SOURCE: New Asia Gold Corp

June 16, 2009 16:28 ET

New Asia Gold Corp Changes Name to New World Gold Corporation

BOCA RATON, FL--(Marketwire - June 16, 2009) - New Asia Gold Corp (PINKSHEETS: NWAG) wishes to announce that it has changed its name to New World Gold Corporation (PINKSHEETS: NWGC) and reverse split its stock by 1000 old shares for 1 new share. The Company felt it was necessary to go through this reorganization in order to allow the Company to grow and develop its significant assets.

New World Asia Corporation is a successful exploration company focused on exploration and development of gold prospects. Currently the Company has several leases that have already been drilled and meaningful results obtained. Independent reports indicate that the Company has proven developed reserves, proven reserves and probable reserves. The proven developed reserves will generate the company an estimated gross revenue of $6.4 million with costs of an estimated $2.4 million in the first year. These figures will increase as more of the proven gold reserves are brought on production. Management of the Company fully intends to develop and produce from existing leases while actively looking for additional leases that require exploration and development.

The price of gold continues to stay above $900 per oz, making gold properties with existing proven reserves very economical. The Company's corporate strategy involves a long-term result-orientated approach to exploration and development.

New World Gold Corporation trades in the United States on the NQB Pink Sheets under the symbol "NWGC." For further information, please contact the Company at (561) 393 2993.

NOTE: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions and factors described in independent reports, company reports and other filings with regulatory bodies.

Contact Information

  • Contact:
    New World Gold Corporation
    (561) 393 2993