178% Increase in Quarterly Consolidated Gold Sales for the Quarter Ended September 30, 2011, as compared to the Quarter
Ended September 30, 2010
113% Increase in Quarterly Consolidated Gold Production for the Quarter Ended September 30, 2011, as compared to the Quarter
Ended September 30, 2010
TORONTO, Oct. 18, 2011 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company") reported consolidated gold production of
8,814 ounces of gold produced (8,212 ounces attributable) for the
quarter ended September 30, 2011, as compared to 4,141 ounces of gold
produced (4,024 ounces attributable) for the quarter ended September
30, 2010, an increase of 113% (104% increase on an attributable basis).
As compared to consolidated production for the previous quarter ended
June 30, 2011 of 6,841 ounces of gold produced (6,355 ounces
attributable), consolidated gold production for the quarter ended
September 30, 2011 increased by 28.8% (29.2% increase on an
Consolidated gold sales for the quarter ended September 30, 2011
totalled US$14,059,739 (US$13,145,209 attributable) at an average sales
price per ounce of gold of US$1,705, as compared to consolidated gold
sales of US$5,059,903 (US$4,949,676 attributable) for the quarter ended
September 30, 2010 at an average sales price per ounce of gold of
US$1,239, an increase of 178% (166% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended
June 30, 2011 of US$9,791,973 (US$9,197,031 attributable), consolidated
gold sales for the quarter ended September 30, 2011 increased by 43.6%
(42.9% increase on an attributable basis).
"Attributable" reflects New Dawn's net ownership interest in each
producing mining property for the respective period.
100% of sale proceeds were received in US dollars.
At September 30, 2011, inventory awaiting sale was an additional 2,460
ounces of gold, which will be included in October 2011 sales.
The Company will file its audited consolidated financial statements and
related materials for the fiscal quarter and year ended September 30,
2011, and report its consolidated results of operations for such
periods, on or before the filing deadline of December 29, 2011.
About New Dawn:
New Dawn is a Zimbabwe-focused junior gold company that is currently
expanding its consolidated annualized gold production to 60,000 ounces
by the end of 2012. New Dawn targets further increasing annualized
gold production to 100,000 ounces by the end of 2014.
New Dawn owns 100% of the Turk/Angelus Mine Complex, the Old Nic Mine
and the Camperdown Mine. In addition, New Dawn has an approximately
85% equity interest in the Dalny, Golden Quarry and Venice Mines, and a
large portfolio of prospective exploration acreage in Zimbabwe. These
six mines, five of which are now operational, are divided into three
significant gold camps, and the Company is in the process of expanding
production at these sites. All properties and exploration projects are
located in Zimbabwe.
In addition to gold production, New Dawn is also actively exploring on
highly prospective ground employing modern exploration techniques and
deploying capital in Zimbabwe, a country that is proven to be
geologically rich, highly prospective, and significantly under
New Dawn, with its large gold resource, existing production facilities
and current exploration efforts, is well on the path to becoming a
mid-tier gold mining company in Zimbabwe, active in both gold
production and gold exploration.
Information on New Dawn's gold reserve and resource estimates is
included at the Company's website at www.newdawnmining.com or in the Company's filings on SEDAR at www.sedar.com.
The Toronto Stock Exchange 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 43-101.
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, indigenisation 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 Annual Information
Form - 2010. 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
President and Chief Executive Officer: Ian R. Saunders +1 416.585.7890
Visit us on the internet: http://www.newdawnmining.com or
Email us at: email@example.com