin Shares at the time of draw-down. Thus, if Macmin shares increase in price, draw-downs will be at higher than present prices. The equity line also gives the company a source of project funding which will allow Macmin to remain unhedged. In addition, the attraction for the company to remain debt free should not be underestimated as we enter a period of increasing interest rates over the coming years.

The main terms of the facility are as follows:

• Macmin has the right, but not the obligation to sell ordinary shares of up to AUD$10,000,000 in tranches of $200,000 over the next 60 months.

• At option of Macmin, Cornell shall purchase up to $200,000 of ordinary shares from Macmin in any five-trading-day period. The rate of draw-downs will be determined by Macmin in view of its financial requirements and the market.

• There is no mandatory or minimum draw-down.

• There are no non-usage fees on the unused amount of the Equity line.

• There are no covenants or restrictions to prevent Macmin from seeking outside financing and investments.

• Shares issued to Cornell will be priced at a 3% discount to the lowest daily volume weighted average price during the three trading days beginning on the first trading day after the placement notice by Macmin to Cornell (subject to a minimum acceptable price to Macmin).

• A 5% commission will be payable at the time of issue of shares.

• Macmin will pay to Cornell an implementation fee (in cash or shares at Macmin's discretion) of $175,000 at the closing of this agreement and a further $75,000 five trading days prior to the first draw-down.

Managed by US based Yorkville Advisers LLC, the Cornell group of funds has a rapidly growing reputation for structuring equity participation agreements. Facilities similar to this equity line of credit are widely utilised by companies like Macmin in the USA and UK. To date, the Cornell group has made available in excess of $600 million for over 50 publicly quoted corporations.


R.D.McNeil
Managing Director

This report is based on & accurately reflects information compiled by a competent person as defined in Appendix 5A of the ASX Listing Rules

29 October 2003

Vancouver, 29th October 2003. A major program of soil geochemistry has extended the proven strike length of the Simuku gold copper system in Papua New Guinea, from 1.5kms to 4.5kms. The system is still regarded as open to the north and south. The geochemical program also confirmed that the Simuku system is a major porphyry copper/gold system.

Since the mid 1980's, 12 drill holes totaling 1482m, and 4.5kms of bulldozer trenching, defined significant copper mineralisation over a strike length of 1.5 kms. Drill hole results are shown on the accompanying table. The trenching included results such as 33m @ 0.63% copper, 0.2g/t gold, 77ppm molybdenum and 48m @ 0.68 copper, 0.12g/t gold and 691ppm molybdenum.

The porphyry copper system is also defined by airborne magnetic and potassium radiometric surveys. Mineralisation is known to persist to depths of at least 250m and a significant copper (chalcocite), enriched cap is present.

A recent program of geochemical soil sampling, to the south of the most southern drill hole, confirmed that the copper system extends at least 3 kms further south and is still open. Approximately 1170 soil samples were collected and defined an anomalous zone 3km long by between 500 and 1800m wide. This anomalous zone had a maximum copper in soil of 0.869% and is delineated by the 300ppm copper contour. The presence of jarosite and hematite at surface suggests extensive leaching of copper from near surface rocks. This is also confirmed by the previous drill holes to the north.

The company believes, that given the size of the copper system, it should contain a core of higher grade copper mineralisation (plus 1% copper) With increasing interest worldwide in copper, the company plans to follow up the above results in the new year with bulldozer trenching and drilling.

The copper in soils anomaly is shown on the accompanying figure, and is also shown in relation to existing drill holes.

The property is readily accessible by road and is near to infrastructure at Kimbe, the provincial capital of West New Britain Province.

A detailed description of the project is available in the company's AIF and in a report by independent engineer, Peter A. Christopher. These reports can be accessed on Sedar or the company's web site, www.newguineagold.ca.

Significant results from previous Simuku prospect drilling are summarized below.

Drill Intersections, Simuku Prospect (>0.1% Cu).

ON BEHALF OF THE BOARD

"R. D. McNeil" , M.Sc., BSc. Hons.
CHAIRMAN & CEO

The statements made in this News Release may contain certain forward-looking statements. Acttual events or results may differ from the Coimpany's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

28 October 2003

Vancouver, October 28, 2003. The feasibility revision for New Guinea Gold Corporation's (NGG) initial gold mine in Papua New Guinea has commenced and is expected to be completed in March 2004. Subject to a favourable feasibility and the raising of an estimated CDN$4 million in the second quarter of 2004, gold production could be expected by the end of 2004, at a rate of approximately 40,000 ozs gold/annum.

The Sinivit Project is a major gold telluride mineralised system with million oz gold potential. The initial gold in oxide resources will be considered for exploitation and funds generated will be used to expand the life and size of the proposed mine. An earlier feasibility study (1995), recommended development of the oxide resource, however in 1997, due to the deteriorating economic conditions and lower gold prices, the project was mothballed. Present total resources at Sinivit are 810,000t @ 5.05g/t gold for 131,700 ozs of gold.

CDN$165,000 has been allocated to update the above feasibility study to determine if, in the present economic environment, it is feasible to develop an oxide gold mine at this property later in 2004. The program will consist of metallurgical testing, engineering studies, check sampling government liason and other matters required for a feasibility report. In particular, the metallurgical testing will focus on the possibility of gold extraction by way of non-recyclical vat leach technology.

Bulk samples have been collected from site and metallurgical column leach tests are underway at Macmin Silver's metallurgical laboratory at the Texas Silver Project, SE Queensland, Australia. Previous metallurgical testing showed that more than 90% of the gold can be recovered from the oxide cap with conventional cyanide leach technology. The present testing will determine optimum crushing/grinding size for the ore which in turn will allow the company to optimise capital and operating costs and thus net cash flow.

Earthmoving equipment is presently being mobilised to site (and should be operational within a month) to upgrade access and site roads.

Since the project was mothballed in 1997 (due to low gold prices) the on site infrastructure has been maintained. This included 12 kms of access road, haul roads and buildings. The Sinivit Project is under the management of Dr David Lindley and Mr Ed Newman, both Macmin Silver employees.

Dr. David Lindley has over 20 years experience in exploration and mining in PNG and was primarily responsible for the discovery of Sinivit. He is widely known and well respected by the local Uramit Baining people and within Provincial Government circles. Mr Ed Newman is a metallurgist with previous project and mine management experience in PNG and Australia, including vat leach technology.

A detailed description of the project is available in the Company's Annual Information Statement, pages 12 to 18, and can be accessed on Sedar or the Company's web site, www.newguineagold.ca.



ON BEHALF OF THE BOARD


"R. D. McNeil" , M.Sc., BSc., Hons.
CHAIRMAN & CEO

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

17 October 2003

16 October 2003

02 October 2003

Vancouver, October 2, 2003 New Guinea Gold Corporation (the company) announced that it had closed a Short Form Offering (SFO), of11,000,000 units of the company to raise up to CDN $1,210,000. on October 1, 2003.

On February 17th 2003, the company announced that subject to financing and completion of feasibility studies, it would implement a revised business plan which included the proposed development of three gold mines in Papua New Guinea (PNG) over the next four years. The above financing will allow the company to implement the first stage of the business plan. This stage to accomplish:

a) a revised feasibility study on the Sinivit gold project with the objective of gold production by late 2004 subject to any required PNG Government approvals;

b) commencement of feasibility studies on the Normanby/Imwauna and Sehulea/Weioko Projects with the objective (subject to favourable feasibility and required PNG government approvals) of gold production by late 2005 / early 2006 and 2007 respectively.

