TORONTO, April 6 /CNW/ - New Dawn Mining Corp. (TSX: ND) announced that
it has delivered its first two bars of fine gold, totaling 20 kg's (645
ounces) from its 100% wholly-owned Turk Mine in Zimbabwe to Rand Refiners in
South Africa, under the process set up by the Chamber of Mines of Zimbabwe
within the Gold Trade Act of Zimbabwe. Payment for such shipment will be in
U.S. dollars. The transaction marks a turning point for New Dawn's gold mining
and production operations in Zimbabwe and follows the recent, positive changes
presented in the Monetary Policy Statement issued by the Reserve Bank of
Zimbabwe in January 2009 that permit gold producers to both market and sell
their gold directly and receive and keep 100% in foreign currency (U.S.
dollars) as payment.
New Dawn anticipates that it will be shipping an additional 20 to 25 kg's
(645 to 805 ounces) of fine gold to Rand Refiners in South Africa for payment
in U.S. Dollars during April 2009.
Following on the Reserve Bank's announcement of these changes in monetary
policy, New Dawn implemented the necessary steps to have its gold marketed
under the new policy guidelines and the Gold Trade Act of Zimbabwe. This
process includes the shipment of recent gold production to the Rand Refiners
in South Africa under the auspices of the Chamber of Mines of Zimbabwe. The
Chamber of Mines of Zimbabwe is a non-governmental business lobby group. The
20 kg's (645 ounces) of fine gold that was delivered to Rand Refiners was
produced from New Dawn's Turk Mine in Zimbabwe, which recently transitioned
into active mine development.
"The shipment of our first two gold bars from Zimbabwe to South Africa,
for subsequent payment in U.S. dollars, represents a significant step forward
in the resumption and cash generating ability of our Zimbabwe operations,"
said New Dawn President and CEO Ian R. Saunders. "This moves the Turk Mine one
big step closer towards resuming full-scale gold mining operations. We look
forward to further reporting our operational progress as we move back to full
operations and begin to generate free cash flows, in foreign currency (U.S.
dollars), from our export sales of gold mined at our Zimbabwe operations."
New Dawn anticipates resuming full-scale mining operations at the Turk
Mine in Zimbabwe during the second calendar quarter of 2009, and expects to
report to shareholders in this regard in the near future.
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