TORONTO, April 19 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), in a press release dated April 13, 2011,
reported consolidated gold production and revenues from gold sales for
the quarter ended March 31, 2011, and gold inventory awaiting future
sale as at March 31, 2011.
New Dawn makes the following corrections, which should be read in
conjunction with the press release dated April 13, 2011.
Gold sales for the quarter ended March 31, 2011 totalled $7,983,223
($7,510,160 attributable to New Dawn, after adjusting for the minority
interests' share of gold production from the Central African Gold
properties), an increase of $596,425 ($591,816 attributable) over the
amounts previously reported.
Inventory awaiting sale in April 2011 as at March 31, 2011 was 1,456
ounces of gold, a reduction of 420 ounces of gold over the amount
Production figures for the quarter remained unchanged.
About New Dawn:
New Dawn is a Zimbabwe-focused junior gold company that is currently
expanding its consolidated gold production to 50,000 to 60,000 ounces
of gold within the next 18 to 24 months. New Dawn targets further
increasing gold production to 100,000 ounces of annualized gold
production within the next four to five years. New Dawn owns 100% of
the Turk/Angelus mine complex in Zimbabwe. New Dawn also owns a
controlling interest in Central African Gold ("CAG"), through its
acquisition of an 89% controlling interest in CAG in June 2010
(subsequently increased to approximately 96.4%). CAG owns substantial
gold mining assets and operations in Zimbabwe, as well as extensive
prospective acreage. In total, New Dawn operates three significant
gold camps in Zimbabwe containing six mines, three of which are
currently producing gold and in the process of expanding production.
Additionally, New Dawn, with its first mover advantage, is 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
leading mid-tier gold mining company in Zimbabwe, active in both gold
production and gold exploration.
The Government of Zimbabwe is in the process of implementing an
indigenisation policy wherein all businesses are to be 51% owned by
indigenous Zimbabweans. New Dawn is continuing to discuss the outlines
of its indigenisation plan with the Government of Zimbabwe, the
objective of which is the design and implementation of a plan that both
complies with the relevant regulations and allows the Company to pursue
its goal of becoming a leading mid-tier gold mining company in
Zimbabwe. The Company will provide further information to shareholders
with respect to its indigenisation plan as and when such discussions
have been concluded, or when developments otherwise warrant.
The TSX 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 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