VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 6, 2016) - PNG Gold Corporation (the "Company") (TSX VENTURE:PGK) announces that it has received correspondence from the Papua New Guinea Mineral Resources Authority (the "Authority") indicating that applications filed by the Company seeking renewal of its exploration licences EL 1069 and EL 1091 have been refused by the Authority.
This action on the part of the Authority has come as a complete surprise to the Company as it has previously renewed the licences without any issues. Indeed, the Company completed a work program in November 2015 and earlier this year its representative met with various parties in Papua New Guinea who indicated no issues with the licence renewal process.
The Company has instructed its in-country legal counsel to contact the Authority to discuss the matter and will provide ongoing updates as to the progress and outcome of those discussions.
On Behalf of the Board of PNG Gold Corporation
Larry Van Hatten, Director
Neither the 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.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of PNG Gold Corporation. These include, but are not limited to, the impact of general economic conditions, industry conditions, results of due diligence, and the uncertainty of obtaining regulatory approvals. 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.
Contact Information:
Larry Van Hatten
(604) 889-4804