TORONTO, Jan. 16, 2012 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company") announced that the previously reported
illegal and unprotected work stoppage by a portion of its underground
work force at its Turk and Angelus Mine in Zimbabwe has ended and full
mining operations have resumed. The short nature of the work stoppage,
and management's ability to resolve the situation in a timely and
efficient manner, resulted in minimal impact to gold production.
New Dawn has five mines that are currently operational and producing
gold in Zimbabwe, and is currently expanding production to reach a
targeted run rate of approximately 60,000 ounces of annualized gold
production by December 2012.
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. 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
New Dawn, with its large gold resource, existing mine sites and
production facilities, and current exploration programs, is well on the
path to becoming a mid-tier gold mining company in Zimbabwe, active in
both gold production and gold exploration.
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