New Guinea Gold fka NGG (NGG)

[goldisking3000]

NGG lets make it happen .....

[goldisking3000]

I still have my shares very nice thank you .....

[Dobie Lama]

Sept. 14, 2010, 9:36 a.m. EDT · Recommend · Post:

New Guinea Gold Announcement: Induced Polarization Survey at Sinivit Defines 18 New Drill Target Zones and Advances Geological Understanding of Sinivit Mineralisation
VANCOUVER, BRITISH COLUMBIA, Sep 14, 2010 (MARKETWIRE via COMTEX) -- New Guinea Gold Corporation ("NGG" or "the Company") /quotes/comstock/11v!ngg (CA:NGG 0.11, +0.01, +4.76%) (FRANKFURT: NG8) has received a geophysical interpretation from geophysical consultants, Aimex Geophysics Pty Ltd, assessing the results of a 3D Induced Polarization ("IP") Survey recently completed at Sinivit (in Papua New Guinea) by SJ Geophysics Ltd. of Vancouver, Canada. The area covered by the survey is shown in Figure 1.

"The IP Survey confirms the potential for substantial gold and/or gold/copper/tellurium sulphide mineralisation at depth, along strike and adjacent to the Sinivit Structure," said Bob McNeil, Chairman and CEO.

The consulting geophysicist defines and describes 18 target zones, either chargeability (IP), resistivity or conductivity anomalies. In most cases these anomalies can be correlated with surface indications of known mineralisation. The IP Survey was also conducted over the known Central Sulphide Zone. Although the IP response here was of modest intensity, it has shown that this mineralisation did give an IP response and thus, by analogy, similar intensity anomalies defined at Gorocha, Kavursuki, and Memgmut could also be defining similar sulphides. The results of the northern part of the survey are illustrated on the accompanying chargeability and resistivity images and in several cross sections (Figures 2 to 6). Because of the amount of detail available from the survey, it is not possible to show all results in a press release or the results for the areas south of the Sinivit Mine.

In addition to targets related to the Sinivit structure, the survey has defined a strong IP anomaly in the valley to the west of Sinivit (known as Magiabi). There are extensive surface indications of copper in this area and it has been noted previously as a potential porphyry copper system. The IP response is shown in Figures 2 and 4.

The complete results of the IP survey, including survey specifications, cross sections and commentary will be able to be accessed at www.newguineagold.ca in the near future.

Bob McNeil commented: "the geophysical summary in Figures 2 and 3 shows that the area between the northern oxide pit and Kavursuki could be highly prospective. There are major resistivity anomalies (Figures 3 and 5) which could be indicating gold bearing silicification, extending from close to surface to depths of plus 300m. Chargeability anomalies at Kavursuki (Figure 6) (which coincide with resistivity anomalies) and at Gorocha (Figure2), a large area to the north of the northern oxide pit, suggest the presence at depth of similar sulphide mineralisation to the Central Sulphide Zone (gold/copper/telluride). To the west, at Magiabi (Figures 2 and 4), a very significant IP and resistivity anomaly is present. Further IP and resistivity anomalies are also present south of the mine (not shown on the figures) at Memgmut.

"The Gorocha anomaly (Figure 2) coincides with a zone previously described as the Jog Structure (a dilational zone between the Sinivit or Wild Dog Structure and the Gunsap Mt Structure) which other geologists in the past have speculated could be the location of major sulphide mineralisation. The Magiabi anomaly is of particular interest as there is widespread evidence of copper mineralisation at surface. The IP anomaly could represent a breccia pipe. The concept of this area representing an altered porphyry copper system is supported also by aeromagnetic data.

"There is also a high conductivity, N-S zone, (Figure 2) to the east of Gorocha which the geophysicist has interpreted as a zone of hydrothermal (mineralisation) fluid flow from which the mineralisation in the Sinivit Structure originated. This zone corresponds to the location of the Gunsap Mt structure.

"In total, the consulting geophysicist has recommended drilling 18 separate targets. Diamond drilling is at present underway at Kavursuki and will progressively test all other targets.

"In summary, I believe the geophysics indicates the presence of several significant mineralised zones - however, the potential of these zones can only be determined by extensive drilling. Our strengthened balance sheet is allowing New Guinea Gold to undertake this drill program," concluded Mr. McNeil.

