New Guinea Gold Corporation/NMC Mining Corp Joint Venture Reports Widespread Gold in Rock at Kela's Prospect, Northwest of Imwauna Project, Papua New Guinea
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/10 -- New Guinea Gold Corporation ('NGG' or the 'Company'), (TSX VENTURE: NGG)(FRANKFURT: NG8) on behalf of the NMC/NGG Joint Venture, carried out extensive surface rock chip sampling in the Kela's area to the northwest and north of the Imwauna gold resource (see accompanying figure) showing anomalous gold in soils and the location of Imwauna.
This sampling, which is expected to be the pre-cursor for excavator trenching and drill testing returned many significant results - 20% of all samples were greater than 4g/t gold and 42% were greater than 1g/t gold. These results are encouraging and confirm that other parts of the general Imwauna area could contain significant gold resources.
All sample results are given in the table below click here to illustrate the large number of significant results.
To view the 'Rock Sampling Assays', please visit the following link:
http://media3.marketwire.com/docs/ngg1018table.pdf
To view a map of the 'Imwauna project area', please visit the following link:
http://media3.marketwire.com/docs/ngg1018map.pdf
All samples are prepared in Lae PNG by Intertek Ltd and analysed at accredited laboratory Intertek Ltd, Jakarta, Indonesia.
The Imwauna Project is beneficially held 50% by NGG and 50% by NMC. NMC may earn a further 50% of the project by spending on exploration a further $7,550,000 before June 22, 2013. NMC must spend approximately $2 million before June 22, 2011. NMC plans to re-commence drill testing in mid November 2010.
NMC holds approximately 27 million shares and warrants in NGG and NGG in turn holds 15,682.269 shares in NMC. The latter shareholding represents approximately 31% of the issued shares in NMC.
The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australasian Institute of Mining and Metallurgy and a 'qualified person' as defined by National Instrument ('NI') 43-101. Mr McNeil has read and approves the information contained herein.
For further information on this release or on other NGG projects, contact Forbes West toll free at (888)6555532, email forbes@sherbournegroup.ca, info@newguineagold.ca, or access our website - www.newguineagold.ca.
ON BEHALF OF THE BOARD
R.D.McNeil, CHAIRMAN & CEO
Forward Looking Statements - Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of NGG, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
New Guinea Gold Corporation
Forbes West
Toll Free: (888) 655-5532
forbes@sherbournegroup.ca / info@newguineagold.ca
www.newguineagold.ca