Subject to the review of the revised feasibility study for the Sinivit Project, the capital cost to gold production is presently estimated at CDN$4,000,000. These funds would be raised in the first half of 2004.

The revised business plan also envisaged that joint venture partners would be invited to participate in up to four of the company's gold and gold/copper projects. These projects are additional to the company's core development projects of Sinivit, Normanby/Imwauna and Sehulea/Weioko. The first such project has been joint ventured with Vangold Resources Ltd (formerly Paccom Ventures Inc - see News release dated August 29th 2003).

Vangold Resources Ltd announced on August 15th a CDN$1,000,000 financing which will be used mainly for further exploration of the company's Feni Project. Exploration at Feni will commence in October 2003.

The company's projects in PNG all show evidence, based on previous exploration, including substantial drilling (refer to the company's May 1st 2003 Annual Information Form for detail), of major orebody potential. Unfortunately, in response to difficult fund raising conditions during the last four years, drilling was suspended and therefore the ongoing definition of resources/reserves was delayed.

The projects targeted for gold development, which all have moderate resources, retain their potential for the definition of major gold systems. It is anticipated that some of the cash flow generated from the initial mines will be used to increase resources at each project and enhance the possibility of increasing/extending production rates and mine lives. The cash flow will create a self-funding gold company which can, by using the funds from its' high quality projects, build itself into a substantial gold producer.

The funds raised by the SFO will be used as follows:

(a) Sinivit Project (East New Britain, PNG)

The project is described in the company's Annual Information Form (AIF), page 12.
The Sinivit Project is a major gold/telluride mineralised system. The initial gold in oxide resources will be considered for exploitation. An earlier feasibility study (1995), recommended development of the oxide resource, however in 1997, due to the deteriorating economic conditions and lower gold prices, the project was mothballed. Present total resources at Sinivit are 810,000t @ 5.05g/t gold for 131,700 ozs of gold (AIF page 17).

CDN$165,000 has been allocated to update the above feasibility study to determine if, in the present economic environment, it is feasible to develop an oxide gold mine at this property later in 2004. The program will consist of metallurgical testing, engineering studies, check sampling, government liason and other matters required for a feasibility report. In particular, the metallurgical testing will focus on the possibility of gold extraction by way of non-recyclical vat leach technology.

(b) Normanby/Imwauna Project (Milne Bay Province, PNG)

This project is also described in the company's AIF, page 18.

The Imwauna prospect is a part of an extensive vein swarm with gold and silver mineralisation defined by soil geochemistry over an area of 8 sq km. Exploration on this project has developed a number of targets that warrant further evaluation. The Imwauna prospect, the most advanced target, requires further exploration of both strike and dip extensions of the explored zone and for possible parallel zones in the area between the Imwauna and Kela's veins.

CDN$475,000 has been allocated for the above exploration and the commencement of feasibility studies based on the current Inferred Resource of 990,000 tonnes of 6.1g/t gold and 12g/t silver for 194,000ozs of gold and 382,000 ozs of silver (AIF page 30). The feasibility will include environmental studies and negotiations with the PNG government for the grant of a Mining Lease.

(c) Sehulea/Weioko Project (Milne Bay Province, PNG).

This project is also described in the company's AIF, page 31.

The Sehulea tenement has been demonstrated to have potential for developing a significant epithermal gold deposit at the Weioko prospect (see also News Release dated August 13th 2003). Present inferred resource at Weioko is 1.7mt at 1.36g/t gold and 12.3g/t silver for 75,000 and 676,000 ozs of contained gold and silver respectively (News Release dated August 13th 2003).

CDN $70,000 has been allocated to continue surface exploration in preparation for feasibility studies in late 2004.

(d) Crater Mountain Project (Eastern Highlands Province PNG)

This project is also described in the company's AIF, page 59.

CDN$125,000 has been allocated to this project for further exploration. The project has been demonstrated to have potential for a large epithermal gold deposit but as yet no resources have been defined. It is likely that at some stage in the future the company will seek joint venture participation in the project.

(e) Simuku Project (West New Britain Province PNG)

This project is also described in the company's AIF, page 46.

Results of previous exploration suggests that exploration potential exists for both an economic supergene copper blanket overlying primary porphyry copper/gold mineralisation, and for an economic, precious metal enhanced, primary porphyry copper system. Phyllic altered tuff along Misasurguran Creek produced a grab sample that returned 210g/t gold and 7.2% zinc. This represents possible bonanza gold or base metal potential. Surface assessment programs costing CDN$80,000 are planned.

(f) Mt Nakru Project (West New Britain Province PNG)

This project is also described in the company's AIF, page 53.

Results of previous exploration suggest that exploration potential exists for both primary copper/gold porphyry deposit, or a precious metal (gold) enhanced leached cap. Surface assessment programs costing CDN$75,000 are planned.

In addition to the above projects the company presently has a 100% interest in the Feni Project in PNG. The Feni Project has geological similarities to the 40 million oz Lihir gold mine which is along trend to the northwest. There are no plans to spend any of the proceeds of the SFO on this project. As disclosed earlier (also see AIF page 38) the company has granted Vangold Resources Ltd an option to acquire a 75% interest in the Feni Project. The option requires Vangold to spend, in stages over 3 years, CDN$2,500,000 and pay to the company (also in stages over 3 years) 800,000 shares of Vangold.

The company anticipates that Vangold will commence its exploration of the Feni Project in October 2003.

ON BEHALF OF THE BOARD



"R. D. McNeil"
CHAIRMAN & CEO



The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.

01 October 2003

01 October 2003

October 1, 2003 - Vancouver The Company wishes to announce that it has closed its Short Form Offering with Canaccord Capital Corporation. The Offering was fully subscribed. Of the 11,000,000 units sold, 10,109,000 units are free trading and 891,000 units have a hold period ending on January 31, 2004. The Agent received 300,000 common shares as a corporate finance fee, 2,200,000 Agent's Warrants and 440,000 units as part of their commission, all of which securities are subject to a four month hold period ending January 31, 2004."


ON BEHALF OF THE BOARD


"Judith O'Quinn"
CFO and Corporate Secretary


The statements made in this News Release may contain certina forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

16 September 2003

September 16, 2003,Vancouver,Canada---Vangold Resources Ltd. ("Vangold") is pleased to announce that it has completed a brokered private placement financing of $1-million thru Canaccord International Ltd. The subscription price for each unit was 20 cents and each unit consisted of one share and one share purchase warrant. The warrant is exercisable for one year from closing at 30 cents. Five million shares will be issued before taking into account the exercise of warrants. In accordance with the terms of the placement, Vangold has paid the managing broker a commission and a broker's warrant. A finder's fee, in accordance with TSX Venture Exchange guidelines, totaling 250,000 shares was also paid. The securities are subject to a four month hold period which will expire on January 16, 2004.

Proceeds from this placement will be used to finance a diamond drilling program at the Feni project, New Ireland province, Papua New Guinea. Feni Island is located southeast of and along trend from the Lihir gold mine that contains an estimated gold resource of over 40 million ounces of gold at a grade of nearly three grams per tonne gold. The Lihir Mine is the largest gold copper porphyry deposit in the world with annual production in the order of 650,000 oz Au per year.

Like Lihir, Feni Island is a stratovolcano formed as the result of subduction of the earths crust exhibiting strikingly similar geology, including widespread gold mineralization, similar alteration styles and similar alkaline intrusives. Vangold believes that the Feni Islands Gold Projects highly prospective for large bulk mineable gold deposits.

