TSX Venture Exchange
TORONTO, Feb. 7, 2012 /CNW/ - NWM Mining Corporation (the "Company"
TSX-V: NWM) is pleased to provide an operational update for January
During the month of January, 268,652 tonnes of ore was mined from the
Creston pit and stacked on leach pads for gold recovery. This ore
contained 4,147 ounces of gold, of which 2,489 ounces are expected to
During the month the Company sold 1,450 ounces of gold at a weighted
average price of USD $1,640 for total proceeds of USD $2,378,000. At
the end of the month there was an additional 754 ounces of gold which
had been poured and was waiting to be refined.
The haul road connecting the Jojoba mine to the Lluvia Dos leach pad is
nearing completion. Blasting is now complete and final surface grading
is expected to be completed by mid-February 2012. Production drilling
for the first blast at the Jojoba mine is now in progress. An initial
10,000 tonnes of material will be mined from Jojoba and leached
independently of other ore in order to further test and understand
leach kinetics prior to full scale production start-up at the Jojoba
The Company is also pleased to announce the closing of a 6,175,000
common share private placement financing. Each share was issued at a
price of $.08 per common share for aggregate proceeds of CAD $494,000.
Commissions amounting to CAD $44,400 and 555,000 shares were paid to
placement agents in connection with this financing.
The private placement is subject to regulatory approval and the
securities issued are subject to a four month plus one day hold period,
ending June 8, 2012, in accordance with the policies of the TSX Venture
Exchange and applicable securities laws.
NWM is an emerging gold producer with two currently defined ore bodies
containing NI 43-101 compliant gold reserves and resources. The Company
is focused on demonstrating profitable operations at the Lluvia-Jojoba
gold mine and on growing reserves and resources through exploration.
For more information please see NWM's website at www.nwmcorp.ca
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy of this release
SOURCE NWM Mining Corporation
For further information:
Chris Berlet, President & CEO or Chris Chadder, CFO
Phone: 416-364-6799 Fax: 416-364-2595