New Guinea Gold Corporation

New Guinea Gold Corporation

April 18, 2012 15:24 ET

Shareholders of New Guinea Gold Approve Arrangement Transaction Involving Acquisition by PNG Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 18, 2012) - New Guinea Gold Corporation (TSX VENTURE:NGG)(FRANKFURT:NG8) ("NGG" or the "Company") is pleased to announce that the previously announced acquisition of NGG by PNG Gold Corporation ("PNG") pursuant to a plan of arrangement (the "Arrangement") was approved at a special meeting of NGG shareholders on April 12, 2012. The Arrangement will result in PNG acquiring all of the issued and outstanding shares of NGG.

Under the terms of the Arrangement, each NGG shareholder will receive 0.125 of a PNG common share for each NGG share held. In order to receive the consideration, NGG shareholders should follow the instructions that are set out in NGG's Notice of Special Meeting and Management Information Circular dated March 9, 2012, available at under NGG's SEDAR profile.

NGG is seeking a final order of the Supreme Court of British Columbia to approve the Arrangement, which is expected to be granted next week. The Arrangement is expected to be completed shortly thereafter and is subject to certain conditions, including customary regulatory consents and other approvals.


Bryan Nethery, Director

Forward Looking Statements - Certain information set forth in this news release contains forward-looking statements, including NGG's ability to obtain court approval for the Arrangement and the closing of the Arrangement. These forward looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of NGG, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. 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.

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.

Contact Information