NGG
newguineagold.ca
Bob McNeil Interview at 2007
Vancouver Resource Conference
Disclaimer: This interview may contain Forward Looking Statements and actual results may differ materially. Costs for this interview were paid for by NGG. The views expressed by Al Korelin and Jay Taylor are their own and do not necessarily represent those of New Guinea Gold
26 March, 2007 PRESS RELEASE - IMWAUNA DRILLING INTERSECTS GRADES TO 44.5g/t GOLD & 86g/t SILVER OVER 1.4m
23 March, 2007 NGG CLOSES FIRST TRANCHE OF ITS 12 MILLION UNIT PRIVATE PLACEMENT
26 February, 2007 PRESS RELEASE - DEVELOPMENT/EXPLORATION UPDATE
22 February, 2007 NEWS RELEASE - PRIVATE PLACEMENT INCREASED TO 12 MILLION UNITS FOR UP TO $5,040,000
21 February, 2007 NEWS RELEASE - 3m at 180g/t GOLD (6 ozs) within 24m at 33.7g/t GOLD in TRENCH at MT PENCK
19 February, 2007 PRESS RELEASE - NEW GUINEA GOLD SIGNS ENGAGEMENT AGREEMENT TO RAISE UP TO $3,360,000 BY WAY OF PRIVATE PLACEMENT
15 February, 2007 NEWS RELEASE - 13m at 13.5g/t GOLD & 13.8m at 10.74g/t GOLD (high of 1m at 90.2g/t GOLD) in TRENCH at SINIVIT PROJECT
12 February, 2007 PRESS RELEASE - SIGNIFICANT BEDROCK GOLD MINERALISATION DISCOVERED WITHIN A LARGE GOLD SOIL ANOMALY AT YUP RIVER
06 February, 2007 NEWS RELEASE - HIGH GRADE MOLYBDENUM - 7m at 0.6% Molybdenum - IN DRILL HOLE at SIMUKU PROPERTY
05 February, 2007 NEWS RELEASE - J/V AGREEMENT EXTENDED / DRILL PROGRAM TO COMMENCE AT FENI ISLANDS
19 January, 2007 PRESS RELEASE - 7m at 2.95g/t GOLD in HOLE MPD033 at MT PENCK
03 January, 2007 PRESS RELEASE - THREE DRILL HOLES COMPLETED AT MT NAKRU TO TEST NEAR-SURFACE GOLD MINERALISATION
02 January, 2007 PRESS RELEASE - MT. PENCK DRILL RESULTS
26 March, 2007
PRESS RELEASE
IMWAUNA DRILLING INTERSECTS GRADES TO 44.5g/t GOLD &
86g/t SILVER OVER 1.4m
Vancouver 26th March 2007. New Guinea Gold (NGG) reports further drill results from its 100% owned Imwauna Project within the Normanby Property. All results above a cut-off of 0.5g/t gold are shown in the table below.
Intersections ranged from 1.4m at 44.5g/t gold and 86g/t silver within a 3.8m zone averaging 21.2g/t gold and 44g/t silver, to wider intervals of moderate grade such as 4.6m at 9.5g/t gold and 15g/t gold, to narrow low grade intervals such as 0.5m at 1.65g/t gold and 1g/t silver.
Of particular significance are the multiple intersections in hole IMD 094 of 4.6m at 0.5g/t gold and 15g/t silver between 9.1 and 13.7m downhole; 1.7m at 13.36g/t gold and 16g/t silver between 34.4 and 36.1m downhole, and 0.5m at 15.5g/t gold and 29g/t silver between 64.7 and 65.2m downhole. These multiple intersections suggest that some earlier holes were terminated prematurely and did not test the entire mineralised zone. Hole IMD 092 was terminated prematurely due to operational reasons and may not have fully tested the target zone. These results continue to add to our knowledge of the Imwauna mineralised zone. Overall the results are as expected with continued wide variations in grade and width along strike and to depth. Experience has now shown that even narrow intervals of high grade such as the 0.5m at 15.5g/t between 64.7 and 65.2m in IMD094; and 0.2m at 34.3g/t between 153.2 and 153.4m downhole in IMD087 are significant as these zones can rapidly increase in width along strike or to depth.
A second diamond core drill has now been mobilised to Normanby Island. After completing several holes at the adjacent Weioko prospect on the Sehulea Property this drill will move to Imwauna to increase the drilling capability at that project. In addition a new 14 tonne excavator has been mobilised to Imwauna to commence exploratory trenching outside and beyond the drilled area at Imwauna. Exploration such as soil geochemistry, CSAMT geophysics and aeromagnetics suggests that mineralisation is present over an area of 4km by 2km (see map on our web site at www.newguineagold.ca) and the area tested by drilling to date at Imwauna represents less than 10% of the potentially mineralised area at surface. The Imwauna system is as yet essentially unknown at depths of more than 100m.
Future drilling at Imwauna will focus on exploratory holes to test the system at depth and further along strike. These exploration holes will allow an inferred resource for the system to be estimated in addition to possible indicated and measured resources based on the detailed drilling completed to date.
Drill Hole Location Data
Hole No
Co-Ordinates
Azimuth
Dip
Final Depth
R.L
North
East
degrees
Degrees
(m)
(m)
IMD086
IMD087
IMD091
IMD092
IMD094
8886611
8886590
8886652
8887160
8886921
288811
288824
288956
289150
289092
95
100
100
100
100
-50
-60
-60
-70
-70
180
150
70.6
42.3
120.2
548
557
529
450
482
Summary of Intersections above 0.5g/t gold
Hole No
Intersection
Interval
Gold
Silver
From
To (m)
(m)
(g/t)
g/t
IMD087
inc.
150.3
153.2
168.0
153.4
153.4
168.5
3.1
0.2
0.5
5.23
34.3
1.65
7
46
1
IMD086
43.6
44.5
0.9
1.1
3
IMD091
inc.
8.3
10.7
12.1
12.1
3.8
1.4
21.1
44.5
44
86
IMD092
34.9
35.8
0.9
6.45
22
IMD094
inc.
9.1
9.1
34.4
64.7
13.7
9.6
36.1
65.2
4.6
0.5
1.7
0.5
9.5
28.6
13.4
15.5
15
27
16
29
True widths of intersections are estimated to be between 70 and 90% the interval above.
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
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.
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 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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23 March, 2007
NEW GUINEA GOLD CLOSES FIRST TRANCHE OF ITS
12 MILLION UNIT PRIVATE PLACEMENT
Vancouver - 23, 2007. New Guinea Gold Corporation ("NGG" or the "Company") announces that it has closed the first tranche of a private placement arranged through its agent, Bolder Investment Partners, Ltd. ("Bolder" or "The Agent") in an offer (the "Offer" or the "Offering"), of up to 12,000,000 units of the Company at $0.42 per unit (the "Units") to raise up to $5,040,000. The first tranche formally closed is for 10,112,500 Units for gross proceeds of $4,247,250.