Additionally, the TSX Venture Exchange has accepted for filing an Option Agreement made as of Jan. 31, 2003, as amended on June 10, 2003, between Vangold and New Guinea Gold Corp. pursuant to which Vangold may obtain a 75-per-cent interest in tenement EL 1021, covering 37 square kilometers on Ambitle and Babase Islands, Papua New Guinea, known as the Feni Gold Project. To earn a 50-per-cent interest, Vangold will incur $1.5-million in exploration expenditures on or before June 30, 2005 ($500,000 on or before Sept. 26, 2004), and issue 600,000 shares in stages (200,000 shares upon acceptance, 200,000 shares on or before June 30, 2004, and 200,000 shares on or before June 30, 2005). To earn an additional 25-per-cent interest, the company will before June 30, 2006, incur an additional $1-million in exploration expenditures and issue a further 200,000 shares. Pursuant to an underlying agreement, Macmin Silver Ltd. holds a 1-per-cent net smelter return royalty on any production from the property. The 200,000 shares issued to New Guinea Gold Corp. are subject to a four month hold period which will expire onJanuary 16, 2004.

Including natural gas investments, Vangold is a diversified resource company with interests in several attractive gold properties such as the Rossland Project in the historic Rossland Gold Camp (3million ounces) in B.C. and the Feni Gold project near the world class, 42 million oz gold, Lihir Mine. To find out more about Vangold Resources Ltd. please visit our website at www.vangold.ca or contact Dal Brynelsenat 604-830-4458 or by email brynelsen@vangold.ca.

 

On Behalf of the Board

VANGOLD RESOURCES LTD.

11 September 2003

September 11, 2003 - Vancouver New Guinea Gold Corporation ("the company") is pleased to announce that it has engaged Canaccord Capital Corporation ("Canaccord") to offer, by way of a Short Form Offering ("SFO") up to 11,000,000 units of the Company to raise up to $1,210,000. Each unit will consist of a share and _ non-transferable warrant. Each whole warrant will be exercisable into an additional share for a period of one year from closing at an exercise price of $0.12. The units will be offered to buyers in British Columbia, Alberta and certain offshore jurisdictions.

Canaccord will receive a commission of 8%, of which it may elect to receive 50% being paid in units. Canaccord will receive 20% of the Units subscribed in Agent's Warrants exercisable at $0.12 for one year, 300,000 common shares as a corporate finance fee and a $5,000 administration fee.

Proceeds from the offering will be used to revise the Sinivit Gold Project's feasibility study, commence feasibility studies on the Imwauna and Weioko projects and for working capital purposes. For further information see our A.I.F on our web site, www.newguineagold.ca or the Sedar.com web site.



ON BEHALF OF THE BOARD


"Robert D. McNeil"
President, CEO


The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.

15 August 2003

Vancouver - August 15, 2003 The Company's Feni Island Joint Venture Partner, Paccom Ventures Inc ("Paccom"), announced today that it has negotiated a brokered private placement financing of up to $1,000,000. The private placement is subject to regulatory approval.

Proceeds from this placement will be used to fund a diamond drilling program at The Feni Project, New Ireland Province, Papua New Guinea. Feni Island is located southeast of and along trend from the Lihir Gold Mine that contains an estimated gold resource of over 40 million ounces of gold at a grade of nearly 3g/t Au. Like Lihir, Feni Island is a stratovolcano formed as the result of subduction of the earths crust. Feni Island exhibits strikingly similar geology, including widespread gold mineralisation, similar alteration styles and similar alkaline intrusives to the Lihir Mine. A recent study by Behre Dolbear states that Feni is highly prospective for large bulk mineable gold deposits.

The company announced details of the Option Agreement/Joint Venture in February 2003 wherein Paccom has an option to acquire a 75% undivided interest in the Feni Gold Project. Terms of the Agreement provide that Paccom will issue 800,000 of its shares to the Company in stages, payable over three years, including 200,000 shares upon Exchange approval. Minimum exploration expenditures to total CDN $2,500,000, staged over three years, including a minimum expenditure of $500,000 before June 30, 2004. Paccom will act as operator. A finder's fee related to the successful completion of the NGG/Paccom Agreement is payable to an arm's length party, totaling 10% of the Paccom shares (80,000 shares) which shares will be distributed in the same time stages to the Finder as and when the Paccom shares are issued to the Company.

ON BEHALF OF THE BOARD
NEW GUINEA GOLD CORPORATION



"Bob McNeil" M.Sc., Bsc. Hons.
PRESIDENT/CHAIRMAN

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

For Immediate Release Vancouver, BC, August 14, 2003--Paccom Ventures Inc is pleased to announce that it has negotiated a brokered private placement financing of up to $1,000,000. The subscription price for each unit is $0.20 and each unit consists of one common share and a share purchase warrant exercisable for a period of one year from closing at $0.30. Up to five million shares will be issued before taking into account the exercise of warrants. In accordance with the terms of the placement Paccom

has agreed to pay the managing broker a commission and a broker's warrant. A finders fee, in accordance with TSX-V guidelines, is payable upon completion. The private placement is subject to regulatory approval.

Proceeds from this placement will be used to fund a diamond drilling program at The Feni Project, New Ireland Province, Papua New Guinea. Feni Island is located southeast of and along trend from the Lihir Gold Mine that contains an estimated gold resource of over 40 million ounces of gold at a grade of nearly 3g/t Au. Like Lihir, Feni Island is a stratovolcano formed as the result of subduction of the earths crust. Feni Island exhibits strikingly similar geology, including widespread gold mineralisation, similar alteration styles and similar alkaline intrusives to the Lihir Mine. A recent study by Behre Dolbear states that Feni is highly prospective for large bulk mineable gold deposits.

Including natural gas investments, Paccom is a diversified resource company with interests in several attractive gold properties such as the Rossland Project in the historic Rossland Gold Camp (3million ounces) in B. C. and the Feni Gold project near the world class, 42 million oz gold, Lihir Mine. To find out more about Paccom Ventures Inc please visit our website at www.paccomventures.com or contact Rob Moriarty, 1-877-361-0002 or by email brynelsen@mcsi.ca.

 

On Behalf of the Board

Paccom Ventures Inc

 

"Dal Brynelsen"

Dal Brynelsen, President

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

Vancouver - August 13th 2003 An inferred mineral resource (in accordance with the Aust I.M.M JORC code) has been calculated for the Weioko Project, Sehulea tenement, Papua New Guinea. This inferred mineral resource is 1.7million tonnes at 1.36g/t gold and 12.3g/t silver with contained gold and silver of 75,000 and 676,000 ozs respectively. This equates to a gold equivalent grade of 1.54g/t gold and contained gold equivalent (assuming 70 ozs silver equals one oz of gold) of 84,000 ozs.

The project was originally described in a technical report dated September 10th 2002, prepared in compliance with the requirements of National Instrument 43-101 and Form 43-101F. This report has been filed with the TSX Venture Exchange and is available at www.newguineagold.ca. The writers are Peter Christopher PhD., P Eng, and Ian David Lindley PhD., MAIG. Both of the writers are qualified persons and independent of New Guinea Gold Corporation.

The inferred mineral resource calculation is based on geology and results described in the above report - specifically 10 diamond core holes totalling 1576.1m; 29 RC holes (some with diamond tails) totalling 1932m; and approximately 1160m of hand trenching. Data reliability, sampling method, sample preparation, security, data verification and metallurgical testing are described in the Christopher and Lindley report. The inferred mineral resource was calculated using eight cross-sections generated by computer program Map Info, with sections spaced at an average spacing of 30m.

