Trading Symbols: TSX-V: NGG
Web Site: www.newguineagold.ca
VANCOUVER, Feb. 11 /CNW/ - New Guinea Gold Corporation (NGG or the "Company") is pleased to provide the following update on Coppermoly Ltd. NGG holds a 23% interest or approximately 30 million free trading shares in Australian Securities Exchange Company, Coppermoly Ltd. The Mt Nakru and Simuku copper /gold / molybdenum projects are held 100% by Coppermoly subject to a J/V agreement with Barrick Gold subsidiary, Barrick(PNG) Exploration Ltd
ASX Code: COY
"BARRICK TO BEGIN FIELD OPERATIONS
As part of the preparations for the upcoming exploration programmes on the Coppermoly Nakru and Simuku projects, Barrick (PNG) Exploration Ltd (Barrick) have undertaken on-site inspections and completed a formal risk assessment for camp re-construction, geological mapping and geochemical sampling. Preparations have also begun for the upgrade of track access to the Nakru project site.
Barrick can earn a 72% of Coppermoly's three existing projects by spending A$20 million within eight years. They are currently establishing their own office, staff and communications for their base of operations in Kimbe, the capital of West New Britain Island province. Coppermoly will continue to assist until March.
The diamond drilling programme at Nakru is expected to begin early in the second quarter of 2010 and will test depth extents of surface mineralisation and the copper related geophysical Induced Polarisation targets. It is anticipated that a broader exploration programme will include extensive surface sampling beneath ash cover, mapping and diamond drilling programmes both at Nakru and Simuku.
Barrick are reviewing the existing Nakru drill core and taking representative samples for petrographic and petrophysical studies to help understand the mineralisation and its relationship with geophysical anomalies. Drillhole samples are being reassayed for a broader suite of elements and historical geological, geochemical and geophysical data are being compiled to assist interpretation and definition of mineralisation potential in the broader area.
Coppermoly is currently reviewing other copper and gold prospects in Papua New Guinea for possible acquisition.
About Coppermoly Ltd
Coppermoly Ltd is an Australian based company, listed on the Australian Stock Exchange (ASX) that is focussed on exploring for copper-gold-molybdenum and gold deposits on the Island of New Britain in Papua New Guinea. It holds title to three Exploration Licences EL 1077 (Simuku), EL 1043 (Mt. Nakru) and EL 1445 (Talelumas) covering 170 km(2). These tenements cover most of the known areas of mineralisation within the "Kulu-Awit Trend". Projects are close to essential infrastructure including roads, an airfield and an operating deep water port at the provincial capital of Kimbe".
The information in this release was prepared under the direction of Robert D. McNeil a Fellow of the Australasian Institute of Mining and Metallurgy and a "qualified person" as defined by National Instrument 43101. Mr McNeil has read and approves the information contained herein.
ON BEHALF OF THE BOARD
CHAIRMAN & CEO
Neither 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.
SOURCE NEW GUINEA GOLD CORPORATION
For further information: For further information: on this release or on other NGG projects such as the Sinivit Gold Mine, contact Forbes West toll free at (888) 655-5532, email email@example.com or Judith O'Quinn at (604) 662-3598, email firstname.lastname@example.org or access our website - www.newguineagold.ca