Each Unit consists of one common share and one half of one non-transferable common share purchase warrant (the "Warrant"). Each whole Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.55 for a period of two years from the completion of the financing, subject to early expiry provisions as follows: Once resale restrictions on the Units have expired on July 24, 2007 and upon the Company's shares trading at or above a weighted average trading price of $0.90 for 20 consecutive trading days, the Company may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to Warrant holders and via a news release).
Bolder will receive a cash commission of 7.5% of the gross proceeds raised, of which Bolder has elected to receive 144,690 units at an ascribed value of $0.42 per unit in partial payment. Bolder will receive Agent's Warrants (the "Agents Warrants") entitling the Agent to purchase up to such number of common shares of the Company as is equal to 10% of the number of Units sold through the Offering, for a period of two years from the date of the closing of the Offering. Each Agent's Warrant will be exercisable into one (1) common share of the Company at $0.55.
Bolder will also be paid a work fee of $5,000 plus GST. The Company is responsible for all reasonable expenses incurred in connection with the Offering, including the Agent's out-of-pocket expenses, and fees and disbursements of the Agent's legal counsel.
All securities issued in this private placement are subject to an expiry date of July 24, 2007.
Net proceeds of this financing will be used for working capital for the Sinivit project, to fund a second drill at the Imwauna project and for general corporate purposes.
ON BEHALF OF THE BOARD
"Judith O'Quinn", CFO & Corporate Secretary
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
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26 February, 2007
PRESS RELEASE
DEVELOPMENT/EXPLORATION UPDATE
Vancouver 26th February 2007. New Guinea Gold Corporation (NGG) reports on development and exploration and wishes advise that Chariman, Bob McNeil will be available at the Prospectors and Developers Conference in Toronto on March 6 and 7 at booth number B2631.
Sinivit Project (92% NGG)
The project continues to progress towards commencement of processing and gold extraction. The initial vats will be filled in mid March with commissioning of the production circuit and gold production to commence in early April.
It is expected to take three months from commencement of commissioning to build up to achieve the projected annualised production rate of 35,000 ozs gold.
All major equipment is on site, key personnel are at site, all permits such as cyanide use, licensing of explosive magazine etc are in place and infrastructure and roads are essentially complete. The final shipment of key chemicals used in gold extraction is expected at site in early March 2007.
Grade control drilling is well advanced with excellent initial results from bulldozer trenching of the mineralised zone after stripping of surface waste (see Press Release dated 15th February 2007). Trench results included 13m at 13.59g/t gold (with a high 1m at 90g/t). This confirmed that gold previously intersected in drill holes extends to the present surface.
Exploration drilling to increase the total resource at Sinivit has commenced and will continue throughout 2007.
Imwauna Project (Normanby Property - 100% NGG)
Resource drilling continued throughout 2006 with 96 holes now completed in the present program (about 110 holes total). Ten holes are currently awaiting assay (some 1500 samples) and the first of these results should be available in the near future.
The extent and grade of Imwauna mineralisation continues to improve in some parts of the system.
New Guinea Gold had previously disclosed historical resource estimates for this project based on 15 drill holes. While management considers these earlier estimates important, investors are cautioned that historic resource estimates cannot be relied upon until they have been verified by a NI 43-101 compliant technical report.
92 holes have now intersected the potential mineralised zone. These 92 holes have 380m of intersections above 0.5g/t gold giving an average composite downhole intersection per drill hole of 4.13m at 8g/t gold and 15.4g/t silver. The strike length of system defined at surface and in drill hole is 1200m (still open ended) and the mineralisation is defined over a vertical extent of 300m. The above figures are indicative only of the possible grade in a potential open pit and any resources still need to be verified by a compliant NI 43-101 report.
An experienced resource geologist and project manager, Jack Drzymulski took up his appointment at Alotau (Provincial Capital of Milne Bay Province, PNG) at the beginning of January. Jack has been charged with providing data to the Independent Qualified Person such that a NI 43-101 compliant resource estimate can be provided by mid 2007.
The mineralised zone at Imwauna which has been drilled to date represents 10-15% of the potential mineralised area as defined by surface trenching, soil gold geochemistry and geophysical surveys.
Mt Penck (60% NGG)
Drilling continued at the Mt Penck Project throughout 2006 and defined widespread gold mineralisation at Kavola East. Typical intersections were 23m at 2.3g/t gold, 20m at 2.1g/t gold, 4m at 18.7g/t gold and 4m at 8.0g/t gold. The Kavola East system appears to be developing as a significant gold mineralised system at a grade of approximately 2g/t gold.
Recent trenching has defined two new prospects at Mt Penck named Peni Creek and Kavola South.
At Peni Creek, hand trenching defined high grade zones with best results of 3m at 180g/t gold within a 24m zone at 33.7g/t gold.
The drill rig at Mt Penck is being shipped to Feni for the Feni drill program. A new drill is being purchased and will arrive on site in several months. In the meantime further trenching will be carried out and an NI 43-101 resource estimate will be initiated.
Simuku Project (90% NGG - 10% S. Yeaman)
Drilling at the Simuku porphyry copper/ gold/ molybdenum project has confirmed the presence of significant molybdenum mineralisation. Two drill holes were completed (for complete results see Press Release dated 6th February 2007) with summary intersections as follows:
SMD014 - 19m, from surface to 19m downhole, at 0.32% molybdenum (3.2% copper equivalent), including 7m at 0.6% molybdenum (6.0% copper equivalent).
SMD014 - 59m from surface to 59m downhole at 1.4% copper equivalent.
SMD013 - 71m, from surface to 71m downhole, at 0.5% copper equivalent.
Copper equivalents are the combined value of copper, molybdenum and silver. They are important at Simuku as the project has credits in copper, molybdenum, gold and silver. Copper equivalents were calculated using current metal prices of US$2.50/lb for copper, US$25/lb for molybdenum and US$13.3/oz for silver. Gold is also a credit in parts of the Simuku system, but is not present in significant amounts in the present drill holes.
Drill holes SMD013 and SMD014 were drilled to 70.8m and 100.1m respectively to test a zone of molybdenum mineralisation defined in trench (73m at 0.17% molybdenum).
Further work at Simuku is pending subject to the Corporate restructuring below:
Yup River (50% NGG)
Rock chip and grid soil sampling located a 5 meter wide zone of bedrock mineralisation grading 2.47 g/t gold within a large gold soil anomaly at Dauri Prospect within the Yup River tenement.
