PNG Gold Corporation
TSX VENTURE : PGK

PNG Gold Corporation

August 27, 2012 09:25 ET

PNG Gold Corporation Appoints Byran Nethery Director and Rick Low as CFO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 27, 2012) - PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) is pleased to announce that effective immediately, Bryan Nethery has joined the board of directors of PNG Gold. Mr. Nethery is a metallurgical engineer and Professional Engineer (BC) who has over 30 years of domestic and international senior management and metallurgical engineering experience. He has extensive experience in all aspects of mining project development including scoping studies, pre-feasibility studies, "bankable" feasibility studies, metallurgical studies, valuations, due diligence studies, plant design, construction, commissioning and launching start-ups. He was a Vice President of AMEC from 1994 to 2005. Mr. Nethery is fluent in Spanish and has extensive international mining experience. Since 2005, Mr. Nethery has been active in mining project development and management as a director and/or officer of various mining and resource related companies and has been president of a private mining company. In 2009, Mr. Nethery assisted Invecture S.A. in the acquisition of Frontera Copper Corporation and subsequently became CEO and led the re-start of this difficult mine, successfully re-evaluating, redesigning, and modifying the operation to achieve its target 70M lb year Copper production Piedras Verdes (PV) Mine in Mexico. The PV operation has recently expanded its LOM to 2 billion lbs of Cu and with the new flotation plant will produce 120 million lbs Copper/year.

The Company is also pleased to reports that Rick Low has been appointed Chief Financial Officer effective September 18, 2012 replacing Michael Reimann who has held that position since completion of the Company's business combination with NMC Mining Corp. announced on June 13, 2011. Mr. Low has over 20 years of progressive management experience in various industries in Canada and overseas. Mr. Low spent the last six years in the mining industry where he oversaw the finance and accounting function for a gold mining project during its progression from exploration, feasibility, construction and development through to commercial production. Mr. Low has also participated in raising various debt and equity financings and applications for listing on stock exchanges. Most recently, Mr. Low was the Director of Finance at Eco Oro Minerals Corp. (formerly, Greystar Resources Ltd.) and prior to that, was Vice President Finance at China Gold International Resources Corp. Ltd (formerly, Jinshan Gold Mines Inc. - a subsidiary of Ivanhoe Mines Ltd.). Mr. Low is a qualified Chartered Accountant with the Institute of Chartered Accounts of B.C. and graduated with a B. Comm. degree from the University of British Columbia.

"I look forward to working with Rick, his particular hands on expertise in all aspects of finance in this changing mining environment will be most relevant for the aggressive exploration and development of our Papua New Guinea assets. I also wish to thank Mr. Reimann for his unwavering service over the past year and wish him the very best with his other business interests," said Mr. Clarkes.

Two of the four new diamond drills the Company recently purchased are anticipated to commence drilling next month with the remaining two drill rigs to come on stream a few weeks later. The expectation is that once all four drills are in operation the Company will be capable of drilling on average over 10,000 metres/month. The main focus of this drill program is to better define and extend the Imwauna zone along strike and to depth and to evaluate several gold in soil geochemical targets in the area.

Lorne Warner, P.Geo, Interim Chief Executive Officer of PNG Gold, is a qualified person in accordance with National Instrument 43-101, and has reviewed and approved the technical information contained in this news release.

The Company also reports that it has granted a total of 5,975,000 five year stock options with an exercise price of $0.35 each to various directors, officers, employees and consultants. These options will vest as to 34% on the date of grant, 33% on the first anniversary, and 33% on the second anniversary. The stock options are granted pursuant to the Company's Stock Option Plan. The maximum aggregate number of shares that may be reserved for issuance under the Option Plan at any point in time is 10% of the then outstanding shares. This grant of options is subject to acceptance by the TSX Venture Exchange.

About PNG Gold Corporation

PNG Gold Corporation is an exploration company with an advanced stage drilling program in Papua New Guinea. PNG Gold holds a 100% interest in the Imwauna and Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and trades on the TSX Venture Exchange under the symbol PGK. PNG Gold's mission is to become the premier exploration and development company in Papua New Guinea.

ON BEHALF OF THE BOARD OF DIRECTORS OF PNG GOLD

Greg Clarkes, Chairman & Director

PNG Gold Corporation

The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States.

Neither the TSX Venture Exchange or 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.

Contact Information

  • PNG Gold Corporation
    Greg Clarkes
    Chairman & Director
    (604) 669 4899
    (604) 685 2345 (FAX)
    www.pnggold.com