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 ("NI") 43-101. Mr McNeil has read and approves the information contained herein.

Full details of Sinivit are described in an independent NI 43-101 report dated January 2006 which is available at www.newguineagold.ca and in its recent press releases.

For further information on this release or on other NGG projects, contact Forbes West toll free at [phone], email [e-mail], [e-mail], or access our website - www.newguineagold.ca.

ON BEHALF OF THE BOARD

R.D.McNeil, CHAIRMAN & CEO

[goldisking3000]

Looking for a bottom ....

[goldisking3000]

lets see if we can hold here NGG ....

[goldisking3000]

Looks like we bottomed ............

[goldisking3000]

Dip buying ....

[goldisking3000]

New Guinea Gold Strategy and Operations Update
Vancouver BC, October 7, 2009. New Guinea Gold Corporation (NGG: or the Company) today
provided the following update for investors:
Corporate Strategy
As part of its business and development strategy, in 2008 NGG announced a corporate
restructuring designed to spread development risk, while retaining project upside. NGG has now
successfully executed this restructuring, and is moving to a new, more focused development
strategy.
“From early in 2010, we expect our partners will resume an aggressive exploration program on
projects in which we hold an interest,” said Chairman and CEO Bob McNeil. “NGG’s plan is to
focus on expanding resources at Sinivit and Weioko, and improvement in processing and mining
operations at Sinivit. At the same time, investors will benefit from rapid development progress
and any new discoveries made with our partners at Imwauna, Pacific Kanon, and Coppermoly.”
Results To Date:
• In early 2008, the first part of the restructure was completed with the successful listing of
Coppermoly on the Australian Securities Exchange. Coppermoly has just raised AUD$2.2
million to continue its exploration / development activities.
• In August 2009, NGG signed a Letter of Intent with Vangold Resources Ltd regarding the
sale to Vangold of its shares in Pacific Kanon Gold, (three projects), and its equity in Mt
Penck and Feni properties. The purchase price agreed to in the LOI is for CDN$3 Million
plus a 5% carried interest in the PKG properties, and a 10% carried interest in the Feni
property. We have received $500,000 in cash, and will ultimately have a 19.9% interest in
Vangold after its announced reconstruction.
• In September 2009, NGG entered into an Option Agreement with a Private Company
which provides the Private Company the right to acquire a 50% legal and beneficial
interest in the Normanby's (EL 1091) Imwauna property for a series of cash payments
totalling $1 million, plus the purchase by way of private placement of $1 million worth of
New Guinea Gold common shares. In addition, the Private Company must complete
exploration expenditures totalling a minimum of $5 million over two years.
“These transactions are designed to significantly increase the rate of exploration and development
on a group of high potential properties, while retaining upside potential and providing cash or
securities convertible to cash to NGG for use in its existing key projects,” said Bob McNeil.
“In the Vangold transaction, NGG has secured $500,000 cash, the Company has no additional
exploration and development funding for the PKG and Feni properties, and NGG retains
significant upside through an effective 25% interest (includes equity in Vangold), in the PKG
properties, and a 30% interest in the Feni property.
The Imwauna option transaction provides for the expeditious development of this important high
grade gold property, without further immediate spending by NGG, while also providing NGG with
significant upside through a retained 50% interest in the property.”
Financial Condition
As at September 30, 2009, New Guinea Gold had cash of AUD$1.023 million. This figure does
not include the result of sale of gold from September production.
In addition, the Bank of South Pacific has agreed to postpone further loan repayments until
February 28, 2010. The amount owing to the Bank of South Pacific is approximately $800,000.
Sinivit Operations
Production in Q3 is not yet finalised although September production has been delivered to the
buyer / refiner we have not yet received the figure for contained gold. We will not receive the
final gold number until after October 20, as assays will not be completed until that date. Duplicate
samples have been forwarded to ALS – Chemex in Townsville Australia, but these assays will also
take several weeks to complete.
Management anticipates improved production in the fourth quarter, as additional mining
equipment arrives on site in mid October. These comprise two CAT 730 6x6 Articulated Dump
Trucks; one Hitachi 2x450H 45 Tonne Excavator and one CAT D5G Bulldozer. This equipment
will allow better flexibility in wet weather, and bring the equipment on site back to the status prior
to the dispute with former contractor, HBS Machinery.
The total purchase price for this equipment is AUD$860,000. A deposit of AUD$200,000 has been
paid, and until the sale is finalised, NGG will rent the equipment. We intend to seek leasing
finance to cover the cost of this equipment at a later date.
This equipment will supplement the leased equipment on site which includes several 30 and 20t
excavators, and up to four conventional “road trucks”.
Ore from the high grade discovery announced September 14, 2009, outside the Northern Oxide
Zone is presently being mined and will be processed in October/November. The Company has also
initiated a study designed to determine the feasibility of installing a CIL or CIP process plant to
enhance recovery.
The information in this release was prepared under the direction of Robert D. McNeil a Fellow of
the Australia Institute of Mines 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 the Sinivit Project are described in an Independent N1 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 Forbes West toll free at 888 655 5532, email [e-mail] or Judith
O’Quinn at 604 662 3598, email [e-mail] or access our website – www.newguineagold.ca
This News Release may contain certain forward-looking statements. Actual events or results may
differ from the Company's expectations. Certain risk factors may also affect the actual results
achieved by the Company.
ON BEHALF OF THE BOARD
R.D.McNeil
CHAIRMAN & CEO

