TORONTO, Aug. 1, 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, is pleased to report that its 85%-owned Falcon Gold Zimbabwe Limited ("Falgold") subsidiary recently received an award for the 'Best Performing Mining Company' on the Zimbabwe Stock Exchange for 2011. The award was presented by the Zimbabwe Independent, the leading business weekly in Zimbabwe, in partnership with BancABC, a southern Africa regional bank. Falgold is listed and traded on the Zimbabwe Stock Exchange.
The screening criteria for the award were both quantitative and qualitative based on an 80:20 ratio, and included share price performance as the largest component (25%), followed by return on equity (20%), return on assets (20%), risk-weighted return (20%), and earnings yield (15%). The three subjective (qualitative) factors included in the awards selection process were corporate governance, investor relations and management quality.
"It is an honor for Falcon Gold to win such an award, as well as a tribute to the hard work of our employees over the past two years," commented Ian R. Saunders, Executive Chairman of Falgold and President and CEO of New Dawn, Falgold's ultimate parent company.
When New Dawn acquired control of Falgold in June 2010, it implemented a strategic recovery program to stabilise and reorganise the Falgold mines and resume operations at the mine sites by utilising New Dawn's technical mining capabilities, operational procedures and management expertise. The Falgold recovery was funded by an investment of US$5.7 million by New Dawn under intercompany loan arrangements. As a result, Falgold now has been able to generate substantial community-based job growth over the past two years, while also delivering steadily increasing gold production, strong growth in revenues and profits, and exemplary gains to the Falgold minority shareholders. Looking forward, New Dawn plans to continue to expand Falgold's operations and increase gold production through a combination of reinvesting operating cash flows and accessing outside debt and/or equity capital.
About New Dawn:
New Dawn is a junior gold company currently 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 Falgold, 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 divided into three significant gold camps, and have a combined milling capacity of 2,000 tonnes per day.
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.
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