4.8% Increase in Gold Production for the Quarter
- 3,395 ounces of gold produced for the quarter ended March 31, 2010,
as compared to 3,239 ounces of gold produced for the quarter ended
December 31, 2009, an increase of 4.8%
- Gold sales of US$3,801,480 for the quarter ended March 31, 2010, as
compared to US$3,969,338 for the quarter ended December 31, 2009
- Average price per gold ounce of $1,109 during the quarter ended
March 31, 2010, as compared to $1,101 for the quarter ended
December 31, 2009
- At March 2010 month-end, an additional 399 ounces or 12.4 kg's of
gold awaited export for sale in South Africa, and will be included in
April 2010 sales
- 100% of gold sales were received in US Dollars
TORONTO, April 14 /CNW/ - New Dawn Mining Corp. (TSX: ND) reported that New Dawn's Turk Mine in Zimbabwe produced 3,395 ounces of gold or 105.6 kg's for the quarter ended March 31, 2010, as compared to 3,295 ounces of gold or 100.7 kg's for the quarter ended December 31, 2009; an increase of 4.8%.
During the quarter ended March 31, 2010, gold sales totalled $3,801,480 at an average sale price per gold ounce of US$1,109 as compared to the quarter ended December 31, 2009, which totalled $3,969,338, an average price per ounce of US$1,101.
100% of sale proceeds were received in US dollars.
At March 2010 month-end, an additional 399 ounces or 12.4 kg's of gold awaited export documentation for sale in South Africa, and will be included in April 2010 sales.
With the recent completion of the deepening of the Armenian shaft at Turk Mine, New Dawn's immediate focus is to progressively increase annualized gold production to the rate of approximately 22,000 to 23,000 ounces of gold by mid-2011, followed by a further production expansion to 35,000 to 50,000 ounces of gold by late 2012 or early 2013.
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.
Currently, a production facility capable of processing up to 580 tonnes per day or 17,500 tonnes per month is in place and operating. The Company maintains a highly experienced work force at Turk Mine of over 800 people.
At New Dawn's Turk and Angelus Mines, the most recent NI 43-101 report documented an aggregate of 959,900 ounces of gold resource grading between 3.8 - 6.1 g/t, with an additional inferred mineral resources of 347,600 ounces of gold grading 5.16 - 5.91 g/t. Reserves and Resources are based upon a 2.45 g/t cut-off and US$875/oz gold price at the Turk and Angelus Mines.
Additionally, the Company has a portfolio of exploration properties in Zimbabwe that includes the Consolidated Bubi Gold Fields, Consolidated Midlands Gold Fields and Consolidated Shurugwi Gold Fields properties.
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. 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, 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, (416) 585-7890; President and Chief Executive Officer: Ian R. Saunders, (416) 585-7890; Visit us on the internet: http://www.newdawnmining.com or Email us at: email@example.com