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The TSX Venture Exchange has announced that in accordance with TSX Venture Exchange Policy 2.5, New Guinea Gold Corporation has met the requirements for a Tier 1 company. Therefore, effective Sept. 18, 2008, the company's tier classification will change from Tier 2 to: Classification: Tier 1 ON BEHALF OF THE BOARD
“Judith O’Quinn” Corporate Secretary
Due to an oversight with the transition from capitalizing the mining costs to expensing them from April 2008 $934k should have been shown in the cashflow statement as part of amortization in cashflows from operating activities. This should be partly offset by a new entry to the 'Changes in non-cash working capital items' part of the cashflows from operating activities for Inventories of $441k. These adjustments give a net cashflow used in operations of $863k for the quarter. Other revisions to the cashflow to offset this adjustment are to increase cash outflow for purchases of equipment by $305k to $432k for the quarter and increase mine development expend. by $188k to $347k for the quarter. NEW GUINEA GOLD CORPORATION Per: “Judith O’Quinn”
Bob McNeil, Chairman and CEO, New Guinea Gold corporation (NGG:TSX-V) will hold an investor update conference call on Thursday, Sept 11, 2008 at 8:00 AM Pacific Time / 11:00 AM Eastern Time to review recent progress and respond to questions from investors. To join the callDial-in number(s): 604-638-4924 / 800-952-6845 Replay (to Sept 18): For further information contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca ON BEHALF OF THE BOARD
“R.D.McNeil” Coppermoly Ltd, an Australian Securities Exchange listed company, which is approximately 49% owned by New Guinea Gold Corporation issued the following press release relating to their Mt Nakru Project, entitled “Nakru Drilling in Progress”. Bob McNeil, Chairman and CEO of New Guinea Gold is also Chairman of Coppermoly Ltd. We believe these results are material and relevant to New Guinea Gold in view of its large equity in that company. We will continue to advise material and relevant results as they are issued by Coppermoly Ltd. The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australian Institute of Mining and Metallurgy and a “qualified person” as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein. ON BEHALF OF THE BOARD
R.D.McNeil
Coppermoly Ltd, an Australian Securities Exchange listed company, which is approximately 49% owned by New Guinea Gold Corporation issued the following press release relating to their Simuku Project, entitled “Significant Copper Intersections Expand known Copper Mineralisation at Simuku”. Bob McNeil, Chairman and CEO of New Guinea Gold is also Chairman of Coppermoly Ltd. We believe these results are material and relevant to New Guinea Gold in view of its large equity in that company. We will continue to advise material and relevant results as they are issued by Coppermoly Ltd. The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australian Institute of Mining and Metallurgy and a “qualified person” as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein. ON BEHALF OF THE BOARD R.D.McNeil The Release by Coppermoly Ltd can be viewed from the above PDF file.
Both reverse circulation and diamond core drilling continues at Sinivit and further results will be released each quarter. As at 11th July, 2008 403 RC holes with meterage of 11,141m had been completed. Bob McNeil Chairman and CEO commented, “we have not yet incorporated these results into our resource data base or re-estimated the Sinivit resource. At this stage we do not expect to review the resource until well into 2009 as there is considerable drilling yet to be completed. We are encouraged by the high grade and wide intersections in some holes, that many holes terminated in good grades at the end of the holes; and that we are intersecting excellent copper values as well as gold in the underlying sulphide mineralisation (see Press Release dated 20th August 2008). Historical work identified significant tellurium values with the high copper intersections. We recently completed a photographic “fly around” of the Sinivit Site. Visit our web site, www.newguineagold.ca to see these aerial photographs. Enlarge and view any photograph you wish to see in greater detail.” ALL ASSAY INTERSECTIONS ABOVE 0.5g/t GOLD Click her to download PDF File of table "All Assay Intersections Above 0.5g/t Gold" (57K) Drill Hole Location Data Click her to download PDF File "Drill Hole Location Data" (35K) All samples are partly prepared at site by splitting to 500 grams. Further preparation and analysis is completed at accredited laboratory, ALS Chemex laboratories, in Townsville, Queensland, Australia. Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. For additional details of the Sinivit deposit see Independent NI 43-101 report dated January 2006 at www.newguineagold.ca The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australia Institute of Mines and Metallurgy and a “qualified person” as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein. For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca ON BEHALF OF THE BOARD
R.D.McNeil
The recently announced high grade resource at the Imwauna Project and drill results from the Sinivit Mine confirming high grade copper/gold/tellurium/silver (sulphide) mineralisation, (see Press Release dated 14th August 2008), beneath the current mining plan has allowed New Guinea Gold Corporation (NGG) to formulate an indicative timetable for the development of the above Imwauna Resource and Sinivit sulphide mineralisation. Tellurium could be a significant bi-product if development of the Sinivit sulphide mineralisation proceeds. IMWAUNA PROJECT DEVELOPMENT The resource commences at ground surface and has been defined to varying depths between 50 and 150m below surface. High grade bonanza zones have been defined. The resource is open in most directions and two drills are in operation with a view to expanding the initial resource, If the studies indicate these developments can be economically developed, funding sources could include bank project financing, cash flow, a sell down of other assets such as Coppermoly or Pacific Kanon, or shareholder equity. Bob McNeil Chairman and CEO commented: “Imwauna is a very exciting project for NGG and management regards it as the Company’s premier project. It has significant advantages of being relatively high grade especially for possible open pit mining, and mineralisation commences at surface. In addition the potential to increase resources is excellent. As noted above, the viability of the project and likely production rate depends on the outcome of the Preliminary Assessment”. SINIVIT MINE DEVELOPMENT It is expected that mining of oxide mineralisation will continue until 2011, although if present exploration is successful this time frame could be extended. Mining the sulphide mineralisation is dependent on the results of ongoing exploration and a positive outcome from a Preliminary Assessment to be completed by early 2010. In that event, in the second half of 2010, or 2011, a mill and concentrating plant would be added to the processing circuit to recover the sulphide mineralisation (gold, copper, silver and tellurium). The Sinivit resources have been defined near surface within a one kilometer length of a ten kilometer long structural zone. This structural zone is known to contain sporadic, largely untested or unexplored gold mineralisation over its entire length. Excavator trenching is presently in progress to test this zone to the south of the mine, while two drills are operating within the mine area to define additional resources. Bob McNeil Chairman and CEO commented: “Tellurium is a potentially valuable bi-product at Sinivit in the future. It is presently in short supply world wide, largely due to its use in cadmium – tellurium solar cells. Price over the past few years has increased substantially with the present price about US$220/kg or US$0.22/g. This is equivalent to about 50% of the silver price as at 18th August 2008. Tellurium assays (using 0.8g/t gold as a cut off) range from 140g/t to 1,600g/t – for example, tellurium relative to gold, silver and copper in historical hole WDD024 are as shown below. At gold values less than 0.8g/t tellurium ranges as low as 10g/t.