The 5m wide rock chip anomaly is derived from a single 5m composite chip sample and represents the first significant bedrock gold mineralisation discovered in the Yup River tenement. The enclosing gold soil anomaly has rough dimensions of 1200m by 300-450m and is open to the northeast. Nearby subordinate soil anomalies are present adjacent to the main anomaly that together define a large gold-anomalous area that contains at least four targets for follow up pitting, trenching and drilling. Soil samples were collected by hand augering to depths of 0.5m to 1.0m at 25m spacing along lines spaced 100m apart. The soil anomaly locations are shown in the press release dated February 12th 2007.
The soil values are rather erratic reflecting the coarse, crystalline nature of the gold at Yup River. Several plus 1.0 g/t gold values in soil are present up to a peak of 6.46 g/t gold.
Feni Project (NGG residual interest 25% subject to sole funding by Vangold Resources)
Vangold Resources will fund a 2000m drilling program (about $600,000) at the Feni Project commencing March/April 2007 (see Press Release dated 5th February 2007).
Corporate Restructuring
NGG is involved in mineral exploration and development on 12 projects in Papua New Guinea. Restructuring, which involves "spinning off" two new public companies in order to permit a substantial increase in exploration) on projects in those companies. This will allow New Guinea Gold to focus on its core projects - Sinivit, Imwauna /Normanby and Weioko /Sehulea.
The spin off companies are expected to be PNG private company Kanon Resources Ltd (owned 50/50 by NGG and Vangold) and NGG's two porphyry copper / gold / molybdenum properties of Simuku (90%) and Mt Nakru (75%).
Work is proceeding on the spin-offs, including creating new companies, preparation of 43-101 compliant reports on all the properties, and getting regulatory approval for the structure. It is expected that the spin-off process will not be completed until the third quarter of 2007.
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
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.
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 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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22 February, 2007
PRESS RELEASE
Private Placement Increased To 12 Million Units For Up To $5,040,000
Vancouver - 22nd February, 200 New Guinea Gold Corporation (the"Company" or "NGG") announces that the Private Placement Offering Agreement (the "Offering") reported in NGG's Press Release dated February 21, 2007 has been amended. The Offering, by Bolder Investment Partners Ltd., will now consist of up to 12 Million Units of the Company (increased from up to 8 Million Units) at a price of $0.42.
All other terms and conditions of the Offering remain unchanged.
ON BEHALF OF THE BOARD
NEW GUINEA GOLD CORPORATION
"Judith O'Quinn"
CFO, Corporate Secretary
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.
For further information call Toll Free: 888 655 5532
Forbes West email: forbes@sherbournegroup.ca Tel: 604 662 3598
Judith O'Quinn email: ngg@telus.net
ON BEHALF OF THE BOARD
"Judith O'Quinn", CFO & Corporate Secretary
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.
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21 February, 2007
NEWS RELEASE
3m at 180g/t GOLD (6 ozs) within 24m at 33.7g/t GOLD in TRENCH at MT PENCK
Vancouver, February 21st 2007. Recent trenching at the Mt Penck Project in Papua New Guinea has confirmed two significant new gold mineralised zones at Upper Peni Creek and Kavola South. Upper Peni Creek is 300m west of Kavola East, where most of the 2006 drilling was concentrated, and Kavola South is 100m south of Kavola East. The trenches are hand dug trenches and were dug to gain some idea of the lateral extent of gold grades along strike. The trenches were dug approximately parallel to the strike of the high grade "core" of both zones.
The Mt Penck Property is beneficially owned 60% New Guinea Gold and 40% Vangold Resources.
Upper Peni Creek Zone
Separate trench intersections above 0.5g/t gold cutoff include:
24m at 33.7g/t gold, including 12m at 62.93g/t gold, including 3m at 180g/t gold
12m at 4.07g/t gold
33m at 1.73g/t gold
18m at 1.82g/t gold
12m at 0.88g/t gold
Check assays of some sample pulps have been carried out that confirm gold values. Additional checks of the sample preparation rejects are now in progress.
The above results indicate an average grade for all samples above 0.5g/t gold cutoff of 9.68g/t gold. The average grade for all samples is 8.66g/t gold.
Upper Peni Creek was initially discovered in 2005 by surface channel sampling of outcropping siliceous vein/breccia that returned historical assay results of 1m at 38.2g/t gold (see press release dated 18 November 2006). However, the result was not followed up at the time and the zone was not recognized as a new target until late 2006.
Two initial scout holes, MPD 036 and MPD 037, were drilled in late 2006, before the trench results were available. MPD036 intersected 4m at 5.71g/t gold from 22m to 26m downhole, including 1m at 13.3g/t gold, 120g/t silver and 0.17% copper. This hole was drilled below the historic chip sample of 1m at 38.2g/t gold. Hole MPD037 intersected four 1m to 2m intervals grading up to 2.85g/t gold and 24.3g/t silver to a depth of 68m downhole. All results above a 0.5g/t gold cut off are listed in the table below.
Kavola South Zone
Separate trench intersections above 0.5g/t gold cutoff include:
30m at 4.42g/t gold
48m at 4.01g/t gold
24m at 2.82g/t gold
12m at 1.49g/t gold
The nearest drill hole to the Kavola South Zone is MPD 038 located 160m to the east. This hole intersected 4m at 1.13g/t gold from 44m to 48m downhole.
Mr McNeil CEO of NGG commented: "These are exciting trench results and the 3m at 180g/t gold represents the highest grades ever encountered at Mt Penck. The Peni Creek and Kavola South Zones appear to be separate mineralised zones from Kavola East, and the grades in trench make these highly attractive drill targets. At this stage the lateral and strike extent of both zones are unknown but surface observations suggest the very high grade zones have restricted widths of approximately one metre".
Kavola East Zone
Final assay results from the 2007 drilling program have now been received for holes MPD 030, 034 and 035. Scattered intersections over 1m to 2m intervals are present in MPD 030 and 034 to depths of 132 metres downhole. The best intersection was 1m at 3.34g/t gold, 10.3g/t silver and 0.33% copper from 88m to 89m downhole in MPD 034. Hole MPD 035 was drilled to the west outside the main Kavola East Zone and confirms that the Kavola East mineralisation is probably terminated by a fault along it's western side.
It should be noted that only about 30% of the total geochemically anomalous area at Mt Penck has been tested by drilling. All drill results above a 0.5g/t gold cut off are listed in the following table.
Hole
From (m)
To (m)
Length (m)
Gold (g/t)
Upper Peni Creek
MPD 036
22
26
4
5.71
(incl.1)
(13.3)
30
32
2
0.76
46
48
2
2.77
MPD 037
2
4
2
1.06
27
29
2
1.64
43
44
1
0.84
66
68
2
2.85
Kavola East
MPD 030
19
21
2
0.99
125
126
1
1.56
130
132
2
1.01
MPD 034
58
60
2
1.08
88
89
1
3.34
114
115
1
3.34
116
124
117
1
1.49
126
2
2.80
MPD 038
0
44
2
2
0.66
48
4
1.13
MOUNT NAKRU PROJECT
Assay results for three shallow holes at Mt Nakru, EL 1043, West New Britain Province, Papua New Guinea have now been received. NAK 010, 011 and 012 were drilled to a maximum depth of 76.5m downhole in late 2006 to test for near-surface gold mineralisation beneath a trench intersection of 55m grading 4.79g/t gold, including 15m at 16.01g/t gold (see press release dated March 27, 2006). Because of terrain limitations, the holes were collared 35 metres from the trench intersection and were designed to intersect the mineralised zone at depths of 30-50m. No zones above 0.5g/t gold were intersected in any of the holes.