Nominal cut off was 0.5g/t gold and specific gravity used was 2.4. A second calculation using 10g/t gold and 50g/t silver top cuts yielded 1.7 million tonnes at 1.19g/t gold and 6.7g/t silver (1.29g/t gold equivalent) for 71,000 contained ozs of gold equivalent. At this point in time we have no reason to believe that such top cuts better reflect the grade of the resource.

The inferred mineral resource will be confirmed in a technical report by Dr David Lindley, a qualified person, independent of New Guinea Gold Corporation. The report will be in compliance with the requirements of NI 43-101 and Form 43-101F and will be filed with the TSX Venture Exchange within 30 days. It will be available on Sedar or at www.newguineagold.ca

ON BEHALF OF THE BOARD

"R. D. McNeil", M.Sc., BSc. Hons.
PRESIDENT/CHAIRMAN

The statements made in this News Release may contain certina forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company. The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release.

• Completion of grid based soil sampling exploration programs at the Sinivit and Feni Projects in January and February, geochemically evaluating new structural targets and under-explored known gold anomalous areas.
• Completion of a grid based soil sampling program at the Simuku Project over a 6km² BLEG gold drainage anomaly, with results from very limited previous reconnaissance to 210 g/t Au in outcrop rock chip sample.
• Initiation a program of hand trenching and geological reconnaissance at the Mt Nakru project targeting an interval of 245m of 0.80 g/t Au (including 35m of 1.20 g/t Au) in bulldozer trench at the NE edge of the prospect area that has never received any follow up evaluation.
• Commenced column leach tests on various crush sizes from bulk metallurgical samples collected from the Imwauna Prospect to determine optimum crush size for vat leach extraction of the gold.
• Receiving approval from the TSX Venture Exchange for it's agreement with Macmin Silver Ltd, to acquire Macmin PNG Ltd and thereby seven gold and gold/copper projects in Papua New Guinea (PNG), most of which (based on results to date), are considered to have world class potential (i.e. plus three million ozs of contained gold or gold equivalent).
• Receiving a long-term loan of CDN$150,000 from its controlling shareholder, Macmin Silver Ltd. ("Macmin") for working capital purposes, for a term of two years or less, bearing interest at a rate of 4.5% per annum.
• The successful completion of a joint venture on the Feni Project with TSX - Venture listed Paccom Ventures, whereby Paccom can earn a 75% interest in the property through staged expenditures (totaling C$2.5 million) and the issuance of shares

Exploration

• Grid based soil sampling was completed at the Sinivit Property in the two discrete areas being the Steel Creek and Elamaraka Prospects. Samples are being stored and will be shipped in late May to Australia for analysis after the completion of the Mt Nakru program.
• Feni Projects in January and February, geochemically evaluating new structural targets and under-explored known gold anomalous areas.
• Completion of a grid based soil sampling program at the Simuku Project over a 6km² BLEG gold drainage anomaly, with results from very limited previous reconnaissance to 210 g/t Au in outcrop rock chip sample.
• Initiation a program of hand trenching and geological reconnaissance at the Mt Nakru project targeting an interval of 245m of 0.80 g/t Au (including 35m of 1.20 g/t Au) in bulldozer trench at the NE edge of the prospect area that has never received any follow up evaluation.

Business Plan

• Directors have adopted a revised business plan that focuses on early cash flow from three NGG operated projects which already have defined reserves / resources. Rational is that it would be impractical for the company to pursue development on all its properties, because NGG would probably become overextended and would not be sufficiently focused.

Develop gold production at three sites

• NGG will retain and develop mines, subject to completion of feasibility studies and project funding, on three core projects in PNG. These mines will be known as the Sinivit, Imwauna and Weioko mines. Sinivit is within a granted mining lease near Rabaul in East New Britain, whereas Imwauna and Weioko are on adjoining exploration licenses on Normanby Island in SE PNG. These exploration licenses are known as Normanby (EL 1091) and Sehulea (EL 1069) respectively. The projects have major gold orebody potential as indicated by exploration results, including drilling results, completed to date. Unfortunately, drilling, and thus definition of resources/reserves, is incomplete in each area and was suspended approximately four years ago as a result of difficult fund raising conditions for gold exploration. Present resources/reserves should increase substantially with further drilling.
  
  
• Both the Normanby and Sehulea exploration licenses are within the Misima corridor and along trend from the Misima gold mine of Placer-Dome, a 4.5 million oz gold deposit.
  
  
• The first mine is planned for Sinivit which has a modest oxide reserve and resource, with potential for a further significant, perhaps large, telluride/gold resource. This latter telluride-gold mineralisation would require a different treatment to the oxide reserve. The second mine is planned for Imwauna, which, at the time drilling was suspended, had defined gold mineralisation within an area of 4 kms long by 1.5 kms wide. Drilling to date has tested only a small part of the mineralised system but sufficient high grade resources (subject to completion of a feasibility study) appear to have been defined to commence a mining operation. Imwauna is considered to have a potential similar to Misima.
  
  
• Based on present reserves/resources only, feasibility and scoping studies suggest that profitable open-pit mines can be developed at Sinivit and Imwauna. These mines would be open pit, vat leach mines, and at present gold prices, would yield approximately CDN $12 million per year for 3 years (before tax but after repayment of capital) and this cash flow would be used, in part, to increase resources and thus increase production and extend mine lives.
  
  
• Substantial gold mineralisation has also been defined at a third location, which could become the Weioko Mine. A resource, based on approximately 30 drill holes and substantial surface trenching, is presently being calculated.
  
  
• Further drilling is planned for later in 2003, followed by a feasibility study, which is expected to confirm the viability of a heap or vat leach, open pit gold mine.

Joint Venture/Option remaining projects

• NGG will Joint Venture or option other projects such as Feni, Simuku and Mt Nakru, with the incoming partner operating the project. An Option Agreement has already been concluded in respect to the Feni Project with Paccom Ventures Inc. (see press release dated 3 February, 2003).
  
  
• Although these projects have world class potential to contain major ore bodies, such as the Lihir gold deposit, which has more than 40 million ozs gold in resources, they also have large funding requirements and longer time frames to development. NGG has retained an interest of 25% in Feni and its noted here that 25% of a deposit such as Lihir would still yield 10M ounces gold in resources to NGG.

Financing

• Estimated external funding required to implement NGG's strategy totals CDN $5 million. An initial CDN$1 million is required in the near future to fund a revision of an earlier feasibility study at Sinivit plus commencement of feasibility/mining lease applications for the Imwauna and Weioko Projects.
  
  
• The present estimated capital cost of the first mine to be established, which is at Sinivit, is CDN$4 million. Capital for subsequent mine developments at Imwauna and Weioko would be funded from the cash flow of the initial mine at Sinivit. It is anticipated that NGG would become self funding after the above financings were complete.
  
  
• With recent increases in the gold price, directors believe the initial CDN$1M financing will be arranged within the next few months. In the interim, major shareholder Macmin Silver Ltd, has agreed to provide further financing of CDN$150,000 on terms in accordance with the rules of the TSX Venture Exchange. This financing will allow Directors time to achieve the initial CDN$1 million financing on the best possible terms for shareholders, to limit dilution as much as possible, and ensure that NGG has sufficient short term funds.
  
  
• The initial financing of CDN$1 million will allow feasibility revision to be completed at Sinivit, a feasibility study to be carried out at Imwauna, a Resource be calculated for Weioko and feasibility to commence at Weioko.

