Wednesday, 27th February 2008 (1838 views)

A total of 38.9 million share purchase warrants have been exercised by New Guinea Gold, which plans to use the gross proceeds to assist in the development of the firm's Sinivit gold mine, in addition to other products situated in Papua New Guinea.

The company reported this week that the sale of the share purchase warrants, which expired on February 17th, netted the firm gross proceeds of around C$11.7 million (£5.99 million).

Bob McNeil, chairman and chief executive officer of the firm, claimed the new funds have improved the company's financial situation and that they will be used for a wide range of development projects.

"The new funds are expected to be used in part to increase drilling rates at both the Sinivit and Imwauna projects by adding a further drill to each property by mid year," he stated.

New Guinea Gold will display at the Prospectors and Developers Association Convention in Toronto, Canada on March 3rd and 4th.

 

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