SOURCE: New World Gold Corporation

October 07, 2010 00:56 ET

New World Gold Corporation Production Update

BOCA RATON, FL--(Marketwire - October 7, 2010) -  New World Gold Corporation (PINKSHEETS: NWGC) is pleased to announce its current gold production ranges from 8 to 11 ozs of gold per day. Over the next quarter, it is anticipated that production will increase by 70% to 14 to 17 ozs of gold per day. The current market price for gold is over $1300 per oz. The price per oz of gold is anticipated to remain at or above $1300 for at least a year. Several gold analysts have predicted that the market price for gold will increase to up to $1500 per oz over the next 6 months.

As the company brings additional leases on production, as well as begins to develop secondary veins, production is projected to reach 23 to 25 ozs of gold per day by mid 2011. The Company continues to look for additional opportunities to increase production from existing operations.

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 gold reserves. With the current price of gold over $1300, gold leases that were previously marginal are now economical. The Company is examining many leases with the intention of increasing its proven reserves.

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 561 692 9988 or 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