Paccom Ventures - Feni JV

• The Company announced on April 17 it has signed a letter of intent with Paccom Ventures Inc, an arm's-length Company, to option to Paccom a 75% undivided interest in The Feni Gold Project located in New Ireland Province, 160 km East of Rabaul, Papua New Guinea.
  
  
• Terms of the deal are as follows: 800,000 shares, in stages, payable to NGG over three years, including 200,000 shares upon Exchange approval. Minimum exploration expenditures totaling CDN$2,500,000, staged over three years, including a minimum expenditure of $500,000 before June 30, 2004. Paccom Ventures Inc will act as operator.
  
  
• The Feni Islands lie within an evolving island arc dating from the Tertiary age. It is a northwesterly trending alkaline structural province extending from Bougainville through the Green, Feni, Tanga, Lihir and Tabar island groups. Exploration of the Feni project has identified 40 separate gold anomalies and gold occurrences yielding widespread low grade and intermittent medium grade results.
  
  
• Located in the "Lihir Corridor", The Feni Project hosts similar geology, including widespread gold mineralisation, similar alteration styles and similar alkaline intrusives to the Lihir Mine located along trend about 200 km to the north. The Lihir Mine was discovered by Kennecott in the early 80's and has a published resource of more than 42 million ozs gold presently producing at an annual rate of more than 600,000 ozs gold. At an early stage of development, the Feni Project is an attractive and exciting project that exhibits all the characteristics necessary for the discovery of a large low-grade multi million ounce deposit.
  
  
• Feni was last drilled in 1999 when widespread gold was encountered with potentially economic results obtained in diamond drilling. DD Mad 001, drilled 300m north east of the Main Zone intersected 52m of 2 g/t Au within 188m of 1.2 g/t Au (confirmed by check assaying). This hole terminated in plus 1 g/t Au at 256m, as deep as the drill could go. Follow-up of this zone since that time was not possible due to a lack of exploration dollars as a result of low gold prices.
  
  
• The widespread gold mineralisation intersected in drilling at Feni equates to the lower grade, inter-orebody mineralisation encountered at the Lihir Mine. Drilling at Lihir into the high grade feeder zones has recently returned values as high as 14m of 341g/t Au including 4m of 1162g/t Au.
  
  
• Drilling targets at Feni are deemed to be excellent, and further drilling is highly recommended by Peter Christopher, an independent engineer, in his national instrument Policy 4301Report dated November 21, 2002.

Finders Fee

• A Finder's Fee related to the successful completion of the NGG/Paccom Agreement is payable to an arm's length party, totaling 10% of the Paccom shares (80,000 shares) which shares will be distributed in the same time stages to the Finder as and when the Paccom shares are issued to the Company. The bonus shares and payment of the Finder's Fee are subject to the acceptance of the TSX Venture Exchange.

Macmin Silver Loan

• The Company received a long-term loan from its controlling shareholder, Macmin Silver Ltd. ("Macmin") for working capital purposes. Macmin advanced the Company CDN$150,000 for a term of two years or such lesser period as the Company may elect and bear interest at the rate of 4.5% per annum, payable on repayment of the loan. As consideration for advancing the loan, Macmin will receive a bonus of $30,000 equivalent in common shares of the Company at a deemed value of $0.10 per share in accordance with the policies of the TSX Venture Exchange.

Macmin Silver Share Issue

• On April 2, the Company announced the issuance of 2,550,000 common shares to Macmin Silver Ltd. This share issue is related to the acquisition of 100% interest in Macmin (PNG) Limited, first announced in a news release dated June 12, 2002 and subsequently approved by the TSX Venture Exchange on March 14, 2003. Included in this issue are 300,000 common shares, a bonus relating to a long-term $150,000 loan from Macmin originally announced on February 28, 2003. There is a one-year hold on the sale of these shares from date of approval.
  
  
• Macmin now directly or indirectly holds or has control over 16,733,775 common shares of the Company representing 65.05% of the issued capital of the Company and holds securities convertible into voting securities for an additional 862,745 common shares of the Company.  If Macmin exercises its right to acquire additional voting securities of the Company to the exclusion of all others, Macmin would own 17,596,520 common shares representing 66.20% of the then issued capital of the Company. The shares were acquired for investment purposes.

Annual Information Form

• The Company is close to filing an Annual Information Form ("AIF") with the regulatory authorities. Peter Christopher, Ph.D., P. Eng., completed the seven projects- technical reports, which have now been lodged with the TSX Venture Exchange. The filing of an AIF will streamline future filings and financings as well as provide complete and full disclosure of company information on an on-going basis.
  
  
• The board and management believe that our Company is now better positioned to raise funds or proceed to joint venture arrangements with qualified partners for the PNG holdings.

Expenditures

• Expenditures in the period were the costs required to maintain a public company in good standing and to maintain business assets or properties. Legal expenditures were made for the submission/approval process for both the private placement and the shares for debt agreements. Public company costs include audit and legal fees, transfer agent fees, exchange listing fees, regulatory filing fees and costs of printing and mailing quarterly reports and annual general meeting materials to shareholders. No fees are paid for third party investor relations.
  
  
• There were no management or directors' fees paid in the period. The Company has no service contracts with the President or any other officer/director. The President currently provides services on an, if and as needed, basis.

R.D.McNeil Appointed President and CEO

• On April 17, R.D.McNeil BSc (Hons), M.Sc. F AustlMM, was appointed President and CEO of the company. Former President and CEO, Peter A. McNeil, will remain a Director and continue to support the Company contributing to exploration, public / shareholder relations at mining conventions /conferences and other corporate functions.

Conclusion

• The Company intends to remain in the resource business, with a focus on gold and gold/copper properties in Papua New Guinea. Full technical details on all projects are available the Company's web site newguineagold.ca

On Behalf of the Board


"Peter A McNeil" M.Sc.
Director

1. Develop gold production at three sites

NGG will retain and develop mines, subject to completion of feasibility studies and project funding, on three core projects in PNG. These mines will be known as the Sinivit, Imwauna and Weioko mines. Sinivit is within a granted mining lease near Rabaul in East New Britain, whereas Imwauna and Weioko are on adjoining exploration licenses on Normanby Island in SE PNG. These exploration licenses are known as Normanby (EL 1091) and Sehulea (EL 1069) respectively. The projects have major gold orebody potential as indicated by exploration results, including drilling results, completed to date. Unfortunately, drilling, and thus definition of resources/reserves, is incomplete in each area and was suspended approximately four years ago as a result of difficult fund raising conditions for gold exploration. Present resources/reserves should increase substantially with further drilling.

Both the Normanby and Sehulea exploration licenses are within the Misima corridor and along trend from the Misima gold mine of Placer-Dome, a 4.5 million oz gold deposit.

The first mine is planned for Sinivit which has a modest oxide reserve and resource, with potential for a further significant, perhaps large, telluride/gold resource. This latter telluride-gold mineralisation would require a different treatment to the oxide reserve. The second mine is planned for Imwauna, which, at the time drilling was suspended, had defined gold mineralisation within an area of 4 kms long by 1.5 kms wide. Drilling to date has tested only a small part of the mineralised system but sufficient high grade resources (subject to completion of a feasibility study) appear to have been defined to commence a mining operation. Imwauna is considered to have a potential similar to Misima.

Based on present reserves/resources only, feasibility and scoping studies suggest that profitable open-pit mines can be developed at Sinivit and Imwauna. These mines would be open pit, vat leach mines, and at present gold prices, would yield approximately CDN $12 million per year for 3 years (before tax but after repayment of capital) and this cash flow would be used, in part, to increase resources and thus increase production and extend mine lives.

