New Guinea Gold (NGG) is a premier junior explorer and miner in Papua New Guinea, with direct and indirect interests in eight gold and two porphyry copper-gold-molybdenum properties. With 90,000 + metres of drilling completed, extensive gold or copper-gold-molybdenum mineralization has been discovered at all the properties. Gold production has commenced at the Company's premier property, the Sinivit Mine, and NGG is now focused on expanding production and developing the gold, copper and tellurium discovered there.
The Company brought in partners with the financial and technical resources to speed up development on eight other projects while retaining upside for shareholders. To date, NGG has:
- Sold the Company's direct interest in Pacific Kanon Gold Corporation ("PKG") projects, all located in Papua New Guinea to Vangold Resources. NGG will retain an approximate 21% interest in the PKG properties through the Company's newly combined 13% shareholding in Vangold and the Company's carried interests in the PKG properties.
- NGG has transferred its 50% interest in the Imwauna (EL 1091) and Sehulea (EL 1069) projects to NMC Mining Corp (Normanby). Normanby, under an Option Agreement, can earn that 50% interest in EL's 1069 and 1091 having made a cash payment to NGG of $1.4 million and after completing exploration expenditures of CAD$8 million over 3 years. NGG has been issued shares in Normanby equivalent to 45% of the outstanding capital of Normanby: NGG’s ownership of Normanby will be reduced as the CAD$8m expenditures are completed. NGG will retain it’s interest in the projects through its shareholding in NMC.
- A 15.287% interest in Coppermoly which is listed on the Australian Securities Exchange. Coppermoly in turn has an option agreement with Barrick Gold under which a subsidiary of Barrick will sole fund up to AUD$20 million to earn up to a 72% interest in Coppermoly Ltd's three tenements on New Britain Island, Papua New Guinea. This agreement provides significant upside since Coppermoly can retain a 28% interest in the projects, funded to feasibility.
The Company’s shares are traded on the TSX-Venture, Frankfurt, and Berlin Stock Exchanges.