[goldisking3000]

BARRICK EARNS IN TO COPPERMOLY’S NEW BRITAIN PROJECTS
BY SPENDING UP TO AUD$20 MILLION

Coppermoly Ltd (Coppermoly), an Australian Securities Exchange (ASX) listed company, which New Guinea
Gold Corporation (NGG) holds approximately 30 million shares (approximately 23% of issued capital),
released the following press release entitled “Barrick Farms-In to Coppermoly’s New Britain Projects by
spending up to AUD$20 million.”
Bob McNeil, Chairman and CEO of New Guinea Gold is also a Director of Coppermoly Ltd. Bob McNeil
commented: “We believe this release is material and relevant to New Guinea Gold in view of its large equity in
Coppermoly. The Coppermoly share price closed at AUD$0.15 on the ASX on Monday October 12, 2009,
giving a value to NGG’s holding in Coppermoly of AUD$4,500,000, or approximately C$4,250,000. This is a
very attractive deal for Coppermoly, with excellent substantial upside for NGG. We believe this transaction
validates NGG’S strategy of bringing in partners to speed up project development while retaining significant
upside for shareholders.”

[goldisking3000]

November 5, 2009. Further to its press release of October 19, 2009, New
Guinea Gold Corporation (TSX-V:NGG) (“the Company”) announces that, based on the advice of
special counsel, the Company’s Board of Directors have determined that the recent demand made
by dissident shareholders for the calling of a general meeting of the Company is invalid, in that
the requisition notice does not satisfy the mandatory requirements of section 167 of the Business
Corporations Act (British Columbia) (“Act”). Accordingly, the dissidents' representatives have
today been advised by the Company that the Board will not be calling a shareholders meeting in
response to the requisition.

[goldisking3000]

October 28 2009. New Guinea Gold Corporation (TSX-V:NGG) (“NGG”) is
pleased to announce that it proposes to complete a non-brokered private placement pursuant to
which it will issue up to 41,666,666 common shares at a price of $0.12 per share to raise aggregate
gross proceeds of up to approximately $5,000,000.

[Scheharazade]

This company deserves another chance. Things have finally started to roll and the latest news release was VERY good.

18m at 22.60 g/t Gold: 12m at 25.66 g/t Gold and 19m at 19.02 g/t Gold in Grade Control Drilling at Sinivit Project

We may have another ARU here guys. And Sprott is in allready.

Check out: www.newguineagold.ca

I like the bullboards on Stockhouse, checkthere as well. Ticker V.NGG



GLTA

[siempre33]

NGG's near-term business plan is to focus on production and increase resources at Sinivit, Normanby and Sehulea.

