New World Gold Corp Acquires Additional Proven Gold Leases
Companies:New World Gold Corp.
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NWGC.PK 0.19 0.00
Press Release Source: New World Gold Corporation On Wednesday January 20, 2010, 9:14 pm EST
BOCA RATON, FL–(Marketwire – 01/20/10) – New World Gold Corp is pleased to announce that it has acquired a 50% interest in gold leases in Colorado, United States. The leases have proven developed gold reserves (gold ready for production), proven reserves (verified the gold is available but needs additional work before extraction) and probable reserves (needs additional exploration). Based on in-house exploration and developments work, analytical data from the leases and independent reports, the Company estimates that there are proven developed gold reserves of 190,000 ounces of gold. It is projected that the mine will be in full production in September, 2010. The current price of gold is over $1100 US per ounce. The cost to extract the gold is anticipated to be $300 per oz. Once production begins on these leases, it is anticipated that this mine will product up to 5000 ozs of gold a year.
New World Gold Corp is a successful exploration company focused on exploration and development of gold prospects. The price of gold continues to stay above $1100 per oz. making gold properties with existing proven reserves very economical. The Company's corporate strategy involves a long-term result orientated approach to exploration and development.
New World Gold Corp trades in the United States on the NQB Pink Sheets under the symbol “NWGC.” For further information, please contact the Company at (561) 393 2773 or http://www.newworldgoldcorp.com.
NOTE: Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause results to differ materially. Such risks, uncertainties and other factors include but are not limited to new economic conditions and factors described in independent reports, company reports and other filings with regulatory bodies.
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