VANCOUVER, BRITISH COLUMBIA, Jun 03, 2008 (MARKET WIRE via COMTEX News Network) --
New Guinea Gold Corporation (TSX VENTURE: NGG)(FRANKFURT: NG8) -
-New Guinea Gold (NGG) poured and sold 1,060 ozs of gold and 117 ozs ofsilver in May 2008 at the Sinivit Project in Papua New Guinea.
- At the end of May approximately 30,000 tonnes of ore at a grade of between 5 and 6g/t gold was leaching in Vats at Sinivit.
- NGG expects to have 50,000 tonnes leaching at the end of June 2008.
BobMcNeil CEO and Chairman noted: "May was our first significant month ofgold production for Sinivit and all aspects of the project are onschedule to increase production in June to 1,500/2,000 ozs, and in Julyto 2,000/2,500 ozs. We expect to add approximately 20,000 tonnes of oreper month to the vats in each month in the future to reach our targetproduction rate of 35,000 ounces annually.
"In addition to our progress at Sinivit, the new resource estimate for the Imwauna Project, at the Normanby Propertyis still on schedule for release in mid June. Drilling is continuing atboth the Sinivit and Imwauna Projects. NGG's 45% owned, and associatecompany Coppermoly Ltd, is also drilling ahead at its Simuku copper,gold, molybdenum system and has commenced exploration at its Mt Nakrucopper, gold molybdenum property.
Excavator trenching has alsocommenced at Pacific Kanon Gold's (presently 50% owned by NGG and 50%by Vangold) Fergusson property. An update on the status of the PacificKanon Gold IPO will be issued in the near future".
NGG isbeginning its annual Investor Relations Roadshow. RD McNeil will bemeeting current and prospective investors in London, June 3-6, inToronto June 9 and 10th, and in Vancouver form June 11 to 18th.
New Guinea Gold's Annual Meeting will be held:
Wednesday, June 18th, 2008 at 11 a.m. (Vancouver time)
in The Terrace Room
Third floor, Fairmont Waterfront Hotel,
900 Canada Place Way, Vancouver, BC
A photo slide presentation and projects update will be offered to
shareholders and guests immediately following the meeting.
Investorsare cautioned that the development of Sinivit is proceeding in theabsence of a full feasibility study. These evaluations are preliminaryin nature and are based entirely on indicated mineral resources, whichhave not been categorized as mineral reserves. There is no assurancethat the operating and financial projections in the preliminaryassessment will be realized. Mineral resources that are not reserves donot have demonstrated economic viability. Measured and indicatedmineral resources are that part of a mineral resource of which quantityand grade can be estimated with a level of confidence sufficient toallow the application of technical and economic parameters to supportmine planning and evaluation of the economic viability of the deposit.
Fulldetails of the Sinivit Project are described in an Independent N143-101 report dated January 2006 which is available atwww.newguineagold.ca.
The technical data in this release wasprepared by or under the supervision of Robert D. McNeil, CEO of NewGuinea Gold Corporation. Mr McNeil has an MSc in Geology, 44 yearsmining industry experience, is a Fellow of the Australian Institute ofMining and Metallurgy, and meets the requirements of NI 43-101 for aqualified person.
ON BEHALF OF THE BOARD
R.D.McNeil, CHAIRMAN & CEO
The statements made in this News Releasemay contain certain forward-looking statements. Actual events orresults may differ from the Company's expectations. Certain riskfactors may also affect the actual results achieved by the Company.
The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy of this release.
Contacts: New Guinea Gold Corporation Forbes West Toll Free:1-888-655-5532 Email: forbes@sherbournegroup.ca New Guinea GoldCorporation Judith O'Quinn (604) 662-3598 (604) 669-6257 (FAX) Email:ngg@telus.net Website: www.newguineagold.ca
SOURCE: New Guinea Gold Corporation
mailto:forbes@sherbournegroup.ca mailto:ngg@telus.net https://www.newguineagold.ca
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