Fiscal 2012 Gold Production increased by 41%
Fiscal 2013 Gold Production Targeted to Increase by 41% to 53,000 ounces
- Revenue from gold sales was US$61.9 million for the year ended September 30, 2012, as compared to US$38.3 million for the year ended September 30, 2011
- 61.8% increase in revenue from gold sales in fiscal 2012 as compared to fiscal 2011
- Revenue from gold sales was US$16.5 million for the quarter ended September 30, 2012, as compared to US$15.2 million for the quarter ended June 30, 2012
- 8.6% increase in revenue from gold sales for the quarter ended September 30, 2012, as compared to the quarter ended June 30, 2012
TORONTO, Oct. 23, 2012 /CNW/ - New Dawn Mining Corp. (TSX: ND) ("New Dawn" or the "Company"), a junior gold company focused on developing and expanding its mining assets and operations in Zimbabwe, reported consolidated gold production for the year ended September 30, 2012 of 37,623 ounces and revenue of $61,947,433, as compared to 26,689 ounces and revenue of US$38,293,670 for the year ended September 30, 2011.
For the quarter ended September 30, 2012, consolidated gold production was 10,256 ounces (9,370 ounces attributable to New Dawn, after adjusting for the minority interests' share of gold production), as compared to consolidated gold production for the quarter ended September 30, 2011 of 8,814 ounces (8,212 ounces attributable), an increase of 16.4% (14.1% increase on an attributable basis).
As compared to consolidated gold production for the previous quarter ended June 30, 2012 of 9,536 ounces (8,702 ounces attributable), consolidated gold production for the current quarter ended September 30, 2012 increased by 7.6% (7.7% increase on an attributable basis).
Consolidated gold sales for the quarter ended September 30, 2012 were US$16,486,612 (US$15,073,167 attributable), as compared to US$14,059,739 (US$13,145,209 attributable) for the quarter ended September 30, 2011, an increase of 17.3% (14.7% increase on an attributable basis).
As compared to consolidated gold sales for the previous quarter ended June 30, 2012 of US$15,162,843 (US$13,776,012 attributable), consolidated gold sales for the current quarter ended September 30, 2012 increased by 8.7% (9.4% increase on an attributable basis). This increase in revenue for the quarter ended September 30, 2012 was accomplished as a result of higher output and a marginally higher average price per ounce of gold sold.
The Company receives 100% of proceeds from gold sales in US dollars.
At September 30, 2012, an additional 2,618 ounces of gold awaited export documentation for sale in South Africa, and will be included in October 2012 sales.
The Company will file its audited consolidated financial statements and related materials for the fiscal quarter and year ended September 30, 2012, and report its consolidated results of operations for such periods, on or before the filing deadline.
About New Dawn:
New Dawn is a junior gold company listed on the Toronto Stock Exchange that is focused on expanding its gold mining operations in Zimbabwe. New Dawn owns 100% of the Turk and Angelus Mine, the Old Nic Mine and the Camperdown Mine. In addition, New Dawn, through its Falgold subsidiary, currently owns approximately 85% of the Dalny Mine, the Golden Quarry Mine and the Venice Mine (currently not in operation), and a portfolio of prospective exploration acreage in Zimbabwe. These six mines, five of which are currently operational, are operated as three gold camps.
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 mine sites and production facilities, and current exploration programs, is a growing 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.
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 - 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.
SOURCE: New Dawn Mining Corp.
For further information:
Investor Relations Contact: Richard Buzbuzian +1 416.585.7890
Visit New Dawn on the internet: www.newdawnmining.com
E-mail New Dawn at: firstname.lastname@example.org