[Czechmate]

Paccom to option interest in Feni from New Guinea Gold

New Guinea Gold Corp NGG
Shares issued 23,167,014 Jan 31 close $0.13
Mon 3 Feb 2003 News Release
See (PCV) News Release
Mr. Dal Brynelsen of Paccom Ventures reports
GOLD PROJECT ACQUIRED IN THE LIHIR CORRIDOR
Paccom Ventures has signed a letter of intent with New Guinea Gold, an
arm's-length company, to option a 75-per-cent undivided interest in the
Feni gold project located in New Ireland province, 160 kilometres east of
Rabaul, Papua New Guinea.
Paccom and New Guinea Gold have agreed to an option, subject to regulatory
acceptance, of 800,000 shares in stages, payable over three years,
including 200,000 shares upon TSX Venture Exchange approval, and minimum
exploration expenditures totalling $2.5-million, staged over three years,
including a minimum expenditure of $500,000 before June 30, 2004. Paccom
Ventures will act as operator.
The Feni Islands lie within an evolving island arc dating from the Tertiary
age. It is a northwesterly trending alkaline structural province extending
from Bougainville through the Green, Feni, Tanga, Lihir and Tabar island
groups. Exploration of the Feni project has identified 40 separate gold
anomalies and gold occurrences yielding widespread low-grade and
intermittent medium-grade results.
Located in the Lihir corridor, the Feni project hosts similar geology,
including widespread gold mineralization, similar alteration styles and
similar alkaline intrusives to the Lihir mine, located along trend about
200 kilometres to the north. The Lihir mine was discovered by Kennecott in
the early 1980s, and has a published resource of more than 42 million
ounces of gold presently producing at an annual rate of more than 600,000
ounces of gold. At an early stage of development, the Feni project is an
attractive project that exhibits all the characteristics necessary for the
possible discovery of a large low-grade multimillion-ounce deposit.
Feni was last explored in 1997, when widespread gold was encountered with
potentially economic results obtained in diamond drilling. DD Mad 001,
drilled 300 metres northeast of the Main zone, intersected 52 metres of two
grams per tonne gold within 188 metres of 1.2 grams per tonne gold
(confirmed by check assaying). This hole terminated in plus one gram per
tonne gold at 256 metres, as deep as the drill could go. Followup of this
zone since that time was not possible, due to a lack of exploration dollars
as a result of low gold prices.
Previous drilling from the Main zone returned gold values of between one
and 10 grams per tonne, such as:

g/t
Metres Au

114 1.12
19.9 2.13
15.25 2.56
16 2.3
52 1.65
10 5.7
3 10

The widespread gold mineralization intersected in drilling at Feni equates
to the lower-grade, interorebody mineralization encountered at the Lihir
mine. Drilling at Lihir into the high-grade feeder zones has recently
returned values as high as 14 metres of 341 grams per tonne gold, including
four metres of 1,162 grams per tonne gold. Further drilling at Feni was
highly recommended by the independent engineer for New Guinea Gold, Peter
Christopher, in his National Instrument 43-101 report dated Nov. 21, 2002.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.

[Czechmate]

Well,thats one hurdle cleared,now for regulatory approval and we are on our way. That should be a given based on the unaniamous shareholder approval that MacMin was not allowed to vote on.Its comin together guys,slowly buy surely. all the best. Tomas

[Czechmate]

New Guinea Gold shareholders okay Macmin deal

New Guinea Gold Corp NGG
Shares issued 23,167,014 Jan 31 close $0.13
Fri 31 Jan 2003 News Release
Mr. Robert McNeil reports
NEW GUINEA GOLD PROPERTY ACQUISITION APPROVED
New Guinea Gold's special meeting of shareholders today gave unanimous
approval for the ratification of an agreement, the details of which were
announced in the company's news release in Stockwatch June 12, 2002.
Essentially, the company has acquired (subject to final approval from
regulatory authorities) 100-per-cent interest in the shares of Macmin (PNG)
Ltd. which owns the exploration and mining lease interests in seven highly
prospective gold and gold/copper projects in Papua New Guinea.
The company is conducting discussions with parties who have expressed
interest in either financing or joint venture associations. News releases
will be issued as events unfold.
WARNING: The company relies upon litigation protection for
"forward-looking" statements.