The true widths of this intersection is not known and we believe the assay results to be accurate. OTHER PROJECTS SINIVIT PRODUCTION UPDATE The Sinivit Mine is at present operating satisfactorily, however, processing problems reduced production in June and July. These have now been rectified. This in turn substantially decreases the leaching rate to the extent that we now predict it may take 6 months or more to complete leaching of Vat 2. It should not, however, effect the ultimate gold recovery. This is one of the reasons that production of gold decreased in June/July rather than increased. The other reason was the breakdown of the crushing plant for most of July and a problem with the gold stripping plant (both now rectified). To resolve the leaching problem, future vats will be rectangular for ease of laying liners and restricted to 4/5 meters deep, maximum, to reduce compaction. This change requires more vats than originally planned which may result in a small increase in operating costs. The first of these additional vats, Vat A, (about 10,000 tonnes), is completed and presently being filled with crushed mineralisation. Vat 4 (about 8,000 tonnes), has commenced filling. The earthworks for Vat B (about 10,000 tonnes) are completed. Bob McNeil Chairman and CEO commented: “After production problems in late June/July, mining and processing is now proceeding to forecasts and production should continue to increase over the remainder of 2008”. OTHER We are finalising a Press Release re a further 242 RC drill holes at Sinivit which we expect to release Wednesday 20th August 2008. Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca . For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca ON BEHALF OF THE BOARD
R.D.McNeil
ASSAY RESULTS
Note: True thickness of intersections is unknown DRILL HOLE LOCATION DATA
Bob McNeil, Chairman and CEO commented, “these results confirm that copper/gold/tellurium mineralisation extends to depth, below, at least some parts of the proposed final depth for the Southern Oxide and Central pits. This knowledge together with the previous drill results of sulphide mineralisation between the central and northern oxide pits (300m apart) are very encouraging and suggest a substantial volume of such mineralisation may exist. In addition, at present, we have no idea of how deep the mineralisation extends. We recently completed a photographic “fly around” of the Sinivit Mine. Visit our web site, www.newguineagold.ca , to see these aerial photographs. Click on any photograph to enlarge and see the photograph in greater detail.” All samples are partly prepared at site by splitting to 500 grams. Further preparation and analysis is completed at accredited laboratory, ALS Chemex laboratories, in Townsville, Queensland, Australia. Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. For additional details of the Sinivit deposit see Independent NI 43-101 report dated January 2006 at www.newguineagold.ca Drill core is logged and split (all by saw) on site with half core being dispatched to, and assayed by accredited laboratory ALS–Chemex in Townsville, Australia. In house and laboratory standards are used for quality control plus regular check sample assaying. Trench samples are continuous channel samples, in either one or two metre intersects. Usually about 3kg is collected and prepared and assayed at ALS – Chemex in Townsville, Australia. The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australian Institute of Mining and Metallurgy and a “qualified person” as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein. For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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
Coppermoly Ltd, an Australian Securities Exchange listed company, which is approximately 49% owned by New Guinea Gold Corporation issued the following press release relating to their Nakru Project, entitled “Nakru Project Update and Tenement status”. Bob McNeil, Chairman and CEO of New Guinea Gold is also Chairman of Coppermoly Ltd. We believe these results are material and relevant to New Guinea Gold in view of its large equity in that company. We will continue to advise material and relevant results as they are issued by Coppermoly Ltd. The information in this release was prepared under the direction of Robert D. McNeil (FAus IMM) a “qualified person” as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein”
ON BEHALF OF THE BOARD R.D.McNeil
Vancouver 1st August 2008 Coppermoly Ltd, an Australian Securities Exchange listed company, which is approximately 49% owned by New Guinea Gold Corporation issued the following press release relating to their Simuku Project, entitled “Drilling & Trenching Results at Simuku Give Best Results to Date”. Bob McNeil, Chairman and CEO of New Guinea Gold is also Chairman of Coppermoly Ltd. We believe these results are material and relevant to New Guinea Gold in view of its large equity in that company. We will continue to advise material and relevant results as they are issued by Coppermoly Ltd. The information in this release was prepared under the direction of Robert D. McNeil (FAus IMM) a “qualified person” as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein” ON BEHALF OF THE BOARD R.D.McNeil
Vancouver – 10th July, 2008. New Guinea Gold Corporation (NGG), on 13th June 2008 released an Inferred Resource for its 100% owned Imwauna Project of 1,800,000 tonnes at 12.2g/t gold and 20g/t silver for contained metal of 706,000 ozs gold and 1,160,000 ozs silver. The resource commences at ground surface and has been defined to varying depths from between 50 and 150 metres below ground surface. It is open in most directions and in addition, in the event that further studies show the resource can be developed, a large part would be “open pittable”. Preliminary metallurgical and mineralogical studies suggest that the gold can be extracted by conventional cyanide leach and/or inpart by gravity. Exploration results from elsewhere in the Normanby Property, but excluding the Imwauna Project, indicate several additional prospects that individually have potential for moderate sized gold deposits and require further exploration. NGG has developed a dual track strategy for the Imwauna Project as follows:
An Independent Technical Report titled “Independent Resource Report on the Imwauna Prospect, Normanby Property- Milne Bay Province, Papua New Guinea” prepared by Ralph N. Stagg of Project Geosience Pty Ltd” was filed on Sedar and at www.newguineagold.ca on 15th July 2008. This report has been prepared following the format and guidelines of Form 43-101 F1, Technical Report for National Instrument 43-101 Standards of Disclosure for Mineral Projects and Companies Policy 43-101 CP as amended on 23rd December 2005. The Report supports the principals behind the above strategy. The Conclusions and Recommendations of the report are as follows:
“An Inferred Resource, a part of which has potential to be extracted using open pit mining methods has been estimated at the Imwauna Prospect. The mineralised system is open in most directions. In addition other prospects and anomalies, considered to have moderate size potential, remain to be fully explored. Gold is widespread in surface rock samples, trenches and drill holes.