Narrow 1m to 2m intersections of plus 0.1% copper were present in all three holes, up to 1m at 0.4% copper in NAK 010 at 73m downhole. The zone is now being re-assessed to attempt to explain the lack of gold in the drill holes.
The Mt Nakru Property is beneficially owned 75% New Guinea Gold and 25% Vangold Resources Ltd.
All samples are sawed, half core samples which are logged and photographed on site before sampling. Assaying was completed at accredited laboratory ALS-Chemex in Townsville, Australia.
NGG is also in the process of developing the Sinivit Property (see NI 43-101 Report dated 30th January 2006). In addition NGG has a comprehensive drilling program in place for 2007 to define gold resources at other key gold properties, Normanby (Imwauna) and Sehulea (Weioko).
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
The technical data in this release was prepared by or under the supervision of Douglas Hutchison, Vice President, Exploration of New Guinea Gold Corporation. Mr Hutchison has an MSc in Geology, 28 years mining industry experience, is a Member of the Australian Institute of Geoscientists, and meets the requirements of NI 43-101 for a qualified person.
ON BEHALF OF THE BOARD
"D. S. HUTCHISON"
VICE PRESIDENT, EXPLORATION
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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19 February, 2007
PRESS RELEASE
NEW GUINEA GOLD SIGNS ENGAGEMENT AGREEMENT TO RAISE UP TO $3,360,000 BY WAY OF PRIVATE PLACEMENT
Vancouver - 19 February, 2007. New Guinea Gold Corporation (" NGG" or the "Company") announces that it has engaged Bolder Investment Partners, Ltd. ("Bolder" or "The Agent") to offer (the "Offer" or the "Offering"), by way of Private Placement of up to 8,000,000 units of the Company at $0.42 per unit (the "Units") to raise up to $3,600,000.
Each Unit will consist of one common share and one half of one non-transferable common share purchase warrant (the "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company at a price of $0.55 for a period of two years from the completion of the financing, subject to early expiry provisions as follows: Once resale restrictions on the Units have expired and upon the Company's shares trading at or above a weighted average trading price of $0.90 for 20 consecutive trading days, the Company may give notice that the Warrants will expire 30 days from the date of providing such notice (in writing to Warrant holders and via a news release).
The Units will be offered to buyers in British Columbia, Alberta, Ontario and certain offshore jurisdictions, conditional upon all compliance with applicable corporate and securities laws. All securities issued will be subject to a four month hold period.
Bolder will receive a cash commission of 7.5% of the gross proceeds raised, of which Bolder may elect to be paid up to half of this commission in Units payable from the gross proceeds of the Offer upon closing. Bolder will receive Agent's Warrants (the "Agents Warrants") entitling the Agent to purchase up to such number of common shares of the Company equal to 10% of the number of Units sold through the Offering, for a period of two years from the date of the closing of the Offering. Each Agent's Warrant will be exercisable into one (1) common share of the Company at $0.55.
Bolder will also be paid a work fee of $5,000 plus GST. The Company will be responsible for all reasonable expenses incurred in connection with the Offering, including the Agent's out-of-pocket expenses, and fees and disbursements of the Agent's legal counsel.
Net proceeds of this financing will be used for working capital for the Sinivit project, to fund a second drill at the Imwauna project and for general corporate purposes.
The completion of the financing is subject to the acceptance of the TSX Venture Exchange and compliance with applicable securities laws.
ON BEHALF OF THE BOARD
"Judith O'Quinn", CFO & Corporate Secretary
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.
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15 February, 2007
NEWS RELEASE
13m at 13.5g/t GOLD & 13.8m at 10.74g/t GOLD (high of 1m at 90.2g/t GOLD) in TRENCH at SINIVIT PROJECT
Additional drill results from Imwauna and Mt Penck pending
Vancouver 15th February 2007 New Guinea Gold Corporation (NGG) has defined extensive high grade gold at surface in trenches at the Sinivit Project.
As an initial part of the grade control program at Sinivit, three bulldozed trenches totaling approximately 220m were constructed across the southern part of the southern oxide zone in late 2006. These trenches are each approximately 30m apart, and each encountered significant gold at surface with a high of 1m at 90.2g/t gold.
Results were as follows:
Trench No
From
To
Interval
Gold (g/t)
1
including
13.4
15.2
58.1
91.9
27.2
16.2
60.9
94.9
13.8
1.0
2.8
3.0
10.74
90.2
1.0
1.7
2
including
12
22
30
36
40
50
68.7
17
24
34
37
53
51
69.7
5
2
4
1
13
1
5
6.17
1.22
2.09
0.66
13.51
57.4 (60g/t silver)
0.97
3
0
53.4
42.8
56.4
42.8
3
2.80
0.71
Note: The above intervals use a nominal 0.5%g/t gold cut off. True widths are estimated at approximately 70% of the above lengths.
Mr McNeil, CEO of NGG commented: "The results are significant in that they confirm wide intervals of moderate to high grade gold at surface that can be easily accessed during the start up phase of open pit mining. The trenches indicate good continuity in the gold mineralisation and that gold mineralisation previously intersected in drill holes extends to the surface"
Grade control drilling is continuing on a program basis with Reverse Circulation holes being completed on a semi-regular pattern to depths of 30m across the proposed southern oxide pit. Forty holes of a planned 100 hole program have been completed, samples partly prepared on site and dispatched to ALS Chemex Laboratory in Queensland Australia. Results should be available in approximately 3 weeks
Some mining has commenced on the basis of the above results and a complete update on Sinivit including scheduling to gold production is expected to be released by the end of February. Consultants are presently at the project site working with mine management to initiate plant and processing commissioning and finalise the schedule.
Further drill and trench results from the Mt Penck project have been recovered and are presently being assessed. Releases on these results and approximately 1,500 drill core samples from the Imwauna project will be filed in the next few weeks.
All trench samples at Sinivit are channel samples, partly prepared with initial crushing and splitting to 3kg samples at site, with further preparation and analysis at accredited laboratory ALS - Chemex in Townsville, Australia.
NGG is in the process of developing the Sinivit Property (see NI 43-101 Report dated 30th January 2006). In addition NGG has a comprehensive drilling program in place for 2007 to define gold resources at other key gold properties, Normanby (Imwauna), Mt Penck, and Sehulea (Weioko). Drilling will also commence at Feni in the near future.