[siempre33]

Special Shareholders meeting today, 11 AM --
http://www.newguineagold.ca/LatestNews.html

[siempre33]

Here's a new post on NGG
from Stockhouse I thought you might find interesting --
http://www.stockhouse.ca/bullboards/viewmessage.asp?no=5981818&t=0&all=0&TableID=0

[siempre33]

Thanks to Thomas, possum, bossy & Czechmate for all the info
on New Guinea Gold. Because of them I finally took a position
in NGG. Heck, I told them about it in the first place;
been following this stock since it was four cents.

[Czechmate]

Two of those smaller deposits are mine ready,the others require additional drilling to define resource and or reserves.Special shareholders meeting to vote on the deal thru MacMin of Australia who holds title to the properties and is the parent of NGG and holds 67% of the outstanding shares of NGG or somewhere around 14 million. NGG is looking for either a JV partner to move forward or to finance.Recent deal with Naotek or Minterra apparently fell thru as Minterra could not fund the deal which was for a total of 10 million,not all upfront of course.All that information is at the Website which is very good and is operational and constantly updated.NGG has a booth at both of the Vancouver investment conferences going on this week..all the best....Tomas

[Ed Monton]

Website down?

Those grab samples sure have some high grades. Does this company plan to do any drilling?

tf

[antman]

That does sound interesting- $30 million is not too shabby-

I am going to check it out-
-------

I own stock in this Canadian company you might want to check it out-
-YWO.V has just announced 2 very significant developments-

Goldcorp (G.TSE) has invested about $500,000.00 into the company, and Teck Cominco (TEK.A) is going to joint venture on 3 properties in Red Lake-
One of the properties, My Ritt is going to receive $4 million in exploration expenditures-

Press releases may be seen here-
http://www.wolfdenresources.com/press.htm

YWO just hit a new 52 week high last week-$1.82 (CAD)

I am long, Wolfden now has joint ventures with Bema Gold, Kinross, Placer Dome, Newmont and Teck Cominco, so they are in good company IMO.

They also have the largest land position in Red Lake on the mine trend.

YWO has approximately $6 million in the treasury and no debt-

Good luck to all-

[Czechmate]

New Guinea Gold Corp (C-NGG) - News Release
New Guinea to acquire up to 100% of gold projects
New Guinea Gold Corp NGG
Shares issued 19,234,094 Jun 12 2002 close $ 0.09
Wednesday June 12 2002 News Release



