SOURCE: New World Gold Corporation

September 13, 2010 02:41 ET

New World Gold Corporation Acquires Interest in a Producing Gold Mine

BOCA RATON, FL--(Marketwire - September 13, 2010) -  New World Gold Corporation (PINKSHEETS: NWGC) is pleased to announce that it has acquired 54% of Andes Gold Corporation (www.andesgold-ir.com). Andes Gold Corporation, through its wholly owned subsidiary, has a producing gold mine in Ecuador S.A. Currently the mine is producing 50 tonnes of ore per day producing 8gms per tonne of gold. According to independent reports, the mine has proven reserves of 75,000 ozs of gold and a probable reserve of 500,000 ozs of gold. There are secondary veins, stringers, breccia and disseminated mineralization in the rock walls that have never been exploited or evenly properly assessed. NWGC intends to begin this assessment immediately.

As part of the acquisition, NWGC has taken over the accounting of Andes Gold Corporation and will complete all the necessary filing requirements to bring Andes up to date.

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

Brian Hicks, Publisher of Wealth Daily, on September 12, 2010 reported that "mining companies have consistently proven to return some of the biggest gains anywhere on the stock market."

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 www.newworldgoldcorp.com.

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) 692 9988