Gold Anomaly Limited (ASX:GOA) Updates on Gold Interest Acquisition in Crater Mountain Project, Papua New Guinea

Sydney, Oct 19, 2011 AEST (ABN Newswire) - Gold Anomaly Limited (ASX:GOA) has previously advised that:

1. The Crater Mountain Project ("the Project") in Papua New Guinea ("PNG") is carried on by the Company's PNG subsidiary company ("the GOA Subsidiary") and a group of three other companies collectively called the "Minority Parties". The GOA Subsidiary has earned a 70% interest in the Project.

2. In November last year an agreement ("the Agreement") was entered into with New Guinea Gold Corporation ("NGG") for the GOA Subsidiary, subject to the approval of the PNG Minister of Mines, to acquire NGG's 10% interest in the Project (which is a free carry interest) in exchange for the issue of 31.25 million shares in GOA. The acquisition of NGG's 10% interest would take GOA's Project interest to 80%.

3. It is not currently clear whether the requisite approval of the PNG Minister of Mines has been granted and GOA is trying to verify the status.

The Company notes that NGG recently announced in a press release that the Agreement has lapsed, presumably as the date for the grant of the PNG Minister of Mines' approval has now passed.

The Company has now obtained legal advice that even if the Minister had not granted the required consent by the required date the Agreement would not lapse but be voidable at GOA's option. GOA has not exercised that option and has advised NGG that it wishes to proceed with the Agreement pending confirmation of Ministerial approval.

Contact

Greg Starr Executive Chairman Ph: +61-2-9241-4224 http://www.goldanomaly.com.au