BOCA RATON, Fla.--(BUSINESS WIRE)--New World Gold Corporation (OTC Pink: NWGC), a gold mining and milling company with existing operations in Ecuador and Peru, wishes to announce that a more detailed and comprehensive sampling program has begun on its rare earth Antimony deposit in Ecuador. On March 2, 2015, the Company announced that it had discovered a rare earth deposit of Antimony. Preliminary independent testing of the deposit indicated that the deposit has significant potential.
As a result of the initial independent testing results and geological data on the deposit, a Chinese group has approached the Company to begin secondary testing on the deposit. Initial discussions have begun with the Chinese group to option the Antimony deposit. The option would require an option fee of $250,000 and commitments to expend $500,000 per year in development work over a 3 year period. The Company would act as operator of the project and maintain a 35% interest in the project.
Antimony was identified in a report published in 2011 as one of 12 critical raw materials for the EU, primarily due to the lack of supply outside China. Processed antimony is used as an alloy to strength tin and steel. Antimony compounds contain fire retardants found in many commercial and domestic products like stoves and refrigerators. There is an emerging application for the use of antimony in microelectronics.
New World Gold Corporation trades in the United States on the OTC Pink under the symbol “NWGC”. For information, please contact the Company at 561-210-8496 or www.newworldgoldcorp.com or investors can find real time quotes and market information for the Company on www.otcmarkets.com.
NOTE: This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 involving risks and uncertainties. Results, events and performances could vary from those contemplated. These statements involve risks and uncertainties which may cause results, expressed or implied, to differ from predicted outcomes. Risks and uncertainties include but are not limited to product demand, market competition and New World Gold's ability to meet current and future plans. Investors should study and understand all risks before making an investment decision. Readers are recommended not to place undue reliance on forward-looking statements or information. New World Gold is not obligated to publicly release revisions to any forward-looking statement, to reflect events or circumstances afterward, or to disclose unanticipated occurrences except as required under applicable law.