New Dawn Mining Corp. Reports Financial Results For the Quarter Ended
December 31, 2009

    
                       Record Revenue - Record Profit

    Q1 Fiscal 2010 - Quarter Ended December 31, 2009 Financial Highlights
    ---------------------------------------------------------------------
    (All amounts are in US dollars)

    -  Net income of $927,494 or $0.03 per share for the quarter ended
       December 31, 2009, as compared to net income of $640,250 or $0.02 per
       share for the quarter ended September 30, 2009, a 45% increase

    -  $3,969,038 in revenue from gold sales for the quarter ended December
       31, 2009, as compared to $2,779,692 of revenue from gold sales for the
       quarter ended September 30, 2009, a 43% increase

    -  3,604 ounces of gold sold during the quarter ended December 31, 2009
       at an average sale price of $1,101  per ounce, as compared to 2,907
       ounces of gold sold during the quarter ended September 30, 2009 at an
       average sale price of $956 per ounce

    -  Sale of Reserve Bank of Zimbabwe bonds to a private financial
       institution during the quarter ended December 31, 2009 for US
       $2,237,949

    -  $4,506,446 of cash at December 31, 2009, as compared to $2,740,117 of
       cash at September 30, 2009, a 64% increase

    -  $6,879,897 in working capital at December 31, 2009, as compared to
       $6,587,105 of working capital at September 30, 2009

    -  Cash cost per ounce of gold produced of $58o during the quarter ended
       December 31, 2009 (cash cost is a non-GAAP measure)

    -  Adjusted EBITDA of $1,439,065 for the quarter ended December 31, 2009,
       as compared to Adjusted EBITDA of $662,830 for the quarter ended
       September 30, 2009 (Adjusted EBITDA is a non-GAAP measure)
    

TORONTO, Feb. 16 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company") announced that its financial results and corresponding Management's Discussion and Analysis for the quarter ended December 31, 2009 have now been filed on SEDAR and are also available to view on the Company's website at www.newdawnmining.com.

The Company prepares its consolidated financial statements in U.S. Dollars and in accordance with Canadian Generally Accepted Accounting Principles.

    
    HIGHLIGHTS OF Q1 FISCAL 2010 FINANCIAL RESULTS

    Selected unaudited quarterly financial information is presented below.

    -------------------------------------------------------------------------
                   Fiscal Year
                      Ended
                   September 30,
                       2010         Fiscal Year Ended September 30, 2009
    -------------------------------------------------------------------------
                  December   September        June         March    December
    Quarters            31,         30,         30,           31,         31,
     ended            2009        2009        2009          2009        2008
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Operations
    -------------------------------------------------------------------------
      Revenue  $ 3,969,038 $ 2,779,692 $ 2,865,285  $         -  $         -
    -------------------------------------------------------------------------
      Net income
       (loss)
       for the
       period  $   927,494 $   640,250 $(2,054,054) $(1,251,025) $(1,072,765)
    -------------------------------------------------------------------------
      Basic and
       diluted
       earnings
       (loss) per
       share   $      0.03 $      0.02 $     (0.07) $     (0.04) $     (0.04)
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Balance
     sheet
    -------------------------------------------------------------------------
      Total
       assets  $18,628,285 $19,238,732 $17,996,425  $19,592,561  $20,386,530
    -------------------------------------------------------------------------
      Total
      liabili-
      ties     $ 3,971,871 $ 5,646,849 $ 5,086,786  $ 4,650,498  $ 4,215,072
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Cash
     dividends
     per share         Nil         Nil         Nil          Nil          Nil
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Other
     measures
    -------------------------------------------------------------------------
      Quantity
       of gold
       produced
       (oz)          3,239       3,064       2,931          637            -
    -------------------------------------------------------------------------
      Quantity
       of gold
       sold (oz)     3,604       2,907       3,122            -            -
    -------------------------------------------------------------------------
      Intercompany
       loan
       repayments
       from
       Zimbabwe $2,500,000 $   250,000 $   145,105          Nil          Nil
    -------------------------------------------------------------------------
      Cash cost
       per
       oz(1)   $       580 $       508 $       503  $       500          n/a
    -------------------------------------------------------------------------
      Adjusted
       cash cost
       per oz
       (1)(3)  $       580 $       508 $       503  $       500          n/a
    -------------------------------------------------------------------------
      Adjusted
      EBITDA
      (1)(2)   $ 1,439,065 $   662,830 $   846,209          n/a          n/a
    -------------------------------------------------------------------------
    (1) Cash cost per ounce, adjusted cash cost per ounce, and Adjusted
        EBITDA are Non-GAAP measures more fully described in Management's
        Discussion and Analysis under the section entitled "Non-GAAP
        Measures".
    (2) Adjusted EBITDA consists of Earnings before Interest Expense, Income
        Taxes, Depreciation and Amortization, which is used to provide a
        measure of cash earnings without the distortion of varying tax rates
        and capital structures. The Company believes that this measure is
        enhanced by also excluding charges for impairment expense and any
        reversal, and stock-based compensation expense, which are also non-
        cash items.
    (3) Adjusted cash cost per ounce and cash cost per ounce are the same for
        all periods presented, as there was no commodity trading during such
        periods.
    

Three Months Ended December 31, 2009

Operating comparisons presented below are for the quarter ended December 31, 2009, as compared to the quarter ended September 30, 2009, as the Turk Mine was not in operation during the quarter ended December 31, 2008.

REVENUE

The Company moved to full production at its Turk Mine, effective May 4, 2009, and increased production throughout the remainder of the calendar year.

During the quarter ended December 31, 2009, the Company reported revenue of $3,969,038 from the sale of 3,604 ounces of gold, as compared to revenue of $2,779,692 from the sale 2,907 ounces of gold for the quarter ended September 30, 2009.