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
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.
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 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.
PDF File (144K)
--------------------------------------------------------------------------------
12 February, 2007
PRESS RELEASE
SIGNIFICANT BEDROCK GOLD MINERALISATION DISCOVERED WITHIN A LARGE GOLD SOIL ANOMALY AT YUP RIVER
Vancouver - February 12th , 2007. Rock chip and grid soil sampling has located a 5 meter wide zone of bedrock mineralisation grading 2.47 g/t gold within a large gold soil anomaly at Dauri Prospect within the Yup River tenement, EL 1329, West Sepik Province, Papua New Guinea. EL 1329 is owned by Kanon Resources Limited which in turn is owned 50% by New Guinea Gold Corporation (NGG) and 50% by Vangold Resources Limited. NGG and Vangold have previously announced their intention to spin off Kanon into a separate, listed company.
The 5m wide rock chip anomaly is derived from a single 5m composite chip sample and represents the first significant bedrock gold mineralisation discovered in the Yup River tenement. The enclosing gold soil anomaly has rough dimensions of 1200m by 300-450m and is open to the northeast. Nearby subordinate soil anomalies are present adjacent to the main anomaly that together define a large gold-anomalous area that contains at least four targets for follow up pitting, trenching and drilling. Soil samples were collected by hand augering to depths of 0.5m to 1.0m at 25m spacing along lines spaced 100m apart. The soil anomaly locations are shown in the attached Figure 1.
The soil values are rather erratic reflecting the coarse, crystalline nature of the gold at Yup River. Several plus 1.0 g/t gold values in soil are present up to a peak of 6.46 g/t gold. The bedrock mineralized zone is hosted by strongly sericitised, quartz-sulphide veined, phyllite and schist of the Ambunti Metamorphics. Similar altered rocks are exposed intermittently over a wide area within the gold anomalous zone. The geology and style of alteration and veining at Dauri has some similarities to the high grade, vein, gold deposit at Kainantu in the Eastern Highlands Province of Papua New Guinea. Alluvial and eluvial gold concentrations are also present over a wide area and are being worked by local miners at numerous locations at Dauri Prospect.
The Yup River tenement is located within the Amanab "goldfield" which has been mined on a small scale by local miners intermittently for 60 years. Alluvial gold occurrences are known over a large area shedding from metamorphic and intrusive basement rocks. Historical results from work carried out by previous explorers have defined three large target areas of alluvial gold concentration. These are Yumoro-Akraminag where Carpenter Pacific Resources NL reported gold shedding from a 6km long ridge and stream sediment gold values of up to 77.5 g/t gold; Yup River where stream sediment and soil sampling has defined several gold anomalies distributed over a 15km long zone with historical stream sediment values of up to 106g/t gold; and Merewe-Biaka, which includes Dauri Prospect, where gold anomalous areas are distributed over a 7km long zone. All three areas are located within EL 1329. Stream sediment gold values reflect gold concentrations in creek sediments and are not indicative of potential bedrock grades. In most cases the stream sediment anomalies have not yet been followed up to locate their bedrock source. Banka drilling has previously been carried out at Amanab to test alluvial gold concentrations but no drilling to test bedrock gold mineralisation has been undertaken.
Mr. Bob McNeil, CEO of New Guinea Gold (NGG) stated: "The recent results from Yup River confirm our belief that EL 1329 covers a possible new gold province in Papua New Guinea that, because of it's relatively remote location, has not previously been explored in detail for bedrock gold mineralisation."
Fieldwork will resume at Yup River in the latter part of 2007 after the proposed spin off of Kanon Resources Limited has been completed.
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
The technical data in this release was prepared by or under the supervision of Douglas S. Hutchison, Vice President, Exploration of New Guinea Gold Corporation. Mr Hutchison has an MSc in Geology, 28 years mining industry experience, is a Member of the Australian Institute of Geoscientists, and meets the requirements of NI 43-101 for a qualified person.
ON BEHALF OF THE BOARD
"D. S. Hutchison"
VICE PRESIDENT, EXPLORATION
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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06 February, 2007
NEWS RELEASE
HIGH GRADE MOLYBDENUM - 7m at 0.6% Molybdenum - IN DRILL HOLE at
SIMUKU PROPERTY
Vancouver 6th February 2007. New Guinea Gold Corporation (NGG) advise that encouraging molybdenum mineralisation was intersected in two drill holes at the Simuku porphyry copper/gold/molybdenum property in West New Britain, Papua New Guinea.
Summary intersection results were:
SMD014 - 19m, from surface to 19m downhole, at 0.32% molybdenum (3.3% copper equivalent), including 7m at 0.6% molybdenum.
SMD014 - 59m from surface to 59m downhole at 1.4% copper equivalent.
SMD013 - 71m, from surface to 71m downhole, at 0.5% copper equivalent.
Note: The complete assay results above cut offs of 1000ppm copper or 100ppm molybdenum are given in the table below.
Copper equivalents are the combined value of copper, molybdenum and silver. They are important at Simuku as the project has credits in copper, molybdenum, gold and silver. Copper equivalents were calculated using current metal prices of US$2.50/lb for copper, US$25/lb for molybdenum and US$13.3/oz for silver. Gold is also a credit in parts of the Simuku system, but is not present in significant amounts in the present drill holes.
Drill holes SMD013 and SMD014 were drilled to 70.8m and 100.1m respectively to test a zone of molybdenum mineralisation defined in trench (73m at 0.17% molybdenum).
Figure 1 shows the drill hole locations and anomalous molybdenum in trench channel samples in the vicinity of the drill holes. The anomalous molybdenum in trench suggests that there is potential to expand the molybdenum mineralisation in drill holes SMD013 and SMD014. Figure 2 shows the relative position of holes SMD013 and SMD014 in respect to the Simuku porphyry copper system, bulldozer trenching and previous drill holes. The trenching on Figure 2 partly defines the extent of the porphyry copper mineralisation, but mineralisation is known to extend further to the north and in some places to the east and west of the trenching.
Bob McNeil CEO and President of NGG commented: " These molybdenum results confirm our belief that the Simuku porphyry copper/gold/molybdenum system has a significant molybdenum credit, or even possibly viable molybdenum mineralisation in certain parts of the system. The Simuku mineralisation has been defined over a length of 5kms and a width, (in parts) in excess of 2kms, by some 23kms of bulldozer trenching and geological mapping. Some parts of the system have copper/gold mineralisation with minor molybdenum (up to 100ppm) and other parts, such as the area of the present drilling, are molybdenum/copper rich. Previous drilling in the northern part of the system gave intersections of 0.5% to 0.7% copper plus 0.1g/t gold.
