NGG

New Guinea Gold Corporation ("NGG" or the "Company") (TSX
VENTURE:NGG)(FRANKFURT:NG8) is pleased to announce it has further strengthened
its management team through the appointment of Mr. Ben Graham as its Chief
Financial Officer, replacing Mrs. Lisa Hartin effective immediately. Mr. Graham
is a qualified CPA and brings over ten years of experience in senior accounting
and financial roles in both listed and unlisted Australian public companies. 


Subsequent to the approval and filing of the Company's financial statements for
the three and nine months period ended September 30, 2011, the Company entered
in to a non-binding agreement with PNG Gold Corporation for a potential business
combination. To ensure the most accurate information was available for inclusion
in the Information Circular the Company's Board engaged BDO Dunwoody to conduct
a review of the accounting treatment of the Company's transition to IFRS and of
previously reported GAAP figures. 


As a result of that review, certain adjustments to the financial statements for
the three and nine month periods ended September 30, 2011 were identified, as
well as the requirement to restate certain comparative Canadian GAAP figures.
Full details of these adjustments can be found in Notes 22 and 23 in the amended
Financial Statements filed on Sedar.


The impact of the adjustments to the previously reported figures for the period
ending September 30, 2011 was a reduction in Equity of $4,891,970 to
$20,595,069, which was primarily the result of a re-valuation of inventory as at
the review date.


The profit after tax for the nine months ending September 30, 2011 was reduced
by $1,835,644 to $1,670,639, after taking into account the combined effect of
the adjustment to cost of sales (adjustment to inventory) and the revised
accounting treatment for the disposal of plant and equipment which had been
incorrectly recorded. 


For the three months to September 30, 2011, the Company has recorded a re-stated
loss after tax of $(6,732,512), after previously reporting a profit for the
quarter of $1,688,175. The movement of $8,420,687 was primarily the result of an
impairment expense recognised during the quarter in relation to AFS investments.
Readers are asked to refer to Notes 22 and 23 in the lodged amended Financial
Statements for a full reconciliation of the adjustments made to the previously
reported Canadian GAAP comparative figures. These adjustments primarily relate
to the accounting treatment of the Company's investment in PNG Gold Corporation
(formerly Normanby Mining Corporation), Coppermoly Limited and Pacific Kanon
Gold Corporation.


Acting CEO Mr Greg Heaney said "I am very pleased to have Ben join us. We now
have a very solid management team in place and a Board who are very committed to
maximising the Company's value to its shareholders. I am looking forward to
working with both to do so." 


About New Guinea Gold Corporation

NGG is a premier junior explorer and miner in Papua New Guinea, with direct and
indirect interests in eight gold and two porphyry copper-gold-molybdenum
properties. With 90,000 + metres of drilling completed, gold or
copper-gold-molybdenum mineralization has been discovered on all of the
properties. The Company's premier property, the Sinivit Mine, has been producing
gold since August 2007. The Company is focused on expanding the exploration
program, increasing production from the mine and developing the gold, copper and
tellurium resources.


For further information on this release or on other NGG projects such as the
Sinivit Gold Mine, please contact info@newguineagold.ca, or access our website -
www.newguineagold.ca.


ON BEHALF OF THE BOARD

Greg Heaney, ACTING CEO

Forward Looking Statements - Certain information set forth in this news release
may contain forward-looking statements that involve substantial known and
unknown risks and uncertainties. These forward-looking statements are subject to
numerous 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.

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