BOCA RATON, Fla., Nov. 18, 2008 (GLOBE NEWSWIRE) -- New Asia Gold Corp. (Pink Sheets:NWAG) is pleased to announce that it has begun negotiations to enter into a Joint Venture with a U.S. exploration Company with existing gold leases in South America. The leases have proven gold reserves. New Asia Gold is examining existing data to evaluate the current proven reserves and the potential of the leases. Preliminary evaluations show that this is an excellent opportunity for the Company and could increase its reserves substantially.
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. 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 (561) 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 Litigation Reform 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.