TORONTO, Jan. 16, 2013 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), announced an illegal and unprotected
work stoppage at its Dalny Mine in Zimbabwe.
The Company is currently dealing with this work stoppage in accordance
with Zimbabwe labour legislation, as well as its own internal policies.
The work stoppage has caused gold production at Dalny Mine to halt. As
previously disclosed and discussed in New Dawn's most recent annual
MD&A, the impact of the power issues at Dalny Mine have now been
compounded by the effects of this work stoppage, exacerbating issues
with respect to the Company's working capital and operating positions.
As the situation clarifies, the Company intends to adjust its business
strategies, as appropriate, to recognise the changing operating and
Management is working to resolve this illegal strike in an orderly and
efficient manner, and will report updates to shareholders as events
New Dawn currently has five producing gold mines in Zimbabwe. No work
stoppage has occurred at the Company's other four mines.
About New Dawn:
New Dawn is a junior gold company listed on the Toronto Stock Exchange
that is 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, through its Falgold
subsidiary, currently 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 operated as
three gold camps.
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
Management's Discussion and Analysis - 2012. 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: firstname.lastname@example.org