Substantial gold mineralisation has also been defined at a third location, which could become the Weioko Mine. A resource, based on approximately 30 drill holes and substantial surface trenching, is presently being calculated.


Further drilling is planned for later in 2003, followed by a feasibility study, which is expected to confirm the viability of a heap or vat leach, open pit gold mine.

2. Joint Venture/Option remaining projects

NGG will Joint Venture or option other projects such as Feni, Simuku and Mt Nakru, with the incoming partner operating the project. An Option Agreement has already been concluded in respect to the Feni Project with Paccom Ventures Inc. (see press release dated 3 February, 2003).

Although these projects have world class potential to contain major ore bodies, such as the Lihir gold deposit, which has more than 40 million ozs gold in resources, they also have large funding requirements and longer time frames to development. NGG has retained an interest of 25% in Feni and its noted here that 25% of a deposit such as Lihir would still yield 10M ounces gold in resources to NGG.

3. Financing

Estimated external funding required to implement NGG's strategy totals CDN $5 million. An initial CDN$1 million is required in the near future to fund a revision of an earlier feasibility study at Sinivit plus commencement of feasibility/mining lease applications for the Imwauna and Weioko Projects. The present estimated capital cost of the first mine to be established, which is at Sinivit, is CDN$4 million. Capital for subsequent mine developments at Imwauna and Weioko would be funded from the cash flow of the initial mine at Sinivit. It is anticipated that NGG would become self funding after the above financings were complete.

With recent increases in the gold price, directors believe the initial CDN$1M financing will be arranged within the next few months. In the interim, major shareholder Macmin Silver Ltd, has agreed to provide further financing of CDN$150,000 on terms in accordance with the rules of the TSX Venture Exchange. This financing will allow Directors time to achieve the initial CDN$1 million financing on the best possible terms for shareholders, to limit dilution as much as possible, and ensure that NGG has sufficient short term funds.

Details of this financing will be given in a separate press release in the near future.

The initial financing of CDN$1 million will allow feasibility revision to be completed at Sinivit, a feasibility study to be carried out at Imwauna, a Resource be calculated for Weioko and feasibility to commence at Weioko.

4. Project Descriptions

Additional data and detailed, up to date, technical project descriptions of the principal projects, are described in an accompanying press release for those investors who are interested in additional technical information. Further information, including maps, is available on NGG's web site at www.newguineagold.ca .



ON BEHALF OF THE BOARD


"Peter A. McNeil" M.Sc., FGAC, MAIG, MAICD
PRESIDENT

The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.

Three sulphide gold targets have been identified as follows:

1. Dilational jog structure. Recent geological mapping of the northern most 5 kilometers of the Sinivit structure has enabled a refinement of the conceptual model for the hydrothermal system. The passage of metal-rich liquids along pre-existing structures utilised by the low sulphidation system suggests that a dilational jog structure may be of considerable economic interest. The structure has a 1.5 kilometer strike length and is capped by a comparatively wide 600 meter zone of hydrothermal clay. The structure is highly prospective for and has dimensions similar to that hosting the low sulphidation Martha Hill (Waihi, New Zealand) vein deposit, which contained a resource of 5.8 million ounces of gold, with a likely overprint of high sulphidation Sinivit type gold-copper mineralisation.
   
   
2. Driving fault structures. The Sinivit and Gunsap Mountain driving faults are typically filled with weakly mineralised low sulphidation veining and silicification. Potential exists for high sulphidation gold-copper mineralisation of the Sinivit type in those portions of the Sinivit and Gunsap Mountain Structures adjacent to the dilational jog.
   
   
3. Gold-rich porphyry copper. The limited area development of alteration patterns in the Magiabe Valley intrusive (to the west of the Wild Dog project area) suggests that the system is in the early stages of being unroofed. Disseminated chalcopyrite/bornite is present in propylitized wallrocks in the intrusive and disseminated chalcopyrite is present in potassically altered intrusive in Magiabe Creek. The intrusive is magnetite rich, with up to 7% noted in petrology samples indicative of a sulphur undersaturated parent magma.

Weathering, oxidation and leaching has formed a surficial zone of gold and silver bearing oxidized vein material that on average is 30 meters thick and overlies high-grade gold-copper-silver telluride bearing veins. Oxidation and leaching has typically resulted in the removal of copper, arsenic and tellurium, and remobilization of gold and silver into leachable form. The partial leaching of gold and silver from primary mineralization makes the low copper oxide material amenable to vat leaching.

The Christopher Report states that drill programs are warranted to test both the strike and dip potential along the Sinivit vein structure and below the hydrothermal clay cap above the dilational jog between the Sinivit and Gunsap Mountain structures. A Stage 1 program to update the previous feasibility study is estimated to cost $165,000. This stage is to consist mainly of check sampling, engineering, site examinations, metallurgical testing, resource and reserve calculations and preparation of a Feasibility Report. A Stage 2 program consisting of mapping, trenching and 1,000 meters of diamond drilling is estimated to cost CDN$286,000. Conducting the Stage 2 exploration program in conjunction with development or mining of the oxide mineralization would allow for co-sharing and reduction of some exploration costs.

Peter Christopher confirms in the report that he is of the opinion that the recommended programs for the Sinivit Property are warranted and of sufficient merit to justify the proposed staged investment in exploration.

NORMANBY PROPERTY AND IMWAUNA PROPOSED MINE

The Normanby Property, Milne Bay province, Papua New Guinea, comprises an exploration license covering an area of 68 square kilometers and is northwest of, and along trend, of the former producing Misima Mine (Placer Dome) which produced approximately 4.5 million ounces of gold (note that early production from Misima was from high grade gold veins similar to those encountered at Normanby). Access to the island is by air service from Alotau to a grass airstrip or by boat. The property contains 19 named mineral occurrences and/or anomalous zones. Approximately 60 drill holes, mainly reverse-circulation (RC) and diamond core holes, have been completed; with the Imwauna and Wahola prospects receiving most of the attention to date. Drilling has been supplemented with many kilometers of bulldozer and excavator trenching

The Inwauna system covers a strike length of approximately 4 kilometers and has a width of 1-2 kilometers. The system consists of a vein swarm of numerous northerly trending, gold bearing silica rich veins. Veins vary from very narrow (a few centimeters) to several meters in width and gold content varies from less than 1 g/t to hundreds of g/t. The mineralized system is reflected at surface by a major north-south trending ridge and in aeromagnetic data as an apparent northerly trending linament (perhaps reflecting a major structural zone). While the dominant mineralisation encountered to date has been in quartz veins, significant lower grade, wallrock disseminated gold was encountered in several drill holes and in a trench (320 meters at 0.5 g/t gold).

In addition to extending the known system at Imwauna, work by Macmin defined a coincident arsenic and gold anomaly at the northern end of the vein swarm called the "Knob Prospect"; although subsequent drilling of 4 shallow holes only was inconclusive. Results to date at Imwauna confirm the presence of high grade and variable gold content (the "Nugget effect") which requires systematic sampling with larger samples. NGG recently (News release November 12, 2002) collected 14 bulk samples totaling 787.5 kilograms (average 56 kg each), from excavator trenches 3 to 6 meters deep and other quality exposures for metallurgical testing. The arithmetic average grade of all the bulk samples, over a strike length of approximately 400 meters, was 51.4 g/t gold and if the high grade result of 424 g/t gold is omitted the average is 22.75 g/t gold. This is approximately 25% higher than original channel sample results. It is intended to carry out column leach tests on various crush sizes from these bulk samples to determine optimum crush size for vat leach extraction of the gold.

