PNG Gold Corp. set to acquire 100 percent of New Guinea Gold Corp. after PNG fulfilled  exploration expenditure requirements under an option agreement.

Vancouver-based PNG already holds a 50 percent interest in the  exploration licenses for the Imwauna and Sehulea properties, which are on Normanby Island, Milne Bay Province, Papua New Guinea.

This is a major milestone for the company and the fact that we have met the expenditure requirement two years ahead of schedule highlights our enthusiasm for the exploration potential of both the Imwauna and Sehulea properties, PNG CEO Dick Whittington said ina  statement.

We look forward to maximizing the potential of both properties with our aggressive exploration program. I would like to thank New Guinea Gold for their support in helping us achieve our objective.