BOCA RATON, Fla., Dec. 19, 2008 (GLOBE NEWSWIRE) -- New Asia Gold Corp (Pink Sheets:NWAG) is pleased to announce that it has agreed to acquire additional gold leases with proven and probable gold reserves in South America. The leases have proven gold reserves and at one time sections of the leases were in production. Independent reports show that, at current prices for gold, the producing section of the leases can be brought back on production at a rate of 7000 to 8000 ounces of gold per year for a minimum of 5 years with an average extraction cost of $300 per ounce. This would generate the company revenues of $6.4 million with costs of $2.4 million per year. This does not include any additional gold reserves that the company anticipates that it will delineate with an exploration program. Examination of the existing exploration data indicates that the probable reserves on the leases could be over 500,000 ounces of gold.
New Asia Gold Corp ("NWAG") is a successful exploration company with defined proven reserves of 330,000 ounces of gold with a value after extraction costs of $282 million US 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 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.