Imwauna Oxide Gold Project Area

The modest oxide resource identified to date at the Imwauna project requires the completion of a feasibility study and the grant of a mining lease to take 12 months from the date of commencement until completion. It is proposed that if such study is positive that the mine would be developed at or near the completion of mining at the Sinivit project and would utilize plant and personnel from such project.

Macmin has estimated an initial open pit mineable zone at Imwauna of 200,000 tonnes at a grade of 10.1 g/t gold (64,950 ounces of gold) and a second stage of an additional 200,000 tonnes at a grade of 3 g/t gold (19,292 ounces of gold), within an Inferred Resource (as defined within the guidelines of the Aust.I.M.M.) of 990,000 tonnes at 6.1 g/t gold and 12 g/t of silver for 194,000 ounces of gold and 382,000 ounces of silver (noted in a release to the Australian Stock Exchange on 31^st October, 1996). The Christopher Report notes that the 990,000 tonne resource was calculated by qualified Australian geologists that work for Macmin and NGG, but they were prepared prior to National Instrument 43-101.

The Christopher Report concludes that exploration on the Normanby property has developed a number of targets that warrant further exploration programs. The Imwauna prospect, the most advanced target, requires further evaluation of both strike and dip extensions of the explored zone, and for possible extensions between the Imwauna and Kela's veins. A stage 1 program should complete the metallurgical testing program started in 1998 and test for extensions of the Imwauna vein system between the Kela's and Imwauna veins.

The Christopher Report also concludes that if successful development proceeds at the Sinivit property, then the near surface inferred resource at Normanby provides for similar exploitation. A success contingent, stage 2 program of further metallurgical testing, check sampling to confirm and upgrade resources, and a pre-feasibility study, is estimated to cost $400,000.

SEHULEA PROPERTY - PROPOSED WEIOKO MINE

The Sehulea Property (exploration license 1069) comprises an area of 30.5 square kilometres in the eastern part of Normanby Island and is divided into two separate blocks, situated on the northern and southern coasts.. The Sehulea exploration license is at present a joint venture between Macmin PNG and Hunter Exploration NL. Present equity is Macmin PNG 70% and Hunter 30% but Hunter must continue to dilute until it reaches 15%. Rhodes Mining (formerly Swan Resources) owns a 2% gross royalty on any mineral production. To date, approximately 60 drill holes, mainly short RC holes, have been completed on 6 prospects. Although most drill holes intersected mineralisation, best results to date have been encountered at the Weioko Project in the northern part of the exploration license.

Mineralization in the Sehulea Property occurs as structurally controlled epithermal vein and silica flooded mineralized zones at Weioko Project and Lataona Hill, Wenasia and Sipupu prospects and massive sulphide lenses and quartz-sulphide veins at Gwamogwamo.

Exploration interest in the Sehulea property area dates to the early 1980's with the development of the nearby large Misima gold deposit. Exploration included regional silt sampling, prospecting, reconnaissance geological mapping and airborne surveys. Rock float sampling in the Sehulea area resulted in over a hundred samples with >1 g/t gold with a number of samples >10 g/t gold (high of 363 g/t gold), and resulted in grid soil sampling of an 18 sq km area centered on the Weioko prospect. The soil survey resulted in large areas with >100ppm arsenic and >80ppb gold. The Weioko Project was defined by a strong, open-ended, gold-in-soil anomaly (>700ppb gold) covering an area of 350m by 250m. Previous explorer (Esso/City Resources) located the presence of bedrock gold mineralization by hand trenching within the soil anomaly. Three of their trenches returned 156m at 2.43g/t gold; 72m at 2.34g/t gold; and 60m at 1.20g/t gold. A six-hole reconnaissance diamond drilling program (totaling 869.7m) tested the apparent north-trending strike of the contact between the cover and basement rocks with five holes and the sixth hole tested for a possible southern extension. Hole WED 003 graded 0.75g/t gold from 0 to 117.5m and included 27.7m grading 2.07g/t gold and 17.1g/t silver with a section from 30.7m to 32.2m grading 19.90g/t gold. WED 001 graded 0.53g/t gold from 0 to 114.8m; WED 002 graded 0.44g/t from 0 to 150.0m: and WED 005 graded 1.35g/t gold from the top 27.7m. A second program of four holes tested for east and west extensions of the mineralization with less encouragement, but encountered long anomalous sections like: 47.2m to 86.0m at 0.37g/t gold in hold WED 007; 37.9m to 52.9m at 0.40g/t gold in hole WED 008; and 78.4m to 124.8m at 0.36g/t gold in hole WED 009.

Macmin and Hunter carried out additional trenching with a diamond saw used to cut channels for sampling. Channel sampling results included: 164m of 3.96g/t gold (inc. 16m of 20.03g/t gold); 28m of 5.19g/t gold, 26m of 5.70g/t gold; 20m of 2.69g/t gold; 16m of 2.67g/t gold; and 12m of 3.02g/t gold. The trench results encouraged completion of 29 RC holes that confirmed mineralization over a strike length of 600m and down dip in a 100m test. Mineralization remains open along the north and south trend and down dip. The RC drilling contained many assay intervals grading between 1 and 3 g/t gold, but results comparable to those in the trenches were not encountered. Previous drilling suggested that higher-grade sections may plunge along the mineralized contact in zones that parallel drill sections or that there could be surface gold enrichment. An IP survey was completed to check for possible continuations of the mineralized system, and showed that Weioko mineralization could extend over a further kilometer to the south and that another mineralized system (could be the same) may occur near Lataona Hill.

The Gwamogwamo massive sulphide prospect has been tested with trenching and 16 RC holes totaling 680m with the best RC intersection in hole GW007 grading 0.61 g/t gold and 1.34% copper from 7m to 16m. Trench 2 contained a 10m interval grading 2.02% copper and 3.32 g/t gold.

Weioko Project

In summary, the Weioko Project is considered to warrant further evaluation including drilling and a feasibility study to determine if the known mineralisation can be exploited using heap or vat leach gold extraction. Bottle roll tests showed that near surface mineralisation gives better than 95% gold recovery with cyanide extraction. Resource calculations for Weioko are presently being completed and will be followed by scoping and feasibility studies to determine if the deposit can be extracted by heap or vat leach technology.

FENI PROPERTY

The Feni Property (exploration license 1021) covers an area of 37 square kilometers, is southeast of, along trend from and geologically similar to the Lihir Mine. Aggressive exploration of the potential of the Feni Islands was prompted by a world class gold discovery on Lihir Island by the Niugini Mining/Kennecott joint venture. The Feni Islands were explored by ESSO Minerals, City Resources and Ingold (INCO) who spent a combined A$10.5 million on exploration from 1983 to 1992. Macmin and NGG have spent a further A$1 million and have acquired the complete data base compiled by the former explorers.

The Feni islands consist of two islands, Ambitle and Babase, both of which show very similar geology, including widespread known (drilled) gold mineralisation, similar alteration styles and similar alkaline intrusives to the Lihir islands, and in particular to the Lihir Mine.

The Feni property is mainly a target for hot spring deposits (like Lihir) or a deeper "high grade" multi-vein deposit (like Tolukuma on the main island of Papua New Guinea). It also has potential for high-grade structurally controlled mineralization (like Hishikari in Japan) and indications of a porphyry copper-gold system occur in some drill holes. Previous exploration of the Feni property has identified over 30 separate gold anomalies and occurrences. Soil geochemistry for gold, mercury, arsenic and copper has been obtained for a 9 square kilometer zone that includes the Kabang and Dome Prospects.

