New Guinea Gold Provides Update, Mining Leases Renewed, but says PNG Gold Still Mute on Financial Assistance

By Staff,

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New Guinea Gold Corporation (NGG.V) today provided an update on the Company's operations and strategies.

Mining Leases and Exploration License Renewed

The New Guinea Minister for Mining has now executed the formal instruments renewing the Company's expiring Mining Leases and Mining Easement (ML 122 and ME 70) and its exploration license (EL 1140). Mining Lease 122 has been renewed and extended for a further ten years with a new expiry date of 15 February 2022. Mining Easement 70 has been renewed for a period of 8 years and now expires on 15 February 2020. The Exploration License ( EL ) has been granted for a further two years as is standard in Papua New Guinea and now expires on 10 May 2013.

Cash Situation

NGG is currently experiencing a cash shortfall. Despite numerous formal and informal communiques PNG Gold Corporation has failed to respond to NGG's requests regarding their intentions with regards to the proposed Plan of Arrangement.

More than 4.2 million shares have been traded so far, making it the second most active on the TSXV.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing Commodities
Referenced Stocks: EL

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