TORONTO, April 15 /CNW/ - New Dawn Mining Corp. (TSX: ND) announced that
it has received payment for its first two bars of fine gold recently exported
to South Africa, consisting of approximately 19.8 kg's (636 ounces), that were
produced from the Company's 100% wholly-owned Turk Mine in Zimbabwe. The
payment received totaled approximately US$551,000 representing a sale price of
$870 per ounce of gold, less certain direct costs.
Under the new Monetary Policy in Zimbabwe, New Dawn is able to directly
market its gold and retain 100% of it gold sales in U.S. currency. The receipt
of this payment completes the Company's implementation of the new direct gold
marketing process, as well as making the previous risk of non-payment for gold
sales no longer a significant negative factor in considering an investment in
the gold mining sector in Zimbabwe.
New Dawn recently shipped an additional approximately 14.1 kg's (450
ounces) of fine gold to Rand Refiners in South Africa for payment in U.S.
Dollars, with such payment scheduled to be received within 10 business days
from date of shipment.
This payment for the first two gold bars and the expected receipt of U.S.
Dollars for the next shipment of gold has provided sufficient working capital
for New Dawn to begin to purchase goods and services to support expanded
operations at the Turk Mine in Zimbabwe. New Dawn has initiated the purchase
of consumables for the ramp up of operations on an "immediate supply" basis.
New Dawn anticipates reporting the change to full-scale operations at the Turk
Mine in due course.
About New Dawn
New Dawn Mining Corp. is a junior gold company concentrating its efforts
in southern Africa. New Dawn is well established there with three mines, two
production facilities, a skilled and experienced workforce and significant
Two recent NI 43-101 reports documented an aggregate of 969,546 ounces of
gold reserves and resources grading between 2.9 - 6.1 g/t, with additional
inferred mineral resources of 355,873 ounces of gold grading between 3.90 -
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 and a 2.0 g/t cut-off at
US$750/oz gold price at New Dawn's Blue Dot Property. For further information
on New Dawn's gold reserves and resources, visit the Company's website at
www.newdawnmining.com or filed on SEDAR at www.sedar.com .
New Dawn wholly owns the Turk and Angelus Mines in the upper southwest
area of Zimbabwe, with a production facility currently capable of processing
up to 400 tonnes per day or 12,000 tonnes per month; and owns a 74% interest
in the Blue Dot Property in South Africa, with a production facility there
rated at 180 tonnes per day or 5,500 tonnes per month. The Company maintains a
highly experienced work force of over 800 people.
The Company has additional assets that form a portfolio of exploration
properties, and include the Consolidated Bubi Gold Fields, Consolidated
Midlands Gold Fields and Consolidated Shurugwi Gold Fields properties, all of
which are located in Zimbabwe.
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
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
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 May 29, 2008 Prospectus. 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 Management
Discussion and Analysis 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.
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 Email us