New Guinea Gold Corp : Default Status Update

Canada: Australia:

900 - 595 Howe Street P.O. Box 10328

Vancouver, B.C., Canada, V6C2T5 Brisbane Adelaide St, Qld 4000

Phone: [phone], ext 103 Phone: [phone]

Fax: [phone] Fax: [phone]

Email: [e-mail] Email: [e-mail]

Trading Symbols: TSX-V: NGG

Frankfurt: NG8

Web Site: www.newguineagold.ca

DEFAULT STATUS UPDATE

Vancouver, BC - July 24, 2013 - New Guinea Gold Corporation. ("NGG" or the "Company") (TSX- V: NGG) is providing this bi-weekly Default Status Report in accordance with National Policy 12-203 - Cease Trade Orders for Continuous Disclosure Defaults ("NP 12-203"). On May 1, 2013, the Company announced (the "Default Notice") that, for the reasons disclosed in the Default Notice, there would be a delay in the filing of its audited financial statements for the year ended December 31, 2012 and its related Management's Discussion and Analysis and Chief Executive Officer and Chief Financial Officer certifications for the year ended December 31, 2012 (collectively, the "Required Filings") beyond the 120 day period prescribed for the filing of such documents.
As a result of this delay in filing, on May 1, 2013, the British Columbia Securities Commission (the "BCSC"), the principal regulator of the Company, issued a management cease trade order (the "MCTO"), which imposed restrictions on all trading in securities of the Company by the Chief Executive Officer and the Chief Financial Officer of the Company until the Company files the Required Filings and the BCSC makes an order revoking the MCTO. All other parties were permitted to freely trade the Company's securities.
On July 3, 2013, the BCSC issued a cease trade order (the "CTO") in relation to trading in securities of the Company, which imposed restrictions on all trading in securities of the Company until the Company files the Required Filings and the BCSC makes an order revoking the CTO. Only a beneficial shareholder of the Company who is not, and was not at the date of the CTO (July 3, 2013), an insider or control person of the Company, may sell securities of the Company acquired before the date of the Cease Trade Order if the sale is made through a market outside Canada, and the sale is made through an investment dealer registered in British Columbia.
The Company is pleased to report that it has now lodged its audited financial statements and Management Discussion and Analysis for the year ended 31 December 2012, its unaudited financial statements and Management Discussion and Analysis for the quarter ending March 31, 2013.
The Company is now focused on liaising with both the BCSC and the TSXV in order to have the CTO
lifted as soon as possible.
Pursuant to the requirements of the AIG, the Company reports that, since the issuance of the Default Notice on July 10, 2013, except as stated in this Default Status Report, there has not been any material change to the information provided therein, nor has there been any failure by the Company in fulfilling its stated intentions with respect to satisfying the AIG. In addition, there has not been any specified default by the Company under NP 12-203 other than the delay in filing the Required Filings, and there is no other material information concerning the affairs of the Company that has not been generally disclosed

ON BEHALF OF THE BOARD

Greg Heaney

Director

For further information, please contact [e-mail], or access our website -

www.newguineagold.ca.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward Looking Statements - Certain information set forth in this news release contains forward-looking statements, including the timing of filing of NGG's Annual Financial Filings. These forward looking statements involve substantial

known and unknown risks and uncertainties, certain of which are beyond the control of NGG, including, but not limited to the impact of general economic conditions, industry conditions, volatility of commodity prices, risks associated with the uncertainty of resource and reserve estimates, currency fluctuations, dependence upon regulatory approvals, the availability of future financing and exploration risk. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

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