BOCA RATON, Fla., Oct. 8, 2008 (GLOBE NEWSWIRE) -- New Asia Gold Corp. (Pink Sheets:NWAG) is pleased to announce that previous exploration on its Kapur Project has generated excellent quality data that has allowed the company to define new deposits on the property. These deposits represent low risk opportunities to substantially increase the proven reserves of the Company. It is anticipated that the infill drilling program will delineate these reserves.
New Asia Gold Corp. is a successful exploration company that has found and defined gold reserves. Based on independent assessment reports (43101 F) the company currently has proven gold reserves of 330,000 ounces of gold with a value of $282 million assuming an average gold price of $850 per ounce and up to 2.5 million ounces of probable gold reserves.
Based on the current financial situation worldwide the company anticipates that the price per ounce of gold will continue to increase. Analysts are estimating that the price of gold will reach up to $1200 per ounce by the end of 2008 as gold advances on safe haven buying. As the Company completes its drilling program this fall, it is anticipated that the proven reserves will be increased substantially. An increase in proven reserves combined with an increase in the price per ounce of gold will significantly increase the value of the company.
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 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.