BOCA RATON, Fla., Nov. 24, 2008 (GLOBE NEWSWIRE) -- New Asia Gold Corporation (Pink Sheets:NWAG) is pleased to announce that it has agreed to acquire equipment and technology that the Company estimates will reduce extraction costs by as much as 12% ($30 US per ounce). This technology also reduces the environmental impact of mining the gold. The technology and equipment has been evaluated and recommended by third party companies. The reduction in extraction costs increases the value of the existing proven reserves by approximately $10 million US. Extraction costs in independent reports were estimated to be $250 US per ounce.
News reports show that gold producers have stopped hedging gold production into the future, as they anticipate that the price of gold will continue to increase. In the third quarter, there was a reduction of gold hedging by 3.8 million ounces of gold.
New Asia Gold is a successful exploration company with proven gold reserves. Based on independent 43101/F assessment reports, the Company currently has proven gold reserves of 330,000 ounces of gold with a value of $282 million US, assuming an average price of gold of $850 US per ounce. The Company has further estimated probable reserves of 2.5 million ounces of gold.
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.