New Guinea Gold Corporation
TSX VENTURE : NGG
FRANKFURT : NG8

New Guinea Gold Corporation

December 20, 2010 09:55 ET

New Guinea Gold Announces Progress on Gold Anomaly's Projects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 20, 2010) - Gold Anomaly Ltd, an Australian Securities Exchange listed company (GOA), the operator of the Crater Mountain Joint Venture, announced on December 13, 2010 that drilling had commenced at its Crater Mountain Gold project in Papua New Guinea.

Maurice Gannon, President and Acting CEO of New Guinea Gold Corporation (TSX VENTURE:NGG)(FRANKFURT:NG8) commented: 

"NGG announced on November 16, 2010 that that it had signed a Letter of Intent whereby Gold Anomaly Limited (GOA) would acquire NGG's 10% free carried interest (to Bankable Feasibility) in the Crater Mountain Gold Project in Papua New Guinea in exchange for 31,250,000 GOA shares. The conversion of NGG's interest in the Crater Mountain project to equity in GOA has widened NGG's interests to GOA's broader portfolio of projects and I believe it is in the interests of NGG shareholders to keep them informed of progress on GOA's projects".

GOA has recently made the following announcements:

On December 8, 2010 Ferguson Is. Gameta Deposit - Initial Resource Estimate  
On December 13, 2010 Drilling Begins at Crater Mountain PNG Gold Prospect
On December 16, 2010 Results of Trench Sampling, Sao Chico Gold Project, Brazil; and  
On December 20, 2010 Conductive Anomalies Identified at Sao Chico, Brazil  

The GOA announcements can be viewed on www.goldanomaly.com.au 

ON BEHALF OF THE BOARD

Maurice Gannon, President / Acting Chief Executive Officer

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.

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.

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