NEW GUINEA GOLD ANNOUNCES DELAY IN FILING OF ANNUAL FILINGS
AND RESIGNATION OF DIRECTORS

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

Ces Iewago
Chairman