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New Guinea Gold Corp : New Guinea Gold Provides Company Update02/26/2013| 08:10pm US/EasternCanada: Australia:900 - 595 Howe Street P.O. Box 10328Vancouver, B.C., Canada, V6C2T5 Brisbane Adelaide St, Qld 4000Phone: [phone], ext 103 Phone: [phone]Fax: [phone] Fax: [phone]Email: [e-mail] Email: [e-mail] Symbols: TSX-V: NGGFrankfurt: NG8Web Site: www.newguineagold.caNEW GUINEA GOLD PROVIDES COMPANY UPDATEFEBRUARY 25, 2013, Vancouver, B.C., New Guinea Gold Corporation ("New Guinea Gold" or the "Company") (TSXV: NGG) is pleased to provide the following update on its activities and plans moving forwards.OperationsAs per the Company's previous forecasts Phase One mining has now been completed with allDrill and Blast and Earthmoving activity finished on site. The remaining site activities are crushing, which is due to finish imminently and ore leaching, which will continue for the next few months. Consistent with the Company's strategies for progressing towards Phase Two anyequipment which is not required will be offered for sale and staff numbers will be reduced to the level needed for the remaining activities on site, security and ongoing care and maintenance of the site and equipment.ExplorationAs previously notified, the company intends to further explore three prospects on theexploration tenement EL1140 and Mining Lease ML122. An 1800 metre program has been proposed to follow up from ground level mapping and sampling programs and a recently completed 3D IP survey.Resource UpgradeThe company is pleased to announce an Indicated Resource of 283,000 tonnes at 3.7 g/t Au forapproximately 33,000 oz Au (at 1.5 g/t Au cutoff) at its Kavursuki project. The Kavursuki Vein System lies approximately one kilometre to the north of the Sinivit Mine and represents an excellent opportunity for near surface oxide mineralisation.Some 46 shallow diamond drill holes have been used to calculate the resource, which remains open to the north, south and at depth. On site metallurgical testing is proceeding to determine mineralogical make-up and recovery characteristics.Notes related to this mineral resource estimate can be found further in this release.Corporate ActivityThe Board and Executives are progressing discussions with several potential counter-partieswith a view to completing a transaction that will maximize value to shareholders and secure the future of the Sinivit mine and associated exploration licenses. The Company will update shareholders on the status of these discussions as they progress.Annual General MeetingIn 2012 the Company sought and received an extension of time (until April 29, 2013) in whichto hold its next Annual General Meeting (AGM). The Company is currently finalizing plans for the meeting, which will be held in late April on a date to be confirmed. Shareholders will be advised of the timing of the AGM in due course.Landowner RelationsThe Board of Directors and key Executives met with all Landowner Groups (LO) in Kokopo inearly February. Whereas previous meetings had been heated and divisive, this latest round of meetings were all conducted in a calm and well-meaning atmosphere and ended in a spirit of cooperation with all parties leaving with the clear intention of working together towards achieving the best outcome for all stakeholders.Legal MattersActions by former employees - the Company is actively defending claims for unpaid gratuitiesby two former employees who were related to a former Director, CEO and Chairman. The Company has recently filed a defense to the claims made by the former employees and is awaiting a court date to be confirmed.Action by East New Britain Provincial Government (ENBPG) - The ENBPG has commenced an action against the Mineral Resources Authority and the Minister for Mines seeking to over-rule the renewal of the Company's Mining Leases. The basis of this action are affidavits signedby Landowner representatives. The Company has been assured by the Landowner representatives that these affidavits were signed under some duress and that they are actively seeking to have them removed from the court records. The Company believes the action to challenge the renewal of the Mining Leases to be without merit, particularly in light of the recent representations made by the Landowner representatives, and will vigorously defend its exploration and mining rights. The Company does not expect its mining operations to be interrupted by this action.Notes to accompany the Mineral Resource Estimate• The Kavursuki Vein System is 90% owned by New Guinea Gold Corporation, 10%owned by Gold Mines of Niugini Holdings.