The potential volume of copper/gold/molybdenum mineralisation is large and the next phase of exploration is expected to be a substantial drilling program to define an inferred resource and move to a preliminary assessment as soon as possible. To achieve this objective the NGG Board plans to "spin off" this project (and its equity in the Mt Nakru property) as a separate company to raise the necessary funds and complete the above drilling program. Details of the "spin off" are still being determined but at this point it would appear that NGG would retain a 50% interest in the new company. This is an exciting development for NGG as the retained equity of a major copper/gold/molybdenum system (if proven) would be a major asset for the Company."
Background
An independent NI 43-101 Report was completed and lodged on Sedar in April 2006 and reported in a Press Release dated April 5, 2006.
The Simuku project can be briefly summarised as follows:
The Simuku system was discovered by Exxon Minerals (Esso) in the early 1980's and has had more or less continuous, although erratic exploration for the past 20 years. The property was acquired by NGG in 2002 although it did have an earlier joint venture on the property. Extensive and complete surface exploration has included airborne magnetic and radiometric surveys, geological surveys, geochemical surveys, ground geophysical surveys, trenching and drilling.
More than 23 kilometres of bulldozer/excavator trenching and 14 drill holes have been completed at the Simuku property. Satellite imagery over the Simuku mineralised system shows an apparent large circular feature which could represent a volcanic rim suggesting a caldera or eroded strata-volcano. The molybdenum target area recently drilled appears to represent the central part of the larger Simuku porphyry which has a potassic core and halo of magnetic destruction.
Copper, molybdenum and gold mineralisation are discontinuously present over an area of at least 5km by 2.2km.
At Simuku many significant copper, molybdenum and gold trench and drill hole intersections have been defined. These are shown in previous releases, at www.newguineagold.ca and on the accompanying plans and table. The copper trench intersections need to be evaluated with caution as drilling evidence suggests substantial depletion of copper at surface in some areas. Copper has been leached and taken into solution, reducing the original or actual copper values at surface. Drilling suggests that trench intersections of 0.1% copper could in certain areas represent much higher copper values in the subsurface.
The best drill hole intersections were:
41m at 0.64% copper
63m at 0.52% copper
36m at 0.70% copper
150m at 0.35% copper
Some of the better trench /chip sample results from the current and historic trenching were:
200m at 0.7% copper
73m at 0.17% molybdenum
6 m at 0.34% molybdenum
70m at 0.4% copper
14m at 1.03% copper
27m at 0.76% copper
15m at 0.58g/t gold
24m at 0.5g/t gold
There are more than 200 separate trench intersections of copper, gold and molybdenum mineralisation above cut off grades of 1000ppm, 0.05g/t gold and 100ppm molybdenum respectively. Most of the intervening intervals between the listed intersections contained anomalous copper in the range of 0.05% to 0.1% copper.
Simuku is prospective for the following types of mineral deposits:
(i) Porphyry-style copper-gold-molybdenum deposits associated with quartz feldspar porphyry and quartz microdiorite to monzonite intrusions.
(ii) High grade/low tonnage molybdenum deposits in linear, fissure-controlled breccia zones. The Boss Mountain molybdenum deposit in B.C., Canada is an example of this type of deposit. The main target is the Misili Molybdenum Prospect.
(iii) Stockwork porphyry molybdenum deposits associated with felsic intrusives. Examples include Alice Arm, Berg and Endako in Canada. An interpreted intrusive body at Misili, believed to be genetically linked to the fissure breccia molybdenum prospects, may be prospective for stockwork molybdenum mineralization.
(iv) There is also some potential for the discovery of gold deposits peripheral to the main copper-molybdenum system.
DRILL RESULTS TABLE - HOLES SMD013 and SMD014
Intersections using either a cut-off of 0.1% (1000 ppm) copper or 100ppm molybdenum
Hole No
From
(m)
To
(m)
Length
(m)
Copper
Molybdenum
Copper
Equivalent %
SMD013
0
5
5
225 ppm
775 ppm
0.78
13
53
40
0.20%
261 ppm
0.43
54
70.8
16.8
0.16%
410 ppm
0.54
SMDO14
0
19
19
0.10%
0.32%
3.3
21
22
1
0.26%
41 ppm
0.26
23
59
36
0.34%
199 ppm
0.53
60
62
2
0.15%
370 ppm
0.52
63
64
1
468 ppm
287 ppm
0.14
76
85
9
0.29%
209 ppm
0.50
93
94
1
0.29%
41 ppm
-
96
100.1
4.1
0.21%
119 ppm
0.28
Intersections at a cut off of 0.1% Copper Intersections at a cut off of 100ppm molybdenum
Hole
No
From
(m)
To
(m)
Length
(m)
Copper
(%)
From
(m)
To
(m)
Length
(m)
Molybdenum
(%)
SMDO13
SMD013
15
17
25
28
38
44
50
55
58
60
63
65
16
24
27
35
39
49
53
57
59
61
64
70.8
1
7
2
7
1
5
3
2
1
1
1
5.8
0.64
0.35
0.38
0.23
0.18
0.23
0.18
0.19
0.11
0.13
0.16
0.26
14
23
35
54
20
33
50
70.8
7
10
15
16.8
0.073
0.031
0.028
0.041
Hole
No
From
(m)
To
(m)
Length
(m)
Copper
(%)
From
(m)
To
(m)
Length
(m)
Molybdenum
(%)
SMDO14
9
16
21
23
27
32
54
60
77
93
97
14
19
22
26
53
38
59
62
85
94
101.1
5
3
1
3
26
incl. 6
5
2
8
1
3.1
0.22
0.19
0.26
0.25
0.36
0.51
0.40
0.15
0.31
0.29
0.25
0
25
32
43
46
48
60
63
66
70
79
96
99
19
30
42
44
47
59
62
64
70
78
85
98
101.1
19
incl. 14m
5
10
1
1
11
2
1
4
2
6
2
1.1
0.32
0.42
0.024
0.019
0.013
0.020
0.032
0.037
0.014
0.029
0.034
0.018
0.012
0.014
True widths of intersections are not known
All drill core is logged, photographed and split on site with preparation and assaying carried out at accredited laboratory ALS Chemex in Townsville Australia. The molybdenum is by pressed powder XRF.
NGG is also in the process of developing the Sinivit Property (see NI 43-101 Report dated 30th January 2006). In addition NGG has a comprehensive drilling program in place for 2007 to define gold resources at other key gold properties, Normanby (Imwauna), Mt Penck, and Sehulea (Weioko).
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
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.
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 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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05 February, 2007
NEWS RELEASE
J/V AGREEMENT EXTENDED
DRILL PROGRAM TO COMMENCE AT FENI ISLANDS
February 5th , 2007 - Vancouver, BC - New Guinea Gold Corporation (NGG) announces that it has agreed to an extension to June 30, 2008 for Vangold Resources Ltd to spend a further $1.26M on exploration to earn a further 25% in the Feni Islands Project (EL1021). Of this amount, the partners have agreed that $600,000 shall be spent by September 1, 2007 on a diamond drill program. Vangold will also issue 200,000 common shares to NGG. Vangold and NGG currently each own 50% of the project.
