NGG eyes aggresive gold hunt

Business, Main Stories

THE New Guinea Gold Corp will resume an aggressive exploration programme next year to speed up the expansion of gold reserves at Sinivit and Weioko.
At the same time, the miner will work harder to improve its processing and mining operations at Sinivit.
In a statement, chairman and chief executive Bob McNeil said investors would benefit from the renewed and much-focused initiatives.
He said they would also benefit from rapid development and new gold discoveries made with partners at Imwauna, Pacific Kanon Gold and Coppermoly.
Mr McNeil said early last year, the first part of the restructure was completed with the successful listing of Coppermoly on the Australian Securities Exchange (ASX).
Coppermoly had just raised A$2.2 million (K5.4 million) to continue its exploration-development activities, Mr McNeil said.
He disclosed the company signed last August a deal with Vangold Resources that would pave the way for the sale of NGG shares in Pacific Kanon Gold (PKG) to Vangold.
The sale of the Pacific Kanon Gold involves three projects.
NGG is also selling its equity in Mt Penck and Feni properties.
Mr McNeil said the agreed purchase price for the three interests was C$3 million (K7.7 million), plus a 5% carried interest  in the PKG properties, and a 10%  carried interest in the Feni property.
He said NGG had already received C$500,000 in cash and would ultimately have a 19.9% interest in Vangold.