Mr. R.D. McNeil reports
NEW GUINEA GOLD CORPORATION (THE COMPANY) TO ACQUIRE UP TO 10 ...
The company has reached agreement with Macmin Ltd., an Australian Stock Exchange listed company, to acquire Macmin's wholly owned subsidiary, Macmin (PNG) Limited), which holds title to seven exploration licences and one mining lease in Papua New Guinea (PNG) Macmin is majority shareholder of the company, holding 58.06-per-cent equity interest (see news release in Stockwatch of Feb. 28, 2002).
The acquisition of Macmin (PNG) will allow the company to capitalize on current interest in the gold markets. Macmin intends to focus on silver, based on its Texas silver project in southeast Queensland, Australia, where a major drilling program, financed in April, 2002, is currently in progress. The projects to be acquired through the acquisition of Macmin (PNG) are all advanced gold or gold/copper projects, three of which are at the feasibility stage. By repositioning its major gold assets into a separate entity, that is the company, Macmin will maintain valuable interests in the silver market via its Texas project and in the gold markets through its holdings in the company, a mutually beneficial relationship which has existed since 1996. The company intends to immediately embark on discussions with others refinancing, and/or joint venture arrangements in order to organize and initiate work programs on all projects.
The terms of the acquisition are as follows:
The company will convert all debt (estimated to be $250,000 by the completion of this deal) to shares. Total shares to be issued will be approximately 2.75 million;
The company will issue to Macmin shares equivalent to 10 per cent of it's issued capital after the debt conversion. Total shares to be issued are estimated at approximately 2.25 million;
The company will grant to Macmin a 1-per-cent gross, or net smelter return (NSR) royalty on any minerals or metals produced from these licences;
In the event that production at any mine that is subsequently developed exceeds 50,000 ounces of gold or gold equivalent per year, the company will issue further shares equivalent to 9 per cent of its issued capital at that time;
The company will reimburse to Macmin all costs of the transaction, including any PNG stamp duty; and
The deal is subject to due diligence and any regulatory or shareholder approval that may be necessary.
The company currently has a 25-per-cent equity interest in two of the gold projects which will be acquired -- Feni and Normanby projects.
The following description of the projects is quoted from a Macmin summary (April, 2002), which appears on Macmin's Web site at www.macmin.com.au. Extensive additional technical data are also available at that Web site. Any reserve/resource figures are in accordance with guidelines issued by the ASE and the Australia Institute of Mining and Metallurgy.
Macmin (PNG) Limited (Macmin PNG) is, at present, a wholly owned subsidiary of Macmin. Macmin PNG in Papua New Guinea, holds title to five gold projects and two copper/gold projects. The projects are all at an advanced exploration stage with defined resources or encouraging drill hole intersections, which contain economic grades (in normal circumstances) of gold and/or copper.
Macmin PNG and the company's joint venture partners have spent approximately $12-million (Australia) on these projects to advance them to their present status. In addition, substantial exploration was completed on these projects by Exxon (Esso) Minerals, (their successors and joint venture partners), prior to Macmin PNG's involvement. Bob McNeil, managing director of Macmin, formulated and managed Exxon's program and the present projects are regarded as some of Exxon's best discoveries in PNG. Prior to Macmin PNG's acquisition of these projects perhaps $30-million (Australia) was spent on the projects and surrounding areas -- Exxon largely withdrew from the minerals industry in the late 1980s.
All of the advanced projects have potential for world-class gold or copper/gold orebodies. PNG is "elephant country" for major orebodies as evidenced by Porgera, Lihir, Misima, Panguna and OK Tedi, has a long history of profitable mining and a substantial period of democratic government subsequent to independence from Australia in 1975.
Macmin PNG has three small, high-grade areas of gold that could be developed immediately, as exploration continues for a major orebody.
The Normanby project (75 per cent Macmin PNG, 25 per cent NGG) including the Imwauna project, has several areas with economic gold intersections in drill hole. Limited exploration at the Imwauna vein swarm, which has multimillion-ounce gold potential, has so far defined a 200,000-ounce gold resource (grade 6.1 grams per tonne gold) with a higher grade, near surface (above 50-metre depth) zone of mineralization estimated at 200,000 tonnes at 10.1 grams per tonne gold. Directors believe this higher-grade zone could be economically mined now and processed by vat leaching. The project requires completion of a feasibility study and also has immediate drill targets. Ultimate potential is one or more multimillion-ounce gold mines.
The Sehulea project (70 per cent Macmin PNG) including the Weioko project, which is adjacent to the Normanby project has high-grade gold at Weioko prospect at surface (16 metres at 20.03 grams per tonne gold). Drilling has not yet targeted this high-grade mineralization at depth, but has defined an open ended five- to 10-million-tonne zone of mineralization averaging approximately one to 1.5 grams per tonne gold, with some higher grade zones. This zone could be extracted by the heap leach process. Geophysics also suggest the mineralization is open ended along strike. The higher grades could be mined and vat or heap leached in conjunction with Normanby mineralization. There are immediate untested induced polarization (IP) based drill targets and ultimate potential is for a multimillion-ounce gold and/or massive sulphide copper/gold mine (at the nearby Gwamogwamo project).
The Sinivit project (90 per cent Macmin PNG) near Rabaul, has a resource of 130,000 ounces of gold including 50,000 ounces extractable by vat leach. The project has a granted mining lease, good access and is already partly developed. The resource is within a 26-kilometre-long vein system which hosts many occurrences of gold/telluride mineralization. It is expected that the gold/telluride mineralization could be sold as a sulphide concentrate. The orebodies are open at depth and the vein system in total has multimillion-ounce gold potential.
Other projects in Papua New Guinea include:
The Crater Mountain project (100 per cent Macmin PNG) eastern Highlands province, has wide gold intersections in drill holes such as 115 metres at 1.83 grams per tonne gold; 24 metres at 6.55 grams per tonne gold, within a 12-square-kilometre highly gold anomalous (plus some lead/zinc anomalism) prospective area. This project is at an early stage, but has similarities to the Porgera mine and could host a world-class resource. There are immediate drill targets.
The Feni project (75 per cent Macmin PNG, 25 per cent NGG) is geologically similar to the Lihir mine. Large volumes of mineralization grading one to two grams per tonne gold have been documented and there is an inferred resource of 450,000 ounces gold. The project has potential for a very large resource but needs extensive further exploration. Geochemical and geophysical targets (IP) are already defined and provide immediate drill targets.
The Simuku (90 per cent Macmin PNG) and Mt. Nakru (100 per cent Macmin PNG) projects are copper/gold properties that occur on the island of New Britain. Simuku is a large, (one billion tonnes plus of 0.3 per cent to 0.35 per cent copper), porphyry copper/gold/molybdenum system. Drilling has defined wide intervals of copper mineralization (277 metres at 0.33 per cent copper; 40 metres at 0.64 per cent copper), a small chalcocite blanket and peripheral zinc and high-grade gold mineralization. Geophysics suggests the system extends well to the north and south of the area drilled. Untested IP anomalies exist and probably not more than 10 to 15 per cent of the area has been explored in any detail. Mt. Nakru has wide intervals of possibly ore grade copper mineralization (74 metres at 0.78 per cent copper), plus significant gold intervals in bulldozer trench (36 metres at 2.54 grams per tonne silver and 245 metres at 0.8 gram per tonne gold). Geological knowledge of the area (and exploration) has been hindered by a blanket of volcanic ash.
Scoping economic studies, with gold at $530 (Australia) per ounce and using vat leach processing, suggest that cash flow over a 3.25-year period of approximately $30-million (Australia) could be generated from the Sinivit, Imwauna and Weioko projects. These figures are after repayment of $10-million (Australia) capital but before interest and tax. These projects are presently on hold until the required capital cost can be raised. The projects represent small parts of large mineralized systems with excellent potential to expand resources, extend mine life and/or increase the scale of operation. Further details are also available at www.macmin.com.au.