On January 19, 2007, the partners reported that a 1500 to 2000 metre diamond drill program to test new targets at the Feni Project is scheduled to commence during the first quarter of 2007. In a news release dated November 7, 2006, Dr. David Lindley, formerly VP Exploration for NGG and Vangold, recommended drill testing of a 3 sq km area of the Feni gold system which has not yet been drilled. It is planned to mobilize a drill owned by Kanon Resources Ltd (owned 50%NGG and 50% Vangold) plus ancillary equipment to Ambitle Island as soon as staff and transportation are available.
Background
Peter A. Christopher, PhD, P.Eng. in an independent NI 43-101 technical report dated 1st October 2002, described the Feni property as follows:
"Feni property consists of two separate areas on adjacent Ambitle and Babase Islands in the Feni-Tabar chain of islands in the New Ireland Province of Papua New Guinea.
These two islands which are within a chain of alkaline volcanic islands that contain a significant gold deposit on Tabar Island and a world-class gold deposit on Lihir Island. The Feni property is mainly a target for hot spring gold deposits (like Lihir) or a deeper "high-grade" multi-vein deposit (like Tolekuma on the main island of Papua New Guinea). It also has potential for very high-grade structurally controlled mineralisation 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 9km² zone that includes the Kabang and Dome prospects.
Ambitle Island (the primary target) has at its center an eroded caldera. Numerous active thermal areas are aligned along young faults and caldera ring fracture zones. Older counterparts of the active geothermal areas have been the main exploration targets. The eroded caldera is cut by the NNW trending Matampasel Fault. The Matampasel Fault flanks the NNW trending Niffin Graben. Movement on NNW structures resulted in graben cross structures. Polymectic, angular clast, altered volcanic breccia bodies occur along the Natong structure. Silicified clasts from the breccias are reported to have gold values up to 75g/t Au".
Past drilling, including drilling by the J/V partners has encountered widespread gold in geologically similar environments to the Lihir deposit with gold values in the order of 0.5g/t gold to 10g/t gold.
Some of the previous holes had intersections as follows: (locations are shown in Christopher's report):
Hole No
From
(m)
To
(m)
Length
(m)
Gold
(g/t)
Copper
(%)
AMD002
AMD006
including
KAD002
including
MAD001
Including
including
0
44
44
46
92
68
68
98
114
85
64
122
108
257
120
120
114
41
20
76
16
189
52
22
1.12
1.84
2.13
1.69
2.56
1.1
1.65
2.18
0.19
0.02
0.02
-
-
-
-
-
All drill results are on the web site, www.newguineagold.ca
Intersection lengths approximate true widths
CEO and President of NGG Bob McNeil commented: "Gold mineralisation has now been confirmed by drilling over several square kilometers of the 16 sq km caldera. Large volumes of 1 to 2g/t gold are suggested by the drill results and the proposed drill program will focus on exploring for possible higher grade gold feeder zones which, if encountered, could result in a substantial increase in average gold grades. Dr. D. Lindley in a Press Release dated November 7, 2006 noted that a three sq km core of the caldera on "crater" has widespread alluvial gold in creeks that dissect that area, but has not yet been tested by drilling. This area has a thin cover of volcanic ash and trachytic lavas which are younger than the gold mineralisation and which could obscure potentially gold mineralised bedrock (as suggested by the stream gold geochemistry). This area is now targeted for drill testing. Dr Lindley also noted that the Lihir deposit which contains resources of more than 42M ozs gold is confined to a two sq.km area and about 50% (by area) of the rock within this zone is unmineralised or weakly mineralised. The area on Feni to be drilled is sufficient to contain one or more of the component ore bodies that make up the Lihir deposit.
This will be an exciting program which will extend into the second half of 2007. Initial drill results are not expected before May 2007, largely because of assay laboratory delays".
NGG is also in the process of developing the Sinivit Property (see NI 43-101 Report dated 30th January 2006). In addition NGG has a comprehensive drilling program in place for 2007 to define gold resources at other key gold properties, Normanby (Imwauna), Mt Penck, and Sehulea (Weioko).
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
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.
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 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.
PDF File (156K)
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19 January, 2007
PRESS RELEASE
7m at 2.95g/t GOLD in HOLE MPD033 at MT PENCK
Vancouver - January 19, 2007Several further gold intersections are present in the latest drill results from Mt Penck Project in Papua New Guinea. Hole MPD053 intersected 7m at 2.95g/t between 3m to 10m downhole. Hole MPD028 intersected 5m at 2.26g/t gold between 47 to 52m downhole and 24 to 30m downhole respectively. All results above an 0.5g/t cut off are listed in the table below.
Mr. Bob McNeil, CEO of New Guinea Gold (NGG) stated: the results of these three holes are regarded as significant, add to the knowledge of the Kavola East Zone and extend the known gold mineralisation at Kavola East further to the north. Results from a further 6 holes completed in 2006 are still pending, but are not expected now until mid February, due to long delays at commercial assay laboratories. Most of the remaining holes have targeted gold mineralisation beyond the Kavola East zone, and if successful, would indicate additional bodies of gold mineralisation within the Mt Penck Project.
Drilling will resume in approximately one week, and the initial program for 2007 will be deeper holes to target depth extension of known mineralisation. Most holes to date have targeted mineralisation at less than 80m depth."
The Mt Penck project is beneficially owned 60% NGG and 40% Vangold Resources Ltd.
Hole No
From
(m)
To
(m)
Length
(m)
Gold
(g/t)
MPD028
19
24
36
47
61
20
30
38
52
62
1
6
2
5
1
1.21
1.43
0.60
2.26
1.83
MPD031
67
70
68
71
1
1
1.20
1.01
MPD033
0
3
24
80
1
10
26
84
1
7
2
4
0.60
2.95
0.66
0.85
NOTE: The true widths of intersections is not known. The interval from surface to 3m in hole MPD033 averaged 0.46g/t gold. Hole locations are shown in the Press Release dated 3 January, 2007.
All samples are sawed, half core samples which are logged and photographed on site before sampling. Assaying was completed at accredited laboratory ALS-Chemex in Townsville, Australia.
NGG is developing the Sinivit Property (see NI 43-101 Report dated 30th January 2006). In addition to the drilling program at Mt Penck, NGG has drilling programs in place to define additional resources at its Sinivit project and NI 43-101 resources at the Company's Imwauna Projects. Results from nine holes at Imwauna are pending but will not be available until mid February. The initial surface trench grade control results from Sinivit should be released in approximately 2 weeks. Exploration drilling programs have been completed at Simuku to test the depth potential of a surface trench that encountered 73m at 0.17% molybdenum, and at Mt Nakru to test a gold in trench intersection of 21m at 7.26g/t gold. The Simuku results will be available in the near future but the Mt Nakru results are not expected until mid February.
