New Guinea Gold Announces Retirement of Robert McNeil
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/05/10 -- New Guinea Gold Corporation ('NGG' or the 'Company') (TSX VENTURE: NGG)(FRANKFURT: NG8) today announced that founder Robert D. McNeil had notified the Company of his decision to retire as Chairman and Chief Executive Officer effective from 31 October 2010. Mr McNeil will resign as a Director effective March 31, 2011.
In order to facilitate a constructive and orderly transition he will continue to provide his knowledge of PNG and his technical expertise to the Company on a part-time basis until the end of 31 July 2011. He will also be providing consulting services to Vangold Resources Limited and NMC Mining Corporation.
Bob McNeil formally founded and joined the Board of New Guinea Gold in May 1996 following an extensive career with multinational resource companies, in Australia, USA and the Asia Pacific region. Early in his career, Bob was directly associated with the Juno and Warrego mine discoveries at Tennant Creek in Australia and later, as Regional Exploration Manager for Unocal, based in Arizona, he gained expertise in the search for porphyry copper deposits. In 1980, Mr. McNeil was appointed General Manager of Exxon's Papua New Guinea Mineral Exploration Group and moved with his family to PNG. A number of the discoveries made by the Bob's Exxon Group during this period eventually became NGG projects.
Maurice Gannon, President of the Company, stated: 'Bob McNeil has 50 years of experience in the industry, 30 of which have been focused upon Papua New Guinea. During his 14 years as a Director of New Guinea Gold the company has maintained consistent and continuous exploration of PNG's mineral resources. Bob retires leaving the company with interests in eight gold and two porphyry copper-gold projects. On behalf of the Board we thank Bob and wish him well as he enters this new phase.
'The Board and I very much appreciate Bob's past contributions to the Company and his willingness to contribute to a positive and constructive transition. The Company has a great heritage and expertise in mineral exploration in PNG and our primary focus will be to strive to build wealth for our shareholders.'
For further information on 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
Maurice Gannon, President
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