SOURCE: New World Gold Corporation

August 12, 2009 01:50 ET

New World Gold Signs a Letter of Intent to Acquire Additional Gold Reserves

BOCA RATON, FL--(Marketwire - August 12, 2009) - New World Gold Corporation (PINKSHEETS: NWGC) wishes to announce that it has entered into a Letter of Intent with a US-based exploration company to acquire an initial 30% interest in gold leases in the United States. The Company has an option to increase its interest to 50%. The leases involved have proven developed gold reserves based on independent reports. New World Gold is in the process of verifying the gold reserves. Independent mining specialists were hired to go on site and randomly sample the leases. The samples obtained during this program contained visible gold and numerous samples of sapphires of commercial quality. The results obtained particularly the discovery of sapphires is very encouraging. Current reports show that production on the leases will start in early 2010. The independent reports project that the reserves will generate significant gross revenues. The company will continue to verify the results of the independent reports.

New World Gold Corporation is an exploration company focused on exploration and development of gold prospects. The Company will continue to expand its gold reserves. As the price of gold stays at its current levels above $900 USD, properties that may have previously been marginally economical are now very viable. Gold World on June 9, 2009 wrote, "The largest gold rush in history is right around the corner." The Company will continue to aggressively look for additional gold leases. The Company's corporate strategy involves a long-term results 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