NGG

PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE:PGK) is pleased
to report drill core assay results and recent geological modelling from its 2012
exploration program at the Imwauna Structure, located on Normanby Island, Milne
Bay province, in eastern Papua New Guinea. 


Three diamond drills are currently on site with a fourth arriving next month.
The Company has planned to complete 21 additional holes totalling 4,665 metres
on the Imwauna Structure by December, 15, 2012 with plans to continue drilling
over the holiday season. 


Highlights:



                                                Core              
Hole Number         From            To        Length          Gold
                     (m)           (m)           (m)       g/tonne
                                                                  
IMH259             151.6         154.6           3.0         10.72



Details of assay results of diamond drill holes IMH-259 to 262 are located in
Table 1. 


Imwauna Structure - Points of Interest:

The assay results from these four drill holes disclosed in this press release
show encouraging results as they begin to support the geological model.
Geological modelling has identified moderate south plunging, high grade gold
zones along the Imwauna Structure. Attached to this news release is a diagram
showing a grade x thickness longitudinal section along the Imwauna Structure,
with the Henry and Klink Zones identified. Drilling is now underway in these
zones to trace the mineralization to depth. 


The Henry and Klink Zones have previously reported drilling intercepts, as shown
below:




               Henry Zone                              Klink Zone           
                                                                            
Hole IMH #     g/tonne Au     Metres    Hole IMH #     g/tonne Au     Metres
------------------------------------    ------------------------------------
050                 16.66        1.7    094                  9.50        4.6
051                 22.46        2.1    101                  5.90        4.9
082                 36.16        5.6    163                108.00        0.4
084                 10.64        2.3    174                 13.98        3.0
091                 21.10        3.8    204                 13.11        7.4
172                 34.26        2.6    215                  8.16        6.3
217                 32.10        1.4                                        
218                 49.86        4.0    Composite intervals are core lengths
253                111.97        6.0                                        



About the Imwauna Structure 



--  South-southwest trending Imwauna Structure is over 2.0 kilometres long,
    dipping steeply 80-90 degrees west and remains open along strike. 
--  Previous drilling has located six zones of moderate, south plunging
    high-grade gold mineralization. 
--  All six zones remain open to depth. 
--  Geological setting is a Bonanza Gold, epithermal, low-sulphidation
    system. 
--  PIMA studies of drill core indicate an Illite Group alteration
    assemblage of illite, smectite and quartz with a moderate pH level Ag
    greater than Au system. 
--  Zones are typically 1-4 metres wide, hydrothermal and hydraulic
    brecciated, with vuggy quartz veining present. 
--  Pyrite content 1%, minor arsenopyrite, traces chalcopyrite, and visible
    gold does occur. 
--  Previous work using fluid inclusions suggest source of fluids from south
    and at depth. 
--  Recent drilling is providing indications of zone width and thickness
    increasing with depth. 



Kela's Prospect

In addition to the drill program underway at the Imwauna structure, a seven hole
program totalling 1852 metres has been completed on the Kela's Prospect area.
The purpose of the program is to locate the previously untested structure and
defining its orientation as it appears to be dipping moderately to the east,
towards the Imwauna Structure. Low sulphidation epithermal veining was
encountered in most holes. Further drilling may be undertaken once assay results
are received and the data compiled.


Table 1: Imwauna Assay Results - IMH 259-261



----------------------------------------------------------------------------
                                                           Core             
Hole                     Elev.    Azim-   From      To   Length     Au    Ag
ID      Easting Northing   (m) Dip  uth     (m)     (m)  (m)(i)  (g/t) (g/t)
----------------------------------------------------------------------------
IMH259   288904  8886712   540 -57  282  151.60  154.60     3.0  10.72  25.4
----------------------------------------------------------------------------
(ii)IMH                                                                     
 260     288918  8886774   570 -72  105  244.95  246.45     1.5   0.23   6.6
----------------------------------------------------------------------------
IMH261   289203  8886959   505 -63  280   147.3   148.4     1.1  10.35  56.5
----------------------------------------------------------------------------
(ii)IMH                                                                     
 262     289089  8887025   518 -81  104   173.4   174.4     1.0   1.14   2.6
----------------------------------------------------------------------------
(i) Core lengths are not true thicknesses.                                  
(ii) Did not reach Imwauna Structure.                                       