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
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.
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 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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03 January, 2007
PRESS RELEASE
THREE DRILL HOLES COMPLETED AT MT NAKRU TO TEST
NEAR-SURFACE GOLD MINERALISATION
Vancouver, 3rd January 2007. A three-hole drilling program at Mt Nakru Project (EL 1043, West New Britain Province, Papua New Guinea) was completed in late December 2006. The holes, NAK010 to NAK012, were all drilled from the same pad to test the lateral and depth continuity of near-surface gold mineralisation exposed in Trench 2 at Nakru 1 Prospect. A total of 212.6 metres were drilled to a maximum vertical depth of about 70 metres.
Trench 2 was dug by bulldozer in late 2005 and exposed quartz-pyrite veined, strongly silicified, hydrothermal breccias that returned assay results of 21m at 7.26g/t gold, including 6m at 23.2g/t gold (not true widths). The mineralisation is associated with a northeast trending, sub-vertical fault structure.
The holes were drilled on azimuths of 260 and 300 degrees inclined at -45 degrees or -60 degrees. All three drill holes intersected strongly silicified, pyritic, hydrothermal breccias, which are locally strongly fractured and sheared, and are also locally quartz-pyrite veined. The silicified breccias have been intersected over widths of up to 40 metres and depths of up to 70 metres.
The mineralized breccias in Trench 2 are located some 560 metres northeast of historical trenches that had channel sample intersections of 51m at 2.2g/t gold and 45m at 2.5g/t gold and holes NAK001, NAK002 and NAK003, which intersected near-surface gold mineralisation and returned historical assay results of 5.6m at 1.9g/t gold, 0.12% copper (NAK001, 0-5.6m); 6.0m at 1.2g/t gold (NAK002, 0-6m) and 6.5m at 1.33g/t gold, 0.14% copper (NAK003, 0-6.5m).
The core has been split and samples bagged ready for shipment. Assay results are not expected to be received until February 2007.
The Mt Nakru property is beneficially owned 75% New Guinea Gold and 25% Vangold Resources.
All samples are sawed, half core samples which are logged and photographed on site before sampling. Assaying was completed at accredited laboratory ALS-Chemex in Townsville, Australia.
NGG is also in the process of developing the Sinivit Property (see NI 43-101 Report dated 30th January 2006). In addition NGG has a comprehensive drilling program in place for 2007 to define gold resources at other key gold properties, Normanby (Imwauna), Mt Penck, and Sehulea (Weioko).
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
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.
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 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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02 January, 2007
PRESS RELEASE
4m at 3.6g/t GOLD & 7m at 2.07g/t GOLD in HOLE 26 at MT PENCK
Vancouver 2nd January 2007. The results from the latest drill core assays from Mt Penck using cut offs of 0.5g/t gold and 10g/t silver, include:
7m at 2.07g/t gold in MPD 026 (74-81m)
4m at 3.68g/t gold, including 1m @ 7.43g/t gold in MPD 026 (9-13m)
2m at 3.2g/t gold, 11g/t silver in MPD 032 (8-10m)
1m at 4.50g/t gold, 61g/t silver in MPD 024 (0-1m)
6m at 0.91g/t gold, 12 g/t silver in MPD 029 (90-96m)
The hole locations are shown, with gold soil geochemistry, on the accompanying plan. All assay results above cut off are listed in the following table.
Drill
Hole
From
(m)
To
(m)
Length
(m)
Au
g/t
Ag
g/t
MPD 24
MPD 25
MPD 26
MPD 29
MPD 32
0
2
29
49
52
66
128
0
13
17
21
94
98
4
6
9
74
92
98
13
90
8
14
34
1
3
30
51
54
68
130
3
14
18
22
96
99
5
7
13
81
94
100
14
96
10
16
36
1
1
1
2
2
2
2
3
1
1
1
2
1
1
1
4
7
2
2
1
6
2
2
2
4.50
0.64
2.21
1.40
1.05
1.72
1.52
1.41
0.54
0.79
0.79
1.42
0.59
1.82
1.79
3.68
2.07
0.52
1.29
3.33
0.91
3.32
1.32
1.08
61
14
12
11
The true width of intersections is not known.
The latest results continue to show that gold mineralisation is widespread at Mt Penck and resource definition drilling is expected to continue throughout 2007. The partners are investigating means to substantially increase the drilling rate in 2007.
It is important to note that the drilling to date has tested only about 30% of the known gold anomalous area at Mt Penck, which totals about 2 square kilometers, and of the 30% tested much infill drilling remains to be completed.
Mr McNeil stated: "that given the number of drill holes completed to date, management now believe that the construction of an NI 43-101 compliant resource model incorporating the drill holes completed during 2006 can commence towards the end of the first quarter 2007 following receipt of assays from ALS Chemex in Brisbane, Australia. However the resource estimate will be an interim estimate as 70% of the prospective area remains to be tested."
The new zone of gold mineralisation discovered at Peni Creek, about 700m west of the Kavola East zone, which was reported in the release dated 14 November 2006, has been mapped and channel sampled. These samples are now in Kimbe awaiting dispatch to the laboratory.
The 2006 drilling program at Mt Penck (EL1322, West New Britain Province, Papua New Guinea) was completed on 15 December 2006. The Mt Penck property is beneficially owned 60% by New Guinea Gold and 40% by Vangold Resources. The rig was demobilized for the Christmas-New Year break and drilling will not resume until late January as all field crews will be taking field break and annual leave. In early January the current field camp, now too small for an advanced project, will be pulled down and a new, larger camp will be built in a more accessible location closer to the coast.
Since drilling commenced in March 2006, 29 holes, MPD010 to MPD038, have been completed for a total meterage of 3376.7 metres. The deepest hole was MPD 012 at 199.5 metres (downhole).
Due to laboratory congestion, assay results have been received only for holes up to MPD 027, plus MPD 029 and MPD 032. Samples from the remaining holes (Holes MPD028, MPD030, MPD031, MPD033 to MPD038) have either been dispatched to the laboratory or are in Kimbe awaiting dispatch. 120 samples are now at the laboratory in Townsville and are expected in mid January, but final assay results for all holes are not expected to be received until February 2007.
Highlights of the drilling up to hole MPD 023 have been reported in earlier releases dated 6 September 2006 and 11 October 2006.
All samples are sawed, half core samples which are logged and photographed on site before sampling. Assaying was completed at accredited laboratory ALS-Chemex in Townsville, Australia.
NGG is also in the process of developing the Sinivit Property (see NI 43-101 Report dated 30th January 2006). In addition NGG has a comprehensive drilling program in place for 2007 to define gold resources at other key gold properties, Normanby (Imwauna), Mt Penck, and Sehulea (Weioko).
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
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.
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 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. |
