New Guinea Gold is the next big gold producer
New Gold Producer in Papua New Guinea with approx 1 million ozs in gold equivilant resources, and targets exceeding 5 millions ozs
Message: Mt Sinivit Mine-Mining and Processing Recommence
New Guinea Gold Corporation:
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/06/12 -- New Guinea Gold Corporation (TSX VENTURE:NGG)(FRANKFURT:NG8) ("NGG" or the "Company") announces that mining and processing at its Mt Sinivit operation is set to recommence following a period of occupation by representatives of the Wild Dog Mining Area Landowner Association (WDMALA) and Lulai Nakama Association (the "Landowners").
On 4 January 2012, NGG staff with the support of the local police force returned to site and took control of all site plant, machinery and associated facilities. Following further meetings between NGG representatives and the Landowners on 5 January 2012, a safety assessment was completed and mining and processing operations recommenced.
In relation to the demands made by the Landowners, as previously conveyed, all royalties have been paid in full to the Mineral Resources Authority (MRA) who are now responsible for their distribution. All other claims will be addressed in the coming months in negotiations with the Landowners and other stakeholders.
Contrary to some reports in the media there have been no leaks from any of the Processing Vats or Heaps on site before, during or subsequent to the occupation. NGG remains extremely diligent with respect to its care of the environment.
Acting CEO Greg Heaney commented, "Whilst it is pleasing to have resolved the situation on site there remains a significant amount of work to do to re-establish cordial relations with the Landowners. NGG is committed to its social responsibility and will use all available resources to ensure a fruitful and cooperative working framework is in place for the mine's future."
For further information on this release or on other NGG projects such as the Sinivit Gold Mine, please contact [email protected], or access our website - www.newguineagold.ca
ON BEHALF OF THE BOARD
Greg Heaney, 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.
A copy of the 43-101 compliant Technical Report by Mining Associates Pty Limited ("MA") was filed on SEDAR today. MA is an Australian based Mineral Resources Consultancy which is independent of New Guinea Gold as defined in National Instrument 43-101. Ian Taylor, BSc (Hons), MAIG, MAusIMM(CP), who has over 17 years experience in the minerals industry served as the Independent Qualified Person responsible for the preparation of the independent report in accordance with NI 43-101.
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.
New Guinea Gold Corporation
Source: Marketwire (January 6, 2012 - 9:00 AM EST)
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