Record Quarterly Consolidated Gold Sales of US$14.060 Million for the Quarter Ended September 30, 2011, as compared to US$5.060 Million for the Quarter Ended September 30, 2010
178% Increase in Quarterly Consolidated Gold Sales for the Quarter Ended September 30, 2011, as compared to the Quarter Ended September 30, 2010
113% Increase in Quarterly Consolidated Gold Production for the Quarter Ended September 30, 2011, as compared to the Quarter Ended September 30, 2010
TORONTO, Oct. 18, 2011 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company") reported consolidated gold production of 8,814 ounces of gold produced (8,212 ounces attributable) for the quarter ended September 30, 2011, as compared to 4,141 ounces of gold produced (4,024 ounces attributable) for the quarter ended September 30, 2010, an increase of 113% (104% increase on an attributable basis).
As compared to consolidated production for the previous quarter ended June 30, 2011 of 6,841 ounces of gold produced (6,355 ounces attributable), consolidated gold production for the quarter ended September 30, 2011 increased by 28.8% (29.2% increase on an attributable basis).
Consolidated gold sales for the quarter ended September 30, 2011 totalled US$14,059,739 (US$13,145,209 attributable) at an average sales price per ounce of gold of US$1,705, as compared to consolidated gold sales of US$5,059,903 (US$4,949,676 attributable) for the quarter ended September 30, 2010 at an average sales price per ounce of gold of US$1,239, an increase of 178% (166% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended June 30, 2011 of US$9,791,973 (US$9,197,031 attributable), consolidated gold sales for the quarter ended September 30, 2011 increased by 43.6% (42.9% increase on an attributable basis).
"Attributable" reflects New Dawn's net ownership interest in each producing mining property for the respective period.
100% of sale proceeds were received in US dollars.
At September 30, 2011, inventory awaiting sale was an additional 2,460 ounces of gold, which will be included in October 2011 sales.
The Company will file its audited consolidated financial statements and related materials for the fiscal quarter and year ended September 30, 2011, and report its consolidated results of operations for such periods, on or before the filing deadline of December 29, 2011.
About New Dawn:
New Dawn is a Zimbabwe-focused junior gold company that is currently expanding its consolidated annualized gold production to 60,000 ounces by the end of 2012. New Dawn targets further increasing annualized gold production to 100,000 ounces by the end of 2014.
New Dawn owns 100% of the Turk/Angelus Mine Complex, the Old Nic Mine and the Camperdown Mine. In addition, New Dawn has an approximately 85% equity interest in the Dalny, Golden Quarry and Venice Mines, and a large portfolio of prospective exploration acreage in Zimbabwe. These six mines, five of which are now operational, are divided into three significant gold camps, and the Company is in the process of expanding production at these sites. All properties and exploration projects are located in Zimbabwe.
In addition to gold production, New Dawn is also actively exploring on highly prospective ground employing modern exploration techniques and deploying capital in Zimbabwe, a country that is proven to be geologically rich, highly prospective, and significantly under explored.
New Dawn, with its large gold resource, existing production facilities and current exploration efforts, is well on the path to becoming a mid-tier gold mining company in Zimbabwe, active in both gold production and gold exploration.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release. Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
The contents of this news release were supervised and reviewed by Ian R. Saunders, B.Sc., who is President, Chief Executive Officer, and a Director of New Dawn Mining Corp., and who is a Qualified Person within the meaning of NI 43-101.
Special Note Regarding Forward-Looking Statements: Certain statements included or incorporated by reference in this news release, including information as to the future financial or operating performance of the Company, its subsidiaries and its projects, constitute forward-looking statements. The words "believe," "expect," "anticipate," "contemplate," "target," "plan," "intends," "continue," "budget," "estimate," "may," "schedule" and similar expressions identify forward-looking statements. Forward-looking statements include, among other things, statements regarding targets, estimates and assumptions in respect of gold production and prices, operating costs, results and capital expenditures, mineral reserves and mineral resources and anticipated grades and recovery rates. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, the Company. Such factors include, among others, risks relating to reserve and resource estimates, gold prices, exploration, development and operating risks, political and foreign risk, indigenisation risk, uninsurable risks, competition, limited mining operations, production risks, environmental regulation and liability, government regulation, currency fluctuations, recent losses and write-downs and dependence on key employees. See "Risk Factors" in the Company's Annual Information Form - 2010. Due to risks and uncertainties, including the risks and uncertainties identified above, actual events may differ materially from current expectations. Investors are cautioned that forward-looking statements are not guarantees of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. Forward-looking statements are made as of the date of this press release and the Company disclaims any intent or obligation to update publicly such forward-looking statements, whether as a result of new information, future events or results or otherwise.For further information:
Investor Relations Contact: Richard Buzbuzian +1 416.585.7890
President and Chief Executive Officer: Ian R. Saunders +1 416.585.7890
Visit us on the internet: http://www.newdawnmining.com or
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