New Age Exploration Limited announced that the company has agreed on the termination of Mr. Gary Fietz's Executive Service Agreement (ESA) and his consequential resignation as managing director. Mr. Fietz, who has been a director of the company since May 2010, will receive a payment equal to six months' remuneration pursuant to the terms of the ESA along with accrued statutory entitlements. Mr. Fietz has agreed to continue to be available to the company as a consultant for a period of 3 months to ensure an orderly transition to new management.

The company has also received the resignation of Mr. Michael Amundsen. To fill the vacancies left by the above resignations, the company has appointed Mr. Neil Hutchison, Mr. Stephen Layton and Mr. Joshua Wellisch as non-executive directors. Mr. Hutchison is an exploration/mining geologist with over 25yrs experience working in Australia and overseas.

Mr. Hutchison is currently a Non-Executive Director of ASX listed Kairos Minerals. Mr. Layton has over 35 years' experience in Equity Capital Markets in the UK and Australia. Starting as a Jobber (market marker) with BZW on the floor of the London Stock Exchange from 1980 to 1986, Mr. Layton became a Member of the London Stock Exchange in 1985.

Mr. Layton is currently a Non-Executive Director of ASX listed Specialty Metals International Limited. Mr. Wellisch is a corporate professional whose career has included several Executive Management and Director roles in ASX listed companies. Mr. Wellisch is also currently a director of NRG Capital specializing in capital raisings, corporate structuring and the facilitation of ASX listings.

Mr. Alan Broome will remain as Chairman and will oversee implementation of a new management structure, which is anticipated to include the appointment of a managing director or chief executive officer, to be announced in due course. In the meantime, the Company will continue to progress the development of its projects proactively and in line with its previously disclosed strategy.