A Preliminary Assessment is recommended for the Imwauna Resource to determine economic parameters for possible development in Year 1. Continued exploration is also recommended to determine the full potential of Imwauna as well as other prospects and anomalies subject to available finance.
Total budget cost for program in year one is C$4.8M.
The second year program is contingent on the results of the first year program including the Preliminary Assessment. Such a program could include further drilling leading to a Feasibility Study and a development decision. It is not possible at this stage to estimate accurately the cost of such a program, but it could range from C$3M to as high as C$10M depending on program details.
The writer is of the opinion that the recommended programs are warranted and the project is of sufficient merit to justify the investment in exploration/pre-development.” Mr Stagg also makes the following relevant comments in his summary in the above report.
“New Guinea Gold Corporation (NGG) has been actively exploring at its Normanby Property and Imwauna Prospect since 1996, initially in joint venture with Macmin Silver Ltd and since 2002 as the sole owner of the property.
Minimal exploration only took place between 1998 and 2003, with exploration activity gradually increasing after 2003. At present, NGG has two company owned and operated diamond drills, a 14t excavator and D6 bulldozer active on the site.
The Normanby Property has been the subject of three earlier independent technical reports, in 1996, 1998 and 2002 by Peter Christopher and Associates Inc. The report in 2002 was prepared to NI 43-101 guidelines and filed on SEDAR.
The Imwauna Prospect is a part of an 8 to 10 sq km area which hosts numerous quartz veins, often with high grade gold, and disseminated gold mineralisation associated with Recent/Pleistocene volcanics. Only a small part of this large prospective area has been tested by drill holes and there is potential to locate additional moderate sized resources at other prospects in addition to Imwauna.
An Inferred Resource of 1,800,000t at 12.2 g/t gold and 20.0 g/t silver has been estimated for the Imwauna Prospect. The resource has been estimated from extensive surface trenching and approximately 137 drill holes. This report described the work that was undertaken.
The mineralisation is low sulphidation, epithermal mineralisation, and consists of relatively narrow, steeply dipping quartz veins, from a few mms to 10m width. The main vein averages of the order of 1m, with relatively high gold grades and extensive visible gold. The mineralisation has been defined by drilling over a strike length of 1,500 – 1,600m, is open both to the north and south and to depth. The drilled depth extent of the mineralisation varies from 50 to 200m below surface.
There is potential for bonanza zones. One trench bulk sample of 82 kg returned an assay of 424.0 g/t Au. Similar grades have been noted in some drill holes as summarised below. The full results are listed in Table 19 of the Technical Report.
The drilling has demonstrated continuity of mineralisation within the known deposit to the extent which allows categorisation of the estimate as an Inferred Mineral Resource. Some parts of the drilling has been undertaken on sufficiently close spaced sections which could allow that part of the resource to be categorised as Indicated. Because of the quality of the downhole surveying data, the bulk density data, and the core recovery along the known zone of mineralisation it is appropriate to use the Inferred category for the entire resource until further data is gathered that verifies the validity of the data used. This work is currently in progress.” New Guinea Gold is the premier junior explorer and miner in Papua New Guinea, with interests in ten gold and two porphyry copper-gold-molybdenum properties. With 75,000 + metres of drilling completed, extensive gold or copper-gold-molybdenum mineralisation has been discovered at 11 of the properties while the 12th contains widespread and extensive alluvial gold. The Company’s outstanding shares are traded on the TSX-Venture, Frankfurt, and Berlin Stock Exchanges. In addition to the Imwauna Project the Company has commenced gold production at its Sinivit Gold Mine, in East New Britain, Papua New Guinea. The Company also owns an approximate direct 46% interest in Australian Securities Exchange listed company, Coppermoly Ltd and 30% in Pacific Kanon Gold Corporation (after proposed IPO) which is intended to list on the TSX-V in the near future. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca . The information in this release was prepared under the direction of Robert D. McNeil (F Aus IMM) a “qualified person” as defined by National Instrument 43-101. NGG follows a rigorous QA/QC protocol on all of its exploration projects. This news release may contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law. For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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
Vancouver – 10th July, 2008. Bob McNeil, Chairman and CEO of New Guinea Gold Corporation (the “Company”) wishes to announce the appointment of Garry Edwards as a Director of the Company and Paul Schultz as Chief Financial Officer. Judith O’Quinn will remain Corporate Secretary and a Director of the Company. Garry Edwards holds a Master of Business Administration (2005) and is a Fellow of the Australian Institute of Company Directors and National Institute of Accountants (Australia). For the last 13 years Garry has been involved with exploration and mining companies listed in Australia and Canada with operations in Australia and Papua New Guinea. Mr. Edwards holds or has held positions as CEO, Director, Company Secretary and CFO in those companies. Prior to 1995, Garry spent 15 years working in Papua New Guinea, the last 11 for KPMG and antecedent firms. From 1987 to 1995 he managed KPMG's Arawa and Rabaul offices. “I’m pleased that Garry Edwards has accepted our invitation to join the NGG board,” said Bob McNeil. “His experience in exploration and mining in the Pacific region will add value for New Guinea Gold and its shareholders. Paul Schultz holds a Bachelor of Business (Accounting) and is a Member of Certified Public Accountants - Australia. He joined NGG Corporation’s parent company, Macmin Silver Ltd (ASX), in December 2005. Prior to joining Macmin, Paul spent 10 years working as a partner and manager in public accounting practices. Paul is also CFO for Macmin Silver Ltd. Judith O’Quinn comments, "During the past two years NGG has progressed from an advanced-stage exploration company to gold producer status. With substantially increased expenditures and activities, I could see our need for a person to oversee on-the-ground, day-to-day financial operations and transactions. This would require the co-ordination of financial documentation from Papua New Guinea and Australia, where 95% of the transactions occur, and the Vancouver office, which provides the local administrative, legal and regulatory support for our Canadian TSX-V listing. Paul Schultz, working from our Australian office in Queensland, has proved himself to be highly capable in providing NGG with management of its financial reporting obligations since 2006, including budgets, cash flow projections, quarterly reports and co-ordination of the annual audit function. I am very pleased that Paul has accepted the CFO position within our company." Bob McNeil says “I thank Judith for her many significant contributions to the Company over the past 12 years and in the CFO position since May 1998. We will continue to appreciate her contributions as Corporate Secretary and Director. Together with the rest of our Board Members, we both look forward to Paul Schultz’s leadership in the finance function.” For further information on this release or on other NGG projects, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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
