March 20, 2017 (Vancouver, British Columbia): PNG Gold Corporation (the “Company“) (TSX-V: PGK) announces that it has received pre-FEED engineering reports from Stantec Engineering and WSP Canada. The reports were commissioned by the Company to review the ReGenTM re-refining technology process, as previously announced on November 10, 2016 and as updated on December 20, 2016.
WSP and Stantec, having completed these reports, have come to the conclusion that PNG’s ReGen re-refining technology process is technologically sound and constructible in accordance with previous estimates. Most importantly, these reports indicate that the quantity and quality of the re-refined products produced will be equivalent to, or greater than, results obtained in previous engineering studies.
These reports have exceeded the expectations of PNG management, who are now carefully reviewing them in detail with both engineering firms prior to management providing its recommendations to the Company’s Board of Directors. Details of the reports, and next steps as approved by the Company’s Board, will be announced shortly.
On Behalf of the Board of PNG Gold Corporation
Chief Executive Officer
For further information contact Greg Clarkes at (587) 393-8363
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.
Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties, certain of which are beyond the control of PNG Gold Corporation. These include, but are not limited to, the statements regarding the quantity and quality of the re-refined products that might be produced. 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. The Company assumes no obligation to update forward-looking statements, except as required by applicable law.