New Guinea Gold Concerned Shareholder Group

October 15, 2009 14:52 ET

Concerned Shareholders of New Guinea Gold Corporation Requisition Meeting to Replace Directors

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 15, 2009) - Concerned Shareholders of New Guinea Gold Corporation ("NGG" or the "Company") holding in aggregate more than 5% of the issued common shares of NGG have requisitioned a special meeting of shareholders of the Company pursuant to the Business Corporations Act (British Columbia). The purpose of the meeting is to replace the existing Board of Directors of NGG with nominees proposed by the Shareholder Group.

At one time NGG was a well funded enterprise controlling an impressive, multi-metal project portfolio in Papua New Guinea. Today, in the midst of perhaps the strongest metal market of the past 100-years, the Company appears to be in a battle to simply remain solvent. The assets and prospects for NGG have been systematically depleted as a result of the decision making and strategic direction implemented by the Company's current management and directors.

On September 16, 2009, NGG agreed to option the Company's Imwauna project to a private company incorporated only 8-days prior, with ostensibly little or no working capital or operating history. Imwauna, at 706,000 ounces of gold, accounts for 95% of the Company's inferred gold resources and is represented as the Company's "premier project and second mine" (information taken from May 2009 PDF presentation posted on Company website). The Concerned Shareholder Group agrees that Imwauna is a highly prospective gold development project and therefore strongly oppose this transaction.

Steve Vanry, acting as agent for the Concerned Shareholder Group, stated, "In our view, the replacement of the existing Board of Directors and Management of NGG is the only means to ultimately realize the potential of the Company's assets and deliver value to shareholders. We intend to restore financial stability to the Company and focus on building a compelling growth story that resonates within the worldwide mining investment community."

Detailed information concerning the Shareholder Group's director and management nominees will be outlined in an information circular to be provided to all shareholders prior to and in connection with the requisitioned meeting.

On behalf of the Concerned Shareholder Group,

Steve Vanry, CFA

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined within the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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