[Czechmate]

New Guinea Gold Corp (C-NGG) - News Release
New Guinea provides bulk sample results from Imwauna
New Guinea Gold Corp NGG
Shares issued 19,234,094 Nov 7 2002 close $ 0.06
Tuesday November 12 2002 News Release



Mr. Peter McNeil reports
HIGH GRADE GOLD POTENTIAL RE-AFFIRMED AT IMWAUNA PROJECT
Feasibility studies have continued on the Imwauna project, Normanby Island, Papua New Guinea, with the collection of 14 bulk samples totalling 787.5 kilograms (average 56 kilograms each), from excavator trenches three to six metres deep and other quality exposures, for metallurgical testing.
Assays up to nearly 14 ounces per tonne (424 grams per tonne (g/t)) gold were returned from the initial grab sampling (500 grams) and analysis of these bulk samples by ALS Chemex in Brisbane, Australia, confirming the high-grade gold potential of the Imwauna vein system (see results previously announced at www.newguineagold.ca). This is the highest gold assay returned to date by NGG/Macmin exploration at Imwauna.
The arithmetic average of all the bulk samples, over a strike length of approximately 400 metres, is 51.4 g/t gold, and if the high result of 424 g/t gold is omitted, the average is 22.75 g/t gold. The low results from trenches 36 and 38 can reasonably be omitted for technical reasons, resulting in even higher averages. Complete results are listed below:



Sample site Weight Gold
of sample (g/t)
(kg)

Creek 38.5 37.8

Road Cut 82 424.0

Slot Central 80 42.8

Slot North 37.5 21.4

Slot South 52 8.6

Trench 28 51 19.1

Trench 33 58 40.6

Trench 35 45.5 26.8

Trench 36 33.5 0.09

Trench 37 57.5 1.21

Trench 38 66.5 0.25

Trench 39 63.5 70.1

Trench 40 55 7.25

Trench 42 67 19.7




It is intended over the next few months to carry out column leach tests on various crush sizes from these bulk samples, to determine optimum crush size for vat leach extraction of the gold.
Elsewhere in Papua New Guinea, exploration is scheduled to recommence on the Feni project in January, 2003, geochemically evaluating new structural targets and underexplored known gold anomalous areas.
WARNING: The company relies upon litigation protection for "forward-looking