New Dawn Mining Corp. Provides Updated Reserve Report



    
                    Gold Reserve Ounces Increase by 15.6%
                Gold Reserve/Resource Ounces Increase by 6.3%
    

    TORONTO, Oct. 23 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or
the "Company") reports updated gold reserve and resource figures for the Turk
Mine and the adjacent Angelus Mine located in Zimbabwe, as provided by SRK
Consulting Engineers ("SRK Consulting").

    
                      Summary of Updated Reserve Report

    -   SRK Consulting completed the most recent update of reserves and
        resources with data effective as of June 30, 2008.

    -   Delineation work in the past year has continued to define new reserve
        and resource blocks with a net increase of 67,700 ounces of gold in
        all categories, over and above the depletion of 10,874 ounces of gold
        due to production during the twelve months ended June 30, 2008. Gold
        production for the three months ended September 30, 2008 was 1,154
        ounces of gold.

    -   Total gold reserves increased by 21,600 ounces in 2008 as compared to
        2007, an increase of 15.6%, with an estimated discovery cost of
        approximately US$12.90 per ounce.

    -   Total indicated gold resources increased by 36,500 ounces in 2008 as
        compared to 2007, an increase of 6.1%.

    -   The Company utilized a cut-off grade of 2.45g/t at a gold price of
        US$875 per ounce to generate the 2008 reserve and resource estimates.

    -   In their most recent report, SRK Consulting continued to assert that
        it is not unreasonable to expect that between 1.5 and 2.0 million
        ounces of gold at a grade of between 4.0 and 4.5 g/t will eventually
        be mined at the Turk Mine, excluding the current total resource and
        reserve inventory.

    A summary of gold reserves and resources by category at the Turk Mine and
Angelus Mine as at June 30, 2008 and 2007 is presented below.

                       June 30, 2008             June 30, 2007        Change
    -------------------------------------------------------------------------
                           Grade    Gold             Grade    Gold     Gold
    Category       Tonnes  (g/t)  (Ounces)   Tonnes  (g/t)  (Ounces) (Ounces)
    -------------------------------------------------------------------------
    Proved         478,000  4.21   65,500    438,000  4.22   60,500   +5,000
    Probable       774,000  3.80   94,600    655,000  3.70   78,000  +16,600
    -------------------------------------------------------------------------
    Mineral
     Reserves -
     Total       1,252,000  3.98  160,100  1,093,000  3.94  138,500  +21,600
    -------------------------------------------------------------------------
    Mineral
     Resources -
     Indicated   3,663,000  5.43  639,700  3,423,000  5.48  603,200  +36,500
    -------------------------------------------------------------------------
    Mineral
     Resources -
     Inferred    2,082,000  5.19  347,600  2,051,000  5.13  338,000   +9,600
    -------------------------------------------------------------------------
    

    The Qualified Person responsible for the estimates reported herein is Dr.
Anthony Martin, a Corporate Geologist with SRK Consulting and a Qualified
Person as defined by NI 43-101. Dr. Martin completed the on-site review on
August 25 to 29, 2008. The Technical Report describing the methods and results
of the work reported herein will be available on the web-site www.sedar.com.
    The work described herein, and 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.
    In commenting on these new reserve and resource figures, New Dawn's
President and CEO, Ian R. Saunders, observed, "We are pleased to be able to
report continued growth in our Company's reserve/resource asset base. This
annual increase, which was achieved despite very difficult operating
conditions in Zimbabwe that recently necessitated the placement of the Turk
Mine on temporary "care and maintenance", thus continues to demonstrate the
robust nature of the ore body and the applicability of the geological model of
the Turk Mine and Angelus Mine. We look forward to the return to a more stable
economic and operating environment in Zimbabwe, at which time we expect to
implement plans to resume production at the Turk Mine as well as increase
output at the mine. The size and nature of this ore body, combined with the
installed infrastructure, should result in a multi-year mine life, at
production rates significantly higher than in the recent past."

    Background on Mines

    The Turk Mine is an underground gold mine with a 600 tonne per day mill.
The Turk Mine has produced over 500,000 ounces of gold since it first started
producing in 1921. The Company acquired a 100% interest in the Turk Mine in
1996. The Turk Mine was placed on temporary "care and maintenance" effective
October 3, 2008, because of continued non-payment of amounts receivable for
the sale of gold to the Reserve Bank of Zimbabwe, as well as excessively high
operating costs caused by unrealistic exchange rates and hyper-inflationary
pressures in general.
    The Angelus Mine is adjacent to, and contiguous with, the Turk Mine. The
Angelus Mine has a separate shaft and is connected to the Turk Mine by
underground workings. The Angelus Mine consists of the same ore deposit as the
Turk Mine, separated by a dolerite dyke, and it is anticipated that gold
resources from the Angelus Mine will eventually be mined in an integrated mine
and mill.

    About New Dawn Mining Corp.

    The Company is engaged in the production of gold and gold exploration in
the Southern African Development Community (SADC) region. The Company produces
gold from the 100%-owned Turk Mine, located approximately 55 km north of
Bulawayo in Zimbabwe. The Company also has a 100% interest in the Angelus
Mine, an exploration project, adjacent to the Turk Mine. These two properties
are contained within a contiguous claim block that comprises 213 gold and base
metal claims covering an area of 2,171 hectares. The Company also has a number
of greenfields and advanced gold exploration projects in Zimbabwe, including a
51% joint venture interest to exploit oxide gold resources and a 49% joint
venture interest to produce sulphide gold resources. The Company also has five
Exploration and Life of Mine Royalty Agreements on other gold projects in
Zimbabwe in historical producing districts. In South Africa, the Company has a
74% interest in the Blue Dot Gold Mine, located approximately 300 km west of
Johannesburg, which is in the final stages of evaluation leading to a
production decision in late 2008.
    The Company's objective is to produce at least 100,000 ounces of gold
annually from a resource base of at least five million ounces of gold within
five years. The Company intends to accomplish this through increased gold
production from Zimbabwe and through the acquisition of other gold projects in
the Southern African region and possibly elsewhere.

    The TSX 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.

    %SEDAR: 00026497E




For further information:

For further information: President and Chief Executive Officer: Ian R.
Saunders, (416) 585-7890; Investor Relations Contact: Darryl J. Harding, (416)
585-7890; Visit us on the internet: http://www.newdawnmining.com or Email us
at: info@newdawnmining.com

Organization Profile

New Dawn Mining Corp.

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