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I wonder if this stock will make it thru the OTC purge this Fall
$NGUGF @ .0055!
NGUGF 5.25 million dollars sub. comp. sale
NGUGF~~ NEW GUINEA GOLD ANNOUNCES SALE OF PNG SUBSIDIARY
May7, 2014, Vancouver, British Columbia, New Guinea Gold Corporation (“
NGG" or
the
“Company”) (TSXV: NGG)
is pleased to announce that is has entered into
a Memorandum of
Understanding
(the "
MoU
") with Kibush Capital Corporation ("KCC") pursuant to which KCC
has agreed to purchase all of the issued and outstanding shares in the capital of NGG's PNG
subsidiary,
New Guinea Gold Limited ("NGGL")
.
Under the terms of the
MoU
, KCC will pay NGG US$5.25 million, net of certain liabilities, to
acquire NGGL.
KCC will
assume responsibility for certain liabilities held by NGGL as at
April 30, 2014 and will
be granted man
agement rights to the Mt Sinivit goldmine, operated in
PNG by NGGL
, as at May 15, 2014. KCC
will assume responsibilities for all creditors, loans
and legal obligations of NGGL from that date.
The
t
ransaction is subject to customary provisions, and is conditional upon, among other
things, the approval of
NGG
shareholders and the receipt of
any
applicable regulatory
approvals.
The Board of Directors of
NGG
has unanimously approved entering into the
M
oU
and will
recommend that
NGG
shareholders approve the
t
ransaction at a special meeting of
shareholders to be convened and held for the purpose of approving the
t
ransaction. Full details
of the
t
ransaction will be included in a management information circ
ular and related proxy
materials (collectively, the "Circular") to be mailed to shareholders in accordance with
applicable securities laws.
NGG
expects
to hold a special meeting of shareholders in late July
2014.
The Board of Directors' recommendation fol
lows an extensive process by the Company to
secure additional viable financing needed to meet
not only current operational requirements,
but to fund the next phase of the Mt Sinivit mine. The Board of Directors believe the
t
ransaction provides the best out
come not only for the Company, but its shareholders,
employees and creditors, and provides a long
-
term future for the Mt Sinivit mine.
About
Kibush Capital Corporation
Kibush Capital identifies companies with proven products that can be sold immediately to
produce revenue. It is looking for opportunities that can be scaled up quickly and Kibush
Capital will provide the management and financial expertise to move its acquisition to another
level.
ON BEHALF OF THE BOARD
Greg Heaney
Director
http://www.newguineagold.ca/announcements/2014/New%20Guinea%20Gold%20Announces%20Sale%20Of%20PNG%20Subsidiary%20may%207.pdf
NGUGF(.002) posted $439,720 dollars NET profit..
Quarter ended September 30, 2013
The Company reported a profit before income tax for
the quarter ended September 30, 2013 of $1,001,559
or $0.003 per common share compared to a net profit of
$965,667 or $0.004 per common share, for the
corresponding quarter last year. The result for the
September quarter was materially influenced by the
reversal of a significant provision ($462,493) during the period, and the valuation of inventory as at September 3
0. The reversal of the provision was in relation to a claim against the Company by former employees. After consideration
of the matter, the Company has determined that it i
s appropriate to carry this amount as a contingency
and not a current liability The net profit for the quarter ended September 30, 2013 includes results from mining operations,
which produced a net operating profit of $439,720.
This net mining operating profit included metal sales, net of
refining and royalty costs, of $456,404.
PAGE 3
http://www.sedar.com/GetFile.do?lang=EN&docClass=7&issuerNo=00004817&fileName=/csfsprod/data148/filings/02140119/00000001/C%3A\SEDAR\NGG\FS130930Q3MDA.pdf
NGUGF 516% up very thin gold stock
NGUGF~~ READ THIS I LIKE IT
Corporate Activity
The Board and Executives are still progressing discussions with several potential counter parties with 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
http://www.newguineagold.ca/announcements/2013/Company%20Update%204-11-13%5B1%5D.pdf
NGUGF is ready to rock
NGUGF~~ is coming back to the life i guess..
NGUGF insiders holds 118 million shares
Philip John Dadson holds 53,221,446 common shares of NGG.V
( HE PAID 22 CENTS for 26.5 million shares. and 11 cents for 26.5 million shares)
Macmin Silver Ltd. holds 10,847,020 common shares
PNG Gold Corporation holds 26,855,994 common shares
NGG.V CEO Greg Heaney holds 19,000,000 common shares
NGG.V director Arthur Alexander holds 5,000,000 common shares
NGG.V chairman Ces Edward Lewago holds 1,010,000 common shares
Peter Andrew Mcneil holds 761,340 common shares
Abtar Berar holds 110,000 common shares
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New Guinea Gold (NGG) is a premier junior explorer and miner, with an exploration lease surrounding its Sinivit Gold Mine in East New Britain Province, PNG. Having commenced mining in 2007, NGG is actively seeking to expand production through extension of known mineralisation and further discovery.
