TORONTO, Feb. 26 /CNW/ - New Dawn Mining Corp. (TSX: ND) announced that
its 100% owned Turk Mine in Zimbabwe is moving from care and maintenance to
active mine development. The decision by management is a result of the recent
positive changes to the Monetary Policy in Zimbabwe made by the Reserve Bank
of Zimbabwe, whereby gold producers can both market and sell their gold
directly and that they are able to retain 92.5% of their gold sales in foreign
exchange (see previous Company press release dated February 5, 2009).
New Dawn has recently completed a detailed review of its operations in
Zimbabwe in terms of manpower, skills, safety, mechanical status and
consumable availability. Management has determined that the proposed working
areas have now been reviewed, and that they are safe, supported and
operational. Drill, blast and hoisting machinery have all been checked and are
operational. The Company has sufficient crews totaling approximately 550
experienced workers available to commence mine development to hoist and mill
mineralized development ore. New Dawn targets hiring an additional 10 to 15
jack hammer crews from the local district over the next 6 to 12 weeks in order
to accelerate further development work.
Extracted development ore will remain stockpiled at the mine, waiting
future processing, as the Company moves to establish the process for selling
its gold based on the new rules outlined in the recent Monetary Policy
Subject to the full implementation of the recent changes in the Monetary
and Fiscal regime in Zimbabwe, in due course New Dawn anticipates moving into
a full mining mode and will provide a further update at the appropriate time.
In commenting on this positive news, the Company President and CEO Ian R.
Saunders, stated, "We are very pleased to announce this positive move to
resume mine development, and we look ahead to reporting continuing progress to
our shareholders as we move toward full operations and the return to
generating free cash flows at our Zimbabwe operations."
About New Dawn ...
New Dawn Mining Corp. is a junior gold company concentrating its efforts
in southern Africa. The Company 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 the Company's Blue Dot Property. For further
information on the Company'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
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