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Business Summary: NWAG
New Asia Gold Corp., formerly Great Northern Oil Sands inc., is a Vancouver-based resource exploration company. The Company’s efforts are focussed at exploiting oil reserves in the Athabasca oil sands of Alberta, Canada. The Company’s oil sands assets include oil sands section, Athabasca, Alberta, Canada. Its conventional oil and gas assets include EIGHT MILE Property, British Columbia, Canada; CECIL-EUREKA Property, Alberta, Canada; WORSLEY Property, Alberta, Canada, and MEDICINE HAT Property, Alberta, Canada. In July 2008, the Company acquired 100% interest in an Indonesian gold exploration company as a result of a share exchange agreement.
Article: More on NWAG
NWAG is in a sector that has surpassed the expectations of many this year!
Gold went over $1000 an ounce earlier this year!
Although gold has dropped a little since then, 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.
Gold soars most since 1999 as investors seek haven from financial turmoil.
John Embry, Chief Investment strategist for Sprott Asset Management forecasts "Four-digit gold prices by January 2009. Juniors present the best opportunity to leverage the coming gold explosion."
Even Jim Cramer has said that gold will go to $1600 an oz!
NWAG already has existing proven reserves of 330,000 oz of gold!
NWAG has stated that there is an even further 170,000 oz of gold that can be delineated in their main prospect at very little risk.
This would increase the value of their project to $335 million U.S. after mining costs!
This value has been based on an average price per oz of gold at $850 per oz.
NWAG has a great advantage with their projects located in Indonesia.
Indonesia was the world's seventh largest gold producer in 2003!
NWAG is now getting ready to begin its exploration program on their Kapur project.
Mobilization procedures have started. The initial program will consist of 4500 meters of drilling and at least 4 trenches. The results of this program will define a secondary program that will begin immediately after the initial program. As previous drilling results indicated and re-evaluation of data from 42 trenches that were previously excavated, with different degrees of mineralization.
NWAG has announced that further evaluation of the existing exploration data shows that there is considerable scope for finding a large gold deposit at depth on their Kapur Project.
NWAG is confident that its shallow drilling program will substantially increase its proven gold reserves at shallow depths. The existing proven gold reserves were based on only 16 of 41 drill holes and none of the 52 trenches that were excavated. Of the 52 trenches there were excavated, 42 demonstrated different degrees of mineralization as well as many of the drill holes not used in the reserve evaluation had gold intersections.
NWAG has said that there is likely to be additional shallow gold reserves at two locations on the Kapur Project.
Preliminary laboratory scale testing results on NWAG's Kapur Project were very good.
The preliminary laboratory testing has indicated that 95% to 99% recoveries of the gold are possible using cyanide leaching. Indications are that the property has a large tonnage of low grade free gold with excellent recoveries.
NWAG is not only offering already proven reserves, but they are doing almost everything they can to prove that there is even more gold at their current projects.
NWAG has made themselves into a very successful gold exploration company.
NWAG's project is one of the most advanced gold plays in Indonesia!!
NWAG realizes how important gold is.
It has been said that each year, 660 tons of gold are used in telecommunications, medical treatments, information technology, and other industrial applications.
Global demand for gold reached new heights in the second quarter of 2008 at $21.2 billion!!
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