Vancouver – 12th June, 2008. Highlights An Inferred Mineral Resource of 1.8 million tonnes at 12.2 g/t gold and 20 g/t silver for contained metal of 706,000 ozs gold and 1,160,000 ozs silver has been estimated for the Imwauna Project, Normanby Property, Papua New Guinea
Chairman and CEO of New Guinea Gold Corporation (NGG) Bob McNeil commented: “We are pleased to report this initial NI 43-101 compliant resource which represents an important first step in the exploration and possible future development of this core New Guinea Gold project. At the present time we have two rigs, a 14t excavator and D6 bulldozer working on the property, and we plan to add a third drill rig later this year. The results of exploration to date are very exciting, particularly the high grade bonanza zones. The results continue to expand our knowledge of this large gold system.” The Imwauna Project is a part of an 8 to 10 sq km gold mineralised area as defined by gold in geochemistry and trenching (see map in Press Release dated 23 April 2008). Mineralisation varies from quartz hosted gold mineralisation, often of high grades at Imwauna itself to disseminated gold mineralisation associated with Recent/Pleistocene volcanics at the Knob Prospect (3 to 4 kilometers north of the Resource area, near the Coast – for map location see Press Release dated 23 April 2008). Only a small part of this large prospective area has been tested by drill holes and the PG notes that there is potential to locate additional resources at other nearby gold prospects in addition to at depth and along strike at Imwauna. The mineralisation at Imwauna is low sulphidation, epithermal mineralisation, and consists of multiple, steeply dipping quartz veins, from a few mms width to 10m width with the main Imwauna vein defined to date averaging of the order of 1m, with relatively high gold grades and often visible gold. Average width of all veining within the mineral resource estimate is approximately 2.1meters. The mineralisation has been defined by drilling over a strike length of 1,500m, is open both to the north and south and to depth. The drilled depth extent of the mineralisation varies from 50 to 150m below surface. History and Exploration completed NGG has been actively exploring at its Normanby Property and Imwauna Project since 1996, initially in Joint Venture with Macmin Silver Ltd and since 2002 as the sole owner of the property. Macmin Silver retains a 1% NSR royalty on any production from the property. Exploration completed at the Imwauna Project as at the date of this Release (not including exploration elsewhere on the Normanby Property) includes:.
Bob McNeil CEO and Chairman commented: “the above exploration has been previously reported in Press Releases and is described fully in the NI 43-101 report to be filed on SEDAR. It confirms the presence of gold mineralisation over the 8 to 10 sq km area and suggests that only a small part of that area has been intensively explored to date. With further drilling it is likely that additional resources will be defined. The metallurgical testing showed that the gold in surface mineralisation can be easily extracted by cyanide leach with 90% to 95% recovery reported. Visible gold in some samples suggests that some of the gold may be recoverable by simple gravity treatment. No testwork has yet been undertaken on gravity extraction”
Mineral Resource Estimate The mineral resource estimate is dated 11th June 2008 and was prepared in accordance with NI 43-101 guidelines by the NGG technical team in consultation with Independent geological consulting firm, Project Geoscience Pty Ltd (PG). PG has monitored the project for the past two years and In PG’s opinion the data and results fairly and accurately support the disclosure of the mineral resource estimate of the Imwauna Project.. In PG’s opinion the mineral resource model and estimation conform to NI 43-101 guidelines. PG has reviewed this release and grant their permission to release the data and resource estimate in this Press Release. In PG’s opinion the exploration completed to date confirms the resource as Inferred but with additional exploration and data compilation, the resource may be upgraded to Indicated and/or Measured. The resource is based on 137 drill holes drilled on nominal 50m by 25m spacings but with some spacings as close as 12.5m by 25m, or at the strike extremities of the resource, at 100m by 50m spacings (see Figures 1 and 2 in Press Release dated 23 April 2008 for drill location plans) All drill assay results from the Imwauna Project, with location co-ordinates, up until the resource cut off at hole IMD 122 are shown in Table 1 Modeling and resource estimation was carried out using Surpac Vision software by NGG VP Exploration Jack Drzymulski, QP, in consultation with Independent QP Ralph Stagg M.Sc, DIC, F AusIMM, MIMMM QP of Project Geoscience. Cross-sectional interpretations were used to create a 3D wireframe model from which a block model was developed. Gold and silver grades were estimated using an inverse distance to the power of three interpolations with an isotropic search radius of 125m. The block model has cell dimensions of 10m x 1m x 2m (northing, easting and elevation respectively) and its orientation is sub-parallel to the overall orientation of the main vein. The informing data was 1m vein composites of the main and east veins only. Variography was tested but no reasonable correlations were found. Interpolation parameters were bearing 012º, plunge -5º and dip -80º to the east. All drill hole co-ordinates and levels, and a contour plan were prepared from ground surveys. The Bulk Density used in the resource estimate was 2.65 Selective check sampling, bulk sampling, and assay standards show reasonable reproducibility and correlation with original results as expected from high grade vein gold deposits. PG has verified the data disclosed including sampling, analytical and test data. PG has also verified the sources of data and in PG’s opinion the satisfactory replication of data in a number of verification programs by different entities confirms the overall reliability of the data set. All presently required environmental permits are in place and NGG holds current title to the mineral resource area under Exploration License 1091, Normanby, granted by the Papua New Guinea Government. The mineral resource estimate is not known to be materially affected by any environmental, legal, title, taxation, socio-political, marketing or other relevant issues except as may be required from time to time by the Papua New Guinea Mining, Environmental and Taxation Acts.
