TORONTO, March 8, 2012 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company") announced that the shareholders of the Company approved each of the matters proposed at the annual and special meeting of shareholders held on March 7, 2012.
More than 66% of the Company's outstanding common shares were represented at the shareholders' meeting. The incumbent directors, consisting of Ian Saunders, Robert Weingarten, Divo Milan, Jon North, Philip MacDonnell and Bryce Fort, were re-elected, and the Company's auditors, Davidson & Company, were re-appointed.
Shareholders also overwhelmingly approved each of the three special items of business: (1) authorization to reduce the stated capital of the common shares of the Company; (2) authorization to increase the maximum number of shares issuable pursuant to the Company's Stock Option Plan; and (3) authorization to amend the Articles of the Company to create an unlimited number of a new class of special shares, issuable in series. Details of each of these matters are set out in the management information circular dated February 1, 2012. Each of these matters was approved by the favourable vote of more than 99% of the votes cast at the shareholders' meeting.
About New Dawn
New Dawn is a Zimbabwe-focused junior gold company that is currently expanding its consolidated annualized gold production, with a target of 60,000 ounces at the end of calendar 2012. New Dawn targets further increasing annualized gold production at its existing properties to 100,000 ounces by the end of calendar 2014.
New Dawn owns 100% of the Turk and Angelus Mine, the Old Nic Mine and the Camperdown Mine. In addition, New Dawn has an approximately 85% equity interest in the Dalny Mine, the Golden Quarry Mine and the Venice Mine, 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 explored.
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.
The Toronto Stock Exchange 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, 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 - 2011. 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.
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 New Dawn on the internet: www.newdawnmining.com or
E-mail New Dawn at: [email protected]