139.1% Increase in Quarterly Consolidated Gold Sales for the Quarter Ended December 31, 2011, as compared to the Quarter Ended December 31, 2010
89.2% Increase in Quarterly Consolidated Gold Production for the Quarter Ended December 31, 2011, as compared to the Quarter Ended December 31, 2010
TORONTO, Jan. 23, 2012 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company") reported consolidated gold production for
the quarter ended December 31, 2011 of 9,095 ounces (8,399 ounces
attributable to New Dawn, after adjusting for the minority interests'
share of gold production), as compared to consolidated gold production
for the quarter ended December 31, 2010 of 4,808 ounces (4,577 ounces
attributable), an increase of 89.2% (83.5% increase on an attributable
As compared to consolidated gold production for the previous quarter
ended September 30, 2011 of 8,814 ounces (8,212 ounces attributable),
consolidated gold production for the current quarter ended December 31,
2011 increased by 3.2% (2.3% increase on an attributable basis).
Consolidated gold sales for the quarter ended December 31, 2011 totalled
US$15,440,766 (US$14,238,642 attributable) at an average sales price
per ounce of gold of US$1,684, as compared to US$6,458,735
(US$6,184,661 attributable) for the quarter ended December 31, 2010 at
an average sales price per ounce of gold of US$1,370, an increase of
139.1% (130.2% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended
September 30, 2011 of US$14,059,739 (US$13,145,209 attributable),
consolidated gold sales for the current quarter ended December 31, 2011
increased by 9.8% (8.3% increase on an attributable basis).
100% of proceeds from gold sales were received in US dollars.
At December 2011 month-end, an additional 2,337 ounces of gold awaited
export documentation for sale in South Africa, and will be included in
January 2012 sales.
With December 2011 total gold production of 3,252 ounces, equivalent to
annualized gold production of 39,024 ounces, the Company achieved its
production target of 38,000 to 40,000 ounces of annualized gold
production within its projected timeframe, despite four public holidays
in Zimbabwe during December 2011.
The Company will file its unaudited consolidated financial statements
and related materials for its fiscal first quarter ended December 31,
2011, and report its consolidated results of operations for such
period, on or before the extended filing deadline of March 15, 2012.
The filing deadline has been extended by 30 days from the standard
February 15 filing deadline as the fiscal quarter ended December 31,
2011 is the first fiscal period in which the Company will be reporting
financial information under International Financial Reporting
About New Dawn:
New Dawn is a Zimbabwe-focused junior gold company that is currently
expanding production, with a targeted run rate of approximately 5,000
ounces of gold per month, equivalent to approximately 60,000 ounces of
annualized gold production, by December 2012. New Dawn plans to
further increase production at its existing properties to reach a
targeted run rate of approximately 100,000 ounces of annualized gold
production by December 2014.
New Dawn owns 100% of the Turk and Angelus Mine, the Old Nic Mine and
the Camperdown Mine. In addition, New Dawn has an approximately 85%
equity interest in the Dalny Mine, the Golden Quarry Mine and the
Venice Mine, 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 have a combined milling
capacity of 2,000 tonnes per day.
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
All properties and exploration projects are located in Zimbabwe.
New Dawn, with its large gold resource, existing mine sites and
production facilities, and current exploration programs, is a growing
gold mining company in Zimbabwe, active in both gold production and
Additional information on New Dawn's gold reserve and resource estimates
is included at the Company's web-site at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
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, 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 - 2011. 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.
SOURCE New Dawn Mining Corp.
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 New Dawn on the internet: www.newdawnmining.com
E-mail New Dawn at: email@example.com