Drill core is currently logged and split (all by diamond saw) on site with half core being dispatched to, and assayed by accredited laboratory ALS–Chemex in Townsville, Australia. In house and laboratory standards are used for quality control plus regular check sample assaying. Trench samples are usually continuous channel samples, in lengths dependent on geology or in one or two metre intersects. Some samples were panel samples over a face of mineralisation or bulk samples. Usually about 3kg is collected and prepared and assayed at ALS – Chemex in Townsville, Australia. Other Information The Normanby Property has been the subject of three earlier Independent Technical Reports on behalf of NGG, in 1996, 1998, and 2002 by Peter Christopher, PhD, P.Eng of Peter Christopher & Associates. The report in 2002 was compliant with NI 43-101 guidelines, is filed on Sedar and at www.newguineagold.ca. . New Guinea Gold is the premier junior explorer and miner in Papua New Guinea, with interests in ten gold and two porphyry copper-gold-molybdenum properties. With 75,000 + metres of drilling completed, extensive gold or copper-gold-molybdenum mineralisation has been discovered at 11 of the properties while the 12th contains widespread and extensive alluvial gold. The Company’s outstanding shares are traded on the TSX-Venture, Frankfurt, and Berlin Stock Exchanges. In addition to the Imwauna Project the Company has commenced gold production at its Sinivit Gold Mine, in East New Britain, Papua New Guinea. The Company also owns an approximate direct 46% interest in Australian Securities Exchange listed company, Coppermoly Ltd and 30% in Pacific Kanon Gold Corporation which is intended to list on the TSX-V in the near future. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca . The information in this release was prepared under the direction of Robert D. McNeil (F Aus IMM) a “qualified person” as defined by National Instrument 43-101. NGG follows a rigorous QA/QC protocol on all of its exploration projects. This news release may contain forward-looking statements, which are subject to certain risks, uncertainties and assumptions. A number of factors could cause actual results to differ materially from the results discussed in such statements, and there is no assurance that actual results will be consistent with them. Such forward-looking statements are made as at the date of this news release, and the company assumes no obligation to update or revise them, either publicly or otherwise, to reflect new events, information or circumstances, except as may be required under applicable securities law. For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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 Summary Assay Results Used in Resource Estimate
Note: No results used in resource estimation means all results less than 0.5g/t gold or narrow intersections usually less than one metre and 1g/t gold which appear not to have continuity.
Vancouver – 3rd June, 2008.
Bob McNeil CEO and Chairman noted: “May was our first significant month of gold production for Sinivit and all aspects of the project are on schedule to increase production in June to 1,500/2,000 ozs, and in July to 2,000/2,500 ozs. We expect to add approximately 20,000 tonnes of ore per month to the vats in each month in the future. In addition to Sinivit the new resource estimate for the Imwauna Project, at the Normanby Property is still on schedule for release in mid June. Drilling is continuing at both the Sinivit and Imwauna Projects. NGG’s 45% owned, and associate company Coppermoly Ltd, is also drilling ahead at its Simuku copper, gold, molybdenum system and has commenced exploration at its Mt Nakru copper, gold molybdenum property. Excavator trenching has also commenced at Pacific Kanon Gold’s (presently 50% owned by NGG and 50% by Vangold) Fergusson property. An update on the status of the Pacific Kanon Gold IPO will be issued in the near future”. Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca . Wednesday, June 18th, 2008 at 11:00 a.m. (Vancouver Time) A photo slide presentation and projects update will be offered to shareholders and guests immediately following the meeting. For further information contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net
Vancouver – 23th April, 2008. Compilation and assessment of drill hole results from the Imwauna Project, Normanby Property, Milne Bay Province, Papua New Guinea, has defined two significant targets for high grade mineralisation at depth (50 to 150m) below the drilled mineralisation. This compilation has been carried out as part of the resource estimate, which is in progress as was noted in our Press Release of 8th April 2008. The initial resource estimate will be based on the drill hole data in the enclosed table. To provide a visual depiction of the Imwauna system, as it is known at this time, the following plans/figures and table are included:
The boundaries of each “gold zone” on the long section were determined using Surpac resource definition software.
The diagrams and drill hole results tables illustrates that our knowledge of the drilled Imwauna system can be summarised as follows:
Bob McNeil CEO and Chairman commented: “a system such as the Imwauna System which appears to extend over a wide zone five kilometres in length still requires large numbers of drill holes to determine its ultimate potential. As can be seen from the diagrams, drilling will have to continue for a number of years yet to determine the full potential. Although the main gold zone is more or less continuous there are rapid changes in widths and gold grades. In addition multiple intersections, including parallel veins and discordant “splits”, complicate the overall interpretation. The increasing grades with depth in the central part of the system and the likely further extension to depth of the northern high grade zone are exciting in terms of the possibility of defining more high grade mineralisation. In addition, the potential for additional gold mineralisation away from the present drilled area based on a few reconnaissance drill holes, geophysics, soil geochemistry, trenching and rock sampling is excellent. At this point in time we are on track to announce the initial resource estimate, based on the first 140 holes drilled for which assays are available, about mid June, with the independent NI 43-101 being filed on SEDAR before the end of July. Drilling continues with assays for at least a further 10 holes pending.”
