PNG Gold Corp. has found significant amounts of gold on an island off the coast of Papua New Guinea.

The Canada-based company, which began drilling at the Imwauna project site on Normanby Island in January, has completed 44 drill holes to date.  More drilling is planned.

Results of an analysis of the drillings are expected late this month or in early November.

PNG Gold will also drill another prospect on the property, the Kela vein, which the company describes as an exciting opportunity.