NGG

New Guinea Gold Corporation (TSX VENTURE:NGG)(FRANKFURT:NG8) ("New Guinea Gold"
or the "Company") announces that it has received a Management Cease Trade Order
("MCTO") from the British Columbia Securities Commission ("BCSC"), the principal
regulator of New Guinea Gold, in accordance with part 4 of National Policy
12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203").


The Company applied for the MCTO because its 2011 annual audited financial
statements, management's discussion and analysis, and corresponding CEO and CFO
certifications for the year ended December 31, 2011 (collectively, the "Annual
Financial Filings") were not filed by the required filing deadline of April 30,
2012 (the "Filing Deadline"). As disclosed in the Company's news release dated
April 24, 2012 (The "Default Announcement"), the Annual Financial Filings were
not filed before the Filing Deadline due to unforeseen delays in the completion
of the Company's proposed plan of arrangement (the "Arrangement") with PNG Gold
Corporation ("PNG Gold"). The Company had anticipated that the Arrangement would
be completed prior to the Filing Deadline, and therefore that the Annual
Financial Filings would not be required.


While the Company remains committed to the completing of the Arrangement by the
May 31, 2012 deadline and has indicated to PNG Gold in writing that it is
prepared to waive the condition precedent in its favour that PNG Gold obtain two
year renewals for its exploration licenses in Papua New Guinea, it awaits PNG
Gold's decision on whether PNG Gold wishes to consummate the Arrangement. New
Guinea Gold will issue a news release before market opening on Monday, May 7,
2012 in respect of the status of the Arrangement.


As a result of the Company's delay in making the Annual Financial Filings, on
May 1, 2012, the BCSC issued the MCTO which imposes restrictions on all trading
in and all acquisitions of securities of the Company, whether direct or
indirect, by all of the persons who are currently directors or officers of the
Company. All other parties are permitted to freely trade the Company's
securities.


New Guinea Gold's auditors are completing the audit of the Company's 2011 annual
financial statements, and the Company continues to expect to file the Annual
Financial Filings on or before May 30, 2012. Pursuant to the requirements of the
Alternative Information Guidelines (the "AIG") specified in Section 4.4 of NP
12-203, the Company confirms that since the issuance of the Default
Announcement, there has not been any material change to the information provided
therein, nor has there been any failure by the Company in fulfilling its stated
intentions with respect to satisfying the AIG. In addition, there has not been
any specified default by the Company under NP 12-203 other than the delay in
filing the Annual Financial Filings, and there is no other material information
concerning the affairs of the Company that has not been generally disclosed.


Until the Annual Financial Filings are filed, the Company intends to continue to
satisfy the requirements of the Alternative Information Guidelines (the "AIG")
specified in Section 4.4 of NP 12-203 by issuing bi-weekly Default Status
Reports, each of which will be issued in the form of a news release. The Company
intends to file its next Default Status Report by May 14, 2012.


ON BEHALF OF THE BOARD

Ces Iewago, Chairman

Forward-Looking Statements: Certain information set forth in this news release
contains forward-looking statements, including the timing of filing of NGG's
Annual Financial Filings. 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.

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