An inferred resource of 4.0 million tonnes at 1.4 g/t gold has been cited in a report by Bateman Kinhill (1993). Peter Christopher, in his report, accepted the mineral resources of Kinhill in his technical report on Feni and also inferred resources of approximately 7.0 million tonnes at 1.3 g/t gold in a tabulated summary prepared by Macmin for the Kabang Prospect.

The Kabang Prospect is a major geophysical (IP) target 1.5 kilometers by 0.5 kilometers in definition and is known to contain gold in drill hole. To date 95% is not yet drilled. The gold mineralisation intersected to date is believed to equate to the lower grade, inter-orebody mineralisation encountered at the Lihir Mine.

Numerous drill intersections of between 1 g/t gold and 10 g/t gold have been encountered, such as 114 meters at 1.12 g/t gold (0.2% copper), 19.9 meters at 2.13 g/t gold, 15.25 meters at 2.56 g/t gold, 16 meters at 2.3 g/t gold, 52 meters at 1.65 g/t gold, 10 meters at 5.7 g/t gold and 3 meters at 10 g/t gold.

Further induced polarization surveys should define silicified and mineralized areas with excellent potential for extending both the Kabang zone mineralization and the North Caldera zone. Several of the other known geochemical anomalies and gold occurrences should be promotable to the drill stage with further surface evaluation.

SIMUKU PROPERTY

The following is an extract from the Christopher Report in regard to the Simuku Property.

The Simuku property covers 43 square kilometers southwest of Kimbe in West New Britain Province, Papua New Guinea. It is situated in the Kulu-Awit trend, a prominent WNW belt of mainly intermediate intrusive rocks with associated copper mineralization.

The main exploration target on the Simuku property is a gold enhanced porphyry copper deposit with enrichment resulting from generation of a supergene, chalcocite rich blanket or secondary enriched zone. Structurally controlled zinc mineralization and auriferous quartz veins occur peripheral to the porphyry system.

The presence of auriferous (single grab sample grading 210 g/t gold) phyllic altered crystal lithic tuff suggests the possibility of epithermal gold deposition in porous volcanic rocks.

The Simuku prospects comprise a mineralized zone about 3 kilometers long and 300 to 500 meters wide within a mineralized area of about 12 square kilometers.Three 400 meter high hills (Wokayalae in South Simuku and Misilli and Tobarum in central Simuku) have hematitic, siliceous leached caps within the zone. On Tobarum Hill, drill hole 83-SM-4 has intersected a chalcocite rich zone or blanket. Similar blankets may underlie the leached caps at Wokayalae and Misilli Hills. The Simuku north prospect has lower relief with elevations less than 230m, but narrower secondary blankets of chalcocite mineralization were encountered in holes 83-SM-1 and 83-SM-3.

Mineralization at the Simuku prospects appears to be associated with porphyritic microdiorite which has estimated sulphide content ranging from 5-7%, comprised of pyrite and chalcocite in the enriched zone and pyrite, chalcopyrite, sphalerite and molybdenite in the primary zone. Hydrothermal breccias, associated with the microdiorite, have intrusive clasts with sulphide content up to 15%, comprised of pyrite, chalcopyrite, chalcocite, bornite and minor molybdenite. Propylitic altered volcanics are generally pyritic with only minor chalcopyrite. Four high chargeability IP anomalies obtained by Placer Dome Inc. were interpreted to contain up to 15% disseminated sulphide mineralization.

Results of previous exploration surveys suggest that excellent exploration potential exists for both an economic supergene copper blanket overlying primary porphyry copper-gold mineralization, and for an economic, precious metal enhanced, primary porphyry copper system. Since phyllic altered crystal lithic tuff along Misasuguran Creek has produced a grab sample that returned an assay of 210 g/t gold, and a nearby 1.5m wide clay silica altered fault zone returned 7.2% zinc, the Misasuguran Creek area represents a possible low cost prospecting target with possible bonanza grade gold or base metal vein potential. Low cost assessment programs, consisting of geological and geochemical prospect, and hand and mechanical trenching, can be used for follow-up of previously defined anomalous targets.

MT. NAKRU PROPERTY

The Mt. Nakru property covers an area of approximately 47 square kilometers. It is located in West New Britain Province about 60 kilometers south of the airport at Hoskins and from 50 kilometers to 70 kilometers southeast of the helicopter base at Kimbe.

The property covers a strongly mineralized sector of the Kulu-Simi trend of porphyry copper/gold deposits and occurrences. The mineralized systems are associated with high level plutons and at Mt. Nakru with a ryhodacitic extrusive/intrusive complex. The Nakru 1 prospect, tested with 3 diamond drill holes by City Resources and 5 diamond drill holes by BHP, has gold values in holes 1, 2 and 3 that suggest potential for a near surface, secondary gold deposit. The Plesyumi Porphyry copper system, tested by Placer Dome Inc. and partners with 21 drill holes in the early 1970's, has a best intersection of 44 meters at 0.85% copper with selected intervals checked for gold generally found to contain relatively low (>0.1 g/t gold) values with a high value of 0.38 g/t gold. Alteration and mineralization at the Plesyumi prospects covers about 4 square kilometers that should leave adequate untested area for at least moderate sized porphyry deposits.

The Lae River skarn prospect, investigated by Placer Dome Inc. with little encouragement, has possibility of intrusive contact related deposits with a number of streams and float geochemical anomalies untested. The skarn prospects are judged to be of lower priority when compared to the Mt. Nakru area.

The Mt. Nakru prospects and the Plesyumi prospect situated on the Mt. Nakru property are judged to have good potential for moderate sized poyphyry copper deposits. The Mt. Nakru system has good gold credits with indications of a near surface gold deposit in a leached cap below the pumice and ash cover. The Mt. Nakru 1 prospect has the best previous results from trenching(45 meters @ 2.50 g/t gold) and drilling (74 meters @0.78% copper; 45 meters @ 0.75 g/t gold).




ON BEHALF OF THE BOARD


"Peter A. McNeil" M.Sc., FGAC, MAIG, MAICD
PRESIDENT

The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy or accuracy of this release. The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the company.

• 114m at 1.12g/t Au (0.2% Cu)
• 19.9m at 2.13g/t Au
• 15.25m at 2.56g/t Au
• 16m at 2.3g/t Au
• 52m at 1.65g/t Au
• 10m at 5.7g/t Au
• 3m at 10g/t Au

The widespread gold mineralisation intersected in drilling at Feni equates to the lower grade, inter-orebody mineralisation encountered at the Lihir Mine. Drilling at Lihir into the high grade feeder zones has recently returned values as high as 14m of 341g/t Au including 4m of 1162g/t Au. Drilling targets at Feni are deemed to be excellent, and further drilling is highly recommended by Peter Christopher, P.Eng., an independent engineer, in his National Instrument Policy 43-101 Report dated November 21, 2002.


On Behalf of the Board.



Robert D. McNeil
BSc(Hons), MSc, Fellow-Australian IMM
Chairman


For further information regarding this release please contact Judith O'Quinn at 604-662-3598 or email ngg@telus.net or visit our website at www.newguineagold.ca


The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this News Release. WARNING: The Company relies on litigation protection for "forward looking" statements. Actual results could differ materially from those described in the news release as a result of numerous factors, some of which are outside the control of the Company.