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PNG Gold Corporation Announces Drill Assays at the Imwauna Main Structure

Mar 12 2013 12:00AM

Marketwire

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VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/12/13 -- PNG Gold Corporation ("PNG Gold" or the "Company") (TSX VENTURE: PGK.V) is pleased to announce gold and silver assay results from 11 diamond drill holes from the Imwauna Main Structure in the Henry Zone area.

Table #1 highlights the assay results of hole IMH-275, which contain highly prospective gold grades that are typical of low sulphidation epithermal deposits and are known to occur along the Imwauna Main Structure based on previous drilling programs. Drilling is continuing along two of five known areas along the Imwauna Main Structure that host similar grades. Since November 2012, the company has drilled 48 diamond drill holes for a total of 11,394 metres at the Imwauna Main Structure. Only partial assay results have been received for several of the holes as noted in Table # 2.

Highlighted Hole

Table #1

----------------------------------------------------------------------------Hole From To Length Gold Silver ------------------------------------------------------------------Number (metres) (metres) (metres) (g/t) (g/t)----------------------------------------------------------------------------IMH275 185.50 190.70 5.20 29.35 +41.27---------------------------------------------------------------------------- including 185.50 187.70 2.20 66.97 +71.45---------------------------------------------------------------------------- and 185.50 186.00 0.50 140.00 greater than 100----------------------------------------------------------------------------



Silver assays are still pending for this hole.

Imwauna Main Structure - Key Points

-- Hosts low sulphidation epithermal gold/silver mineralization.-- Highly prospective gold/silver mineralization contained in hydraulically brecciated quartz veins.-- Drilling has now tested the Imwauna Main Structure below 250 metres from surface.-- Continuity of the Imwauna Structure remains strong.-- Mineralization appears to be plunging moderate to steeply south shoots as predicted.-- Drilling to date has only tested two of several known highly prospective shoots.-- Two diamond drills continue to drill test along the structure and to depth.-- Assay results pending on approximately 30 drill holes.



Drill hole orientation and PIMA surveys of the alteration and mineralization of the Imwauna Structure assist in determining each zone's orientation and theoretical level of the epithermal mineralization. There are indications that the Imwauna Structure's mineralization may also be exploiting low angle structures closely related to bedding orientation.

Assay results received are as follows:

Table # 2

----------------------------------------------------------------------------Hole From To Length Gold Silver Comments -------------------------------------------------------------------Number (metres) (metres) (metres) (g/t) (g/t)----------------------------------------------------------------------------IMH263 43.00 43.80 0.80 0.09 4.00----------------------------------------------------------------------------IMH264 60.00 63.00 3.00 3.60 +32.20 Silver assays pending----------------------------------------------------------------------------including 62.00 62.50 0.50 9.22 greater Silver assays pending than 100----------------------------------------------------------------------------IMH265 72.00 80.00 8.00 1.40 8.38----------------------------------------------------------------------------including 72.00 75.14 3.14 2.14 10.10----------------------------------------------------------------------------and 72.00 73.00 1.00 4.37 8.00----------------------------------------------------------------------------IMH266 186.30 188.50 2.20 1.59 2.00----------------------------------------------------------------------------IMH267 135.55 136.05 0.50 0.08 14.00----------------------------------------------------------------------------and 144.80 145.60 0.80 1.39 5.00----------------------------------------------------------------------------IMH268 149.30 154.05 4.75 4.46 10.68----------------------------------------------------------------------------including 150.00 151.30 1.30 11.90 16.00----------------------------------------------------------------------------IMH269 211.00 212.50 1.50 2.18 2.00----------------------------------------------------------------------------IMH270 172.50 174.35 1.85 2.83 5.68----------------------------------------------------------------------------Including 172.50 173.00 0.50 8.34 14.00----------------------------------------------------------------------------IMH271 226.90 229.00 2.10 6.56 5.62----------------------------------------------------------------------------IMH272 194.50 195.00 0.50 187.00 greater Assays still pending than 100 for most of the zone.----------------------------------------------------------------------------IMH275 185.50 190.70 5.20 29.35 +41.27 Silver assays pending----------------------------------------------------------------------------including 185.50 187.70 2.20 66.97 +71.45 Silver assays pending----------------------------------------------------------------------------and 185.50 186.00 0.50 140.00 greater Silver assays pending than 100----------------------------------------------------------------------------



Composite widths are core lengths. The Imwauna Structure dips generally steeply west. Hole coordinates and orientations are posted in Table #3.