The Sinivit Project is located 50 Kilometres south south-west of Rabaul in the Baining Mountains of the Gazelle Peninsula. The mine is currently a series of shallow open pits from which gold oxide ore is extracted. The mine covers the central 900 metres of the Wild Dog structure which is hosted within the reginonal scale Nengmutka vein system. This vein system has a known strike length of over a 10 km and is covered by NGG's exploration lease EL 1140
The Company’s shares are traded on the TSX-Venture Stock Exchange and OTC market.
Sinivit Project
The Sinivit Gold Project is located 50 kilometres south-southwest of Rabaul in the Baining Mountains of the Gazelle Peninsula, East New Britain Province, Papua New Guinea. It can be accessed by road from the town of Kokopo (one hour drive) and port of Rabaul. A jet airport at Kokopo has several daily flights to Port Moresby and Lae.
Commercial production commenced in April 2008.
NGG is mining the oxide cap of a quartz, telluride, copper and gold system. Although the initial project has a relatively short life, New Guinea Gold has an active exploration/development program with the objective of defining additional gold mineralization. The known mineralization is open at depth and there are numerous other, as yet unexplored, targets within the Sinivit properties. The potential to increase mineralization at the project is described in the Independent Technical Reports. The Company cautions, however, that there is no certainty that further mineralization will be defined.
Sinivit Exploration for 2010 includes
Sinivit Oxide - drilling at the northern extension of the northern oxide zone. This will be additional mineralisation to the original resource. A second phase of 30m deep RC drilling from the base of the pit is planned for when the pit reaches a depth equivalent to the limit of the former RC drilling. This work will be carried out over the next 12 months, and will define oxide, transitional and sulphide mineralisation directly below the pit.
Sinivit Sulphide - Copper, gold, tellurium mineralisation extends to depth over a known strike length in excess of a kilometre. To better target significant major sulphide concentrations we intend to complete a 3D Induced Polarisation (IP) grid survey in April. Drilling would then test the anomalies that have been defined.
IP is a method whereby conductivity and resistivity of the sub-surface rock can be recorded. Sulphides will normally have a higher conductivity than surrounding wall rocks and can then be located by this method.
Trenching is well underway to expose the surface of this zone over its entire 900m length. RC drilling will follow in April and May.
Tellurium
Tellurium has an attractive theoretical in ground, or in vat value at Sinivit, both in the crushed oxide mineralisation presently in vats and in the mineralisation yet to be mined.
An extensive sampling program of material in vats, previously drilled RC drill holes, diamond core holes and channel sampling in the pits is underway to provide a better understanding of the overall tellurium content of the system.
Samples were dispatched to an interested buyer in the USA in early March for metallurgical testing to determine if the tellurium can be economically recovered.
Other Exploration outside Sinivit and Kavarsuki
The Sinivit or Wild Dog structure can be traced for plus 10 km with anomalous gold/copper/tellurium.
The IP survey will cover the area immediately south of the mine. Excavator trenching will also be completed over this zone during the next half year.
Sinivit can be summarized as follows:
• The Sinivit resources have been defined near surface over a one-kilometre length of a ten kilometre long structural zone. This structural zone is known to contain sporadic, largely untested or unexplored gold mineralization over its entire length.
• The primary mineralization is gold/copper/telluride and the initial mine will process the oxide cap of this mineralization. Mineralization is open both along strike and to depth.
• Head grade for the oxide mineralization is projected at 5g/t gold, with open pit mining and vat leach processing. Mining and processing are relatively simple.
• Average grade of the unoxidised gold/telluride mineralization, from drilling completed to date, is expected to average between 10 and 14g/t gold.
SINIVIT MINE
http://www.newguineagold.ca/projects/sinivit/Sinivit.html
Directory | ||
Corporate Office | Australian Office | |
(Administration and Operations) | ||
Ph: +1 (604) 689 1515, ext 227 | Ph: +61 7 3003 0100 | |
Fax: +1 (604) 685 5970 | Fax : +61 7 3003 0054 | |
email:Hydepark00@gmail.com | Email: info@newguineagold.ca | |
Address: 900 - 595 Howe Street | Address: Level 4, 379 Queen St | |
Vancouver B.C. Canada V6C 2T5 | Brisbane Queensland 4000 Australia | |
Mailing Address: PO Box 10328, Brisbane Adelaide St | ||
Queensland 4000 Australia | ||
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