All gold sales were received in US Dollars and all gold sold was produced from the Company's Turk Mine in Zimbabwe.

The Company received an average of approximately $1,101 per ounce of gold sold during the quarter ended December 31, 2009, as compared to $956 per ounce of gold sold during the quarter ended September 30, 2009.

GOLD PRODUCTION

During the quarter ended December 31, 2009, New Dawn produced 3,239 ounces of gold, as compared to 3,064 ounces of gold produced during the quarter ended September 30, 2009, an increase of 5.7% quarter over quarter.

The cash cost per ounce of gold produced at the Turk Mine during the quarter ended December 31, 2009 was US$580.

During the quarter ended December 31, 2009, processing capacity at the Turk Mine was also expanded to 580 tonnes per day or 17,500 tonnes per month.

The future production profile of the Turk and Angelus Mine complex indicates an annual production capability ranging from approximately 35,000 to 50,000 ounces of gold from 3 existing separate mine shaft systems - specifically, the Main Vertical Shaft, the Armenian Shaft and the Angelus Shaft. The Company is currently ahead of schedule in its Turk Mine expansion plan to meet the next operating milestone of being able to produce 22,000 to 23,000 ounces of gold per year.

EARNINGS

Net income for the quarter ended December 31, 2009 was $927,494 or $0.03 per share, as compared to $640,250 or $0.02 per share for the quarter ended September 30, 2009. The increase in earnings is mainly attributable to the increase in ounces of gold sold, as well as an increase in the spot price received for gold sales.

Net loss for the quarter ended December 31, 2008 was $1,072,765 or $0.04 per share.

OPERATING EXPENSES

Corporate and administrative overhead for the quarter ended December 31, 2009 remained relatively consistent with the quarter ended September 30, 2009 on an aggregate basis, as the increase in stock-based compensation costs in the quarter ended December 31, 2009 was largely offset by a reduction in South African administration costs related to the Blue Dot project incurred in the quarter ended September 30, 2009, as the Blue Dot project was placed in provisional liquidation in November 2009. Compared to the quarter ended December 31, 2008, corporate and administrative overhead increased in the quarter ended December 31, 2009, primarily as a result of the continuation of the comprehensive investor relations/public relations program that the Company initiated in January 2009 and stock-based compensation costs relating to stock options granted in October 2009.

Mine operating costs were adversely affected during the quarter ended December 31, 2009 by four significant factors that have resulted in an increase in the cash cost per ounce of gold produced, specifically, the imposition of a 3% royalty by the Zimbabwe government beginning in August 2009, a reduction in the grade of ore processed, additional wage costs, and power availability issues.

CASH RESOURCES AND LIQUIDITY

At December 31, 2009, cash and cash equivalents were US$4,506,446, as compared to US$2,740,117 at September 30, 2009, an increase of US$1,766,329 or 65%. This increase is attributable to the Company selling its Reserve Bank of Zimbabwe Bonds to a private financial institution during the quarter ended December 31, 2009 for $2,237,949, as well as profitable operations during the quarter.

At December 31, 2009, the Company has working capital of US$6,879,897, as compared to US$6,587,105 at September 30, 2009.

The Company continues to have no long-term debt obligations or unfunded work programs.

Management believes that its current working capital, combined with increasing production at the Company's Turk Mine that is generating positive cash flow, are sufficient to fund the Company's planned exploration and development activities and mine infrastructure projects through 2010 and beyond.

CONCLUDING COMMENTS

"We had a record-breaking quarter in every respect, which generated significant operating cash flow that we have used to accelerate increased production capacity and mine development at our Turk and Angelus Mine complex in Zimbabwe," commented Ian R. Saunders, President and CEO. "As a result, we are now well ahead of schedule with respect to the next phase of our mine expansion plans, which targets an annualized production level of 22,000 to 23,000 ounces of gold. After the completion of this phase, the next and final phase is planned to take the annual production profile at the Turk and Angelus Mine complex to 35,000 to 50,000 ounces of gold. I would like to thank the entire New Dawn team for all of their hard work and commitment that ensured that targets were met effectively and efficiently."

About New Dawn ...

New Dawn is a Zimbabwe-focused junior gold company currently expanding gold production at its Turk and Angelus Mines, exploring for gold, and identifying and pursuing other development projects, as well as actively assessing other value accretive acquisition opportunities in Zimbabwe.

New Dawn owns and operates the Turk and Angelus Mines in the upper southwest area of Zimbabwe that has the potential to produce an estimated 35,000 to 50,000 ounces of gold per annum. New Dawn owns the property outright on which these mines are located.

Currently, a production facility capable of processing up to 580 tonnes per day or 17,500 tonnes per month is in place and operating. The Company maintains a highly experienced work force at Turk Mine of over 950 people.

At New Dawn's Turk and Angelus Mines, the most recent NI 43-101 report documented an aggregate of 959,900 ounces of gold resource grading between 3.8 - 6.1 g/t, with an additional inferred mineral resources of 347,600 ounces of gold grading 5.16 - 5.91 g/t. Reserves and Resources are based upon a 2.45 g/t cut-off and US$875/oz gold price at the Turk and Angelus Mines.

Additionally, the Company has a portfolio of exploration properties in Zimbabwe that includes the Consolidated Bubi Gold Fields, Consolidated Midlands Gold Fields and Consolidated Shurugwi Gold Fields properties.

Further information on New Dawn's gold reserves and resources can be obtained at the Company's website at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.

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.

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.

Investors are invited to visit the New Dawn Mining Corp. IR Hub at AGORACOM: http://www.agoracom.com/ir/NewDawn where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to: ND@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.

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 - 2009. 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.

%SEDAR: 00026497E

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

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