NEW GUINEA GOLD ANNOUNCES DELAY IN
FILING OF ANNUAL FILINGS
AND RESIGNATION OF
British Columbia, New Guinea Gold
Corporation (�New Guinea Gold� or the �Company�) (TSXV: NGG) announces that the filing of the
Company�s audited annual financial statements for the year ended December 31,
2011, including the related management discussion and analysis, and CEO and CFO
certifications (collectively, the �Annual Financial Filings�) will not be filed
by the required filing deadline of April 30, 2012 (the �Filing Deadline�).
The Annual Financial Filings will not be filed before the Filing Deadline due
to unforeseen delays in the completion of the Company�s plan of arrangement
(the �Arrangement�) with PNG Gold Corporation. 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.
Colin McKenzie, Michael Reynolds, and Bryan Nethery
have resigned from the Company�s board of directors and Betty Anne Loy has
resigned as the Company�s Corporate Secretary. It is anticipated that Greg
Heaney, the Company�s Acting Chief Executive Officer, will be appointed as a
director at a meeting of the board of directors to be held today. The Company�s
board of directors is expected to consist of Greg Heaney, Ces
Iewago and Ab Berar.
The Company�s staff are working diligently with its
auditors and anticipates that it will be in a position to file the Required
Documents before May 30, 2012.
The Company has applied to the applicable securities regulatory authorities for
a management cease trade order related to the Company�s securities to be
imposed against all of the persons who are currently directors or officers of
the Company to trade securities of the Company. The management cease trade
order would be in effect until the Annual Financial Filings are filed.
Until the Annual Financial Filings are filed, the Company will provide
information in accordance with National Policy 12-203 Cease Trade Orders
for Continuous Disclosure Defaults.
ON BEHALF OF THE BOARD