BOCA RATON, Fla., Nov. 17, 2008 (GLOBE NEWSWIRE) -- New Asia Gold Corp (Other OTC:NWAG.PK - News) is pleased to announce that the company has delineated 6 different zones with what the company believes is commercial gold mineralization in each zone. Current proven reserves (330,000 ounces of gold) are based on only 3 of the 6 zones.
Further, in one of the zones that has been defined as a probable reserve the Company has a drill hole with 37 meters (110 ft.) of silicified rock with high grades of gold. This rock intersection with high grade gold is identical to the rock in the main silica cap where independent reports indicate that there is 180,000 ounces of proven gold. It is anticipated that the drilling program will increase the current proven reserves (330,000 ounces of gold) by at least double.
New Asia Gold Corp ``NWAG'' is a successful exploration Company that has found and defined proven gold reserves of 330,000 ounces of gold with a value after extraction costs of $282 million assuming an average gold price of $850 per ounce (analysts are predicting that the price of gold will exceed $1200 per ounce by the second quarter of 2009) and probable reserves of 2.5 million ounces of gold. The reserves are based on independent engineering reports.
New Asia Gold trades in the United States on the NQB pink sheets under the symbol ``NWAG.'' For further information, please contact Nancy Goldman at (561) 962 4139 or go to http://www.newasiagold.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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