Table #3 Drill Hole Location and Orientation

----------------------------------------------------------------------------Hole_ID Orig_East Orig_North Orig_RL Azimuth Dip----------------------------------------------------------------------------IMH263 289018.8 8886776.0 545.1 92 -40----------------------------------------------------------------------------IMH264 289018.7 8886776.0 545.1 92 -63----------------------------------------------------------------------------IMH265 289018.5 8886776.4 545.1 85 -74----------------------------------------------------------------------------IMH266 288933.8 8886790.4 548.9 108 -58----------------------------------------------------------------------------IMH267 288953.7 8886811.2 544.3 108 -42----------------------------------------------------------------------------IMH268 288953.3 8886811.2 544.3 108 -48----------------------------------------------------------------------------IMH269 288933.6 8886790.5 548.8 108 -61.5----------------------------------------------------------------------------IMH270 288952.9 8886811.3 544.3 108 -55----------------------------------------------------------------------------IMH271 288933.1 8886790.7 548.9 108 -64.5----------------------------------------------------------------------------IMH272 288952.8 8886811.3 544.2 108 -58----------------------------------------------------------------------------IMH275 288919.9 8886777.9 549.4 114 -51.5----------------------------------------------------------------------------



Qualified Person

Mr. Lorne Warner, P.Geo, COO of PNG Gold Corporation is a qualified person in accordance with National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.

All core samples are cut in half on-site and sent to the Company's Alotau office for direct shipment to Intertek (ITS (PNG) Limited) laboratory in Lae, Papua New Guinea, an ISO/LEC 17025 certified laboratory. Gold analysis is completed by a 50 gram charge, fire assay/AAS and for silver a 50 gram charge using two acide AAS. The Company inserts a standard blank and requests a duplicate sample be run in every batch of 20 samples. In addition, the lab inserts in-house blanks, standards and duplicates with each shipment. Data that fall outside the control limits are checked and repeated as necessary.

EL 1091 Normanby - Imwauna Flagship Project

The Normanby exploration licence - EL 1091 - is located on the north side of Normanby Island, approximately 80 kilometres northeast of Alotau, the provincial capital of Milne Bay province, eastern Papua New Guinea. The project consists of the main prospect, Imwauna, and includes Kelas and numerous untested prospects. The flagship Imwauna gold deposit is a high grade, near surface, low sulfidation, epithermal vein gold system. Gold mineralization ranges from 0.5 metres to 6.0 metres in the Imwauna Main structure. The Imwauna prospect remains open in the North and South at strike and at depth.

About PNG Gold Corporation

PNG Gold Corporation is a well-funded, sustainable exploration company with an advanced stage drilling program in Papua New Guinea. PNG Gold holds a 100% interest in the Imwauna and Sehulea properties on Normanby Island, Milne Bay Province, Papua New Guinea, and trades on the TSX Venture Exchange under the symbol PGK.V. PNG Gold's mission is to become the premier, sustainable exploration and development company in Papua New Guinea.

FORWARD-LOOKING STATEMENTS

Forward-Looking Statements - This document contains forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information.

Examples of such statements include: statements pertaining to the Company's proposed exploration and development activities and method for funding thereof, expectations regarding the ability to raise capital, treatment under governmental regulatory regimes and tax laws, capital expenditure programs and the timing and method of financing thereof, status of assets, future growth and performance.

Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking information contained in this document. Such forward-looking information is based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of the Company to obtain necessary financing and adequate insurance; the economy generally; current and future stock prices, results of operations, exploration activities, fluctuations in gold prices and market conditions, future growth and performance, the regulatory and foreign environment, future capital and other expenditures (including the amount, nature and sources of funding thereof), the availability of necessary exploration and development equipment, competitive advantages, fluctuations in foreign currency exchange rates, property title and investments, business prospects and opportunities, transportation and construction delays, failure of plant, equipment or processes to operate as anticipated, accidents, labor disputes and other risks of the mining industry, political instability, arbitrary changes in law, delays in obtaining governmental approvals and anticipated and unanticipated costs. The factors identified above are not intended to represent a complete list of the factors that could affect the Company. Additional risk factors are noted in the Company's Management Discussion and Analysis for the three and nine-month periods ended September 30, 2012 under the heading "Risk and Uncertainties" that was filed on www.sedar.com.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results, performance or achievement may vary materially from those expressed or implied by the forward-looking information contained in this document. These risk factors should be carefully considered and readers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this document. All subsequent forward-looking information attributable to the Company herein is expressly qualified in its entirety by the cautionary statements contained in or referred to herein. The Company does not undertake any obligation to release publicly any revisions to this forward-looking information to reflect events or circumstances that occur after the date of this document or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.

ON BEHALF OF PNG GOLD

Greg Clarkes, CEO and Director

PNG Gold Corporation

The securities have not been registered under the United States Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration thereunder or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities in the United States.

Neither the TSX Venture Exchange or its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



Contacts:
PNG Gold Corporation
Greg Clarkes
CEO and Director
(604) 669 4899
(604) 685 2345 (FAX)
www.pnggold.com





Source: Marketwire


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