No results used in resource calculation means all results less than cut off of 0.5g/t gold or narrow intersections usually less than one metre and 1g/t gold which appear not to have continuity. Background The Imwauna project is located within the Normanby Property, southeast Papua New Guinea. The Company owns 100% of this property. Imwauna is the second of the Company’s key gold projects. The Imwauna project contains defined gold mineralisation scattered over approximately 10 square kilometers, and occurs in the same geological zone and is along structural trend from Placer Dome’s former Misima Mine (5 million ounces of gold). It was selected by management for a major evaluation program in 2006 to extend the known mineralisation and to build a substantial resource base. Two drill rigs have been used on the project through much of 2007. Both rigs are owned and operated by the Company. Approximately 150 holes have now been drilled at Imwauna (over 200 on the property), with most results available on NGG’s web site (all except most recent drill holes yet to be announced). The project can be summarized as follows:
Drill core is logged and split (all by saw) on site with half core being dispatched to, and assayed by accredited laboratory ALS–Chemex in Townsville, Australia. In house and laboratory standards are used for quality control plus regular check sample assaying. Trench samples are continuous channel samples, in either one or two metre intersects. Usually about 3kg is collected and prepared and assayed at ALS – Chemex in Townsville, Australia. Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca . For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca
ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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
Vancouver – 16th April, 2008. The Board of Directors of New Guinea Gold Corporation (“the Company”) has approved the issuance of incentive stock options to certain of its Papua New Guinea (“PNG”) employees and consultants for up to 1,750,000 common shares in the capital stock of the Company at an exercise price of $0.43 for a period of five years from April 14, 2008 but are subject to a one year vesting period from that date. Options have been granted to employees in the PNG operations including: Sinivit Mine Manager, Earth Moving Supervisor, Process Supervisor and Deputy Mine Manager, Exploration Manager-PNG, Consulting Mining Engineer-Sinivit Mine, Metallurgy Manager, Drilling Supervisor, Senior Geologist-Sinivit Mine, Site Administration Officer as well as two drillers, the shotfirer at Sinivit and the person in charge of Special Projects. There are no company directors or officers included in this issue of stock options. The issuance of these options is subject to filing and approval of documentation to be provided to the appropriate regulatory authorities and the conditions of the Company’s Stock Option Plan which was originally approved by the shareholders on June 17, 2005. Authority was granted to Company Directors to amend the Stock Option Plan obtained at the Annual General Meeting of the Company on June 15, 2007. For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net .
ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy of this release.
Vancouver – 8th April, 2008. Highlights
Sinivit Commercial mining and gold production commenced at the Sinivit Mine in April 2008 with the commissioning of Vat 1C lift (a vertical extension of Vat 1C) and Vat 2. The present and immediate future processing plan is as follows: Commercial mining and gold production commenced at the Sinivit Mine in April 2008 with the commissioning of Vat 1C lift (a vertical extension of Vat 1C) and Vat 2. The present and immediate future processing plan is as follows:
The average grade of mineralisation placed in the above vats, based on the updated pit design, is estimated to exceed 5.5g/t gold. Based on feasibility and commissioning studies, it is estimated that 50% of the leachable gold will be leached in the first 21 days, with the remaining 50% over the following 50 days. Expected recovery at this stage is 80%. The production of gold in any given vat is thus dependent on time and will decrease over time. Monthly production will show significant variations, particularly depending on the amount of new mineralisation placed in any vat. Bob McNeil, Chairman and CEO commented: “until we have the results of several months of mining and leaching we will not attempt to provide accurate monthly forecasts of gold dore production. Also, as we can store relatively large amounts of gold on carbon, in carbon columns, prior to smelting, we intend to take advantage of this fact to allow us to produce and sell dore gold when we perceive the market to be most advantageous. We will not produce dore gold and hold on site because of security risks”.
A revised southern oxide pit plan, based on grade control drilling to 30m depth has lifted the average grade of mineralisation to be mined from 3.82g/t gold to 5.83g/t gold. This revised grade is based on approximately 130 reverse circulation drill holes, each to a maximum depth of 30m. The extent of mineralisation below 30m, in the pit, is yet to be determined but many of the drill holes terminated in mineralisation greater than 5g/t gold. Exploration to the north of the proposed Northern Oxide pit has defined the Sinivit mineralisation for a further 300m. At the northern end of the proposed northern oxide pit, drill hole DDH110 intersected 13.5m at 1.82g/t gold from surface to 13.5m (60 degree angle hole). Three excavator trenches across the mineralised zone at intervals of approximately 100m over the 300m north of hole DDH110, gave trench results of 10m at 2.6g/t gold, 20m at 1.5g/t gold and 10m at 1.0g/t gold. Drilling is now testing this zone at depth with diamond core holes DDH112 and DDH113 completed and assays awaited. Holes DDH114, DDH115,and DDH116 are in progress or will commence in the near future. Bob McNeil, Chairman and CEO commented: “although the drill and trench intersections are relatively low grade they confirm the northerly extension of the Sinivit mineralised zone. Much of the present known Sinivit oxide mineralisation is also relatively low grade but average grades are markedly increased by a number of relatively high grade “shoots”. There is a good chance such high grade shoots may ultimately be defined in this northern extension as well. Exploration is continuing to the north and is expected to ultimately test the Sinivit and Kavursuki zones. Kavursuki is a further 500m north of the northernmost trench.”
To further support the dedicated team at Sinivit, the contractor, HBS Machinery, in association with the Company, has appointed a very experienced earth moving supervisor – Phil Davis. Mr Davis commenced at the site in late March 2008. Imwauna Project (Normanby Property) Two diamond core drills continue to define additional gold mineralisation and extend our knowledge of the Imwauna Project. A third drill should be operating in this area by mid-year. The Imwauna Project is, at present a 1.5km long structural zone, up to 100m wide, with numerous, semi continuous zones of gold mineralisation. The Imwauna Project, in turn, is within a 5 km by 2 km Zone with extensive surface gold anomalism in soils and rock chips, most of which remains to be explored in detail. At Imwauna, currently drill hole IMD133 is in progress. Approximately 150 drill holes have been completed on this system to allow an initial resource estimation. An “in house” resource has been estimated for the central, 900m long section, mainly within 50 to 100m of ground surface. The system is open to depth. The estimate is presently being checked and reviewed and will then be extended to cover the recent 300m long northern and southern extensions to the system. The estimate should be completed by late May and will then be reviewed by an Independent QP who will prepare a new NI 43-101 report, expected to be released before August 2008. Coppermoly Limited The Company’s 50% owned subsidiary Coppermoly Limited raised $8 million and listed on the Australian Securities Exchange in January 2008. Coppermoly is targeting two former NGG porphyry copper/molybdenum/gold properties in West New Britain, Papua New Guinea, the Simuku and Mt Nakru Projects. Drilling commenced at Simuku late in March with one diamond core rig. A second rig will commence drilling shortly. Bob McNeil Chairman and CEO commented: “these properties have the potential to host very large copper/molybdenum systems. Extensive exploration, both drilling and trenching, has located widespread mineralisation and Coppermoly’s objective is to define resources at one or both properties within 18 months. Although not material properties for NGG at this time, if Coppermoly is successful, because of the likely size of the systems, they could become very significant within a short period of time. We await the initial drilling results with great interest.”