• The mineral resource estimate is based on mineralised intercepts in 46 drill holes for2,843m; all drilling has been conducted by NGG. 12 holes 1,260m in 1990, 12 holes597m in 2010, 20 holes 951m in 2011 and 2 holes 35m in 2012. The holes drilled by NGG are collared using HQ triple tube drill tools. Some holes may be reduced to NQ size at depth in order to continue the hole.• 854 one metre composite samples were used to inform the resource. Core samples are dried, crushed and pulverised to 85% passing through a 75 micron mesh. The pulps are assayed for gold and copper using a 50 g split, Fire Assay (FA), and AA finish. Rejects and pulps are stored at ALS Minerals in Townsville, Australia for future reference.• Down-hole surveys were conducted with an Eastman style single shot camera on 25 of the 46 holes, generally holes have two readings per hole depending on final drill depth.• MA conducted a review of the data and sample collection from drilling programmes on the project in May 2011 recommendations were made to improve QAQC procedures.• NGG drill core was available for review on site.Page 2 of 4• MA has reviewed the company procedures and protocols for NGG and have visited site on 5 occasions throughout 2010 and once in May 2011.• QAQC consisted of internal laboratory standards, blanks and repeats (272 in total) in addition NNG submitted 14 standards for analysis.• The geological resource is constrained by domains consisting of 3D models and the lease boundary. Drill hole data was displayed in section and elevation slices showing assays and geology. Intercepts were selected and coded for each vein domain based primarily on a grade greater than 0.2 g/t Au with a higher grade core identified above0.6g/t.• Vein domains are based on at least 2 drill hole intercepts and width control from surface mapping/trenching samples (trench grades were not used to inform gold estimates).• Drill intercepts within each lode are flagged in a database table and composited to give informing sample downhole composites.• Informing samples were composited to 1 m lengths, Search parameters were set along strike and down dip, a moving ellipsoid of 200m was used to select the informing samples, a minimum of 3 and maximum of 18 could be selected.• A grade cap of 12 g/t Au and 18 g/t was applied to informing composites in the higher grade domains to remove outliers, low grade domains (>0.2g/t <0.6g/t) did not require grade capping.• No Bulk density samples have been collect from Kavursuki; the assumed bulk density of the halo mineralisation and vein is 2.5t/m3.• The estimation block size was 5 m (x) by 20 m (y) by 8 m (z). A sub-block size of1.25 m (x), 5 m (y) and 2 m (z) was used to increase the resolution of the model at the edges of domains.• Grade was interpolated by domain using ordinary kriging estimation with parameters based on directional variography. Low grade and higher grade domains were combined providing one variogram for low grade veins and one for higher grade veins. Estimates were validated against informing samples and with nearest neighbour and inverse distance squared interpolation.• Volume of each vein domain was defined by wireframes in 3D space that were used to flag resource blocks.• Results are stored in a block model that was screened for topography by block.• Resources have been classified as Inferred for the domained areas based on the number of informing samples, average distance and the kriging variance for each block.• Variable cut-off grades for Au are reported, with 1.5g/t being the base case. Given the shallow nature of the mineral resource and its close proximity to the operating Sinivit Mine, there are reasonable prospect of economic extraction at all cut-off grades applied.• Reported tonnage and grade figures have been rounded off to the appropriate number of significant figures to reflect the order of accuracy of the estimate. Minor variations may occur during the addition of rounded numbers.• There has been no depletion applied to the resource, no previous mining has occurred at Kavursuki either by NGG or artisanal minersPage 3 of 4The mineral resource stated above for the Kavursuki Project will be filed on SEDAR, and was calculated by Ian Taylor, MAusIMM(CP)., of Mining Associates Pty.Ltd, an independent Qualified Person in accordance with NI 43-101.ON BEHALF OF THE BOARDGreg HeaneyDirectorFor further information, please contact [e-mail], or access our website -www.newguineagold.ca.>