New World Gold Corporation (OTC Pink: NWGC), a gold mining and milling junior with existing operations in Ecuador and Peru, may diversify its business after discovering a rare earth deposit in one of its old gold concessions.

While the Florida-based company has not disclosed the location of the finding it says that since the discovery several companies, including a Chinese group, have approached them with offers.

Independent analysis results indicate that the rare earth mineral discovered is Antimony. Preliminary testing results indicate that there are significant economic reserves present on the concession.

Since discovery of the antimony deposit, the Company has had significant interest in the deposit. The Company is negotiating with several companies including a Chinese group to option and then develop the deposit. The British Geological Survey reported in 2005, The Peoples Republic of China was the top producer of antimony with approximately 84% of the worlds share followed at a distance by South Africa and Bolivia. Roskill Consulting estimates that primary production of Antimony shows that in 2010, China held 76.75% of the world’s supply of antimony followed by Russia with 4.14%. Antimony was identified as one of 12 critical raw materials for the EU in a report published in 2011, primarily due to this lack of supply outside China.

Processed antimony is used as an alloy to strengthen tin and steel. Antimony compounds contain fire retardants found in many commercial and domestic products like stoves and refrigerators. There is an emerging application for the use of antimony in microelectronics.