Drill core is logged and split (all by saw) on site with half core being dispatched to, and assayed by accredited laboratory ALS – Chemex in Townsville Australia. Trench samples are continuous channel samples, in either one or two metre intersects. Usually about 3kg is collected and prepared and assayed at ALS-Chemex in Townsville, Australia. Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca . For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca
ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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
Vancouver – 25th February, 2008. New Guinea Gold (NGG:TSX-V) (“NGG or the Company”) announces that a total 38,915,438 Share Purchase Warrants, which expired on February 17, 2008 (“the February/2008 Warrants”) have all been exercised, for gross proceeds of approximately CAD$11.7 million. Of the total of approximately 39 million warrants exercised, some 18.7 million were exercised after January 1, 2008. (NGG paid a fee of CAD$112,000 to Bolder Investment Partners for their assistance in the warrant exercise process.)
“Exercise of the outstanding Warrants over the past two years has provided New Guinea Gold with funds to assist in the development of the Sinivit Gold Mine, and to fund exploration on our Papua New Guinea projects” said Bob McNeil, Chairman and CEO. Bob McNeil also commented “these funds, plus increasing gold production from the Sinivit Mine place the Company in a strong financial position. The new funds are expected to be used in part to increase drilling rates at both the Sinivit and Imwauna projects by adding a further drill to each property by mid year. In addition the Company invested CAD$2 million of the proceeds in the successful Coppermoly Limited IPO, completed in Australia in January 2008 (listed on the Australian Securities Exchange). The Company now has an approximately 50% effective interest in Coppermoly Ltd. Coppermoly Ltd has cash resources of approximately CAD$7 million and is exploring the Simuku and Mt Nakru projects in New Britain, Papua New Guinea. Coppermoly expects to have three drills working on these properties by the second quarter of 2008. The Coppermoly investment was initially funded by a bridge financing loan arrangement with Vangold Resources Ltd. which has since been repaid (see Press Release dated 1st February 2008). I would also like to thank warrant holders for supporting the Company”. As of February 21, 2008, New Guinea Gold had cash of approximately CAD$7 million. Following exercise of the February 2008 Warrants, the Company has 154,757,480 shares issued. Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca . For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca
ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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
Vancouver – 4th February, 2008. New Guinea Gold Corporation (NGG) report that 302ozs of gold were produced and sold in January 2008. Bob McNeil Chairman and CEO of NGG commented: “gold production in January was as expected and was similar to the December production . A three week mine shutdown over Christmas – New Year reduced production, as did heavy rain and high winds throughout much of January. January is the height of the wet season at Sinivit.
The mine is still on track to substantially increase production with a target of 3000ozs/month as noted in the Independent NI 43-101 report dated January 2006. Vat 1, which contains 6,000t of ore is currently in production and Vats 2 and 3 are both scheduled to be in production by March/April with a total capacity of over 40,000 tonnes of ore. 20,000t of crushed ore is currently stockpiled.
Mine cash costs in the October to December period were fairly constant at approximately US$450,000 per month. In January they are expected to be of the order of approximately US$390,000 due to the Christmas/New Year shut down period. We now have sufficient experience to estimate that the mine cash costs will increase to an average of US$500,000 per month, due to additional reagent usage, as gold production increases.
The NI 43-101 report also quotes an estimated mine operating cash cost of US$120/oz of gold at the projected production rate of 3,000 ozs/month. Site cost experience now indicates that this cost has risen to US$170/oz at a projected production rate of 3,000 ozs/month and will increase above that figure if the above production rate is not achieved. Mine cash costs are expected to remain constant at US$500,000 regardless of gold production.” Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit. Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca .
The technical data in this release was prepared by or under the supervision of Robert D. McNeil, CEO of New Guinea Gold Corporation. Mr McNeil has an MSc in Geology, 44 years mining industry experience, is a Fellow of the Australian Institute of Mining and Metallurgy, and meets the requirements of NI 43-101 for a qualified person. For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca
ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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 |
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Vancouver – 1st February, 2008. HIGHLIGHTS
All previous results above a cut-off of 0.5g/t gold from hole IMH095 to IMH122 are shown in Table 1. True widths are uncertain but would range from 70% to 90% of downhole length. Bob McNeil Chairman and CEO of New Guinea Gold (NGG) commented: “The Imwauna Vein System includes several named prospects with widespread gold in soil geochemistry over 4 sq kms. The main prospect drilled to date is the Imwauna Main Vein with other prospects being Imwauna South – Main Vein extension; Imwauna North – Main Vein extension; Imwauna North, Imwauna Far North, Kelas, Ebessowa and The Knob,
Most exploration to date has been focused on Imwauna Main Vein but exploration in 2008 will be focused on broadly extending our knowledge of the gold contained at depth and along strike at the Imwauna Main Vein and in the other prospect areas. Each prospect is not a single vein but several veins and splits over surface widths of up to 150m.
The Knob prospect contains disseminated gold in volcanics and is distinct from the vein systems.
The vein systems are well defined and mostly continuous but pinch and swell from a few cms to over 10m in width. Grades vary from less than 1g/t gold to over 400g/t gold with best intersections such as 5.6m at 36g/t gold including 0.4m at 438g/t gold and 485g/t silver; 6m at 68g/t gold and 67g/t silver. All drill results are available at www.newguineagold.ca . The key objective of exploration is to identify further bonanza zones such as those above.
It is anticipated that funds received from exercise of New Guinea Gold’s 30 cent warrants, plus cash flow from the Sinivit Mine will allow a 100% increase in exploration of this project later in 2008. It is planned to add a further two drills to continue to expand the resource”. Jack Drzymulski, Vice President Exploration for New Guinea Gold summarised the work completed as follows: TABLE 1
“Over 150 drill holes have now been completed on the Normanby Project with twenty-eight diamond drill holes completed at Imwauna in 2007. IMH116 and IMH 117 were not drilled due to landslips over the collar site – they will be drilled in 2008. Twelve diamond drill holes were drilled at the Ebessowa prospect (EBH001 to EBH012). Total meterage was 4,272.6m.
