TORONTO, July 14 /CNW/ - New Dawn Mining Corp. (TSX:ND) ("New Dawn" or the "Company") reported that it has completed a series of meetings with various Zimbabwe government authorities regarding New Dawn's June 2010 investment in Central African Gold Plc ("CAG"), which resulted in New Dawn's acquisition of an approximate 89% equity interest in CAG.
New Dawn also reported that in respect of New Dawn's investment in CAG, New Dawn's Zimbabwe subsidiary is currently engaging in discussions and compiling documentation for submission to the Zimbabwe Competition and Tariffs Commission. The Competition Act of Zimbabwe (the "Act") requires the submission of various documents within 30 days of a defined transaction. Under the Act, the Competition and Tariffs Commission may review whether a transaction (as defined in the Act) is or will be contrary to the public interest in Zimbabwe. If it determines that a transaction is contrary to the public interest, the Commission has broad powers to require changes to satisfy any public interest concerns.
About New Dawn ...
New Dawn is a Zimbabwe-focused junior gold company currently expanding gold production at its Turk and Angelus Mines, exploring for gold, and identifying and pursuing other development projects, as well as actively assessing other value accretive acquisition opportunities in Zimbabwe.
New Dawn owns and operates the Turk and Angelus Mines in the upper southwest area of Zimbabwe that has the potential to produce an estimated 35,000 to 50,000 ounces of gold per annum. New Dawn owns the property outright on which these mines are located.
New Dawn is currently developing a revised and updated strategic business plan in light of its acquisition of a controlling interest in CAG, with a view towards reaching consolidated annualized gold production of 50,000 to 60,000 ounces within the next 18 to 24 months, increasing to 100,000 ounces within four to five years, and then ultimately to 200,000 to 250,000 ounces.
Additionally, the Company is reviewing and assessing CAG's extensive portfolio of exploration properties in Zimbabwe for future investment and development.
New Dawn's plans with respect to CAG's assets and operations will be developed and implemented taking into account New Dawn's ongoing discussions with and submissions to the Zimbabwe authorities.
For further information on New Dawn's gold reserves and resources, visit the Company's website at www.newdawnmining.com or the Company's filings on SEDAR at www.sedar.com.
The TSX has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.
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, 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 - 2009. 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: 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