New Guinea Gold Corporation
TSX VENTURE : NGG
FRANKFURT : NG8

New Guinea Gold Corporation

October 16, 2008 13:34 ET

Sinivit High Grade Gold Zone Continues to Expand With Intersection of 8m at 36.7g/t Gold

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 16, 2008) - New Guinea Gold Corporation (TSX VENTURE:NGG)(FRANKFURT:NG8) -

A further 35 Reverse Circulation drill holes have been completed in the Central and Southern oxide gold zones Sinivit. The best intersection was 8m at 36.7g/t gold within a wider interval of 14m at 23.5g/t gold in hole SGC0215. This intersection commenced at surface and was stopped in 4.2g/t gold mineralisation at 14m depth.

All intersections are shown in the Table and include numerous other wide intersections such as 20m at 8.0g/t gold in hole CGCC070. Many holes terminated in gold mineralisation greater than 0.5g/t gold.

"Our definition drilling continues to expand the oxide cap at Sinivit, where mining is presently occurring," said Bob McNeil, Chairman and CEO. "Drill holes in the Central Gold Zone (CGC holes) are now defining previously undiscovered oxide gold mineralisation. Holes SGC214 and SGC215 in the Southern Gold Zone further extended the high to very high grade gold zone encountered in previously reported holes."

These drillholes are vertical Reverse Circulation holes and are drilled on a nominal 6m by 6m grid. True thickness of intersections is uncertain. All results will be incorporated into the Surpac derived Pit Block Model.

Hole location data was reported in Press Release on Sinivit dated 20th August 2008.

Holes SGC0194 to SGC205; SGC208; SGC211; SGC212; and CGC079 intersected low grade mineralisation in the range 0.05g/t gold to 0.5g/t gold.

All samples are partly prepared at site by splitting to 500 grams. Further preparation and analysis is completed at accredited laboratory, ALS Chemex laboratories, in Townsville, Queensland, Australia.



TABLE
ASSAY RESULTS ABOVE 0.5g/t GOLD

-----------------------------------------------------------
-----------------------------------------------------------
Hole No From To Length Gold
(m) (m) (m)
-----------------------------------------------------------
-----------------------------------------------------------
SGC206 0 8 8 5.8
-----------------------------------------------------------
SGC207 6 16 10 1.2
-----------------------------------------------------------
SGC209 6 10 4 0.9
-----------------------------------------------------------
SGC210 10 14 4 0.9
-----------------------------------------------------------
SGC213 6 8 2 1.8
-----------------------------------------------------------
SGC214 0 10 10 11.4
including 10 14 4 0.9
18 26 8 4.3
-----------------------------------------------------------
SGC215 0 14 14 23.5
0 8 8 36.7
-----------------------------------------------------------
SGC216 0 4 4 0.7
including 26 28 2 1.8
-----------------------------------------------------------
SGC068 0 18 18 1.1
-----------------------------------------------------------
CGC069 4 16 12 5.0
including 22 28 6 0.9
-----------------------------------------------------------
CGC070 4 24 20 8.0
-----------------------------------------------------------
CGC071 8 24 16 3.0
-----------------------------------------------------------
CGC072 16 30 14 0.9
-----------------------------------------------------------
CGC073 16 30 14 1.0
-----------------------------------------------------------
CGC074 10 30 20 4.2
-----------------------------------------------------------
CGC075 18 30 12 4.7
-----------------------------------------------------------
CGC076 24 30 6 1.1
-----------------------------------------------------------
CGC077 26 30 4 0.6
-----------------------------------------------------------
CGC078 8 22 14 2.4
-----------------------------------------------------------
CGC080 12 26 14 7.5
-----------------------------------------------------------
-----------------------------------------------------------


NGG is mining the oxide cap of a quartz, telluride, copper and gold system. The Company has an active exploration/development program with the objective of defining additional gold mineralization. The known mineralization is open at depth and there are numerous other, as yet unexplored, targets within the Sinivit properties.

The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australia Institute of Mines and Metallurgy and a "qualified person" as defined by National Instrument 43-101. Mr McNeil has read and approves the information contained herein.

Full details of the Sinivit Project are described in an Independent N1 43-101 report dated January 2006 which is available at www.newguineagold.ca.

ON BEHALF OF THE BOARD

R.D. McNeil, CHAIRMAN & CEO

The statements made in this News Release may contain certain forward-looking statements. Actual events or results may differ from the Company's expectations. Certain risk factors may also affect the actual results achieved by the Company.

The TSX Venture Exchange has not reviewed and does not accept the responsibility of the adequacy of this release.

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