VANCOUVER, Feb. 1 /CNW/ - New Guinea Gold Corporation (NGG) is pleased to

announce that the TSX-V has accepted for filing an agreement, dated August 19,

2009 as Amended August 27th, 2009 and January 20th, 2010, pursuant to which

Vangold Resources Ltd has purchased the Company's shares in Pacific Kanon Gold

Ltd and associated interests in certain mineral properties. Pacific Kanon

Gold's subsidiary, Kanon Resources Ltd, holds title or rights to four projects

in Papua New Guinea - Mt Penck, Allemata, Fergusson and Feni gold projects.

In consideration for the acquisition, Vangold paid Cdn$500,000 and issued

6,046,122 common shares to NGG. Vangold has also agreed to provide NGG a 5%

carried interest in the Mt. Penck, Allemata and Fergusson properties, and a

10% carried interest in the Feni Island property, in each case until

completion of a "bankable feasibility study" at which time NGG will contribute

its share of costs for the property or be diluted in accordance with normal

industry standards. The common shares are subject to a hold period expiring

May 30, 2010.

The Company also reported that as a result of the acquisition of the

Vangold shares, the Company now holds 6,226,122 common shares representing

17.09% (approx.) of the common shares of Vangold currently issued and

outstanding. The shares of Vangold held by the Company, will be held by the

Company for investment purposes. The Company may increase its ownership of

Vangold in the future, depending on market conditions.

The Company also announces that it has filed the requisite Early Warning

Report on Sedar as a result of its acquisition of 6,046,122 shares of Vangold.

Bob McNeil CEO and Chairman commented: "This transaction completes the

second phase of NGG's project re-organisation. NGG is now a substantial

shareholder of Vangold (approximately 17.09% pre-financing) and retains

significant carried interests in each property. The first phase of the

Company's re-organisation was the listing of Coppermoly Ltd. on the Australian

Securities exchange in January 2008. Coppermoly has an attractive joint

venture with Barrick Gold on its two major porphyry copper/gold/molybdenum

systems in West New Britain, PNG. Barrick is preparing to commence a major

drill program in the near future. NGG retains a 23% interest in Coppermoly

(approximately 30m shares, all free trading).

I believe Vangold is planning a major exploration program for the

acquired properties in 2010/2011. We would expect this program to

significantly enhance the value of the properties and thus NGG's interest in

Vangold and retained interests in the properties".

For further information on these properties see www.newguineagold.ca and

a Vangold News Release dated February 1, 2010.

NGG is focused on improving gold production at its Sinivit Mine in PNG as

well as the Sinivit Mine's resource base for gold, copper and tellurium.

Full details of the Sinivit Mine are described in an Independent N1

43-101 report dated January 2006 which is available at www.newguineagold.ca

and in its recent Press Releases.

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.

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

<<

ON BEHALF OF THE BOARD

"R.D.McNeil"

CHAIRMAN & CEO

>>

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

-30-

/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 [email protected] or Judith O'Quinn at (604) 662-3598, email

[email protected] or access our website - www.newguineagold.ca/