VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2011) - New Guinea Gold Corporation ("NGG" or the "Company") (News - Market indicators)(FRANKFURT:NG8) announces that two reverse circulation holes at Mengmut, Papua New Guinea, south of the Sinivit Mine along the Sinivit structure, both intersected significant gold and copper (for location please see Figure 1 below and our press release dated May 3, 2011). Hole MRC01 intersected 12m at 2.39g/t gold and 0.3% copper, and Hole MRC02 intersected 14m gold at 3.80g/t and 0.1% copper. Complete results are given in the table below:
| Hole No |
From
(m) |
To
(m) |
Length
(m) |
Gold
(g/t) |
Copper
(ppm) |
Inclination
(degrees) |
Depth
(m) |
| MRC01 including |
2
8
14 |
4
20
20 |
2
12
6 |
12.95
2.39
3.07 |
131
3000
5650 |
90 |
20 |
| MRC02 including |
0
6
16 |
14
14
18 |
14
8
2 |
3.80
5.67
0.66 |
1044
1225
1755 |
90 |
30 |
Note:
1. Cut offs used was 0.5g/t gold
2. True thickness not known
3. Collar so-ordinates are at approximately 9847500N, 393400E (see Figure 4 below). The holes are approximately 20m apart along strike
Results from two further holes are pending.
Bob McNeil, consultant geologist, commented: "these holes are particularly significant as they confirm possibly economic grades of gold over one kilometer south of the Sinivit Southern Oxide Pit. Hole MRC01 terminated at 20m depth with 1% copper assayed between 18m and 20m. The Mengmut zone was also defined as a possible sulphide and quartz system by the IP survey completed in 2010. A previous drill hole in the late 1980's in the general area also intersected gold plus copper and tellurium. The significant zones in the above holes will be assayed for other elements such as tellurium and molybdenum."
Note: To view the map associated with this release, please click the following link: http://media3.marketwire.com/docs/ngg0629.pdf.
All samples are partly prepared at site by splitting to 500 grams. Further preparation and analysis is completed at accredited laboratory, ALS Chemex laboratories, in Townsville, Queensland, Australia.
The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australasian Institute of Mining and Metallurgy and a "qualified person" as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein.
Full details of Sinivit are described in an Independent National Instrument 43-101 report dated January 2006 which is available at www.newguineagold.ca.
For further information on this release or on other NGG projects such as the Sinivit Gold Mine, contact info@newguineagold.ca, or access our website – www.newguineagold.ca.
ON BEHALF OF THE BOARD
Ces Iewago, 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.
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.