VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2011) - New Guinea Gold Corporation (News - Market indicators)(FRANKFURT:NG8) - Gold Anomaly Ltd, an Australian Securities listed Company (GOA), operator of the Crater Mountain Joint Venture, announced on March 29, 2011 that they had intersected 82m at 1.62g/t gold within 284m at 0.82g/t gold in their first drill hole at the Crater Mountain Project.
Bob McNeil, Acting CEO of New Guinea Gold, commented: "NGG holds a 10% free carried interest to Bankable Feasibility in the Crater Mountain Project. NGG and GOA have recently signed a Letter of Intent whereby GOA will acquire the above interest in exchange for 31,250,000 GOA shares. Issuance of shares is awaiting approval of the transaction by the PNG Minister for Mines." Bob McNeil also noted that Mr Peter Mcnab, Exploration Director of Gold Anomaly commented as follows: "The results are highly encouraging as they confirm the presence of a major alterated and mineralised system with the potential to define a large bulk tonnage of low grade gold mineralisation, with zones of higher grade gold mineralisation. The mineralisation bears similarities to that found at Barrick's Porgera Gold Mine and to Newcrest-Harmony's Link Zone at Wafi-Golpu and their Hidden Valley Mine. Above 306m depth, these assays include significant intervals with average assay values above 1.5g/t Au totaling 87m at 2.04g/t Au and above 0.4g/t Au totaling 127m at 1.57g/t Au. Given that Crater Mountain is above creek level the project has the benefit of having lower cut off grades in any economic evaluation.
The Crater Mountain system is a large gold system and the above shares will give NGG great flexibility in obtaining value for its interest in the project." The complete release by Gold Anomaly is at www.goldanomaly.com.au.
The information contained in this report relating to exploration results at Gold Anomaly's Crater Mountain project is based on information compiled by Mr Robert McLean, Director of Gold Anomaly Limited. Mr McLean is a Member of the Australasian Institute of Mining and Metallurgy and has the relevant experience in relation to the mineralisation being reported upon to qualify as a "Qualified Person" as defined by the National Instrument 43-101. Mr McLean has read and consents to the inclusion of information contained herein.
ON BEHALF OF THE BOARD
R.D. McNeil, Acting 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.
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