Recent results are as follows:
Imwauna South – Main Vein Extension
Five holes (IMH118 to IMH122) were completed in this area with encouraging epithermal veining and gold encountered in each hole.
Assays confirm the continuity of the mineralised structure for a further 300m south of the last effective fence line of drill holes (IMH072/IMH087).
It appears that, in this area, the main vein jogs significantly to the west and a more narrow, but still laterally continuous splay vein continues on in the main strike direction. The three southern drill holes from 1996 programs (IMH003, IMH006, & IMH007) all targeted the splay vein and missed tha main vein.
Surface mapping has traced significant epithermal veining along strike of the main Imwauna vein system for a further 600m to the south of the most southern drill holes IMH121 & IMH122.
Mapping is still required to the south to determine the nature of the Kelas / Imwauna junction, which we believe holds promise for bonanza grades within a strong dilational zone.
Imwauna North – Main Vein Extension
Several holes targeted the Main Imwauna Vein to the north – IMH102 to IMH109, IMH111, IMH113 and IMH114. These holes have tested over 400m of strike extent north of the most northerly hole drilled previous to this year’s program. They were generally sited to test mineralisation below strong gold grades in surface trenching.
Strong epithermal veining with equally high gold grades was encountered in the most northerly of these drill holes IMH10-2 (1.7m at 23.3g/t gold and IMH103 (0.3m at 16.0g/t gold). The remaining infilling holes south of this were generally of lower grade, but they all intersected significant thicknesses of epithermal quartz veining:
IMH104 2.0m at 2.77g/t gold IMH105 0.4m at 0.84g/t gold and 0.6m at 0.96g/t gold IMH106 0.9m at 6.08g/t gold IMH107 0.5m at 5.22g/t gold IMH108 No grades above 0.5g/t gold IMH109 0.8m at 4.66g/t gold
Drilling next year will target (amongst other things) the far northern extension to the Main Imwauna Vein, where strong gold grades point to a further strike extension. One of the major focuses will be to interpret the nature of controls on the pinch and swell of the vein system to attempt to focus drilling on wider, possible bonanza zones, similar to those reported last year (with grades to over 400g/t gold).
Ebessowa South
Five holes were drilled in this area (EBH001, EBH002, EBH003, EBH008 and EBH009. The targets in this area are high grade zones continuing down-dip from those encountered in trench excavations:
EBH001 surface trench 0.8m at 55.7g/t EBH002 surface trench 0.75m at 22.27g/t EBH003 surface trench 0.75m at 18.52g/t EBH008 attempted to close off the mineralised zone to the south EBH009 attempted to close off the mineralised zone to the north
All holes returned lesser gold assays than that encountered in the trenches.
Detailed study will be carried out in 2008 to interpret and understand the nature of the Ebessowa mineralisation.
TABLE 2
Imwauna Far North
The targets in this area were high grade zones continuing down-dip from those encountered in trench excavations along the 160 Vein (a splay off the main Imwauna vein striking 160º Mag).
A summary of results is as follows:
EBH004 no grades above 0.5g/t gold EBH005 1.1m at 0.62g/t gold EBH006 no grades above 0.5g/t gold EBH007 1.5m at 3.43g/t gold EBH012 0.3m at 1.62g/t gold
Imwauna North
The mineralised vein system in this area strikes east-west, and as such, constitutes a significantly different structural setting to veining elsewhere in the project area. Interpretation of the drilling is continuing. Two holes were drilled in this prospect: EBH010 and EBH011 – neither showed significant gold mineralisation.
A more detailed interpretation is needed to understand the nature of the Ebessowa and Imwauna North Systems. Work is proceeding on this.”
Jack concludes his summary as follows: “All the southern holes had good grades. Together with surface mapping that was carried out in December, a possible strike extension of 900m has been identified. The grade of the southern holes suggests that the grades and thickness are increasing at the southern end of the Imwauna Main Vein – perhaps reflecting a new bonanza zone. The southern end is complex with vein splits and possible parallel veins which could also increase the potential of this part of the system.”
Samples are generally one metre, or sampled on a geological basis, one half core prepared on site using a diamond saw. Preparation and assaying was completed at accredited laboratory ASL-Chemex in Townsville, Australia.
For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net or access our website – www.newguineagold.ca
ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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 |
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Vancouver – 1st February, 2008. New Guinea Gold Corporation (“the Company or NGG”) is pleased to announce the listing of Coppermoly Ltd’s (“Coppermoly”) Initial Public Offering on the Australian Securities Exchange (“ASX”) on January 31, 2008. The IPO raised AU$8 million and is the successful outcome of a planned reorganization of NGG’s exploration assets, specifically the Mt. Nakru and Simuku copper molybdenum projects (“the projects”) previously announced in a News Release dated October 26th, 2007. NGG holds a direct 46% interest in Coppermoly and a further indirect interest of approximately 3.6% through it’s shareholding in Pacific Kanon Gold Corporation. NGG acquired a 29% direct interest in Coppermoly in consideration for the transfer of the title of the two projects to Coppermoly. These shares are escrowed for two years. A further 17% was acquired bya direct investment by NGG in Coppermoly. This was achieved by way of a $2 million short-term Loan Agreement with Joint Venture Partner, Vangold Resources Ltd. (“VAN”). The loan is subject to a 5% per annum simple interest rate. Subject to TSX-V Exchange approval, NGG will also issue 400,000 shares of the Company to VAN plus 400,000 bonus warrants, exercisable at $0.60 for a period of two years. The sale of these shares and any shares acquired as a result of the exercise of the bonus warrants are subject to a sale restriction of one year. NGG considered it essential to make this investment in Coppermoly to achieve the successful listing. The listing means that NGG retains almost 50% of the projects after AUD$6 million has been raised to take these projects forward. The projects will no longer require cash contributions from NGG and will allow NGG to focus on its gold developments at Sinivit, Imwauna and Weioko. Coppermoly issued a release to the ASX on 30th January 2008 as shown below:
Further results from the Sinivit and Imwauna Projects are presently being compiled and are to be released within the next few days.
For further information contact Forbes West toll free at 888 655 5532, email forbes@sherbournegroup.ca or Judith O’Quinn at 604 662 3598, email ngg@telus.net
ON BEHALF OF THE BOARD “R.D.McNeil” The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy 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 |
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