New Guinea Gold Corporation

New Guinea Gold Corporation

December 21, 2007 09:30 ET

New Guinea Gold Corporation: Gold Content of Dore Increases 14% to 84.5% and Gold Content to 317 ozs

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 21, 2007) - New Guinea Gold Corporation ("NGG" or the "Company") (TSX VENTURE:NGG) is pleased to report that the gold content of the first commercial dore is significantly better than in the gold dore poured during the plant commissioning. Gold content of the dore increased from approximately 70% to 84.5% gold, plus an additional 8.6% silver content.

In a Press Release dated 13th December 2007 the Company estimated that 380 ozs of dore poured would contain approximately 300 ozs gold. Assay results showed the dore to be 85% fine gold, or to contain 317 ozs gold and 8.6% silver or 32 ozs silver. After costs and sales commission this gold realised PNG Kina 679,699 or approximately US $243,000. Costs and sales commission were approximately 3.2% of the gold price, and we are currently investigating whether this cost can be reduced for future sales.

Bob McNeil, CEO and Chairman commented: "We expect to pour a further 300 to 400 ozs gold in mid January and continue to increase output from the current approximately 500 ozs/month to 3,000 ozs/month by the end of the first quarter 2008. The increase in gold content of dore is a pleasing development. Production of gold in January will be reduced as a result of a 2 1/2 week shut down over the Christmas New Year period".

Investors are cautioned that the development of Sinivit is proceeding in the absence of a full feasibility study. These evaluations are preliminary in nature and are based entirely on indicated mineral resources, which have not been categorized as mineral reserves. There is no assurance that the operating and financial projections in the preliminary assessment will be realized. Mineral resources that are not reserves do not have demonstrated economic viability. Measured and indicated mineral resources are that part of a mineral resource of which quantity and grade can be estimated with a level of confidence sufficient to allow the application of technical and economic parameters to support mine planning and evaluation of the economic viability of the deposit.

Full details of the Sinivit Project are described in an Independent NI 43-101 report dated January 2006 which is available at

The technical data in this release was prepared by or under the supervision of Robert D. McNeil, CEO of New Guinea Gold Corporation. Mr McNeil has an MSc in Geology, 44 years mining industry experience, is a Fellow of the Australian Institute of Mining and Metallurgy, and meets the requirements of NI 43-101 for a qualified person.



The statements made in 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.

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