Core logging, sampling and assaying procedures 

All holes drilled by PNG Gold are collared using HQ triple tube drill tools. A
few holes have been reduced to NQ size at depth in the hole in order to continue
the hole. Geotechnical measurements such as core recovery, fracturing and
veining, rock quality designations (RQD's), hardness and photographic logging
are performed systematically prior to sampling and assaying. The core is logged,
samples selected by PNG Gold geologists then systematically sawn in half at the
site. The one half core sample is numbered, sealed in a bag and delivered by PNG
Gold to its base in Alotau where the samples are palletized and placed in secure
storage prior to shipment to ALS Minerals in Townsville, QLD. The other half of
the core is retained at the site. 


Core samples are dried, crushed and pulverized to 85% passing through a 75
micron mesh. The pulps are assayed for gold and silver using a 50 g split, Fire
Assay (FA) and AA finish. Samples grading over 100 ppm Au are subjected to a
fire assay with gravimetric finish. Analyses were also carried out for the trace
elements As and Pb. Rejects and pulps are stored at the lab for future
reference.


Quality Assurance / Quality control (QA/QC) 

The ALS Minerals lab is an ISO 9001:2008 qualified assayer that performs and
makes available internal assaying controls. Duplicates, certified standards and
blanks are systematically used as part of PNG Gold's QA/QC program. The company
also inserts blind standards with each sample batch at the rate of about 1:10.
Periodically duplicate pulps are assayed at a second independent certified assay
lab. The duplicate assays are compared to original assays for reproducibility
and lab bias. 


Qualified Person 

Mr. Lorne Warner, P.Geo, COO of PNG Gold Corporation is a qualified person in
accordance with National Instrument 43-101 and has reviewed and approved the
technical information contained in this news release.


Credit Agreement with New Guinea Gold Corporation 

Pursuant to the previously announced credit agreement dated March 7, 2012
between the Company and New Guinea Gold Corporation ("NGG"), the Company granted
NGG a credit facility in the original principal amount of $1,000,000 bearing
interest of 8% per annum compounded monthly (the "Indebtedness"). The Company
and NGG have now concluded settlement of the Indebtedness with the cancellation
of 2,880,953 of the Company's common shares owned by NGG, and pledged as
security for the Indebtedness at a deemed price of $.20 per share and the
payment of $481,069.37 in cash. The Indebtedness having been fully repaid, the
Company has released or will release all security interests granted by NGG in
respect of the Indebtedness. 


About the Imwauna gold deposit

The Imwauna exploration licence - EL 1091 - is located on the north side of
Normanby Island, approximately 80 kilometres northeast of Alotau, the provincial
capital of Milne Bay province, eastern Papua New Guinea. Alotau is serviced by
daily flights from Port Moresby, the national capital, and scheduled coastal
freighters. PNG Gold maintains a logistics base in Alotau to supply the Normanby
Island site.


About PNG Gold Corporation

PNG Gold Corporation is an exploration company with an advanced stage drilling
program in Papua New Guinea. PNG Gold holds a 100% interest in the Imwauna and
Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and
trades on the TSX Venture Exchange under the symbol PGK. PNG Gold's mission is
to become the premier exploration and development company in Papua New Guinea.


ON BEHALF OF PNG GOLD

Greg Clarkes, CEO and Director 

PNG Gold Corporation

The securities have not been registered under the United States Securities Act
of 1933, as amended, or any state securities laws and may not be offered or sold
in the United States absent registration thereunder or an applicable exemption
from such registration requirements. This press release shall not constitute an
offer to sell or the solicitation of an offer to buy any of the securities in
the United States.


To view the diagram associated with this release, please visit the following
link: http://media3.marketwire.com/docs/png1128-F1.pdf.



FOR FURTHER INFORMATION PLEASE CONTACT: 
PNG Gold Corporation
Greg Clarkes
CEO and Director
(604) 669 4899
(604) 685 2345 (FAX)
www.pnggold.com

(TSXV:NGG)
Gráfica de Acción Histórica
De May 2024 a Jun 2024

(TSXV:NGG)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024