54.8% Increase in Quarterly Consolidated Gold Sales for the Quarter Ended June 30, 2012, as compared to the Quarter Ended June 30, 2011
39.4% Increase in Quarterly Consolidated Gold Production for the Quarter Ended June 30, 2012, as compared to the Quarter Ended June 30, 2011
TORONTO, July 24, 2012 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), a junior gold company focused on
developing and expanding its mining assets and operations in Zimbabwe,
reported consolidated gold production for the quarter ended June 30,
2012 of 9,536 ounces (8,702 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 June 30,
2011 of 6,841 ounces (6,355 ounces attributable), an increase of 39.4%
(36.9% increase on an attributable basis).
As compared to consolidated gold production for the previous quarter
ended March 31, 2012 of 8,736 ounces (7,926 ounces attributable),
consolidated gold production for the current quarter ended June 30,
2012 increased by 9.2% (9.8% increase on an attributable basis).
Consolidated gold sales for the quarter ended June 30, 2012 totalled
US$15,162,843 (US$13,776,012 attributable) at an average sales price
per ounce of gold of US$1,608, as compared to US$9,791,973
(US$9,197,031 attributable) for the quarter ended June 30, 2011, an
increase of 54.8% (49.8% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended
March 31, 2012 of US$14,857,212 (US$13,551,287 attributable),
consolidated gold sales for the current quarter ended June 30, 2012
increased by 2.0% (1.7% increase on an attributable basis). This
increase in revenue for the quarter ended June 30, 2012 was
accomplished despite a decline in the average price per ounce of gold
to $1,516 for the quarter ended June 30, 2012 from $1,685 for the
quarter ended March 31, 2012.
100% of proceeds from gold sales were received in US dollars.
At June 2012 quarter end, an additional 2,378 ounces of gold awaited
export documentation for sale in South Africa, and will be included in
July 2012 sales.
The Company will file its unaudited consolidated financial statements
and related materials for its fiscal third quarter ended June 30, 2012,
and report its consolidated results of operations for such period, on
or before the filing deadline of August 14, 2012.
About New Dawn:
New Dawn is a junior gold company currently focused on expanding its
gold mining operations in Zimbabwe. New Dawn owns 100% of the Turk and
Angelus Mine, the Old Nic Mine and the Camperdown Mine. In addition,
New Dawn owns approximately 85% of the Dalny Mine, the Golden Quarry
Mine and the Venice Mine (currently not in operation), and a portfolio
of prospective exploration acreage in Zimbabwe. These six mines, five
of which are currently operational, are divided into three significant
gold camps, and have a combined milling capacity of 2,000 tonnes per
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 a growing
gold mining company in Zimbabwe, active in both gold production and
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or the accuracy of this release.
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
Visit New Dawn on the internet: www.newdawnmining.com
E-mail New Dawn at: email@example.com