BOCA RATON, Fla., Nov. 9, 2008 (GLOBE NEWSWIRE) -- New Asia Gold Corp. (Pink Sheets:NWAG) is getting ready to begin its exploration program on the Kapur project. Mobilization procedures have started. The initial program will consist of 4500 meters of drilling and at least 4 trenches. The results of this program will define a secondary program that will begin immediately after the initial program. As previous drilling results indicated and re-evaluation of data from 42 trenches that were previously excavated, with different degrees of mineralization, the Company feels that it has defined several additional deposits that are expected to increase proven reserves substantially. The Company has significant probable reserves where large amounts of gold have been discovered but there is not enough data obtained to date to change the probable reserve to proven reserves. This will be one of the purposes of the current drill program.
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 US$282 million assuming an average gold price of $850 per ounce (analysts are predicting that the value of gold will exceed $1200 per ounce by the second quarter of 2009). The Company has further estimated probable reserves of 2.5 million ounces of gold based on independent engineering reports.
New Asia Gold Corp trades in the United States on the NQB Pink Sheets under the symbol "NWAG". For further information, Please contact Nancy Goldman at (516) 962 4139 or go to 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.