NGG

New Guinea Gold Corporation ("NGG" or the "Company") (TSX
VENTURE:NGG)(FRANKFURT:NG8) has adjourned generally its application for Final
Order approving the Plan of Arrangement with PNG Gold Corporation ("PNG Gold").
Despite numerous requests to both PNG Gold and its counsel for clarification of
PNG Gold's intention in respect of the consummation of the Plan of Arrangement,
no response has been provided. In light of such uncertainty, our counsel cannot
represent to the court that PNG Gold is supportive of our application for Final
Order.


NGG remains committed to consummating the Plan of Arrangement with PNG Gold and
by adjourning generally, we have preserved our ability to proceed with the
application in the future when and if PNG Gold advises us of their intentions in
respect of the Plan of Arrangement. 


In addition, PNG Gold has refused or ignored our requests for (i) funding under
the Credit Agreement which was entered into with PNG Gold in conjunction with
the Arrangement Agreement and (ii) the release from the security arrangements
supporting the Credit Agreement of free trading PNG Gold Shares for sale to fund
certain of NGG's obligations. 


As a result of PNG's refusal to fund under the Credit Agreement and failure to
meet its obligations under the Provision for Services Agreement, NGG faces
severe short term cash flow constraints which compromise our ability to carry on
our business in Papua New Guinea. 


If PNG Gold is not prepared to advance funds to NGG in the very near term, it
should be willing to allow NGG to seek alternative sources of funding to support
its operations. By continuing to refuse or ignore NGG's request for funding
under the Credit Agreement, or by alternate means, PNG Gold is damaging the
interests of NGG and its shareholders. Management of NGG cannot speculate on the
possible reasons or motivation for PNG Gold's inaction to date and will continue
to press for the immediate resolution of this impasse. 


ON BEHALF OF THE BOARD 

Greg Heaney, CEO and Director

For further information, please contact info@newguineagold.ca, or access our
website - www.newguineagold.ca. 


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, may
prove to be imprecise and, as such, undue reliance should not be placed on the
forward-looking statements.

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