New ETF Book by Larry Connors - Click here to read more
At one time NGG was a well funded enterprise controlling an impressive, multi-metal project portfolio in Papua New Guinea. Today, in the midst of perhaps the strongest metal market of the past 100-years, the Company appears to be in a battle to simply remain solvent. The assets and prospects for NGG have been systematically depleted as a result of the decision making and strategic direction implemented by the Company's current management and directors.
On September 16, 2009, NGG agreed to option the Company's Imwauna project to a private company incorporated only 8-days prior, with ostensibly little or no working capital or operating history. Imwauna, at 706,000 ounces of gold, accounts for 95% of the Company's inferred gold resources and is represented as the Company's "premier project and second mine" (information taken from May 2009 PDF presentation posted on Company website). The Concerned Shareholder Group agrees that Imwauna is a highly prospective gold development project and therefore strongly oppose this transaction.
Steve Vanry, acting as agent for the Concerned Shareholder Group, stated, "In our view, the replacement of the existing Board of Directors and Management of NGG is the only means to ultimately realize the potential of the Company's assets and deliver value to shareholders. We intend to restore financial stability to the Company and focus on building a compelling growth story that resonates within the worldwide mining investment community."
Detailed information concerning the Shareholder Group's director and management nominees will be outlined in an information circular to be provided to all shareholders prior to and in connection with the requisitioned meeting.
On behalf of the Concerned Shareholder Group,
Steve Vanry, CFA
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined within the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts: New Guinea Gold Concerned Shareholder Group Steve Vanry, CFA (778) 319-7302 nggconcernedshareholders@gmail.com
SOURCE: New Guinea Gold Concerned Shareholder Group
mailto:nggconcernedshareholders@gmail.com
More News:
Market Updates |
Stock Alerts |
All Trading News |
Stock Index
About TradingMarkets | Contact | Advertise | Careers | Link to Us | Site Map | Help | Terms & Conditions | Privacy Policy | Return Policy | Testimonials | Feedback
The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
© Copyright 2009 The Connors Group, Inc.
