SOURCE: New World Gold Corporation

October 19, 2009 01:18 ET

New World Gold Corp. Begins Mining Grid on US Leases

BOCA RATON, FL--(Marketwire - October 19, 2009) - New World Gold Corporation (PINKSHEETS: NWGC) wishes to announce that it has hired a survey company to establish a mining grid to begin gold production on its US gold leases. The gold reserves on the leases have been verified using in-house geological staff and independent mining specialists, historical geological data and random sampling programs. The independent random sampling program combined with the historical geologic data have established a pervasive nature of the gold and sapphires on the leases. While the mining grid is being established, the Company is finalizing mining protocols, and set up of equipment to begin production as soon as the grid is established. The Company is confident that based on existing data that there are significant proven developed gold reserves to justify immediate mining start up. Production on the leases is anticipated to start in late 2009 or early 2010.

New World Gold Corporation is an exploration company focused on exploration and development of gold prospects. The Company is continuing to expand its leases and proven gold reserves. With the current price of gold over $1000 per oz, it means that gold leases that were previously marginal now become economical. The Company is currently examining many additional leases with the intention of increasing its proven reserves. 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 2773.

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 2773