TSX Venture Exchange
TORONTO, June 2, 2014 /CNW/ - NWM Mining Corporation ("NWM" or the "Company") (TSX-V: NWM) announces that it has extended the due date of the current debt
outstanding from April 30, 2014 to June 30, 2014. The extension
provides further time (see the Company's press releases dated January
30, 2014, November 29, October 31 and October 1, 2013) extension for
the ongoing negotiations to be concluded with the Company's lender
(Renvest Mercantile Bancorp through its Global Resource Fund), as set
out in the Company's press release dated June 14, 2013.
As previously announced in the release dated November 7, 2013, pursuant
to the ongoing efforts to complete the company's loan agreement
extension, Global Resource Fund has agreed to continue to temporarily
defer and accrue monthly interest payments. Additionally, Global
Resource Fund has provided an additional $200,000 demand loan to cover
several one-time payments required which will be repaid in 2014 once
delayed tax receivables from the Mexican tax authorities have been
received. The demand loan carries an interest rate of 15%.
Darren Koningen, President and CEO for NWM noted "We continue to engage
in constructive discussions with our lender and thank them for their
ongoing support. As part of our strategic alternatives review process,
we are continuing to advance discussions with a number of parties."
The March 31, 2014 financial statements and Management Discussion and
Analysis have been filed on SEDAR. Net loss for the first quarter was
$1,166,754 as compared to income of $164,471 before tax in the
comparative quarter in the prior year. Excluding non-cash items
overall NWM corporate operations for the quarter were a loss of
$697,116. At the mine level operations produced a gross profit
(excluding non-cash items) of $269,921.
During the first quarter 544,919 tonnes of ore were mined containing
approximately 7,188 ounces of gold. The mine produced 5,117 gold
ounces in the quarter.
About NWM Mining Corporation
NWM is in commercial gold production at its wholly owned Lluvia-Jojoba
gold mine. The mine is an open pit heap leach operation in Sonora
State, Mexico. Management believes the property is significantly
under-explored and hosts potential to provide further gold discoveries
and resource and reserve upgrades. While management has focused in the
past on developing the mine and supporting cash flows, this has now
shifted to increasing mining rates and drilling to expand geological
resources and reserves.
Additional information about NWM can be found on the NWM website at www.nwmcorp.ca or on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of this release.
SOURCE: NWM Mining Corporation
For further information:
please contact NWM Mining Corporation at (416) 364-6799.